Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-189100

March 10, 2014

PUBLIC STORAGE

9,000,000 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:	9,000,000 depositary shares
Over-allotment Option:	1,350,000 depositary shares at $25.00 per depositary share
Type of Security:	SEC Registered - Registration Statement No. 333-189100
Public Offering Price:	$25.00 per depositary share; $225,000,000 total (not including over-allotment option)
Underwriting Discounts:	$0.7875 per share for Retail Orders; $6,130,215 total; and $0.50 per share for Institutional Orders; $607,800 total
Proceeds to the Company, before expenses:	$218,261,985 total (not including the over-allotment option)
Estimated Company Expenses:	$430,000, other than the underwriting discounts
Joint Book-Running Managers:	Merrill Lynch, Pierce, Fenner & Smith                      Incorporated
	Morgan Stanley & Co. LLC
	UBS Securities LLC
	Wells Fargo Securities, LLC
Underwriting:

	Number of Firm Shares
Merrill Lynch, Pierce, Fenner & Smith                       Incorporated		2,250,000
Morgan Stanley & Co. LLC		2,250,000
UBS Securities LLC		2,250,000
Wells Fargo Securities, LLC		2,250,000

Distribution Rights:	6.375% of the liquidation preference per annum; Distributions begin on June 30, 2014 (prorated from the settlement date)
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:	March 10, 2014
Settlement Date:	March 17, 2014 (T+5)
Selling Concession:	$0.50/depositary share for Retail Orders; $0.30/depositary share for Institutional Orders
Reallowance to other dealers:	$0.45/depositary share for Retail Orders
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) Morgan Stanley & Co. LLC toll-free 1-866-718-1649; (iii) UBS Securities LLC toll-free 1-877-827-6444, ext. 561-3884; or (iv) Wells Fargo Securities, LLC toll-free 1-800-326-5897.

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