Form 4 HAVNER RONALD L JR For: Jun 23 (10K)

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, Section 17(a) of the Public Utility Holding Company Act of 1935 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)
06/23/2009

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								300	I	By IRA ⁽⁶⁾
Depositary Shares Representing Equity Stock								4,500	I	By IRA ⁽⁵⁾
Depositary Shares Representing Equity Stock	06/23/2009		P		309	A	$ 24.45	309	I	For benefit of son ⁽²⁾
Depositary Shares Representing Series E Preferred Stock								700	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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(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

Stock Option (right to buy) ⁽⁴⁾

$ 81.81

12/08/2008

12/08/2017

Common Stock

83,000

Stock Option (right to buy) ⁽³⁾

$ 95.18

12/08/2007

12/08/2016

Common Stock

83,000

Stock Option (right to buy) ⁽³⁾

$ 69.87

12/08/2006

12/08/2015

Common Stock

83,000

Stock Option (right to buy) ⁽³⁾

$ 56.12

12/08/2005

12/08/2014

Common Stock

166,000

Stock Option (right to buy) ⁽³⁾

$ 30.1

11/07/2004

11/07/2012

Common Stock

45,150

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.

	/s/ Ronald L. Havner, Jr.	06/24/2009
	** 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.

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