PSA-I Public Storage

United States

Securities and Exchange Commission

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant To Section 14(a) of

the Securities Exchange Act of 1934

PUBLIC STORAGE

(Name of Registrant as Specified in Its Charter)

PUBLIC STORAGE   ATTN: INVESTOR SERVICES DEPARTMENT   701 WESTERN AVENUE   GLENDALE, CA 91201-2349

You invested in PUBLIC STORAGE and it’s time to vote!

You have the right to vote on proposals being presented at the 2023 Annual Meeting. This is an important notice regarding the availability of proxy material(s) for the shareholder meeting to be held on May 2, 2023.

Get informed before you vote

View the Notice of Meeting, Proxy Statement and Annual Report online OR you can receive a free paper or email copy of the material(s) by requesting them prior to April 18, 2023. If you would like to receive a copy of the material(s) for this and/or future shareholder meetings, you must request one. To request a copy of the material(s), you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or (3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject line. Unless requested, you will not otherwise receive a paper or email copy.

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Vote at www.ProxyVote.com

THIS IS NOT A VOTABLE BALLOT

This is an overview of the proposals being presented at the

upcoming shareholder meeting. Please follow the instructions on

the reverse side to vote these important matters.

Voting Items				Board Recommends
1.		Election of Trustees
		Nominees:
1a.		Ronald L. Havner, Jr.		For
1b.		Tamara Hughes Gustavson		For
1c.		Leslie S. Heisz		For
1d.		Shankh S. Mitra		For
1e.		David J. Neithercut		For
1f.		Rebecca Owen		For
1g.		Kristy M. Pipes		For
1h.		Avedick B. Poladian		For
1i.		John Reyes		For
1j.		Joseph D. Russell, Jr.		For
1k.		Tariq M. Shaukat		For
1l.		Ronald P. Spogli		For
1m.		Paul S. Williams		For
2.		Advisory vote to approve the compensation of the Company’s Named Executive Officers.		For
3.		Advisory vote regarding the frequency of future advisory votes to approve the compensation of the Company’s Named Executive Officers.		1 Year
4.		Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023.		For
5.		Shareholder proposal requesting that the Company’s Board of Trustees issue short- and long-term Scope 1-3 greenhouse gas reduction targets aligned with the Paris Agreement.		Against
NOTE: Other matters: In their discretion, the Proxies and/or the Trustee are authorized to vote upon such other business as may properly come before the meeting.