On February 11, 2009, Public Storage (the "Company") announced it has accepted for purchase an aggregate of $96,683,000 principal amount of its 7.75% Notes due 2011 and $13,540,000 principal amount of its 5.875% Notes due 2013 (collectively, the "Notes") of its subsidiary, Shurgard Storage Centers, LLC, that were validly tendered pursuant to its previously announced fixed price cash tender offer for such Notes (the "Tender Offer"). The Tender Offer expired at 5:00 p.m., New York City time, on Tuesday, February 10, 2009. The Tender Offer was made pursuant to the Offer to Purchase and the related Letter of Transmittal dated January 3, 2009.

                                                        AGGREGATE PRINCIPAL
                                                              AMOUNT
CUSIP NUMBER            SECURITY DESCRIPTION           ACCEPTED FOR PURCHASE
82567DAE4               7.75% Notes due 2011                $96,683,000
82567DAF1               5.875% Notes due 2013               $13,540,000

A copy of the press release announcing the completion of the Tender Offer is filed herewith as Exhibit 99.1.

(d) Exhibits.

Exhibit No.                           Description
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    99.1     Press Release dated February 11, 2009.