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 *
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)
10/09/2008
(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 10/09/2008   P   3,000 A $ 24 4,992 D  
Depositary Shares Representing Equity Stock 10/10/2008   P   3,000 A $ 23.25 7,992 D  
Depositary Shares Representing Equity Stock 10/10/2008   P   3,000 A $ 23 10,992 D  
Depositary Shares Representing Equity Stock 10/10/2008   P   2,480 A $ 22.17 13,472 D  
Depositary Shares Representing Equity Stock               4,243.2705 (1) I By 401(k) plan
Depositary Shares Representing Series A Preferred Stock               2,500 D  
Depositary Shares Representing Series D Preferred Stock               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               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   10/14/2008
**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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