Item 7.01 Regulation FD Disclosure

On September 7, 2021, Public Storage (the "Company") posted on the Investor Relations section of its website a presentation (the "Investor Presentation") it intends to use at an upcoming investor conference.

Item 8.01 Other Events

The Investor Presentation includes the following operating update for the two months ended August 31, 2021.

Same Store Facilities Operating Update (a)





                                                               Two months ended August 31,
                                                                                       Percentage
                                                         2021            2020            Change
Move-In Customers:
Square feet moved in (millions)                             15.8           18.0              (12.2 %)

Annual contract rent per square foot moved in (b) $ 18.71 $ 14.95

               25.2 %
Move-Out Customers:
Square feet moved out (millions)                            16.8           17.9               (6.1 %)

Annual contract rent per square foot moved out (b) $ 18.13 $ 15.34

               18.2 %
At August 31:
Square foot occupancy                                       95.9 %         94.6 %              1.4 %

Annual contract rent per occupied square foot (b) $ 19.39 $ 17.67

                9.7 %

Please see "Analysis of Same Store Revenue" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's June 30, 2021 Form 10-Q for further information with respect to the various factors that affect the Company's revenues.

(a) The Same Store Facilities consist of 2,278 facilities (148.9 million net

rentable square feet) that have been owned and operated on a stabilized

basis since January 1, 2019. These facilities represented approximately


         81% of the aggregate net rentable square feet of the Company's U.S.
         consolidated self-storage portfolio at June 30, 2021.

(b) Annual contract rent represents the agreed upon monthly rate that is paid

by the Company's tenants in place at the time of measurement. Contract


         rates are initially set in the lease agreement upon move-in and the
         Company's adjusts them from time to time with notice. Contract rent
         excludes other fees that are charged on a per-item basis, such as late
         charges and administrative fees, does not reflect the impact of

promotional discounts, and does not reflect the impact of rents that are

written off as uncollectible.

Forward-Looking Statements



This Form 8-K, including the sections of the Company's most
recent Form 10-Q filed with the Securities and Exchange Commission (the "SEC")
on August 3, 2021 that are referenced herein, contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. All
statements in this Form 8-K, other than statements of historical fact, are
forward-looking statements which may be identified by the use of the words
"outlook," "guidance," "expects," "believes," "anticipates," "should,"
"estimates" and similar expressions. These forward-looking statements involve
known and unknown risks and uncertainties, which may cause actual events to be
materially different from those expressed or implied in the forward-looking
statements. Factors and risks that may impact future results and performance
include, but are not limited to, those described in Part 1, Item 1A, "Risk
Factors" in our most recent Annual Report on Form 10-K filed with the SEC on
February 24, 2021 and in the Company's other filings with the SEC.

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