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 *

HUGHES B WAYNE JR
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)

4/2/2020
(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 4/2/2020  M  5000 A$94.25 5041027 I By Living Trust (2)
COMMON STOCK         11348 D (3) 
COMMON STOCK         44312 I By IRA (4)
COMMON STOCK         22100 I As Trustee (5)

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) $94.25 4/2/2020  M     5000   (1)5/6/2020 COMMON STOCK 5000 $0 0 D  

Explanation of Responses:
(1) This option to purchase 5,000 shares of common stock vested as to one-third on each of May 6, 2011, 2012 and 2013.
(2) By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.
(3) By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(4) By custodian of an IRA for benefit of reporting person.
(5) By reporting person as a trustee of a trust for the benefit of reporting person's son.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
HUGHES B WAYNE JR
C/O PUBLIC STORAGE
701 WESTERN AVENUE
GLENDALE, CA 91201
XX


Signatures
/s/ Joanne Wu, Attorney-in-Fact4/3/2020
**Signature of Reporting PersonDate

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