Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-189100

April 9, 2014

PUBLIC STORAGE

2,000,000 DEPOSITARY SHARES

EACH REPRESENTING 1/1000 OF A 6.375% CUMULATIVE

PREFERRED SHARE OF BENEFICIAL INTEREST, SERIES Y

Final Term Sheet

 

Issuer:    Public Storage (PSA)
Security:    Depositary Shares Each Representing 1/1000 of a 6.375% Cumulative Preferred Share of Beneficial Interest, Series Y
Size:    2,000,000 depositary shares
Type of Security:    SEC Registered - Registration Statement No. 333-189100
Public Offering Price:    $25.00 per depositary share, plus accrued dividends from and including March 17, 2014; $50,203,645.83 total
Underwriting Discounts :    $0.50 per depositary share; $1,000,000 total
Proceeds to the Company, before expenses :    $49,203,645.83 total
Estimated Company Expenses :    $65,000.00, other than the underwriting discounts
Joint Book-Running Managers:   

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

Jefferies LLC

Morgan Stanley & Co. LLC

UBS Securities LLC

Wells Fargo Securities, LLC

Underwriting :   
    

Number of

    Shares    

Merrill Lynch, Pierce, Fenner & Smith

                      Incorporated

   400,000

Jefferies LLC

   400,000

Morgan Stanley & Co. LLC

   400,000

UBS Securities LLC

   400,000

Wells Fargo Securities, LLC

   400,000
Distribution Rights:    6.375% of the liquidation preference per annum; Distributions begin on June 30, 2014 (prorated from March 17, 2014)
Redemption:    The depositary shares may not be redeemed until on or after March 17, 2019, except in order to preserve our status as a real estate investment trust.

Trade Date:    April 9, 2014
Settlement Date:    April 10, 2014 (T+1)
Selling Concession:    $0.30/depositary share
Reallowance to other dealers:    $0.25/depositary share
CUSIP Number:    74460W 842
ISIN Number:    US74460W8423

The Issuer has filed a registration statement (including a prospectus with the SEC) and prospectus supplement for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus or prospectus supplement if you request it by calling (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free 1-800-294-1322; (ii) Jefferies LLC toll-free 1-877-547-6340; (iii) Morgan Stanley & Co. LLC toll-free 1-866-718-1649; (iv) UBS Securities LLC toll-free 1-877-827-6444, ext. 561-3884; or (v) Wells Fargo Securities, LLC toll-free 1-800-326-5897.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.

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