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 *
HUGHES B WAYNE ET AL
  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) __X__ Other (specify below)
Chairman of the Board
(Last)
(First)
(Middle)
C/O PUBLIC STORAGE, 701 WESTERN AVE
3. Date of Earliest Transaction (Month/Day/Year)
12/11/2008
(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               8,303,141 (7) I As Trustee (1)
Common Stock 12/11/2008   S   101 D $ 74 499,899 I As Settlor (2)
Common Stock 12/12/2008   S   400,000 D $ 67.8294 99,899 I As Settlor (2)
Common Stock 12/15/2008   S   99,899 D $ 67.5932 0 I As Settlor (2)
Common Stock               1,427 I By IRA (3)
Common Stock               735,000 I By GRAT (4)
Common Stock               400,000 I By LLC (6)
Common Stock               536,760.1218 I By 401(k) Plan (5)
Depositary Shares Representing Equity Stock               52,547 I As Trustee (1)
Depositary Shares Representing Equity Stock               46 I By IRA (3)
Depositary Shares Representing Equity Stock               9,971.6534 I By 401(k) Plan (5)

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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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
HUGHES B WAYNE ET AL
C/O PUBLIC STORAGE
701 WESTERN AVE
GLENDALE, CA 91201-2349
  X   X   Chairman of the Board

Signatures

 /s/ David Goldberg, Attorney in Fact   12/15/2008
**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 B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the "Living Trust").
(2) By the Northern Trust Company of Delaware, trustee for B. Wayne Hughes 2008 Irrevocable Intervivos Trust ("NTCD").
(3) By custodian of an IRA for the reporting person's benefit.
(4) By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.
(5) 401(k) plan units that represent interests in common stock or equity stock; based on plan information as of December 11, 2008. There is not a one to one correlation between units and shares. Reduction in number of units from those previously reported results from liquidation of units by plan administrator to make a required minimum distribution to reporting person.
(6) Shares held by Japanese Village, LLC, of which the reporting person is the sole member.
(7) Reflects the following downward adjustment to shares previously reported as owned by the reporting person: 500,000 shares previously owned by the Living Trust were transferred to the NTCD.

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