Item 7.01 Regulation FD Disclosure.

Public Storage announced today the following operating update for the three months ended December 31, 2020.

Same Store Facilities Operating Update (a)





                                                             Three months ended December 31,
                                                                                         Percentage
                                                         2020              2019            Change
Move-In Customers:
Square feet moved in (millions)                              23.5              24.5             (4.1 %)
Annual contract rent per square foot (b)              $     14.81       $     13.19             12.3 %

Move-Out Customers:
Square feet moved out (millions)                             24.1              25.9             (6.9 %)
Annual contract rent per square foot (b)              $     15.80       $     15.93             (0.8 %)


Please see "Analysis of Same Store Revenue" under "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our September 30,
2020 Form 10-Q for further information with respect to the various factors we
see affecting our revenues in the year ended December 31, 2020.

(a) The Same Store Facilities at December 31, 2020 consist of 2,221

facilities (143.7 million net rentable square feet) that have been owned

and operated on a stabilized basis since January 1, 2018. These

facilities represented approximately 82% of the aggregate net rentable


         square feet of our U.S. consolidated self-storage portfolio at
         December 31, 2020.

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

by our tenants in place at the time of measurement. Contract rates are

initially set in the lease agreement upon move-in and we adjust 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 contains 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 "expects,"
"believes," "intends," "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 25, 2020, our most recent
Form 10-Q filed with the SEC on November 4, 2020, and in our other filings with
the SEC.

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