SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HAVNER RONALD L JR

(Last)

(First)

(Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE

91201

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VICE CHAIRMAN & CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/30/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								35,000	I	As Trustee⁽¹⁾
Common Stock								300	I	For benefit of son⁽²⁾
Depositary Shares Representing Equity Stock								37,613	I	As Trustee⁽¹⁾
Depositary Shares Representing Equity Stock	12/30/2009		S		300	D	$25.3	0	I	By IRA⁽⁶⁾
Depositary Shares Representing Equity Stock	12/30/2009		S		4,500	D	$25.25	0	I	By IRA⁽⁵⁾
Depositary Shares Representing Equity Stock	01/04/2010		S		309	D	$25.3	0	I	For benefit of son⁽²⁾
Depositary Shares Representing Equity Stock								300	I	For benefit of daughter⁽⁷⁾
Depositary Shares Representing Series E Preferred Stock	12/30/2009		S		105	D	$23.15	595	I	By IRA⁽⁶⁾
Depositary Shares Representing Series G Preferred Stock								1,950	I	By IRA⁽⁵⁾
Depositary Shares Representing Series G Preferred Stock								9,970	I	As Trustee⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$50.3							03/02/2010	03/02/2018	Common Stock	200,000		200,000	D
Stock Option (right to buy)⁽⁴⁾	$81.81							12/08/2008	12/08/2017	Common Stock	83,000		83,000	D
Stock Option (right to buy)⁽³⁾	$95.18							12/08/2007	12/08/2016	Common Stock	83,000		83,000	D
Stock Option (right to buy)⁽³⁾	$69.87							12/08/2006	12/08/2015	Common Stock	83,000		83,000	D
Stock Option (right to buy)⁽³⁾	$56.12							12/08/2005	12/08/2014	Common Stock	166,000		166,000	D
Stock Option (right to buy)⁽³⁾	$30.1							11/07/2004	11/07/2012	Common Stock	45,150		45,150	D

Explanation of Responses:

1. By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustees of the Havner Family Trust.

2. By Ronald L. Havner, Jr. for benefit of son.

3. Stock options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

4. Share options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 3 equal annual installments beginning 1 year from grant date.

5. By a custodian of an IRA for benefit of reporting person's wife.

6. By a custodian of an IRA for benefit of reporting person.

7. By Ronald L. Havner, Jr. for benefit of daughter.

Remarks:

	/s/ Ronald L. Havner, Jr.	01/04/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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