Public Storage

What Public Storage does

Public Storage (NYSE: PSA) is the largest publicly traded self-storage REIT in the United States, founded in 1972 and headquartered in Glendale, California (relocating to Frisco, Texas in 2026 as part of its PS4.0 strategic reset). The company operates approximately 3,533 self-storage facilities across 40 U.S. states, with products spanning standard units (5'x5' lockers to 10'x30' large units), climate-controlled storage, vehicle and RV/boat storage (up to 50'), drive-up access, indoor storage, business storage, and 24-hour access units. It serves individual consumers managing life transitions (moving, downsizing, seasonal storage) and small-to-medium businesses needing flexible inventory, equipment, and document storage, with month-to-month rentals and no long-term commitment requirements. The company is expanding through major acquisitions: Simply Self Storage ($2.2B, 2023), National Storage Affiliates ($10.5B, expected close Q3 2026), and Public Storage Canada ($1.2B, expected close H2 2026), which together will create a ~4,600-location, 327M-square-foot platform with ~$57B equity market cap and ~$77B enterprise value.

Public Storage generates revenue through recurring monthly self-storage rentals (subscription-style billing), supplemented by tenant insurance through the Orange Door Storage Insurance Program and ancillary fees. It distributes primarily through a direct-to-consumer digital channel — the publicstorage.com website, eRental platform, and iOS/Android apps — supported by physical storefronts at each facility and an enterprise field sales motion for business customers. The technology stack centers on the proprietary PS Next operating platform (used for revenue management, customer analytics, and integration of acquired properties), the new Welltower-licensed AI-driven capital allocation models, and a data science partnership enabling compressed transaction timelines from 5-9 months to weeks. Pricing is unit-level and variable by location, with promotions such as $1 first-month rent and up to 40% off to drive online reservations; industry-leading 79% NOI margins and an A2 Moody's credit rating underpin a lower cost of capital that supports continued M&A and development under PS4.0.

Name

Public Storage

Legal name

Public Storage

Website

https://publicstorage.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Public Storage is the largest U.S. self-storage REIT, operating 3,533+ facilities across 40 states and serving individual consumers and small-to-medium businesses with month-to-month unit rentals via its website, eRental platform, and mobile apps.

Ownership category

akta.pro rank

Product category

Self-Storage REIT

NAICS

Lessors of Miniwarehouses and Self-Storage Units (531130), Lessors of Miniwarehouses and Self-Storage Units (53113)

SIC

Public Warehousing & Storage (4220)

akta.pro primary industry

Standard/Non-Climate Self-Storage (HSAKAGAB)

akta.pro secondary industries

Climate-Controlled Self-Storage (HSAKAGAA), Vehicle & RV/Boat Self-Storage (HSAKAGAC), Business & Commercial Self-Storage (Inventory/Records) (HSAKAGAD)

Keywords

• Self-storage facilities
• Storage unit rentals
• Climate-controlled storage
• Vehicle storage solutions
• Business storage services

Headquarters

HQ city

Glendale

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Self-Storage Unit Rentals: Core revenue from monthly rentals of self-storage units to consumers and businesses. Customers pay recurring monthly fees for access to storage spaces. The company offers month-to-month rentals with no long-term commitment required. Units range from small lockers (5'x5') to large spaces (10'x30'), with various features including climate control and drive-up access.
2. Tenant Insurance: Public Storage offers tenant insurance programs (Orange Door Storage Insurance Program) as an add-on to storage rentals, providing coverage for customers' stored belongings.
3. Non-Same Store Portfolio Growth: Revenue growth from non-same-store properties including newly acquired facilities (Simply Self Storage, National Storage Affiliates) and newly developed properties. Non-same-store NOI grew 27% in Q1 2026.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Public Storage provides self-storage solutions through a network of more than 3,500 storage facilities across 40 U.S. states, offering rental units in a range of sizes from small lockers to large 10'x30' spaces. Units are available with climate control, drive-up access, indoor storage, 24-hour access, vehicle/RV/boat parking, and dedicated business storage configurations, rented on a flexible month-to-month basis with free reservations and online eRental completion.

Product overview

Public Storage operates a comprehensive self-storage platform offering standardized storage unit rentals across multiple unit sizes and types. The core product lineup includes Self Storage, Climate-Controlled Storage, Vehicle & RV Storage, Business Storage, Drive-Up Access Storage, Indoor Storage, and 24 Hour Self Storage options. The company recently expanded through major acquisitions of Simply Self Storage (127 properties, $2.2B) and National Storage Affiliates (1,000+ properties, $10.5B), both being integrated under the Public Storage brand. The PS Next platform under the PS4.0 strategic framework represents the company's technology modernization initiative focused on customer experience and AI integration.

