<SEC-DOCUMENT>0001567619-20-004843.txt : 20200225
<SEC-HEADER>0001567619-20-004843.hdr.sgml : 20200225
<ACCEPTANCE-DATETIME>20200225211704
ACCESSION NUMBER:		0001567619-20-004843
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200222
FILED AS OF DATE:		20200225
DATE AS OF CHANGE:		20200225

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HAVNER RONALD L JR
		CENTRAL INDEX KEY:			0001227384

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		20653167

	MAIL ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Public Storage
		CENTRAL INDEX KEY:			0001393311
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				953551121
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
		BUSINESS PHONE:		818-244-8080

	MAIL ADDRESS:	
		STREET 1:		701 WESTERN AVENUE
		CITY:			GLENDALE
		STATE:			CA
		ZIP:			91201-2349
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>FORM 4
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        <issuerName>Public Storage</issuerName>
        <issuerTradingSymbol>PSA</issuerTradingSymbol>
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            <rptOwnerCik>0001227384</rptOwnerCik>
            <rptOwnerName>HAVNER RONALD L JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PUBLIC STORAGE</rptOwnerStreet1>
            <rptOwnerStreet2>701 WESTERN AVENUE</rptOwnerStreet2>
            <rptOwnerCity>GLENDALE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91201</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
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    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-02-22</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>2246</value>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                    <value>117657</value>
                    <footnoteId id="F1"/>
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                <value>Common Stock</value>
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                    <value>I</value>
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                    <value>As Trustee</value>
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    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 113,125 restricted stock units and 528 deferred stock units. Mr. Havner has postponed receipt of 10,000 shares of vested restricted stock units granted February 19, 2015 with an original vesting date of April 1, 2016, for receipt in 10 equal installments over 10 years starting on April 1, 2021 to April 1, 2030.</footnote>
        <footnote id="F2">By Ronald L. Havner, Jr. and LeeAnn R. Havner, Trustee of the Havner Family Trust.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Joanne Wu, Attorney-in-Fact</signatureName>
        <signatureDate>2020-02-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>poa_havner.htm
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    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">PUBLIC STORAGE</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">SECTION 16</div>
    <div style="text-align: center; line-height: 11.4pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt;">Know all by these presents, that the undersigned hereby constitutes and appoints each of Nathaniel A. Vitan, H.
      Thomas Boyle, and Joanne Wu, or any of them signing singly, and with full power of substitution, the undersigned's true and lawful attorney&#8209;in&#8209;fact to:</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
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                <div>prepare, execute in the undersigned&#8217;s name and on the undersigned&#8217;s behalf, and submit to the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) a Form ID,
                  including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section 16(a) of the Securities Exchange
                  Act of 1934 or any rule or regulation of the SEC;</div>
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                <div>execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Public Storage (the &#8220;Company&#8221;), Forms&#160;3, 4, and 5 in
                  accordance with Section&#160;16(a) of the Securities Exchange Act of 1934 and the rules thereunder;</div>
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    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt; line-height: 11.4pt;">(3)do and perform any and all acts for and on behalf of the undersigned which may be necessary
      or desirable to complete and execute any such Form&#160;3, 4, or 5, complete and execute any amendment or amendments thereto, and timely file such form with the SEC and any stock exchange or similar authority; and</div>
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                <div>take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney&#8209;in&#8209;fact, may be of benefit to, in the best
                  interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney&#8209;in&#8209;fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such
                  terms and conditions as such attorney&#8209;in&#8209;fact may approve in such attorney&#8209;in&#8209;fact's discretion.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt;">The undersigned hereby grants to each such attorney&#8209;in&#8209;fact full power and authority to do and perform any and
      every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power
      of substitution or revocation, hereby ratifying and confirming all that such attorney&#8209;in&#8209;fact, or such attorney&#8209;in&#8209;fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers
      herein granted.&#160; The undersigned acknowledges that the foregoing attorneys&#8209;in&#8209;fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with
      Section&#160;16 of the Securities Exchange Act of 1934.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file
      Forms&#160;3, 4, and 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys&#8209;in&#8209;fact.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this <u>21</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>st</u></sup><u>&#160;</u> day of February, 2020.</div>
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    <div style="text-align: justify; text-indent: 288pt; line-height: 11.4pt;"><u>/s/ Ronald L. Havner, Jr.</u></div>
    <div style="text-align: justify; text-indent: 288pt; line-height: 11.4pt;">Ronald L. Havner, Jr.<u> </u></div>
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