<SEC-DOCUMENT>0001567619-21-001000.txt : 20210113
<SEC-HEADER>0001567619-21-001000.hdr.sgml : 20210113
<ACCEPTANCE-DATETIME>20210113173832
ACCESSION NUMBER:		0001567619-21-001000
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210113
FILED AS OF DATE:		20210113
DATE AS OF CHANGE:		20210113

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUGHES B WAYNE JR
		CENTRAL INDEX KEY:			0001227391

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		21526958

	MAIL ADDRESS:	
		STREET 1:		23805 STUART RANCH ROAD
		CITY:			MALIBU
		STATE:			CA
		ZIP:			90265

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
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
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<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-01-13</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001227391</rptOwnerCik>
            <rptOwnerName>HUGHES B WAYNE 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>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-01-13</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6800</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4998316</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Living Trust</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11348</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>44312</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By IRA</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>22100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>As Trustee</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust.</footnote>
        <footnote id="F2">By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.</footnote>
        <footnote id="F3">By custodian of an IRA for benefit of reporting person.</footnote>
        <footnote id="F4">By reporting person as a trustee of a trust for the benefit of reporting person's son.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Cindy Mejia, Attorney-in-Fact</signatureName>
        <signatureDate>2021-01-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>bwaynehughesjrpoa.htm
<TEXT>
<html>
  <head>
    <title></title>
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         Document created using EDGARfilings PROfile 7.3.1.0
         Copyright 1995 - 2021 Broadridge -->
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <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 Cindy Mejia and Anita Mcintyre, 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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z533cbfbf06f649fdb2649fd9b111e3cc" cellpadding="0" cellspacing="0">

        <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>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c87a0fd80744b4890d344c83d401449" cellpadding="0" cellspacing="0">

        <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><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>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1af4c2828fd41a4a0238aad333b1197" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <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><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>11</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>th</u></sup><u>&#160;</u> day of January, 2021.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 288pt;"><u>/s/ B. Wayne Hughes, Jr.</u></div>
    <div style="text-align: justify; text-indent: 288pt;">B. Wayne Hughes, Jr.</div>
    <div><br>
    </div>
    <div><br>
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