Item 7.01Regulation FD Disclosure.

Investor Presentation



On January 3, 2023, Public Storage ("Public Storage" or 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 and provided
the following update in regards to its property acquisition activities.

Investing Activities



During the three months ended December 31, 2022, Public Storage acquired 32
self-storage facilities with 1.6 million net rentable square feet for $241.2
million, including two properties under construction and expected to close in
early 2023.

The activity includes the acquisition of Neighborhood Storage, a high-quality
portfolio comprising 28 properties with 1.2 million net rentable square feet for
$192.4 million, which includes 26 properties closed in December 2022 and two
properties that are under construction and expected to close in early 2023. The
portfolio is located in the high-growth Ocala market north of Orlando, Florida.
Public Storage has transitioned the properties onto its industry-leading digital
customer experience and remote property management platforms. Today, the Company
offers the digital experience to customers across its entire portfolio and has
expanded to more than 400 remotely managed properties nationwide.

During the twelve months ended December 31, 2022, Public Storage acquired 81 facilities with 5.1 million net rentable square feet for $790.4 million (inclusive of the Neighborhood Storage portfolio as described above).

Appointment of Chief Investment Officer



On January 3, 2023, the Company also announced that Tom Boyle, the Company's
Chief Financial Officer, has been appointed to also serve as its Chief
Investment Officer, effective January 1, 2023. A copy of the press release
announcing this appointment is attached to this Current Report on Form 8-K as
Exhibit 99.1.


Item 8.01Other Events.

The Investor Presentation includes the following operating update for the three months ended December 31, 2022.

Same Store Facilities Operating Update (a)



                                                            Three Months Ended December 31,
                                                  2022                    2021                   Change

                                               (Amounts in thousands,

except for per square foot amounts)



Tenants moving in during the period:
Average annual contract rent per square
foot (b)                                   $         16.71          $       17.57                      (4.9)%
Square footage                                      24,893                 22,324                       11.5%

Contract rents gained from move-ins $ 103,991 $ 98,058

                        6.1%
Tenants moving out during the period:
Average annual contract rent per square
foot (b)                                   $         21.26          $       18.55                       14.6%
Square footage                                      26,406                 23,625                       11.8%

Contract rents lost from move-outs $ 140,348 $ 109,561

                       28.1%
At December 31,
Square foot occupancy                                   92.4%                  94.8%                   (2.5)%
Annual contract rent per occupied square
foot (b)                                   $         23.02          $       19.96                       15.3%

Please see "Analysis of Same Store Revenue" under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2022 for further information with respect to the various factors that affect the Company's revenues.

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(a)The Same Store Facilities consist of 2,276 facilities (149.1 million net rentable square feet) that have been owned and operated on a stabilized basis since January 1, 2020.



(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 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 Current Report on Form 8-K, including the exhibits filed herewith and the
sections of the Company's Quarterly Report on Form 10-Q for the period ended
September 30, 2022 filed with the Securities and Exchange Commission (the "SEC")
on November 1, 2022 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 the Company's Annual Report on Form 10-K for the period ended
December 31, 2021 filed with the SEC on February 22, 2022 and in the Company's
other filings with the SEC.

Item 9.01Financial Statements and Exhibits.



(d) Exhibits

Exhibit No.              Description
99.1                       Public Storage Press Release dated January 3, 2023
104                      Cover Page Interactive Data File (embedded within

the Inline XBRL document)

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