SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HUGHES B WAYNE JR

(Last)

(First)

(Middle)

C/O PUBLIC STORAGE

701 WESTERN AVENUE

(Street)

GLENDALE

91201

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Public Storage [ PSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/07/2021		M		5,000	A	$144.97	2,678,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$164.62	2,683,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$176.19	2,688,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$187.91	2,693,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$258.49	2,698,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$223.93	2,703,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$193.71	2,708,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$218.22	2,713,316	I	By Living Trust⁽¹⁾
Common Stock	07/07/2021		M		5,000	A	$190.9	2,718,316	I	By Living Trust⁽¹⁾
Common Stock								2,330,000	I	By LLC⁽²⁾
Common Stock								11,348	D⁽³⁾
Common Stock								44,312	I	By IRA⁽⁴⁾
Common Stock								22,100	I	As Trustee⁽⁵⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$144.97	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$164.62	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$176.19	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$187.91	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$258.49	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$223.93	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$193.71	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$218.22	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D
Stock Option (Right to Buy)	$190.9	07/07/2021		M			5,000	⁽⁶⁾	12/31/2021⁽⁶⁾	Common Stock	5,000	$0	0	D

Explanation of Responses:

1. By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.

2. By GasDog 2020 LLC. The reporting person disclaims beneficial ownership of the LLC's holdings except to the extent of his pecuniary interest in them.

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.

6. On December 31, 2020, the reporting person retired as a trustee of the Company. Pursuant to the Company's Non-Employee Trustee Compensation Policy, all outstanding unvested stock options accelerate and vest on the date of retirement and all such stock options may be exercised during the one-year period following the date of retirement (but before the original expiration date of the option, if earlier).

Remarks:

	/s/ Cindy Mejia, Attorney-in-Fact	07/09/2021
	** 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).
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