Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* GUSTAVSON TAMARA HUGHES	2. Issuer Name and Ticker or Trading Symbol Public Storage [ PSA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) C/O PUBLIC STORAGE, 701 WESTERN AVENUE	3. Date of Earliest Transaction (MM/DD/YYYY) 11/26/2019
(Street) GLENDALE, CA 91201 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/26/2019		G	V	415000	A	$0	415000	I	By BWH Investments 2019, LLC ⁽¹⁾
Common Stock	12/6/2019		G	V	410850	D	$0	4150	I	By BWH Investments 2019, LLC ⁽¹⁾
Common Stock								16852445	D
Common Stock								11348	D ⁽²⁾
Common Stock								17890	I	By husband as custodian ⁽³⁾
Common Stock								27343	I	By IRA ⁽⁴⁾
Common Stock								1300	I	By husband
Common Stock								5500	D ⁽⁵⁾
Common Stock								895390	I	By son
Common Stock								875000	I	By custodian ⁽⁶⁾
Common Stock								295000	I	By LLC ⁽⁷⁾

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy) ⁽⁸⁾	$218.22							4/24/2020	4/24/2029	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁸⁾	$193.71							4/25/2019	4/25/2028	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁸⁾	$223.93							4/26/2018	4/26/2027	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$258.49							4/25/2017	4/25/2026	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$187.91							4/30/2016	4/30/2025	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$176.19							5/1/2015	5/1/2024	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$164.42							5/9/2014	5/9/2023	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$144.97							5/3/2013	5/3/2022	Common Stock	5000		5000	D
Stock Option (right to buy) ⁽⁹⁾	$115.96							5/5/2012	5/5/2021	Common Stock	5000		5000	D

Explanation of Responses:
(1)	On November 26, 2019, B. Wayne Hughes, Sr. contributed 415,000 shares of Company common stock to BWH Investments 2019, LLC, which is 100% owned by a trust of which the reporting person is trustee. On December 6, 2019, 99% of the interest in BWH Investments 2019, LLC was donated to a donor advised fund of a public charity.
(2)	By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(3)	By husband as custodian for daughter.
(4)	By custodian of an IRA for benefit of reporting person.
(5)	By reporting person and husband.
(6)	By third party custodian for the benefit of daughter.
(7)	By LLC of which reporting person is a member and manager.
(8)	Stock Option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from the grant date.
(9)	Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan, as Amended. Option vests in three (3) equal annual installments beginning one (1) year from the grant date.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GUSTAVSON TAMARA HUGHES C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA 91201	X	X