Public Storage
publicstorage.comWhat Do They Do?
Leases self-storage space to individuals and businesses, and provides insurance and related services to storage tenants and owners.
10-K for FY2025, filed Feb 12, 2026Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership, development, and operation of self-storage…View ↗
We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal…View ↗
We manage insurance programs whereby tenants at our facilities, including those we manage for third parties, have the option of purchasing…View ↗
At December 31, 2025, we managed 362 facilities for third parties (with approximately 28.2 million net rentable square feet), and were…View ↗
We implemented a lending program in 2024, under which we provide bridge lending financing to third-party self-storage owners for operating…View ↗
How Do They Make Money?
Tenants rent self-storage space under month-to-month leases. Other activities generate reinsurance premiums, management fees, merchandise sales, and interest and other fees on bridge loans.
10-K for FY2025, filed Feb 12, 2026We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal…View ↗
We manage insurance programs whereby tenants at our facilities, including those we manage for third parties, have the option of purchasing…View ↗
We also offer merchandise for sale at our self-storage facilities, primarily consisting of locks and cardboard boxes, to support customers’…View ↗
Our third party management business enables us to generate revenues through management fees, expand our presence, increase our economies of…View ↗
We also provide bridge lending financing to third-party self-storage owners. This program not only enables us to earn interest and other…View ↗
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10-K for FY2025, filed Feb 12, 2026
FY2025 revenue by product or service ↗
$4.8B
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10-K for FY2025, filed Feb 12, 2026
$4.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Self-storage facilities
Recurring
10-K for FY2025, filed Feb 12, 2026 |
93%
FY2022: 94%
|
Self-storage facilities, FY2025
$4.5B Sources
|
Recurring |
|
Ancillary operations
|
6.9%
FY2022: 5.7%
|
Ancillary operations, FY2025
$334.7M Sources
|
Who Are Their Customers?
Individuals and businesses rent storage space through the company’s website, customer care center, or facilities. Self-storage owners use its facility management and bridge-lending services.
10-K for FY2025, filed Feb 12, 2026We acquire, develop, own, and operate self-storage facilities, which offer storage spaces for lease on a month-to-month basis, for personal…View ↗
At December 31, 2025, we managed 362 facilities for third parties (with approximately 28.2 million net rentable square feet), and were…View ↗
We implemented a lending program in 2024, under which we provide bridge lending financing to third-party self-storage owners for operating…View ↗
Our Website: The online marketing channel is a key source of customers. We believe that many of our other customers who reserved directly…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 37 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
10-K for FY2025, filed Feb 12, 2026
$1.8BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 26, 2026
$366.9MView ↗
- ▼ −28%
- vs $511.1M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 26, 2026
Open tableView ↗
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Sep 1, 2026
Acquired Public Storage Canada and its self-storage facilities
Bought PS Canada for approximately $1.2 billion, comprising units and cash, with possible additional earn-out consideration.
Sources
8-K, filed Sep 1, 2026
Pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, PSOC acquired all of the outstanding membership…View ↗
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Jul 29, 2026
Raised full-year 2026 guidance
Raised guidance for same-store and non-same-store operating income growth and Core FFO per share.
Sources
8-K, filed Jul 29, 2026
FRISCO, Texas, July 29, 2026 — Public Storage (the “Company”) (NYSE: PSA) announced today its results for the quarter ended June 30, 2026…View ↗
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Jul 22, 2026
Completed National Storage Affiliates acquisition
The company said it expects the merger to add to funds from operations per share within the first year after closing.
Sources
8-K, filed Jul 22, 2026
Public Storage Announces Closing of National Storage Affiliates AcquisitionView ↗
Growing. Revenue grew 41% in 4 years, from $3.4B in FY2021 to $4.8B in FY2025, about 9% a year.
Bridge lending
The earlier report lists tenant reinsurance and third-party management among ancillary activities; the latest also describes bridge lending to self-storage owners, earning interest and other fees.
10-K for FY2022, filed Feb 21, 2023 10-K for FY2025, filed Feb 12, 2026Our ongoing growth strategies consist of: (i) improving the operating performance of our existing self-storage facilities, (ii) acquiring…View ↗
Grow ancillary business activities: We pursue growth initiatives aimed at increasing our insurance offering coverage for tenants who choose…View ↗
Our third party management business enables us to generate revenues through management fees, expand our presence, increase our economies of…View ↗
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