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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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 JR (Last) (First) (Middle) C/O PUBLIC STORAGE 701 WESTERN AVENUE (Street) GLENDALE CA 91201-2349 (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) 12/02/2008
	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
Depositary Shares Representing Equity Stock								2,953	I	By children(10)
Common Stock								8,005	D(12)
Common Stock								11,348	D(1)
Common Stock								1,068,511	D
Common Stock								3,762,040	I	As Trustee(14)
Common Stock								25,692	I	By wife as custodian(2)
Common Stock								3,390	I	Custodian(3)
Common Stock								8,506	I	Custodian(4)
Common Stock								233	I	By wife IRA(5)
Common Stock								444	I	By wife(6)
Common Stock								1,231	I	By IRA(7)
Common Stock								17,890	I	By wife as custodian(8)
Common Stock								394,060.9013	I	By 401(k) Plan(9)
Common Stock	12/03/2008		S		300,000(15)	D	$64.4841	0(15)	I	As trustees(15)
Common Stock	12/02/2008		S		255,480(16)	D	$63.8555	644,520(16)	I	As trustees(16)
Common Stock	12/03/2008		S		95,520(16)	D	$63.9623	549,000(16)	I	As trustees(16)
Common Stock	12/04/2008		S		210,000(16)	D	$66.5428	339,000(16)	I	As trustees(16)
Depositary Shares Representing Equity Stock								43	D(1)
Depositary Shares Representing Equity Stock								32,159	D
Depositary Shares Representing Equity Stock								772	I	By wife as custodian(2)
Depositary Shares Representing Equity Stock								96	I	Custodian(3)
Depositary Shares Representing Equity Stock								213	I	Custodian(4)
Depositary Shares Representing Equity Stock								7	I	By wife IRA(5)
Depositary Shares Representing Equity Stock								11	I	By wife(6)
Depositary Shares Representing Equity Stock								40	I	By IRA(7)
Depositary Shares Representing Equity Stock								581	I	By wife as custodian(8)
Depositary Shares Representing Equity Stock								7,480.7711	I	By 401(k) Plan(9)

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
Stock Option (right to buy)	$91.81							05/08/2009	05/08/2018	Common Stock	5,000		5,000	D
Stock Option (right to buy)	$74.23							08/02/2008	08/02/2017	Common Stock	2,500		2,500	D
Stock Option (right to buy)(13)	$91.68							05/03/2008	05/03/2017	Common Stock	2,500		2,500	D
Stock Option (right to buy)(11)	$60.06							05/05/2006	05/05/2015	Common Stock	2,500		2,500	D

Explanation of Responses:

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

2. By wife as custodian for daughter.

3. By reporting person as custodian for son.

4. By reporting person as custodian for daughter.

5. By custodian of an IRA for benefit of wife.

6. By wife.

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

8. By wife as custodian for son.

9. 401(k) plan units that represent interests in common stock; based on plan information as of November 13, 2008.

10. 50% interest in H-G Family Corporation, which owns 5,906 Depositary Shares.

11. Stock Options granted pursuant to the 2001 Stock Option and Incentive Plan; options vest in 3 equal annual installements beginning 1 year from grant date.

12. By reporting person and wife as joint tenants.

13. 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.

14. By B. Wayne Hughes, Jr., trustee for B. Wayne Hughes, Jr. Living Trust.

15. By reporting person and wife each as a trustee under a trust dated December 8, 2005 for the benefit of their children of a 60% interest in American Commercial Equities Two, LLC ("ACE 2"). On December 3, 2008, ACE 2 sold a total of 500,000 shares of Common Stock.

16. By reporting person and wife each as a trustee under a trust dated December 8, 2005 for the benefit of their children of a 60% interest in American Commercial Equities Three, LLC ("ACE 3"). On December 2, 3 and 4, 2008, ACE 3 sold a total of 425,800 shares of Common Stock, 159,200 shares of Common Stock and 350,000 shares of Common Stock respectively.

	/s/ David Goldberg, Attorney in Fact	12/04/2008
	** 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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