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 * GUSTAVSON TAMARA HUGHES 2. Issuer Name and Ticker or Trading Symbol Public Storage [ PSA ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    __X__ 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)
8/19/2022
(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  8/19/2022    S    148.14 (1) D $350.64 (2) 1281.86  I  By BWH Investments 2019, LLC 
Common Stock  8/19/2022    S    494.63 (1) D $351.45 (3) 787.23  I  By BWH Investments 2019, LLC 
Common Stock  8/19/2022    S    462.47 (1) D $352.60 (4) 324.76  I  By BWH Investments 2019, LLC 
Common Stock  8/19/2022    S    122.17 (1) D $353.15 (5) 202.59  I  By BWH Investments 2019, LLC 
Common Stock  8/22/2022    S    20.90 (1) D $346.04 (6) 181.69  I  By BWH Investments 2019, LLC 
Common Stock  8/22/2022    S    14.00 (1) D $347.00 (7) 167.69  I  By BWH Investments 2019, LLC 
Common Stock  8/22/2022    S    81.59 (1) D $348.17 (8) 86.10  I  By BWH Investments 2019, LLC 
Common Stock  8/22/2022    S    62.51 (1) D $348.85 (9) 23.59  I  By BWH Investments 2019, LLC 
Common Stock  8/22/2022    S    23.59 (1) D $350.00  0  I  By BWH Investments 2019, LLC 
Common Stock                 14114476  D   
Common Stock                 11348  D (10)  
Common Stock                 5500  D (11)  
Common Stock                 2785000  I  By Trust 
Common Stock                 27343  I  By IRA (12)
Common Stock                 1300  I  By Husband 
Common Stock                 295000  I  By LLC (13)

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

Explanation of Responses:
(1)  Represents the reporting person's beneficial interest in shares sold by BWH Investments 2019, LLC.
(2)  Represents weighted average price. These shares were sold at prices ranging between $350.02 and $351.01. 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 $351.02 and $352.01. 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 $352.02 and $353.015. 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 $353.02 and $353.46. 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 $345.56 and $346.41. 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)  Represents weighted average price. These shares were sold at prices ranging between $346.70 and $347.39. 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.
(8)  Represents weighted average price. These shares were sold at prices ranging between $347.59 and $348.54. 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.
(9)  Represents weighted average price. These shares were sold at prices ranging between $348.57 and $349.23. 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.
(10)  By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(11)  By reporting person and husband.
(12)  By custodian of an IRA for benefit of reporting person.
(13)  By LLC of which reporting person is a member and manager.

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


Signatures
/s/ Nathaniel A. Vitan, Attorney-in-Fact 8/23/2022
**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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