Public Storage

Public Storage, Inc. (NYSE: PSA) operates as the largest owner of self-storage facilities in the United States through a Maryland real estate investment trust structure. The company maintains its website at www.publicstorage.com and qualifies for taxation as a REIT, allowing it to distribute substantially all taxable income to shareholders without corporate-level taxation.

As of December 31, 2025, Public Storage holds interests in and operates 3,171 self-storage facilities representing approximately 229 million net rentable square feet across 40 states and most major U.S. markets. The company's self-storage operations generate the majority of revenues through month-to-month rental agreements for personal and business storage needs. Public Storage maintains significant competitive advantages through its recognized brand identity, including its distinctive orange color, substantial operational scale, centralized technology platform, and presence in substantially all major markets.

Beyond core self-storage operations, the company generates ancillary revenues through multiple business lines. Its tenant reinsurance program provides insurance coverage for stored goods, with approximately 1.5 million certificates held by participating tenants representing aggregate coverage of approximately $7.2 billion. Public Storage manages 362 third-party self-storage facilities comprising approximately 28.2 million net rentable square feet and operates under contract to manage 84 additional facilities, including 78 under construction. The company also provides bridge lending financing to third-party self-storage owners, with a bridge loan receivable balance of $142.1 million as of year-end 2025.

The company holds a 35 percent interest in Shurgard Self Storage Limited, a publicly traded European self-storage operator with 332 facilities and 18 million net rentable square feet across seven Western European countries. Public Storage employs approximately 5,770 people, including 4,920 customer-facing roles, 410 field management employees, and 440 corporate operations staff. The company's growth strategy focuses on improving operating performance of existing facilities, acquiring well-located properties, developing new facilities, and expanding ancillary business activities including third-party management and bridge lending services.