Public Storage (NYSE: PSA) is a self-storage real estate investment trust that owns and operates self-storage facilities across the United States. It makes money by renting storage units to individual and business customers on month-to-month leases, collecting recurring rental income from a large portfolio of owned properties. The company filed its 10-K for the fiscal year ended December 31, 2025, on February 12, 2026. Public Storage is structured as a REIT, which requires it to distribute the majority of taxable income to shareholders, making it a consistent dividend payer. Demand for its facilities is influenced by macroeconomic conditions, local self-storage development activity, and customer acquisition costs across digital and other channels. The filing references a strategic corporate transformation initiative as an active operational focus as of FY2025.

Revenue model

Rental income from month-to-month leases on self-storage units at owned and operated facilities. Revenue is transactional and recurring, driven by occupancy rates and achieved rental rates across the property portfolio.

Products and services

Self-storage unit rentals across a portfolio of owned self-storage facilities. The filing references customer acquisition channels and facility operations as core business activities for FY2025.

Customers and end markets

Individual and business customers renting self-storage space. Demand is tied to macroeconomic conditions, residential moves, and local market supply of self-storage facilities, as noted in the FY2025 10-K risk factors.

Value-chain role

Direct owner and operator of self-storage real estate. Acquires, develops, and manages facilities, collecting rental income without a material intermediary layer between the company and end customers.

Geographic exposure

United States primary market. The FY2025 10-K references foreign currency rate fluctuations as a risk factor, indicating some international exposure, but the filing excerpts do not specify non-U.S. country-level detail.

Source: SEC 10-K, filed 2026-02-12

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