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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* HUGHES B WAYNE 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 X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 10/07/2009
	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock								8,005	D(2)
Common Stock								11,348	D(1)
Common Stock	10/07/2009		G		500	D	$0	5,685,580(3)	I	As Trustee(3)
Common Stock	04/30/2010		G		1,000	D	$0	5,684,580(3)	I	As Trustee(3)
Common Stock	06/30/2010		G		200	D	$0	5,684,380(3)	I	As Trustee(3)
Common Stock	04/15/2011		G		300	D	$0	5,684,080(3)	I	As Trustee(3)
Common Stock	12/21/2012		G	V	95,542	D	$0	5,588,545(3)(14)	I	As Trustee(3)
Common Stock	12/21/2012		G	V	31,160	A	$0	65,358(4)	I	By daughter(4)
Common Stock								3,390	I	As custodian for son(5)
Common Stock	12/21/2012		G	V	31,160	A	$0	31,160(6)	I	By son(6)
Common Stock								233	I	By wife IRA(7)
Common Stock								444	I	By wife(8)
Common Stock								44,312	I	By IRA(9)
Common Stock								17,890	I	By wife as custodian(10)
Common Stock								400,000	I	By LLC(11)

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)(13)	$144.97							05/03/2013	05/03/2022	Common Stock	5,000		5,000	D
Stock Option (right to buy)(13)	$115.96							05/05/2012	05/05/2021	Common Stock	5,000		5,000	D
Stock Option (right to buy)(13)	$94.25							05/06/2011	05/06/2020	Common Stock	5,000		5,000	D
Stock Option (right to buy)(13)	$62.8							05/07/2010	05/07/2019	Common Stock	5,000		5,000	D
Stock Option (right to buy)(13)	$91.81							05/08/2009	05/08/2018	Common Stock	5,000		5,000	D
Stock Option (right to buy)(13)	$91.68							05/03/2008	05/03/2017	Common Stock	2,500		2,500	D
Stock Option (right to buy)(13)	$74.23							08/02/2008	08/02/2017	Common Stock	2,500		2,500	D
Stock Option (right to buy)(12)	$60.06							05/05/2006	05/05/2015	Common Stock	2,500		2,500	D

Explanation of Responses:

1. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.

2. By reporting person and wife as joint tenants.

3. By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust. Includes 1000,000 shares previously reported as owned by reporting person as successor trustee and holder of remainder interest in charitable lead annuity trust.

4. Includes a total of 34,198 shares previously reported as owned by reporting person or wife as custodians for daughter. Also reflects gift of 31,160 shares from reporting person.

5. By reporting person as custodian for son.

6. By son. Reflects gift of 31,160 shares from reporting person.

7. By custodian of an IRA for benefit of wife.

8. By wife.

9. By custodian of an IRA for benefit of reporting person. Includes rollover of 43,081 shares from reporting person's 401(K) plan.

10. By wife as custodian for son.

11. Reporting person is the successor trusteee of two trusts for the benefit of his children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

12. 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.

13. Stock 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.

14. Includes upward adjustment of 7 shares to reflect shares previously received under a dividend reinvestment plan through a securities brokerage firm.

Remarks:

	/s/ David Goldberg, Attorney in Fact	02/01/2013
	** 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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