Statement of Changes in Beneficial Ownership (4)

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) 4/26/2017
(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								11348	D   (1)
Common Stock								17890	I	By husband as custodian   (2)
Common Stock								16327445	D
Common Stock								27343	I	By IRA   (3)
Common Stock								1300	I	By husband
Common Stock								5500	D   (4)
Common Stock								895390	I	By son
Common Stock								675000	I	By custodian   (5)
Common Stock								200000	I	By LLC   (6)
Common Stock								295000	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)	$223.93	4/26/2017		A		5000		4/26/2018	4/26/2027	Common Stock	5000	$0.00	5000	D
Stock Option (right to buy)   (9)	$258.49							4/25/2017	4/25/2026	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$187.91							4/30/2016	4/30/2025	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$176.19							5/1/2015	5/1/2024	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$164.42							5/9/2014	5/9/2023	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$144.97							5/3/2013	5/3/2022	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$115.96							5/5/2012	5/5/2021	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$94.25							5/6/2011	5/6/2020	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$62.80							5/7/2010	5/7/2019	Common Stock	5000		5000	D
Stock Option (right to buy)   (9)	$70.72							11/25/2009	11/25/2018	Common Stock	15000		15000	D

Explanation of Responses:
(1)	By Tamara Hughes Gustavson and B. Wayne Hughes, Jr. - Separate Property.
(2)	By husband as custodian for daughter.
(3)	By custodian of an IRA for benefit of reporting person.
(4)	By reporting person and husband
(5)	By third party custodian for the benefit of daughter.
(6)	By limited liability company wholly-owned by daughter.
(7)	By LLC of which reporting person is a member and manager.
(8)	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.
(9)	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.

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		4/27/2017
** 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.
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