FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * REYES JOHN 2. Issuer Name and Ticker or Trading Symbol Public Storage [ PSA ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)
C/O PUBLIC STORAGE, 701 WESTERN AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)
8/16/2022
(Street)
GLENDALE, CA 91201
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  8/16/2022    M    51637  A $147.19  227086 (1) D   
Common Stock  8/16/2022    S    12845  D $351.91 (2) 214241 (1) D   
Common Stock  8/16/2022    S    21079  D $352.76 (3) 193162 (1) D   
Common Stock  8/16/2022    S    6248  D $353.72 (4) 186914 (1) D   
Common Stock  8/16/2022    S    7553  D $354.72 (5) 179361 (1) D   
Common Stock  8/16/2022    S    3912  D $355.35 (6) 175449 (1) D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) (7) $147.19 (8) 8/16/2022    M        51637 (8)  2/21/2014  2/21/2023  Common Stock  51637  $0  0  D   

Explanation of Responses:
(1)  Includes 1,679 deferred stock units.
(2)  Represents weighted average price. These shares were sold at prices ranging between $351.28 and $352.27. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
(3)  Represents weighted average price. These shares were sold at prices ranging between $352.29 and $353.27. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
(4)  Represents weighted average price. These shares were sold at prices ranging between $353.30 and $354.29. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
(5)  Represents weighted average price. These shares were sold at prices ranging between $354.32 and $355.29. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
(6)  Represents weighted average price. These shares were sold at prices ranging between $355.32 and $355.49. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
(7)  Stock option granted pursuant to the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in five (5) equal annual installments beginning one (1) year from the date of grant.
(8)  This option was previously reported as an option for 100,000 common shares (of which 50,000 were previously exercised) at an exercise price of $152.01, but, pursuant to anti-dilution provisions of the Public Storage 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by Public Storage on July 22, 2022.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
REYES JOHN
C/O PUBLIC STORAGE
701 WESTERN AVENUE
GLENDALE, CA 91201
X



Signatures
/s/ Nathaniel A. Vitan, Attorney-in-Fact 8/17/2022
**Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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