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)
11/26/2019
(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  11/26/2019    G   V 415000  A $0  415000  I  By BWH Investments 2019, LLC (1)
Common Stock  12/6/2019    G   V 410850  D $0  4150  I  By BWH Investments 2019, LLC (1)
Common Stock                 16852445  D 
 
Common Stock                 11348  D (2)
 
Common Stock                 17890  I  By husband as custodian (3)
Common Stock                 27343  I  By IRA (4)
Common Stock                 1300  I  By husband 
Common Stock                 5500  D (5)
 
Common Stock                 895390  I  By son 
Common Stock                 875000  I  By custodian (6)
Common Stock                 295000  I  By LLC (7)

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) (8) $218.22                  4/24/2020  4/24/2029  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (8) $193.71                  4/25/2019  4/25/2028  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (8) $223.93                  4/26/2018  4/26/2027  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $258.49                  4/25/2017  4/25/2026  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $187.91                  4/30/2016  4/30/2025  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $176.19                  5/1/2015  5/1/2024  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $164.42                  5/9/2014  5/9/2023  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $144.97                  5/3/2013  5/3/2022  Common Stock  5000    5000  D 
 
Stock Option (right to buy) (9) $115.96                  5/5/2012  5/5/2021  Common Stock  5000    5000  D 
 

Explanation of Responses:
(1)  On November 26, 2019, B. Wayne Hughes, Sr. contributed 415,000 shares of Company common stock to BWH Investments 2019, LLC, which is 100% owned by a trust of which the reporting person is trustee. On December 6, 2019, 99% of the interest in BWH Investments 2019, LLC was donated to a donor advised fund of a public charity.
(2)  By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(3)  By husband as custodian for daughter.
(4)  By custodian of an IRA for benefit of reporting person.
(5)  By reporting person and husband.
(6)  By third party custodian for the benefit of daughter.
(7)  By LLC of which reporting person is a member and manager.
(8)  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 the grant date.
(9)  Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as Amended. Option vests in three (3) equal annual installments beginning one (1) year from the grant date.

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 1/2/2020
**Signature of Reporting Person Date
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