PSA-D Public Storage

Issuer Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-231510

November 4, 2021

PUBLIC STORAGE

$650,000,000 1.500% Senior Notes due 2026

$550,000,000 1.950% Senior Notes due 2028

$550,000,000 2.250% Senior Notes due 2031

Final Term Sheet

2

The issuer has filed a registration statement (including a base prospectus) and prospectus supplement with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the base 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 website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the base prospectus and the prospectus supplement related thereto if you request it by contacting Citigroup Global Markets Inc. toll-free at 1-800-831-9146; J.P. Morgan Securities LLC collect at 1-212-834-4533; or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.

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