Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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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(Print or Type Responses)
1. Name and Address of Reporting Person *
HAVNER RONALD L JR
  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)
CHAIRMAN & CEO
(Last)
(First)
(Middle)
C/O PUBLIC STORAGE, 701 WESTERN AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
12/13/2011
(Street)

GLENDALE, CA 91201
4. If Amendment, Date 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
(City)
(State)
(Zip)
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 12/13/2011   M   53,317 A $ 50.3 88,317 I As Trustee (1)
Common Stock 12/13/2011   S   53,317 D $ 127.4295 (5) 35,000 I As Trustee (1)
Common Stock 12/14/2011   M   46,683 A $ 50.3 81,683 I As Trustee (1)
Common Stock 12/14/2011   S   46,683 D $ 126.8685 (6) 35,000 I As Trustee (1)
Common Stock               300 I For benefit of son (2)
Depositary Shares Representing Series G. Preferred Stock               8,570 I As Trustee

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) (4) $ 50.3 12/13/2011   M     53,317 03/02/2010 03/02/2018 Common Stock 53,317 $ 0 146,683 D  
Stock Option (right to buy) (4) $ 50.3 12/14/2011   M     46,683 03/02/2010 03/02/2018 Common Stock 46,683 $ 0 100,000 D  
Stock Option (right to buy) (4) $ 81.81             12/08/2008 12/08/2017 Common Stock 83,000   83,000 D  
Stock Option (right to buy) (3) $ 95.18             12/08/2007 12/08/2016 Common Stock 83,000   83,000 D  
Stock Option (right to buy) (3) $ 69.87             12/08/2006 12/08/2015 Common Stock 83,000   83,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HAVNER RONALD L JR
C/O PUBLIC STORAGE
701 WESTERN AVENUE
GLENDALE, CA 91201
  X     CHAIRMAN & CEO  

Signatures

 /s/ Ronald L. Havner, Jr.   12/15/2011
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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) Represents weighted average purchase price. These shares were sold at prices ranging between $127.0000 and $128.3000. Full information regarding the number of shares purchased 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.
(6) Represents weighted average purchase price. These shares were sold at prices ranging between $126.1100 and $127.3533. Full information regarding the number of shares purchased 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.

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