<SUBMISSION>
<ACCESSION-NUMBER>0001393311-07-000012
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20070608
<FILING-DATE>20070821
<DATE-OF-FILING-DATE-CHANGE>20070821
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>Public Storage
<CIK>0001393311
<ASSIGNED-SIC>6798
<IRS-NUMBER>953551121
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>701 WESTERN AVENUE
<CITY>GLENDALE
<STATE>CA
<ZIP>91201-2349
<PHONE>818-244-8080
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>701 WESTERN AVENUE
<CITY>GLENDALE
<STATE>CA
<ZIP>91201-2349
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HUGHES B WAYNE ET AL
<CIK>0000935808
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-33519
<FILM-NUMBER>071071373
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>701 WESTERN AVE
<STREET2>SUITE 200
<CITY>GLENDALE
<STATE>CA
<ZIP>91201-2397
<PHONE>(818) 244-8080
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>701 WESTERN AVE
<STREET2>SUITE 200
<CITY>GLENDALE
<STATE>CA
<ZIP>91201
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>hughes060807_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-06-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001393311</issuerCik>
        <issuerName>Public Storage</issuerName>
        <issuerTradingSymbol>PSA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000935808</rptOwnerCik>
            <rptOwnerName>HUGHES B WAYNE ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PUBLIC STORAGE</rptOwnerStreet1>
            <rptOwnerStreet2>701 WESTERN AVE</rptOwnerStreet2>
            <rptOwnerCity>GLENDALE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91201-2349</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Chairman of the Board</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13648810</value>
                    <footnoteId id="F9"/>
                    <footnoteId id="F10"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>As Trustee</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-06-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1010000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F9"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>GRAT</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1225000</value>
                    <footnoteId id="F9"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>GRAT</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>789000</value>
                    <footnoteId id="F9"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>GRAT</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>310000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>LLC</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1427</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By IRA</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000000</value>
                    <footnoteId id="F10"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By GRAT</value>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>915000</value>
                    <footnoteId id="F10"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LLC</value>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>649826</value>
                    <footnoteId id="F10"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Corp</value>
                    <footnoteId id="F12"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>544928.8040</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(k) Plan</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Depositary Shares Representing Equity Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>52547</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>As Trustee</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Depositary Shares Representing Equity Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>46</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By IRA</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Depositary Shares Representing Equity Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9297.2832</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(k) Plan</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">By B. Wayne Hughes, trustee for B.W. Hughes Living Trust dated 6/3/77 (the &quot;Living Trust&quot;).</footnote>
        <footnote id="F2">By B. Wayne Hughes, trustee of Wayne Hughes 5-04 Annuity Trust.</footnote>
        <footnote id="F3">By B. Wayne Hughes, trustee of Wayne Hughes 6-04 Annuity Trust.</footnote>
        <footnote id="F4">By B. Wayne Hughes, trustee of Wayne Hughes 9-05 Annuity Trust.</footnote>
        <footnote id="F5">Shares held by American Commercial Equities Two LLC, of which the reporting person is the sole member.</footnote>
        <footnote id="F6">By custodian of an IRA for the reporting person's benefit.</footnote>
        <footnote id="F7">By B. Wayne Hughes, trustee of Wayne Hughes 6-07 Annuity Trust.</footnote>
        <footnote id="F8">401(k) plan units that represent interests in common stock; based on plan information as of July 13, 2007.</footnote>
        <footnote id="F9">Reflects the following upward adjustments to shares previously reported as owned by the reporting person: (a) 1,040,000
 shares previously held by the Wayne Hughes 5-04 Annuity Trust which were distributed to the Living Trust and are now owned
 by the Living Trust, (b) 399,000 shares previously held by the  Wayne Hughes 6-04 Annuity Trust were distributed to the
 Living Trust and are now owned by the Living Trust, (c) 211,000 shares previously held by the Wayne Hughes 9-05 Annuity
 Trust were distributed to the Living Trust and are now owned by the Living Trust and (d) a 27,000 share upward adjustment
 for reconciliation  purposes.</footnote>
        <footnote id="F10">Reflects the following downward adjustments to shares previously reported as owned by the reporting person:  (a) 1,000,000
 shares previously owned by the Living Trust were contributed to the Wayne Hughes  6-07 Annuity Trust, (b) 915,000 shares
 previously owned by the Living Trust were contributed to  American Commercial Equities Three LLC and (c)  649,826 shares
 previously owned by the Living Trust were contributed to BW Equities, Inc.</footnote>
        <footnote id="F11">Shares held by American Commercial Equities Three LLC, of which the reporting person is the sole member.</footnote>
        <footnote id="F12">Shares held by BW Equities, Inc., of which the reporting person is the sole shareholder.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David Goldberg, Attorney in Fact</signatureName>
        <signatureDate>2007-08-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
