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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OMB Number: 3235-0287
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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)

12/6/2016
(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   12/6/2016     G   V 69767   D $0   16327445   D    
Common Stock   12/30/2016     J (1)    295000   A $0   (1) 295000   I   By LLC   (1)
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                  675000   I   By custodian   (6)
Common Stock                  200000   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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   (8) $258.49                    4/25/2017   4/25/2026   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $187.91                    4/30/2016   4/30/2025   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $176.19                    5/1/2015   5/1/2024   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $164.42                    5/9/2014   5/9/2023   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $144.97                    5/3/2013   5/3/2022   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $115.96                    5/5/2012   5/5/2021   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $94.25                    5/6/2011   5/6/2020   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $62.80                    5/7/2010   5/7/2019   Common Stock   5000     5000   D    
Stock Option (right to buy)   (8) $70.72                    11/25/2009   11/25/2018   Common Stock   15000     15000   D    

Explanation of Responses:
( 1)  Represents contribution of common stock by B. Wayne Hughes to a limited liability company owned by Mr. Hughes and reporting person. Reporting person is the manager of the limited liability company and controls the voting and disposition of the shares. The limited liability company owns substantial assets in addition to these shares.
( 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 limited liability company wholly-owned by daughter.
( 8)  Stock Option granted pursuant to the 2007 Equity and Performance-Based Incentive Compensation Plan as amended. Options vest in three (3) equal annual installments beginning one (1) year from the grant date.

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/ David Goldberg, Attorney-in-Fact 1/3/2017
** 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 control number.
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