Public Storage
- Industry
- REITs
- Exchange
- US
- Country
- USA
- IPO date
- Nov 18, 1980
- Employees
- 5,770
- Website
- www.publicstorage.com
Composite valuation range · conservative $200–$235 / fair $255–$305 / optimistic $330–$380. At $324.02, Between the fair and optimistic ranges.
At publication $305 (May 27, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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 and is based in Frisco, Texas.
History
Public Storage was incorporated in 1972 in Maryland and completed its initial public offering on November 18, 1980. Growth has come substantially through acquisitions, including the BREIT Simply Storage acquisition in 2023 and the purchase of 87 facilities for about $945.6 million in 2025. In March 2026 the company announced an all-stock acquisition of NSA with an enterprise value of about $10.5 billion, projecting $110-130 million of synergies within 3-4 years and, once fully realized, FFO-per-share accretion of $0.35-0.50. On April 1, 2026, Tom Boyle, previously CFO and then CIO, became CEO.
Industry position
Public Storage is the largest self-storage platform in the United States and an S&P 500 member operating as a REIT that acquires, develops, owns and operates self-storage facilities, earning revenue mainly from month-to-month rentals plus tenant insurance, packing supplies, third-party management fees and bridge loans. The company estimates it owns about 9% of U.S. self-storage square footage, with the top four operators holding roughly 22% and the remaining 78% held by regional or local operators. As of March 31, 2026 it owned 3,176 facilities with 229.8 million square feet and managed 370 third-party facilities, and held an approximately 35% stake in Shurgard (Euronext Brussels: SHUR); company metadata describes it as owning and/or operating 3,546 facilities across 40 states with about 259 million net rentable square feet. Its main listed competitors are Extra Space and CubeSmart, and it carries A2/A credit ratings.