Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage was incorporated in 1972 in Maryland.
What does it do?
Public Storage owns and runs self-storage units — those orange-doored warehouses where people rent a locker-sized room to store their stuff. Think of it like renting a parking spot, but for your furniture, old clothes, or business inventory. They operate over 3,500 facilities across 40 US states, giving customers roughly 259 million square feet of rentable space. They also own a piece of Shurgard, a similar business operating across Western Europe.
Public Storage is the largest self-storage company in the United States, making it essentially the benchmark for how the whole sector is performing. Investors watch it closely right now because self-storage demand is closely tied to life events — people moving, downsizing, divorcing, or starting businesses — which makes it a real-time signal of consumer stress and housing market activity. With interest rates staying elevated and the US housing market frozen, the stock sits at an interesting crossroads between defensive stability and growth uncertainty.
How does it make money?
Public Storage makes nearly all of its $4.8 billion in annual revenue by charging monthly rent to customers who store their belongings in its facilities. The average customer rents a unit for roughly a year, and Public Storage can adjust prices frequently, sometimes monthly, giving it strong pricing flexibility. It also earns fees from tenant insurance, truck rentals, and merchandise sales at its locations. As a REIT — a company legally required to pay out most of its profits as dividends to shareholders — it returned $1.6 billion in net income in its latest year while growing revenue about 2% from the prior year.
Why do investors care?
The self-storage industry has one of the best track records in real estate because it costs relatively little to run once built — there are no tenants to manage, no kitchens to fix, just simple metal doors and basic security. Public Storage is the clear market leader, which gives it pricing power and the ability to attract customers through brand recognition alone. The growth story hinges on continued acquisitions, expanding its European footprint through Shurgard, and using technology to fill empty units more efficiently. For this to work, occupancy rates need to hold steady and the housing market eventually needs to thaw, driving demand from people in transition.
Deep Dive
MemberA full investor briefing on Public Storage — history, leadership, risks, and outlook.