Ownership Submission
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

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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(Print or Type Responses)
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 (Month/Day/Year)
12/06/2016
(Street)

GLENDALE, CA 91201		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 12/06/2016   G V 69,767 D $ 0 16,327,445 D  
Common Stock 12/30/2016   J(1)   295,000 A $ 0 (1) 295,000 I By LLC (1)
Common Stock               11,348 D (2)  
Common Stock               17,890 I By husband as custodian (3)
Common Stock               27,343 I By IRA (4)
Common Stock               1,300 I By husband
Common Stock               5,500 D (5)  
Common Stock               895,390 I By son
Common Stock               675,000 I By custodian (6)
Common Stock               200,000 I By LLC (7)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 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) (8) $ 258.49             04/25/2017 04/25/2026 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 187.91             04/30/2016 04/30/2025 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 176.19             05/01/2015 05/01/2024 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 164.42             05/09/2014 05/09/2023 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 144.97             05/03/2013 05/03/2022 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 115.96             05/05/2012 05/05/2021 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 94.25             05/06/2011 05/06/2020 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 62.8             05/07/2010 05/07/2019 Common Stock 5,000   5,000 D  
Stock Option (right to buy) (8) $ 70.72             11/25/2009 11/25/2018 Common Stock 15,000   15,000 D  

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   01/03/2017
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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.

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