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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1. Name and Address of Reporting Person * REYES JOHN   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 (Last) (First) (Middle) C/O PUBLIC STORAGE, 701 WESTERN AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 10/06/2008 (Street) GLENDALE, CA 91201-2349 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               58,585 (4) D   Common Stock               53,876.7006 (1) I By 401(k) plan Depositary Shares Representing Equity Stock               1,992 D   Depositary Shares Representing Equity Stock               4,243.2705 (1) I By 401(k) plan Depositary Shares Representing Series A Preferred Stock 10/06/2008   P   2,500 A $ 14.65 2,500 D   Depositary Shares Representing Series D Preferred Stock 10/06/2008   P   3,000 A $ 15.1 5,500 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 10/06/2008   P   765 A $ 15.8 765 D

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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) (5)

$ 80.48

02/27/2009

02/27/2018

Common Stock

250,000

250,000

D

Stock Option (right to buy) (3)

$ 97.47

03/15/2008

03/15/2017

Common Stock

140,000

140,000

D

Stock Option (right to buy) (3)

$ 78.36

03/03/2007

03/03/2016

Common Stock

50,000

50,000

D

Stock Option (right to buy) (3)

$ 47.65

08/05/2005

08/05/2014

Common Stock

100,000

100,000

D

Stock Option (right to buy) (2)

$ 23.0625

12/13/2002

12/13/2010

Common Stock

60,000

60,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
REYES JOHN C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA 91201-2349			Senior Vice President / CFO

Signatures

/s/ John Reyes		10/08/2008
**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)	401(k) plan units that represent interests in common shares; based on plan information as of October 1, 2008.
(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 25,750 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 grant date.

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