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^*

GUSTAVSON TAMARA HUGHES

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2012

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								2,500	I	As custodian⁽¹⁾
Common Stock								11,348	D⁽²⁾
Common Stock								17,890	I	By husband as custodian⁽³⁾
Common Stock								17,890	I	By husband as custodian⁽⁴⁾
Common Stock	03/05/2012		S		145,000	D	$131.64⁽¹¹⁾	17,754,349⁽¹⁶⁾	D
Common Stock	03/06/2012		S		145,000	D	$131.92⁽¹²⁾	17,609,349	D
Common Stock	03/07/2012		S		145,000	D	$130.31⁽¹³⁾	17,464,349	D
Common Stock								27,343⁽⁵⁾	I	by IRA⁽⁵⁾
Common Stock								1,300	I	By husband⁽⁶⁾
Common Stock								400,000	I	By LLC⁽⁷⁾
Common Stock								5,500	D⁽⁸⁾
Common Stock								750,000	I	By husband as Trustee⁽⁹⁾
Common Stock								0⁽¹⁴⁾	I	By GRAT⁽¹⁴⁾
Common Stock								0⁽¹⁵⁾	I	By GRAT⁽¹⁵⁾

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)⁽¹⁰⁾	$115.96							05/05/2012	05/05/2021	Common Stock	5,000		5,000	D
Stock Options (right to buy)⁽¹⁰⁾	$94.25							05/06/2011	05/06/2020	Common Stock	5,000		5,000	D
Stock Options (right to buy)⁽¹⁰⁾	$62.8							05/07/2010	05/07/2019	Common Stock	5,000		5,000	D
Stock Options (right to buy)⁽¹⁰⁾	$70.72							11/25/2009	11/25/2018	Common Stock	15,000		15,000	D

Explanation of Responses:

1. By reporting person as custodian for son.

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

3. By husband as custodian for son.

4. By husband as custodian for daughter.

5. By custodian of an IRA for benefit of reporting person.

6. By husband.

7. Reporting person is the successor trustee of two trusts for the benefits of her children that own a 50% interest in a limited liability company that owns a total of 800,000 shares.

8. By reporting person and husband.

9. By husband as trustee of charitable lead annunity trust.

10. 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.

11. Represents weighted average sales price. These shares were sold at prices ranging between $131.10 and $132.51. Full information regarding the number of shares sold 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.

12. Represents weighted average sales price. These shares were sold at prices between $131.25 and $132.90.Full information regarding the number of shares sold 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.

13. Represents weighted average sales price. These shares were sold at prices between $130.00 and $131.15. Full information regarding the number of shares sold 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.

14. By Tamara Hughes Gustavson, Trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son. Reflects transfer of 535,000 shares to reporting person.

15. By Tamara Hughes Gustavson, Trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter. Reflects transfer of 535,000 shares to reporting person.

16. Reflects transfer of a total of 1,070,000 shares from two GRATs described in notes (14) and (15).

Remarks:

	/s/ David Goldberg, Attorney in Fact	03/07/2012
	** 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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