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Form 4 Public Storage For: Aug 16 Filed by: GUSTAVSON TAMARA HUGHES

August 18, 2022 8:55 PM EDT

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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
GUSTAVSON TAMARA HUGHES

(Last) (First) (Middle)
C/O PUBLIC STORAGE
701 WESTERN AVENUE

(Street)
GLENDALE CA 91201

(City) (State) (Zip)
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)
3. Date of Earliest Transaction (Month/Day/Year)
08/16/2022
4. If Amendment, Date of Original Filed (Month/Day/Year)
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. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 08/16/2022   S   39.9 (1) D $ 351.77 (2) 4,110.10 I By BWH Investments 2019, LLC
Common Stock 08/16/2022   S   398.32 (1) D $ 352.69 (3) 3,711.78 I By BWH Investments 2019, LLC
Common Stock 08/16/2022   S   256.72 (1) D $ 353.56 (4) 3,455.06 I By BWH Investments 2019, LLC
Common Stock 08/16/2022   S   284.73 (1) D $ 354.58 (5) 3,170.33 I By BWH Investments 2019, LLC
Common Stock 08/16/2022   S   50.33 (1) D $ 355.26 (6) 3,120 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   129 (1) D $ 350.31 (7) 2,991 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   45.24 (1) D $ 351.56 (8) 2,945.76 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   94.76 (1) D $ 352.51 (9) 2,851 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   133.34 (1) D $ 353.4 (10) 2,717.66 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   271.76 (1) D $ 354.56 (11) 2,445.9 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   176.9 (1) D $ 355.43 (12) 2,269 I By BWH Investments 2019, LLC
Common Stock 08/17/2022   S   9 (1) D $ 356.15 (13) 2,260 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   85 (1) D $ 351.17 (14) 2,175 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   354.28 (1) D $ 352.26 (15) 1,820.72 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   197.05 (1) D $ 353.04 (16) 1,623.67 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   35.64 (1) D $ 354.01 (17) 1,588.03 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   71.87 (1) D $ 355.25 (18) 1,516.16 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   56.5 (1) D $ 356.06 (19) 1,459.66 I By BWH Investments 2019, LLC
Common Stock 08/18/2022   S   29.66 (1) D $ 356.98 (20) 1,430 I By BWH Investments 2019, LLC
Common Stock               14,114,476 D  
Common Stock               11,348 D (21)  
Common Stock               5,500 D (22)  
Common Stock               2,785,000 I By Trust
Common Stock               27,343 I By IRA (23)
Common Stock               1,300 I By Husband
Common Stock               295,000 I By LLC (24)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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 (Month/Day/Year) 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: 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
Explanation of Responses:
1. Represents the reporting person's beneficial interest in shares sold by BWH Investments 2019, LLC.
2. Represents weighted average price. These shares were sold at prices ranging between $351.11 and $352.09. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
3. Represents weighted average price. These shares were sold at prices ranging between $352.11 and $353.10. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
4. Represents weighted average price. These shares were sold at prices ranging between $353.11 and $354.10. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
5. Represents weighted average price. These shares were sold at prices ranging between $354.115 and $355.08. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
6. Represents weighted average price. These shares were sold at prices ranging between $355.13 and $355.525. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
7. Represents weighted average price. These shares were sold at prices ranging between $350.00 and $350.98. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
8. Represents weighted average price. These shares were sold at prices ranging between $351.10 and $351.99. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
9. Represents weighted average price. These shares were sold at prices ranging between $352.01 and $352.995. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
10. Represents weighted average price. These shares were sold at prices ranging between $353.00 and $353.975. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
11. Represents weighted average price. These shares were sold at prices ranging between $354.005 and $354.99. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
12. Represents weighted average price. These shares were sold at prices ranging between $355.00 and $355.88. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
13. Represents weighted average price. These shares were sold at prices ranging between $356.075 and $356.34. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
14. Represents weighted average price. These shares were sold at prices ranging between $350.62 and $351.61. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
15. Represents weighted average price. These shares were sold at prices ranging between $351.62 and $352.615. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
16. Represents weighted average price. These shares were sold at prices ranging between $352.62 and $353.60. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
17. Represents weighted average price. These shares were sold at prices ranging between $353.66 and $354.63. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
18. Represents weighted average price. These shares were sold at prices ranging between $354.73 and $355.62. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
19. Represents weighted average price. These shares were sold at prices ranging between $355.76 and $356.75. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
20. Represents weighted average price. These shares were sold at prices ranging between $356.76 and $357.15. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
21. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
22. By reporting person and husband.
23. By custodian of an IRA for benefit of reporting person.
24. By LLC of which reporting person is a member and manager.
/s/ Nathaniel A. Vitan, Attorney-in-Fact 08/18/2022
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.


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