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 * GUSTAVSON TAMARA HUGHES   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) (Last) (First) (Middle) C/O PUBLIC STORAGE, 701 WESTERN AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 05/05/2011 (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               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               17,259,349 (14) 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               535,000 (13) I By GRAT (9) Common Stock               535,000 (13) I By GRAT (10) Common Stock               750,000 I By husband as Trustee (12)

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) (11)

$ 115.96

05/05/2011

A

5,000

05/05/2012

05/05/2021

Common Stock

5,000

$ 0

5,000

D

Stock Options (right to buy) (11)

$ 94.25

05/06/2011

05/06/2020

Common Stock

5,000

5,000

D

Stock Options (right to buy) (11)

$ 62.8

05/07/2010

05/07/2019

Common Stock

5,000

5,000

D

Stock Options (right to buy) (11)

$ 70.72

11/25/2009

11/25/2018

Common Stock

15,000

15,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GUSTAVSON TAMARA HUGHES C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA 91201	X	X

Signatures

/s/ Stephanie G. Heim, Attorney in Fact		05/06/2011
**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 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. Includes roll over of 25,918 shares from reporting person's 401(K)plan.
(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 Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son.
(10)	By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter.
(11)	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.
(12)	By husband as trustee of charitable lead annunity trust.
(13)	Reflects transfer of 1,465,000 shares to reporting person.
(14)	Reflects transfer of a total of 2,930,000 shares from two GRATs described in notes (9) and (10).

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