<SEC-DOCUMENT>0001567619-20-007462.txt : 20200402
<SEC-HEADER>0001567619-20-007462.hdr.sgml : 20200402
<ACCEPTANCE-DATETIME>20200402181646
ACCESSION NUMBER:		0001567619-20-007462
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200402
DATE AS OF CHANGE:		20200402

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STATON DANIEL C
		CENTRAL INDEX KEY:			0001024240

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		20770796

	MAIL ADDRESS:	
		STREET 1:		HOLLAND & KNIGHT LLP
		STREET 2:		701 BRICKELL AVENUE, SUITE 3300
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131

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>
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<SEQUENCE>1
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<DESCRIPTION>FORM 4
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    <periodOfReport>2020-03-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001393311</issuerCik>
        <issuerName>Public Storage</issuerName>
        <issuerTradingSymbol>PSA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001024240</rptOwnerCik>
            <rptOwnerName>STATON DANIEL C</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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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2020-03-31</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>177</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34478</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                    <value>D</value>
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    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Grant of fully-vested deferred stock units pursuant to the Company's Non-Management Trustee Compensation and Deferral Program under the Company's 2016 Equity and Performance-Based Incentive Compensation Plan. Each deferred stock unit represents the right to receive one share of the Company's common stock. The number of deferred stock units granted represents the quotient of the dollar amount of the cash retainers the reporting person has earned for the applicable calendar quarter, divided by the Company's closing stock price on the grant date, rounded up to the nearest deferred stock unit. The deferred stock units will be settled in shares of unrestricted common stock (i) in a lump sum upon the reporting person's separation from service as a trustee or (ii) in a lump sum upon the reporting person's earlier death or disability or upon an earlier change of control of the Company.</footnote>
        <footnote id="F2">Includes 793 deferred stock units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Joanne Wu, Attorney-in-Fact</signatureName>
        <signatureDate>2020-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
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  <head>
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  <div>
    <div style="text-align: center; font-weight: bold;">PUBLIC STORAGE</div>
    <div style="text-align: center; font-weight: bold;">SECTION 16</div>
    <div style="text-align: center; font-weight: bold;">POWER OF ATTORNEY</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z94e98d2d94934689b9570a03b227f29c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <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>
              </td>
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    <div><br>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <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>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 72pt;">(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>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8a3fd52763b24440b84946245805c93d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt;"><br>
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              <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <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>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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>
    <div><br>
    </div>
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    </div>
    <div><br>
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    </div>
    <div style="text-align: justify; text-indent: 288pt;"><u>/s/ Daniel C. Staton</u></div>
    <div style="text-align: justify; text-indent: 288pt;">Daniel C. Staton</div>
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