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*
HUGHES B WAYNE ET AL
(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) X Other (specify below)
CHAIRMAN OF THE BOARD
3. Date of Earliest Transaction (Month/Day/Year)
08/27/2009
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 2,723,141 I As Trustee(1)
Common Stock 0 I As Settlor(2)
Common Stock 1,427 I By IRA(3)
Common Stock 735,000 I By GRAT(4)
Common Stock 08/27/2009 S 150,000 D $70.4253 450,000 I By LLC(6)
Common Stock 08/27/2009 S 150,000 D $71.6359 700,000 I By LLC(7)
Common Stock 08/28/2009 S 317,800 D $71.359 382,200 I By LLC(7)
Common Stock 08/31/2009 S 182,200 D $70.6889 200,000 I By LLC(7)
Common Stock 650,000 I By LLC(8)
Common Stock 555,829.6477 I By 401(k) Plan(5)
Depositary Shares Representing Equity Stock 52,547 I As Trustee(1)
Depositary Shares Representing Equity Stock 46 I By IRA(3)
Depositary Shares Representing Equity Stock 10,767.0546 I By 401(k) Plan(5)
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
Explanation of Responses:
1. By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").
2. By The Northern Trust Company of Delaware, trustee for B. Wayne Hughes 2008 Irrevocable Intervivos Trust ("NTCD").
3. By custodian of an IRA for the reporting person's benefit.
4. By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.
5. 401 (k) plan units that represent interests in common stock or equity stock; based on plan information as of August 25, 2009. There is not a one to one correlation between units and shares.
6. The reported shares are held by Japanese Village, LLC, a limited liability company that owns substantial other assets in addition to the reported shares. The reporting person disclaims beneficial ownership of the reported shares held by Japanese Village and this report should not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of section 16 or for any other purposes.
7. The reported shares are held by Quarterhorse Equities, LLC, a limited liability company that owns substantial other assets in addition to the reported shares. The reporting person disclaims beneficial ownership of the reported shares held by Quarterhorse Equities and this report should not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of section 16 or for any other purposes.
8. The reported shares are held by 5420 Sunset Boulevard LP, LLC, a limited liability company that owns substantial other assets in addition to the reported shares. The reporting person disclaims beneficial ownership of the reported shares held by 5420 Sunset Boulevard and this report should not be deemed an admission that the reporting person is the beneficial owner of these shares for purposes of section 16 or for any other purposes.
Remarks:
/s/ David Goldberg, Attorney in Fact 08/31/2009
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.