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)

12/22/2022
(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 12/22/2022  M  5163 A$159.40 14119639 D  
Common Stock 12/22/2022  M  5163 A$170.60 14124802 D  
Common Stock 12/22/2022  M  5163 A$181.95 14129965 D  
Common Stock 12/22/2022  M  5163 A$250.29 14135128 D  
Common Stock 12/22/2022  M  5163 A$216.83 14140291 D  
Common Stock 12/22/2022  M  5163 A$187.57 14145454 D  
Common Stock 12/22/2022  M  5163 A$211.30 14150617 D  
Common Stock         11348 D (1) 
Common Stock         5500 D (2) 
Common Stock         2785000 I By Trust 
Common Stock         27343 I By IRA (3)
Common Stock         1300 I By Husband 
Common Stock         295000 I By LLC (4)

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 Security3. Trans. Date3A. Deemed Execution Date, if any4. 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 Date7. 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option (Right to Buy) (5)$159.40 (6)12/22/2022  M     5163 (6) 5/9/2014 5/9/2023 Common Stock 5163 (6)$0 0 D  
Stock Option (Right to Buy) (5)$170.60 (7)12/22/2022  M     5163 (7) 5/1/2015 5/1/2024 Common Stock 5163 (7)$0 0 D  
Stock Option (Right to Buy) (5)$181.95 (8)12/22/2022  M     5163 (8) 4/30/2016 4/30/2025 Common Stock 5163 (8)$0 0 D  
Stock Option (Right to Buy) (5)$250.29 (9)12/22/2022  M     5163 (9) 4/25/2017 4/25/2026 Common Stock 5163 (9)$0 0 D  
Stock Option (Right to Buy) (10)$216.83 (11)12/22/2022  M     5163 (11) 4/26/2018 4/26/2027 Common Stock 5163 (11)$0 0 D  
Stock Option (Right to Buy) (10)$187.57 (12)12/22/2022  M     5163 (12) 4/25/2019 4/25/2028 Common Stock 5163 (12)$0 0 D  
Stock Option (Right to Buy) (10)$211.30 (13)12/22/2022  M     5163 (13) 4/24/2020 4/24/2029 Common Stock 5163 (13)$0 0 D  
Explanation of Responses:
(1) By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(2) By reporting person and husband.
(3) By custodian of an IRA for benefit of reporting person.
(4) By LLC of which reporting person is a member and manager.
(5) Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.
(6) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $164.62, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(7) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $176.19, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(8) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $187.91, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(9) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $258.49, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(10) Stock option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.
(11) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $223.93, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(12) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $193.71, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(13) This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $218.22, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
GUSTAVSON TAMARA HUGHES
C/O PUBLIC STORAGE
701 WESTERN AVENUE
GLENDALE, CA 91201		XX
Signatures
/s/ Nathaniel A. Vitan, Attorney-in-Fact12/23/2022
**Signature of Reporting PersonDate
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.
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