PSA-Q Public Storage

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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	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) 12/22/2022
(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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/22/2022		M		5163	A	$159.40	14119639	D
Common Stock	12/22/2022		M		5163	A	$170.60	14124802	D
Common Stock	12/22/2022		M		5163	A	$181.95	14129965	D
Common Stock	12/22/2022		M		5163	A	$250.29	14135128	D
Common Stock	12/22/2022		M		5163	A	$216.83	14140291	D
Common Stock	12/22/2022		M		5163	A	$187.57	14145454	D
Common Stock	12/22/2022		M		5163	A	$211.30	14150617	D
Common Stock								11348	D (1)
Common Stock								5500	D (2)
Common Stock								2785000	I	By Trust
Common Stock								27343	I	By IRA (3)
Common Stock								1300	I	By Husband
Common Stock								295000	I	By LLC (4)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy) (5)	$159.40 (6)	12/22/2022		M			5163 (6)	5/9/2014	5/9/2023	Common Stock	5163 (6)	$0	0	D
Stock Option (Right to Buy) (5)	$170.60 (7)	12/22/2022		M			5163 (7)	5/1/2015	5/1/2024	Common Stock	5163 (7)	$0	0	D
Stock Option (Right to Buy) (5)	$181.95 (8)	12/22/2022		M			5163 (8)	4/30/2016	4/30/2025	Common Stock	5163 (8)	$0	0	D
Stock Option (Right to Buy) (5)	$250.29 (9)	12/22/2022		M			5163 (9)	4/25/2017	4/25/2026	Common Stock	5163 (9)	$0	0	D
Stock Option (Right to Buy) (10)	$216.83 (11)	12/22/2022		M			5163 (11)	4/26/2018	4/26/2027	Common Stock	5163 (11)	$0	0	D
Stock Option (Right to Buy) (10)	$187.57 (12)	12/22/2022		M			5163 (12)	4/25/2019	4/25/2028	Common Stock	5163 (12)	$0	0	D
Stock Option (Right to Buy) (10)	$211.30 (13)	12/22/2022		M			5163 (13)	4/24/2020	4/24/2029	Common Stock	5163 (13)	$0	0	D

Explanation of Responses:
(1)	By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(2)	By reporting person and husband.
(3)	By custodian of an IRA for benefit of reporting person.
(4)	By LLC of which reporting person is a member and manager.
(5)	Stock option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from grant date.
(6)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $164.62, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(7)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $176.19, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(8)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $187.91, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(9)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $258.49, but, pursuant to anti-dilution provisions of PSA's 2007 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(10)	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 grant date.
(11)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $223.93, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(12)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $193.71, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.
(13)	This option was previously reported as an option for 5,000 shares of common stock at an exercise price of $218.22, but, pursuant to anti-dilution provisions of PSA's 2016 Equity and Performance-Based Incentive Compensation Plan, was adjusted to reflect the special dividend declared by PSA on July 22, 2022.

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

Signatures
/s/ Nathaniel A. Vitan, Attorney-in-Fact		12/23/2022
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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