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 CA 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)
05/12/2010
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)
Code V Amount (A) or (D) Price
Common Stock 05/12/2010 M 166,000 A $56.12 201,000 I As Trustee
Common Stock 05/12/2010 S 166,000 D $98.4652 (6) 35,000 I As Trustee
Common Stock 300 I For benefit of son (2)
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
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 05/12/2010 M 166,000 12/08/2005 12/08/2014 Common Stock 166,000 $0 0 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. Represents weighted average purchase price. These shares were sold at prices ranging between $98.00 and $98.88. Full information regarding the number of shares purchased at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
Remarks:
/s/ Ronald L. Havner, Jr. 05/13/2010
** 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).
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