- Business
- Public Storage Public Storage (NYSE: PSA PSA) operates as a leading real estate investment trust (REIT) focused on the acquisition, development, ownership, and operation of self-storage facilities, providing secure storage solutions for personal, business, and vehicle needs including climate-controlled units, drive-up access, month-to-month rentals, moving and packing supplies such as boxes, tape, locks, and tenant reinsurance protection plans; the company also offers third-party property management services and sells merchandise to support storage activities. Founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. with its first facility in Pomona, California, Public Storage is headquartered in Glendale, California, and maintains approximately 3,400 self-storage facilities across 40 U.S. states encompassing around 247 million net rentable square feet, with a strong presence in major metropolitan areas, alongside a 35% common equity interest in Shurgard Self Storage Limited, which operates 318 facilities in seven Western European countries under the Shurgard brand totaling about 18 million net rentable square feet. In recent developments, Public Storage has aggressively expanded through acquisitions including 49 facilities adding 3.4 million square feet for $511.4 million in the third quarter of 2025 and over $934.5 million year-to-date in facilities under contract or completed, alongside ongoing development projects contributing 0.3 million square feet in Q3 2025 from a pipeline expected to deliver 3.9 million square feet at approximately $649.2 million, completed a $875 million public offering of unsecured senior notes and raised €242 million to repay existing debt and fund investments, and elevated its 2025 financial outlook following stronger net operating income, core FFO growth of 13.9% year-over-year to $4.31 per share in Q3, and AI-driven margin enhancements achieving same-store NOI margins near 79%.