Public Storage (PSA)

Public Storage is a Maryland real estate investment trust that owns, develops and operates self-storage facilities, along with related businesses: tenant reinsurance, third-party self-storage management and bridge lending to third-party owners. It describes itself as the industry-leading owner of self-storage properties in the U.S., with one of the industry's most recognized brands, including its orange color. Since a reorganization completed on August 14, 2023, it has held its facilities through an operating partnership, Public Storage OP, L.P., in an UPREIT structure. It has elected to be taxed as a REIT.

The core business is acquiring, developing, owning and operating facilities that lease storage space on a month-to-month basis for personal and business use. At December 31, 2025, the company consolidated 3,171 facilities, totaling 229 million net rentable square feet, operating under the Public Storage name. Ancillary activities include a tenant reinsurance program, in which a wholly-owned subsidiary reinsures policies sold to tenants by a non-affiliated insurer (about 1.5 million certificates, with roughly $7.2 billion of coverage). It also manages 362 facilities for third parties (about 28.2 million square feet) and is under contract to manage 84 more. It sells locks and boxes at its sites. A bridge lending program launched in 2024 lends against operating self-storage properties that the company manages; the loan balance was $142.1 million at year-end. The company also holds a 35% interest in Shurgard Self Storage Limited, which trades on Euronext Brussels and operates 332 facilities in seven Western European countries.

Customers are individuals and businesses renting storage space. The company has a presence in most major U.S. markets and in 40 states. It estimates it owns about 9% of U.S. self-storage square footage, the four largest owners together hold about 22%, and regional and local operators hold the remaining 78%. Customers can shop and rent through the company's website, a customer care center, in-store kiosks and the properties themselves, and a Public Storage App provides access and account management. Nearly three quarters of new rental agreements in 2025 were completed through its eRental and Rent by Phone processes.

Growth strategies are to improve the performance of existing facilities through pricing, promotions and marketing; to acquire existing properties; to develop and expand facilities; and to grow ancillary businesses. A centralized information network supports pricing, marketing and staffing decisions at each property. Competitors are nearby self-storage operators that use internet advertising, signage and banners. The company believes its brand, scale and technology give it a competitive advantage. It is subject to real estate, environmental, labor and state insurance regulation. It has about 5,770 employees, including 4,920 in customer-facing roles, 410 in field management and 440 in corporate operations.