Form 4 REYES JOHN For: Aug 05 (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^*

REYES JOHN

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
SENIOR VICE PRESIDENT / CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2009

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	08/05/2009		F		715	D	$ 77.89	56,562 ⁽⁴⁾	D
Common Stock								55,790.7831 ⁽¹⁾	I	By 401(k) plan
Depositary Shares Representing Equity Stock								21,772	D
Depositary Shares Representing Equity Stock								4,581.7398 ⁽¹⁾	I	By 401(k) plan
Depositary Shares Representing Series A Preferred Stock								2,500	D
Depositary Shares Representing Series D Preferred Stock								10,500	D
Depositary Shares Representing Series F Preferred Stock								945	D
Depositary Shares Representing Series I Preferred Stock								500	D
Depositary Shares Representing Series K Preferred Stock								1,000	D
Depositary Shares Representing Series M Preferred Stock								765	D

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) ⁽⁵⁾

$ 50.3

03/02/2010

03/02/2019

Common Stock

100,000

Stock Option (right to buy) ⁽⁵⁾

$ 80.48

02/27/2009

02/27/2018

Common Stock

250,000

Stock Option (right to buy) ⁽³⁾

$ 97.47

03/15/2008

03/15/2017

Common Stock

140,000

Stock Option (right to buy) ⁽³⁾

$ 78.36

03/03/2007

03/03/2016

Common Stock

50,000

Stock Option (right to buy) ⁽³⁾

$ 47.65

08/05/2005

08/05/2014

Common Stock

100,000

Stock Option (right to buy) ⁽²⁾

$ 23.0625

12/13/2002

12/13/2010

Common Stock

60,000

Explanation of Responses:

1. 401(k) plan units that represent interests in common stock; based on plan information as of August 4, 2009

2. Stock Options granted pursuant to the 1996 Stock Option and Incentive Plan.

3. Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan.

4. Includes 20,125 restricted share units.

5. Stock Options granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan; options vest in 5 equal annual installments beginning 1 year from date of grant.

	/s/ John Reyes	08/06/2009
	** 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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