On November 26, 2012, Public Storage (the "Company") and its affiliate, PSAC Development Partners, L.P. (the "Selling Shareholder"), entered into an Equity Distribution Agreement (the "Agreement"), with Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Sales Agent, in connection with the potential sales by the Selling Shareholder from time to time during the term of the Agreement of up to 712,400 shares of Public Storage's common shares of beneficial interest, $0.10 per share par value (the "Common Shares"). The Common Shares were previously acquired by the Selling Shareholder in open market purchases. The Agreement is filed as Exhibit 1.1 hereto and is incorporated herein by reference.

The Sales Agent and its affiliates have performed investment banking and advisory services for the Company from time to time for which they have received customary fees and expenses. The lenders under the Company's credit facility include Bank of America N.A., an affiliate of the Sales Agent.

(d) Exhibits

Exhibit 1.1-   Equity Distribution Agreement dated November 26, 2012 among Public
               Storage, its affiliate, PSAC Development Partners, L.P. and Merrill
               Lynch, Pierce, Fenner & Smith Incorporated, as Sales Agent.