Public Storage

Overview

Public Storage is a self-storage real estate investment trust (REIT) that acquires, develops, owns, and operates self-storage facilities leased on a month-to-month basis for personal and business use. It is the largest owner of self-storage facilities in the United States, with a presence in most major markets and 40 states; as of December 31, 2024, it consolidated 3,073 facilities totaling 221 million net rentable square feet under the Public Storage brand.[1] Founded in 1972, the company describes itself as the world’s largest owner and operator of self-storage facilities and emphasizes customer focus and convenience as part of its market position.[2]

In addition to renting storage space, Public Storage manages facilities for third parties, sells related merchandise such as locks and boxes, and operates a bridge lending program for certain self-storage owners.[3][4] Its business is primarily U.S.-based, with added European exposure through a 35% interest in Shurgard, which owned and operated 318 self-storage facilities in seven Western European countries at year-end 2024.[5] As general size indicators, Public Storage generated about $4.7 billion of revenue in 2024 and had approximately 5,900 employees.[6][7] [1]+6

Products & services

Public Storage’s primary product is self-storage space leased on a month-to-month basis for personal and business use. At December 31, 2024, its portfolio comprised 3,073 self-storage facilities with 221 million net rentable square feet, and customers can shop units by facility location, size, amenities such as climate-control, and price.[1][8]

Its customer-facing service offerings are designed around digital and assisted rental fulfillment. Public Storage says about 83% of 2024 move-ins were sourced through its website, and customers can complete rentals by phone, through the website, through the Public Storage App, or at in-store kiosks; it also offers live internet chat augmented by chatbot capability. Its eRental® move-in process allows prospective tenants to execute rental agreements from a smartphone or computer and go directly to their space on move-in day, and approximately 70% of customers used eRental® or Rent by Phone during 2024. The Public Storage App provides digital property access, payment, and other account-management functions.[9]+4

Ancillary products and services include tenant insurance, merchandise sales, and third-party property management. Public Storage’s insurance program gives tenants the option to buy coverage from a non-affiliated insurer for specified losses to stored goods; a Public Storage subsidiary fully reinsures the policies, with coverage up to $5,000 per storage unit. At year-end 2024, approximately 1.4 million certificates were in force, representing about $6.8 billion of aggregate coverage. The company also sells merchandise at its facilities, primarily locks and cardboard boxes, and it managed 307 facilities for third parties at year-end, with another 95 facilities under contract to be managed, including properties under construction.[12]+3

These ancillary operations contributed $299.6 million of revenue in 2024, or about 6.4% of Public Storage’s $4.70 billion total revenue. Within that mix, tenant reinsurance premiums contributed $226.6 million, merchandise sales $27.0 million, and third-party property management $46.1 million.[13]+2 [1]+9

Geographic presence

Public Storage’s consolidated operating footprint is overwhelmingly U.S.-based. At December 31, 2024, it held interests in and consolidated 3,073 self-storage facilities totaling about 221 million net rentable square feet, with a physical presence in most major U.S. markets and in 40 states.[15][16] Its largest state concentrations were Texas (464 facilities), California (446), Florida (365), Illinois (137), Georgia (128), Virginia (121), North Carolina (111), Washington (107), and Maryland (106).[16]

Geographically, revenue disclosure is presented mainly by U.S. metropolitan market rather than by country. In 2024, same-store revenue totaled $3.677 billion, with the largest market contributions coming from Los Angeles ($555.5 million), San Francisco ($253.2 million), New York ($208.2 million), Washington, D.C. ($188.3 million), Miami ($181.6 million), Dallas-Ft. Worth ($165.4 million), Chicago ($163.8 million), Seattle-Tacoma ($154.2 million), Houston ($149.7 million), and Atlanta ($114.2 million).[17]

The company’s principal executive offices are in Glendale, California, at 701 Western Avenue.[18][19] It reports approximately 5,900 employees, including 5,120 customer-facing roles, 340 field management employees, and 440 corporate operations employees, and describes the business as geographically dispersed.[7][20] Outside its consolidated U.S. operations, Public Storage also has geographic exposure through its unconsolidated investment in Shurgard, a European self-storage operator active in France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium, and Denmark.[21]+2 [15]+9

Business segments

Public Storage reports one primary reportable segment, Self-Storage Operations, which encompasses its rental operations and is the business area management evaluates primarily using net operating income. Within this segment, the company further groups facilities into Same Store Facilities, Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities, but these are presented as components of the broader self-storage segment rather than as separate reportable segments. Public Storage also reports Ancillary Operations, which include tenant reinsurance, merchandise sales, and third-party property management.[24]+2

Based on the company’s segment revenue disclosure for 2024, Self-Storage Operations contributed about $4.396 billion of total revenue, or approximately 93.6%, while Ancillary Operations contributed about $300 million, or approximately 6.4%, out of total revenue of about $4.696 billion. This indicates that Public Storage is overwhelmingly a self-storage rental business, with ancillary services representing a small but distinct secondary activity.[27][28] [24]+4

Company history

Public Storage traces its origins to August 14, 1972, when the company says it was officially formed, and company history materials describe founders B. Wayne Hughes and Kenneth Volk Jr. opening the first self-storage facility that year.[29][30] The company later stated that the operating company at the center of its structure was organized in 1980.[31] A major expansion came in 2006, when Public Storage completed its acquisition of Shurgard Storage Centers in a transaction valued at about $5.0 billion, creating a company with more than 2,100 facilities across 38 U.S. states and seven European nations.[32]

In later years, Public Storage reshaped both its leadership and corporate structure. Joseph D. Russell, Jr. became chief executive officer on January 1, 2019.[33] In July 2022, the company sold its previously significant equity interest in PS Business Parks in connection with that company’s merger with an unaffiliated third party.[34] On August 14, 2023, Public Storage completed a reorganization into an UPREIT structure.[31] It also expanded its self-storage footprint through acquisitions, including the September 2023 closing of the $2.2 billion Simply Self Storage acquisition, which added 127 wholly owned properties and about 9 million net rentable square feet.[35] [31]+6

Sources

• Public Storage — Full financial report (2024 Y)
  23 citations

  [1][3][4][5][7][8][9][10][12][13][14][15][16][17][18][19][20][21][24][25][26][27][28]
• www.publicstorage.com[2]
• Public Storage — Press release (2024 Y)[6]
• Public Storage — Full financial report (2025 Y)[11]
• SHURGARD SELF STORAGE — Full financial report (2024 Y)[22][23]
• www.publicstorage.com[29]
• www.publicstorage.com[30]
• Public Storage — Full financial report (2023 Y)[31]
• investors.publicstorage.com[32]
• investors.publicstorage.com[33]
• Public Storage — Full financial report (2022 Y)[34]
• investors.publicstorage.com[35]