<SEC-DOCUMENT>0001393311-24-000077.txt : 20240307
<SEC-HEADER>0001393311-24-000077.hdr.sgml : 20240307
<ACCEPTANCE-DATETIME>20240307203557
ACCESSION NUMBER:		0001393311-24-000077
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240305
FILED AS OF DATE:		20240307
DATE AS OF CHANGE:		20240307

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RUSSELL JOSEPH D JR
		CENTRAL INDEX KEY:			0001230471
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		24732094

	MAIL ADDRESS:	
		STREET 1:		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_1709861749.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-03-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001230471</rptOwnerCik>
            <rptOwnerName>RUSSELL JOSEPH D 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>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>AO LTIP Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>279.51</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-03-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>28155</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2034-03-04</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>28155</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>28155</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Reflects an 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;) granted pursuant to the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in five (5) equal annual installments beginning one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units (&quot;LTIP Units&quot;) of Public Storage OP, which 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;). OP Units may be exchanged by the reporting person for Public Storage common shares or the equivalent cash value of common shares, as determined by Public Storage. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.</footnote>
        <footnote id="F2">These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Nathaniel A. Vitan, Attorney-in-Fact</signatureName>
        <signatureDate>2024-03-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
