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Public Storage
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Latest analysis
Updated Jul 30, 2026
Public Storage closes NSA, announces PS Canada, and raises 2026 guidance as move-in rates turn positive for first time since 2021.
Public Storage's Q2 2026 marks a strategic inflection: the NSA acquisition closed July 22, adding 1,100 stores and 575,000 units onto PSNext overnight, while the announced $1.2 billion Public Storage Canada deal extends the platform into an underpenetrated market at 2.5 sq ft per capita versus the US. Operationally, average move-in rents turned positive at +1.6% year-over-year — the first simultaneous positive reading on both occupancy and move-in rates since 2021 — driving a guidance raise across all key metrics with same-store revenue midpoint now -0.2% versus prior -1.1%. The financial setup strengthens further into 2027 as LA rent restrictions expire, Sunbelt supply absorption progresses, and NSA synergies build.
Tone: bullishRevenue
$4.8B
PSA 10-K · FY 2025
Employees
5,770
Revenue FY2024
$4.7B
Founded
1972
Profile
PSA 10-K Item 1 · Feb 12, 2026Public Storage is the largest self-storage REIT in the United States, owning and operating 3,171 facilities across 40 states totaling 229 million net rentable square feet under the Public Storage brand. The company supplements its core storage operations with tenant reinsurance, third-party facility management, and bridge lending to third-party self-storage owners. It also holds a 35% interest in Shurgard Self Storage Limited, which operates 332 facilities across seven Western European countries.
Read filing description ↓ Collapse description ↑
Public Storage is a Maryland real estate investment trust ('REIT') engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners. We are the industry leading owner of self-storage properties, with one of the most recognized brands in the self-storage industry, including our ubiquitous orange color. We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner of self-storage facilities in the United States, with physical presence in most major markets and 40 states. We believe our scale, brand name, and technology platform afford us competitive advantages. We manage insurance programs whereby tenants at our facilities, including those we manage for third parties, have the option of purchasing insurance from a non-affiliated insurance company to cover certain losses to their stored goods. We also offer merchandise for sale at our self-storage facilities, primarily consisting of locks and cardboard boxes, to support customers' storage needs. We implemented a lending program in 2024, under which we provide bridge lending financing to third-party self-storage owners for operating properties that we manage. We hold a 35% interest in Shurgard Self Storage Limited, a public company traded on Euronext Brussels, which owned and operated 332 self-storage facilities located in seven countries in Western Europe under the Shurgard name.
Primary products
- Self-storage space leasing
- Tenant reinsurance
- Third-party self-storage management
- Bridge lending
- Merchandise sales (locks and cardboard boxes)
- eRental move-in process
Business segments
End markets
Geographies
Named competitors
“As the largest owner of self-storage facilities, we believe that we own approximately 9% of the self-storage square footage in the U.S. and that collectively the four largest self-storage owners in the U.S. own approximately 22%, with the remaining 78% owned by regional and local operators.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew 2.1% in 2025 versus 2024, driven primarily by contributions from Acquired Facilities and Newly Developed and Expanded Facilities, while Same Store revenues remained relatively unchanged.
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