<SEC-DOCUMENT>0001393311-24-000131.txt : 20240509
<SEC-HEADER>0001393311-24-000131.hdr.sgml : 20240509
<ACCEPTANCE-DATETIME>20240509141234
ACCESSION NUMBER:		0001393311-24-000131
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240507
FILED AS OF DATE:		20240509
DATE AS OF CHANGE:		20240509

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Owen Rebecca L
		CENTRAL INDEX KEY:			0001331684
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33519
		FILM NUMBER:		24929868

	MAIL ADDRESS:	
		STREET 1:		1750 H STREET, SUITE 500
		STREET 2:		COLUMBIA EQUITY TRUST, INC.
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006

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_1715278344.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2024-05-07</periodOfReport>

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

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            <rptOwnerCik>0001331684</rptOwnerCik>
            <rptOwnerName>Owen Rebecca L</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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            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
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                    <value>Common Shares</value>
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                    <value>A</value>
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    <footnotes>
        <footnote id="F1">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 $217.37, but, pursuant to antidilution 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 May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;First 2021 Canceled Option&quot;).</footnote>
        <footnote id="F2">This option became exercisable as to one-third on each of the first, second, and third anniversaries of the grant date.</footnote>
        <footnote id="F3">In exchange for the First 2021 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 $275.12, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;Second 2021 Canceled Option&quot;).</footnote>
        <footnote id="F5">In exchange for the Second 2021 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 $398.97, but, pursuant to anti-dilution provisions of the Company's 2021 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by the Company on July 22, 2022. On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;2022 Canceled Option&quot;).</footnote>
        <footnote id="F7">This option becomes exercisable as to one-third on each of the first, second, and third anniversaries of the grant date.</footnote>
        <footnote id="F8">In exchange for the 2022 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="F9">On May 7, 2024, the Company canceled the option upon surrender to the Company by the reporting person (the &quot;2023 Canceled Option&quot;).</footnote>
        <footnote id="F10">In exchange for the 2023 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="F11">Reflects an award of AO LTIP Units granted pursuant to the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan. The AO LTIP Units vest in full one (1) year from the grant date. Vested AO LTIP Units are convertible at the reporting person's election into vested LTIP Units, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into OP Units. 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. AO LTIP Units and LTIP Units are intended to qualify as profits interests for US federal income tax purposes.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Steven C. Babinski, Attorney-in-Fact</signatureName>
        <signatureDate>2024-05-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
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</SEC-DOCUMENT>
