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<SEC-DOCUMENT>0001393311-08-000067.txt : 20080401
<SEC-HEADER>0001393311-08-000067.hdr.sgml : 20080401
<ACCEPTANCE-DATETIME>20080331210806
ACCESSION NUMBER:		0001393311-08-000067
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080331
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080401
DATE AS OF CHANGE:		20080331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Public Storage
		CENTRAL INDEX KEY:			0001393311
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				953551121
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		08727098

	BUSINESS ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
		BUSINESS PHONE:		818-244-8080

	MAIL ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ps8k33108.txt
<DESCRIPTION>PUBLIC STORAGE FORM 8-K
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                              --------------------

                                    FORM 8-K

                                 CURRENT REPORT
                              ---------------------

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): March 31, 2008

                                 PUBLIC STORAGE
             (Exact Name of Registrant as Specified in its Charter)

           Maryland                       001-33519             95-3551121
- --------------------------------  -----------------------    -------------------
(State or Other Jurisdiction of   (Commission File Number)    (I.R.S. Employer
        Incorporation)                                       Identification No.)

701 Western Avenue, Glendale, California                        91201-2349
- ----------------------------------------                        ----------
(Address of Principal Executive Offices)                        (Zip Code)

                                 (818) 244-8080
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

Check the  appropriate  box below if the Form 8-K is intended to  simultaneously
satisfy  the filing  obligation  of the  registrant  under any of the  following
provisions:

|_|    Written  communication  pursuant to Rule 425 under the Securities Act (17
       CFR 230.425)

|_|    Soliciting  material  pursuant to Rule 14a-12  under the Exchange Act (17
       CFR 240.14a-12)

|_|    Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under  the
       Exchange Act (17 CFR 240.14d-2(b))

|_|    Pre-commencements  communications  pursuant  to Rule  13e-4(c)  under the
       Exchange Act (17 CFR 240.13e-4(c))




<PAGE>



ITEM 7.01         REGULATION FD DISCLOSURE

         On March 31, 2008,  Public Storage issued a press release to report the
acquisition by the New York Common  Retirement  Fund of a 51% interest in Public
Storage's Shurgard Europe operations for approximately (euro)383.2 million ($606
million),  plus an  adjustment  for  operating  results of Shurgard  Europe from
December 31, 2007 through  March 31, 2008.  The press release is included in the
text of Exhibit 99.1 to this Current Report on Form 8-K.

         This  Form  8-K,   including  the  attached   Exhibit  99.1,   contains
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and  Section  21E of the  Securities  Exchange  Act of  1934.  These
forward-looking  statements are subject to a number of risks and  uncertainties,
many of which are beyond  Public  Storage's  control,  which could cause  actual
results  to differ  materially  from  those set forth in, or  implied  by,  such
forward-looking  statements.  All statements other than statements of historical
fact included in this Form 8-K are forward-looking  statements and speak only as
of March 31, 2008.  Public Storage  undertakes no obligation to update or revise
any forward-looking statements,  whether as a result of new information,  future
events  or  otherwise.   Risks  and   uncertainties   that  could  impact  these
forward-looking statements include risks related to international businesses and
the risk the parties  will be unable for any reason to achieve  the  anticipated
benefits   of  the   transaction.   Additional   information   about  risks  and
uncertainties  that could  adversely  affect  Public  Storage's  forward-looking
statements  are described in reports filed by Public Storage with the Securities
and  Exchange  Commission,  including  its 2007  Annual  Report on Form 10-K and
subsequent reports on Form 10-Q and Form 8-K.

         The information in this Form 8-K,  including the attached Exhibit 99.1,
shall not be  deemed  "filed"  for  purposes  of  Section  18 of the  Securities
Exchange  Act  of  1934  (the  "Exchange  Act")  or  otherwise  subject  to  the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing  under the  Securities  Act of 1933 or the  Exchange  Act,  except as
expressly set forth by specific reference in such filing.

ITEM 9.01         FINANCIAL STATEMENTS AND EXHIBITS

         (c)      EXHIBITS

         The following exhibit shall be deemed to be furnished and not filed:

Exhibit 99.1--Press Release dated March 31, 2008


<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:    March 31, 2008

                                                  PUBLIC STORAGE


                                                  By: /s/ John Reyes
                                                      -------------------------
                                                      John Reyes
                                                      Senior Vice President
                                                      & Chief Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ps8k_ex991.txt
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
<TEXT>
EXHIBIT 99.1

NEWS RELEASE

Public Storage
701 Western Avenue
Glendale, CA 91201-2349
www.publicstorage.com

- --------------------------------------------------------------------------------

                                              For Release:       Immediately
                                              Date:              March 31, 2008
                                              Contact:           Clemente Teng
                                                                 (818) 244-8080

              PUBLIC STORAGE COMPLETES TRANSFER OF 51% INTEREST IN
           EUROPEAN OPERATIONS TO THE NEW YORK COMMON RETIREMENT FUND

GLENDALE,  California--Public  Storage (NYSE:  PSA) announced the acquisition by
the New  York  Common  Retirement  Fund  (NYCRF)  of a 51%  interest  in  Public
Storage's Shurgard Europe operations for approximately (euro)383.2 million ($606
million),  plus an  adjustment  for  operating  results of Shurgard  Europe from
December 31, 2007 through March 31, 2008.

