Sec Form 4 Filing - HUGHES B WAYNE JR @ Public Storage - 2021-04-29

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 Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person HUGHES B WAYNE JR 2. Issuer Name and Ticker or Trading Symbol Public Storage [ PSA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ 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/YY) 04/29/2021 (Street) GLENDALE, CA91201 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 12/30/2020 G V 2,283,400 ( 2 ) D $ 0 2,330,000 I By LLC ( 2 ) Common Stock 04/29/2021 M 5,000 A $ 115.96 2,673,316 I By Living Trust ( 3 ) Common Stock 11,348 D ( 4 ) Common Stock 44,312 I By IRA ( 5 ) Common Stock 22,100 I As Trustee ( 6 )

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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) $ 115.96 04/29/2021 M 5,000 ( 1 ) 05/05/2021 Common Stock 5,000 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HUGHES B WAYNE JR C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE, CA91201 X Signatures Cindy Mejia, Attorney-in-Fact 05/03/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This option to purchase 5,000 shares of common stock vested as to one-third on each of May 5, 2012, 2013 and 2014. ( 2 )On December 24, 2020, the reporting person transferred 2,330,000 shares of common stock to GasDog 2020 LLC, in which the reporting person owned a 100% interest. On December 30, 2020, 98% of the interest in GasDog 2020 LLC was transferred to the B. Wayne Hughes, Jr. Irrevocable Trust, of which the reporting person is a beneficiary. The reporting person disclaims beneficial ownership of the LLC's holdings except to the extent of his pecuniary interest in them. ( 3 )By reporting person as trustee for the B. Wayne Hughes, Jr. Living Trust. ( 4 )By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property. ( 5 )By custodian of an IRA for benefit of reporting person. ( 6 )By reporting person as a trustee of a trust for the benefit of reporting person's son.

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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