Public Storage (PSA)

Public Storage is a Maryland REIT that is the largest owner and operator of self-storage facilities in the United States, operating through an UPREIT structure with Public Storage OP, L.P. and Public Storage Operating Company as its core subsidiaries. At December 31, 2024, the company held interests in and consolidated 3,073 self-storage facilities comprising 221 million net rentable square feet across 40 states, representing approximately 9% of U.S. self-storage square footage. Beyond core self-storage operations, the company generates ancillary revenue through a tenant reinsurance program covering approximately 1.4 million customer certificates with aggregate coverage of $6.8 billion, third-party management services for 307 facilities (23.3 million net rentable square feet) with 95 additional facilities under contract, merchandise sales (locks and boxes), and a bridge lending program launched in 2024 that provides financing to third-party self-storage owners, with a $10.0 million loan receivable balance and $12.5 million unfunded commitment at year-end.

The company also holds a 35% equity interest in Shurgard Self Storage Limited, a publicly traded European self-storage operator with 318 facilities (17 million net rentable square feet) across seven Western European countries. Public Storage's growth strategy centers on three pillars: optimizing operating performance of existing facilities through revenue management and cost control, acquiring and developing new self-storage facilities to capitalize on industry fragmentation (where the top four owners control only about 20% of U.S. square footage), and expanding ancillary businesses including insurance, third-party management, and bridge lending. The company leverages a technology-driven customer experience, with approximately 83% of 2024 move-ins sourced through its website and 70% of customers using its eRental/Rent by Phone process, supported by a customer care center, mobile app, and centralized information systems.

The company has elected REIT status under the Internal Revenue Code and believes it has qualified for all periods presented. As of the filing, Public Storage employed approximately 5,900 people, including 5,120 in customer-facing roles, and maintains various human capital programs covering compensation, training, diversity, and safety, alongside a climate stewardship program targeting a 45% reduction in scope 1 and 2 greenhouse gas emissions intensity by 2032 relative to a 2022 baseline.