<SEC-DOCUMENT>0001393311-24-000063.txt : 20240306
<SEC-HEADER>0001393311-24-000063.hdr.sgml : 20240306
<ACCEPTANCE-DATETIME>20240306190226
ACCESSION NUMBER:		0001393311-24-000063
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240305
FILED AS OF DATE:		20240306
DATE AS OF CHANGE:		20240306

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STONE HEISZ LESLIE
		CENTRAL INDEX KEY:			0001235408
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		24727659

	MAIL ADDRESS:	
		STREET 1:		C/O PUBLIC STORAGE
		STREET 2:		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]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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>wk-form4_1709769732.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2024-03-05</periodOfReport>

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

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        <reportingOwnerId>
            <rptOwnerCik>0001235408</rptOwnerCik>
            <rptOwnerName>STONE HEISZ LESLIE</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>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
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    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeHolding>
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                <value>Common Shares</value>
            </securityTitle>
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                    <footnoteId id="F1"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
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            <conversionOrExercisePrice>
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                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-03-05</value>
            </transactionDate>
            <transactionCoding>
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                <transactionCode>D</transactionCode>
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                    <footnoteId id="F2"/>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
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                    <footnoteId id="F4"/>
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                <transactionPricePerShare>
                    <footnoteId id="F4"/>
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                <transactionAcquiredDisposedCode>
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            </transactionAmounts>
            <exerciseDate>
                <value>2020-04-24</value>
            </exerciseDate>
            <expirationDate>
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            </expirationDate>
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                <underlyingSecurityTitle>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>AO LTIP Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
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            <transactionDate>
                <value>2024-03-05</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>5163</value>
                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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            <expirationDate>
                <value>2029-04-23</value>
            </expirationDate>
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                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5163</value>
                </underlyingSecurityShares>
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                    <value>5163</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>184.85</value>
                <footnoteId id="F6"/>
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            <transactionDate>
                <value>2024-03-05</value>
            </transactionDate>
            <transactionCoding>
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                <transactionCode>D</transactionCode>
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                    <footnoteId id="F6"/>
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                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2021-04-21</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-04-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F6"/>
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                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>AO LTIP Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-03-05</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>5163</value>
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                <transactionPricePerShare>
                    <footnoteId id="F7"/>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F7"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-04-20</value>
            </expirationDate>
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                    <value>Common Shares</value>
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                <sharesOwnedFollowingTransaction>
                    <value>5163</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 455 deferred share units.</footnote>
        <footnote id="F2">This option was previously reported as an option for 15,000 common shares, par value $0.10 per share (&quot;Common Shares&quot;), of Public Storage (the &quot;Company&quot;) at an exercise price of $227.07, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022.  Previously, the reporting person exercised this option as to 5,000 Common Shares. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;2017 Canceled Option&quot;).</footnote>
        <footnote id="F3">In exchange for the 2017 Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. (&quot;Public Storage OP&quot;) designated as AO LTIP Units (&quot;AO LTIP Units&quot;), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units (&quot;LTIP Units&quot;) of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes.  The LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP (&quot;OP Units&quot;). The OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.</footnote>
        <footnote id="F4">This option was previously reported as an option for 5,000 Common Shares at an exercise price of $218.22, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;2019 Canceled Option&quot;).</footnote>
        <footnote id="F5">In exchange for the 2019 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into OP Units. The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.</footnote>
        <footnote id="F6">This option was previously reported as an option for 5,000 Common Shares at an exercise price of $190.90, but, pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On March 5, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;2020 Canceled Option&quot;).</footnote>
        <footnote id="F7">In exchange for the 2020 Canceled Option, the reporting person received a replacement award of AO LTIP Units, which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units that are convertible into OP Units. The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Steven C. Babinski, Attorney-in-Fact</signatureName>
        <signatureDate>2024-03-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