Differentiator

Problem solved

Functional benefit

Brands

• PS Next: Customer experience platform utilizing AI for enhanced service delivery as part of PS4.0 strategy
• PS4.0
• eRental
• Orange Door

Products and services

• Self Storage Traditional self-storage units available in various sizes ranging from small lockers (5'x5') to large units (10'x30'), offering month-to-month rentals with no long-term commitment, free reservations, and online eRental completion. Designed for individuals and businesses needing flexible storage space across 40 U.S. states.
• Climate-Controlled Storage Storage units with temperature and humidity regulation designed to protect sensitive items such as electronics, furniture, documents, and fabrics from extreme weather conditions. Available for individuals storing valuable or temperature-sensitive personal belongings and businesses storing inventory requiring climate stability.
• Business Storage Storage solutions designed for businesses to store inventory, equipment, supplies, and seasonal merchandise with flexible month-to-month rentals and climate-controlled options for sensitive business inventory and equipment. Targeted at small and medium businesses needing flexible, affordable commercial storage space.
• Vehicle & RV Storage Vehicle storage options including car storage (up to 20'), RV and boat storage (up to 35' and up to 50'), available as enclosed indoor units or outdoor parking spaces, both covered and uncovered. Designed for individual vehicle owners needing secure parking for cars, trucks, motorcycles, ATVs, RVs, and boats.
• Boat Storage Dedicated boat storage facilities designed to accommodate boats up to 35' and 50', available as enclosed indoor units or outdoor parking. Targeted at individual boat owners needing secure off-site boat storage and protection from weather elements.
• 24 Hour Self Storage Extended access storage options allowing customers to access their units anytime, providing 24/7 availability at select Public Storage locations. Designed for customers who need flexible, around-the-clock access to their stored belongings.
• Orange Door Storage Insurance Program Tenant insurance program offered as an add-on to storage rentals, providing coverage for customers' stored belongings. Marketed under the registered 'Orange Door Storage Insurance Program' trademark and bundled with storage rental agreements.

Quantifiable outcome

• 79% NOI margins (industry-leading)
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and major.

• WelltowercoreStrategic or Co-development Partner · 1 March 2026Public Storage and Welltower announced a strategic data science partnership combining Welltower's capital allocation expertise with Public Storage's operational analytics. Under the agreement, Public Storage licenses Welltower's AI-driven capital allocation models (established 2016, supporting $80B+ in capital allocation) to enhance its PS4.0 platform, while sharing its operational analytics capabilities back with Welltower. The partnership aims to improve capital deployment precision and operational decision-making across both companies' platforms, with expected benefits including compressed transaction timelines from 5-9 months to weeks.
• Hughes Family (Public Storage Canada)majorStrategic or Co-development PartnerPublic Storage agreed to acquire Public Storage Canada from the Hughes family in a right-of-first-offer transaction. The deal values Public Storage Canada at approximately $1.2 billion USD ($1.67 billion CAD), structured with $889 million in operating partnership units and $310 million in cash plus potential earn-out consideration of up to $288 million tied to NOI performance targets. This represents a strategic entry into the Canadian market through the existing Hughes family platform.
• Blackstone Real Estate Income Trust (BREIT)majorStrategic or Co-development PartnerPublic Storage acquired Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion in Q3 2023. The acquisition included 127 properties across 18 states, predominantly in Sunbelt high-growth markets. This represented a significant strategic transaction with Blackstone as the counterparty.

Scale indicators27 records

Recent moves4 records

Expansion highlights6 records

Broad incumbents

• AMERCO (U-Haul): AMERCO (parent of U-Haul) operates a large self-storage portfolio alongside its dominant moving truck and trailer rental business. It is a broader incumbent in the self-storage space with overlapping customer demand (movers need both services) but a fundamentally different business model.
• Iron Mountain Incorporated: Iron Mountain (NYSE: IRM) is a global storage and information management company providing records storage, data management, and physical storage services. It overlaps with Public Storage's business storage segment and serves enterprise customers requiring document archiving and storage.

Direct peers

• Life Storage: Life Storage was a major self-storage REIT that was acquired by Extra Space Storage. It is included as a peer given its direct overlap with Public Storage's product offering, target customer base, and geographic footprint prior to acquisition.
• CubeSmart: CubeSmart (NYSE: CUBE) is a top-tier self-storage REIT with hundreds of facilities across the U.S. It directly competes with Public Storage in core markets, overlapping on customer segments, unit types, and acquisition strategy.
• National Storage Affiliates Trust: National Storage Affiliates (NYSE: NSA) operates 1,000+ properties across 37 states and is being acquired by Public Storage for $10.5B. Pre-acquisition it was a direct competitor with a differentiated participating-operator model that overlapped significantly with Public Storage's footprint.
• Simply Self Storage: Simply Self Storage operates 127 properties across 18 states, primarily in Sunbelt markets, and was acquired by Public Storage for $2.2B in 2023. Pre-acquisition it was a direct competitor with comparable unit offerings and customer segments.
• Extra Space Storage: Extra Space Storage (NYSE: EXR) is the second-largest self-storage REIT in the U.S., operating thousands of facilities nationwide. It is the closest direct competitor to Public Storage, competing on geographic coverage, digital customer experience, and M&A — including its own major acquisition of Life Storage.
• Public Storage Canada: Public Storage Canada operates 68 properties totaling 5.3M sq ft across major Canadian markets and is being acquired by Public Storage for $1.2B. Pre-acquisition it was a direct competitor under a shared brand, providing comparable self-storage services in the Canadian market.

Others

• Janus International Group: Janus International Group (NYSE: JBI) is a leading provider of self-storage building components, doors, and technology solutions. It is an ecosystem participant and supplier to the self-storage industry rather than a direct competitor, co-exhibiting at events like the Inside Self-Storage World Expo.

Regional players

• Shurgard Self Storage Limited: Shurgard Self Storage (Euronext Brussels: SHUR) is the largest self-storage operator in Europe. Public Storage holds a minority stake, and Shurgard is comparable as a similarly branded, focused self-storage operator — albeit operating in European rather than U.S. markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PublicStorageCA
• Facebookfacebook.com/180219751998
• LinkedInlinkedin.com/company/public-storage

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public Storage