Edgar Filing: GUSTAVSON TAMARA HUGHES

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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3235-0287

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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)

_____ 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)
11/25/2008

(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)
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)
Depositary Shares Representing Equity Stock								61	I	As custodian ⁽¹⁾
Depositary Shares Representing Equity Stock								1,196,182	D
Depositary Shares Representing Equity Stock								43	D ⁽²⁾
Depositary Shares Representing Equity Stock								581	I	By husband as custodian ⁽³⁾
Depositary Shares Representing Equity Stock								581	I	By husband as custodian ⁽⁴⁾
Depositary Shares Representing Equity Stock								46	I	By IRA ⁽⁵⁾
Depositary Shares Representing Equity Stock								42	I	By husband ⁽⁶⁾
Depositary Shares Representing Equity Stock								2,924.1122	I	By 401(k) Plan ⁽⁷⁾
Depositary Shares Representing Equity Stock								2,953	I	By children ⁽⁸⁾
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								17,168,792 ⁽¹²⁾	D
Common Stock								1,425	I	By IRA ⁽⁵⁾
Common Stock								1,300	I	By husband ⁽⁶⁾
Common Stock								237,657.3659	I	By 401(k) Plan ⁽⁷⁾
Common Stock								5,500 ⁽¹²⁾	D ⁽⁹⁾
Common Stock								2,000,000 ⁽¹²⁾	I	By GRAT ⁽¹⁰⁾
Common Stock								2,000,000 ⁽¹²⁾	I	By GRAT ⁽¹¹⁾
Common Stock								197,500	I	By husband as trustee ⁽¹³⁾
Common Stock								592,500	I	By husband as trustee ⁽¹⁴⁾

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (right to buy) ⁽¹⁵⁾

$ 70.72

11/25/2008

15,000

11/25/2009

11/25/2018

Common Stock

15,000

$ 0

15,000

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GUSTAVSON TAMARA HUGHES C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA 91201-2349		X

Signatures

/s/ Stephanie G. Heim, Attorney in Fact		11/25/2008
^**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)	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.
(6)	By husband.
(7)	401(k) plan units that represent interests in common stock; based on plan information as of November 13, 2008.
(8)	50% interest in H-G Family Corporation, which owns 5,906 Depositary Shares.
(9)	By reporting person and husband.
(10)	By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of son.
(11)	By Tamara Hughes Gustavson, trustee of Tamara Hughes Gustavson 3-08 Annuity Trust for benefit of daughter.
(12)	Reflects the following downward adjustments to shares previously reported as owned by the reporting person: 5,500 previously reported as owned by reporting person are owned by reporting person and her husband; and 4,000,000 shares previously reported as owned by the reporting person were contributed to two 3-08 Annuity Trusts.
(13)	Represents private purchase by husband of reporting person as trustee under two trusts dated December 8, 2005 for the benefit of their children of a 39.5% interest in American Commercial Equities Two, LLC ("ACE 2"). In addition to 500,000 shares of Common Stock, ACE 2 owns substantial other assets.
(14)	Represents private purchase by husband of reporting person as trustee under two trusts dated December 8, 2005 for the benefit of their children of a 39.5% interest in American Commercial Equities Three, LLC ("ACE 3"). In addition to 1,500,000 shares of Common Stock, ACE 3 owns substantial other assets.
(15)	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.

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