Public Storage will own the remaining 49% interest and be the managing member of
the newly formed joint venture that will own Shurgard Europe's  operations.  The
existing Shurgard Europe  management team will continue  operations in Brussels,
Belgium.  The new joint venture  includes  Shurgard's 20% equity interest in two
existing ventures which are the subject of previously disclosed arbitration.  If
the  remaining  interests  in  those  ventures  can  be  acquired,  they  may be
incorporated into the newly-formed entity.

In  connection  with the  transaction,  the  intercompany  debt owed by Shurgard
Europe to Public  Storage was modified to (i) fix the interest  rate at 7.5% per
year, (ii) adjust the outstanding  balance from approximately  (euro)381 million
at December 31, 2007 to (euro)391  million ($620  million) as of March 31, 2008,
and (iii) modify the term of the loans to one year with an  additional  one year
extension. In addition,  Public Storage is committed to provide additional loans
to Shurgard Europe,  under these terms, up to (euro)305 million to fund Shurgard
Europe's obligations to repay existing third-party  indebtedness owed by the two
previously  mentioned  ventures (a total of  (euro)256  million at December  31,
2007)  and the  possible  acquisition  of the  remaining  interest  in those two
ventures.  Shurgard  Europe  intends  to repay all of its  intercompany  debt to
Public  Storage  through  the  issuance  of  third-party  debt as soon as market
conditions permit, but no later than March 31, 2010.

Shurgard  Europe also entered  into a licensing  agreement  with Public  Storage
effective January 1, 2008, under which it will pay Public Storage a fee equal to
1.0% of its pro rata share of  revenues  in  exchange  for the rights to use the
"Shurgard Europe" trade name.

Public Storage expects to record a gain from the sale;  however,  the timing and
amount have not yet been  determined.  In addition,  any increase or decrease in
the U.S. dollar versus the Euro is expected to be recorded as a currency gain or
loss on the loan to Shurgard Europe.

Shurgard  Europe's  operating  results  for the year  ended  December  31,  2007
included  approximately  $194.3  million  and $92.2  million,  respectively,  of
revenues and cost of  operations  related to the  self-storage  facilities;  and
$17.6 million and $5.2 million,  respectively, of ancillary revenues and cost of
operations.  Included in these amounts are approximately $57.0 million and $37.3
million, respectively, of self-storage revenues and cost of operations, and $6.1
million  and $1.8  million,  respectively,  in  ancillary  revenues  and cost of
operations,  relating  to  self-storage  facilities  owned  by the JVs in  which
Shurgard  Europe has a 20% interest.  These amounts were based upon the weighted
average exchange rate of the dollar relative to the Euro of approximately 1.3698
to 1.000.


<PAGE>


"Public  Storage  is very  pleased to be teaming up once again with the New York
Common Retirement Fund, a premier  institutional  investor,  who shares the same
goals and  objectives  with respect to our  investments in Shurgard  Europe.  In
1998, we teamed up with NYCRF to successfully expand and take our affiliate,  PS
Business Parks,  Inc., public. We believe the European market presents excellent
growth  opportunities  and look forward to  partnering  with NYCRF to accelerate
Shurgard  Europe's  development  program and grow the European  business,"  said
Ronald L. Havner, Jr., President and Chief Executive Officer of Public Storage.

Steven De Tollenaere,  President and Chief Executive Officer of Shurgard Europe,
commented,  "We are  perfectly  positioned  with great  shareholders  and strong
funding to  accelerate  our  development  program  and  undertake  acquisitions,
increasing product and brand awareness in Europe."


ABOUT PUBLIC STORAGE AND SHURGARD EUROPE
- ----------------------------------------

Public  Storage,  a member of the S&P 500 and the Forbes Global 2000, is a fully
integrated, self-administered and self-managed real estate investment trust that
primarily acquires, develops, owns and operates self-storage facilities.  Public
Storage's  headquarters  are  located  in  Glendale,  California.   Self-storage
facilities  for both  companies  are  located  in 38 states  and  seven  Western
European  nations.  At December 31, 2007,  Public Storage had interests in 2,012
self-storage  facilities with approximately 126 million net rentable square feet
in the  United  States  and  Shurgard  Europe had 174  storage  facilities  with
approximately nine million net rentable square feet in Europe.

Additional  information about Public Storage and Shurgard Europe is available on
the  Internet.   The   respective  web  sites  are   www.publicstorage.com   and
www.shurgard.eu.

FORWARD-LOOKING STATEMENTS
- --------------------------

This press release contains  "forward-looking  statements" within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange Act of 1934. These  forward-looking  statements are subject to a number
of risks and  uncertainties,  many of which are beyond Public Storage's control,
which could cause actual results to differ  materially  from those set forth in,
or implied  by,  such  forward-looking  statements.  All  statements  other than
statements of historical fact included in this press release are forward-looking
statements and speak only as of the date of this press  release.  Public Storage
undertakes  no obligation  to update or revise any  forward-looking  statements,
whether as a result of new  information,  future events or otherwise.  Risks and
uncertainties  that could impact these forward looking  statements include risks
related to international businesses and the risks the parties will be unable for
any reason to achieve the anticipated  benefits of the  transaction.  Additional
information  about risks and  uncertainties  that could adversely  affect Public
Storage's  forward-looking  statements  are described in reports filed by Public
Storage with the Securities and Exchange  Commission,  including its 2007 Annual
Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.

                                      # # #


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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