SEC Form 4
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)
09/10/2020
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 09/10/2020 P 7,305 A $216.86(7) 16,859,750 D
Common Stock 09/10/2020 P 29,726 A $217.85(8) 16,889,476 D
Common Stock 4,150 I By BWH Investments 2019, LLC
Common Stock 11,348 D(1)
Common Stock 27,343 I By IRA(2)
Common Stock 1,300 I By Husband
Common Stock 5,500 D(3)
Common Stock 295,000 I By LLC(4)(9)
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
Stock Option (Right to Buy)(5) $190.9 04/21/2021 04/21/2030 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(5) $218.22 04/24/2020 04/24/2029 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(5) $193.71 04/25/2019 04/25/2028 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(5) $223.93 04/26/2018 04/26/2027 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $258.49 04/25/2017 04/25/2026 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $187.91 04/30/2016 04/30/2025 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $176.19 05/01/2015 05/01/2024 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $164.42 05/09/2014 05/09/2023 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $144.97 05/03/2013 05/03/2022 Common Stock 5,000 5,000 D
Stock Option (Right to Buy)(6) $115.96 05/05/2012 05/05/2021 Common Stock 5,000 5,000 D
Explanation of Responses:
1. By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
2. By custodian of an IRA for benefit of reporting person.
3. By reporting person and husband.
4. By LLC of which reporting person is a member and manager.
5. 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.
6. 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.
7. The price reported is a weighted average price.These shares were purchased in multiple transactions at prices ranging from $216.33 to $217.00, inclusive.The reporting person undertakes to provide to the Issuer, any security holder, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
8. The price reported is a weighted average price.These shares were purchased in multiple transactions at prices ranging from $217.34 to $218.00, inclusive.The reporting person undertakes to provide to the Issuer, any security holder, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
9. The reporting person no longer has indirect beneficial ownership over 1,788,280 number of shares previously reported in the reporting person's prior Form 4.
Joanne Wu, Attorney-in-Fact 09/14/2020
** 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).
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