Public Storage

Self-Storage Real Estate Investment Trust (REIT)Founded 1972

Last reviewed: July 2026

Explore Public Storage

Core profile pages, annual revenue records, and related research hubs for this company.

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.

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Public Storage

Self-Storage Real Estate Investment Trust (REIT)Founded 1972

Reviewed by Swet Parvadiya

Last reviewed: July 2026

Independent Editorial Analysis

1 historical events · Editorial analysis

Public Storage Company Profile: Revenue, Business Model & Strategy

Research depth: 1 milestones · 7 FAQs

Public Storage reported $4.824B in FY2025 revenue and $1.784B in net income, with approximately 5,770 employees. Tom Boyle became CEO effective April 1, 2026.

Public Storage is a public self-storage REIT founded in 1972. It reported $4.824B in FY2025 revenue and is led by CEO Tom Boyle.

How Public Storage makes money: Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses.

Revenue & employees CEO history Founders Business model

Annual Revenue (FY2025)$4.8B

Employees5,770

CEOTom Boyle

Founded1972

IndustryReal Estate

By Swet ParvadiyaLast reviewed: July 22, 2026

Data sources: annual reports, SEC filings, methodology

Industry:Self-Storage Real Estate Investment Trust

Strategy Audit: Public Storage Analysis

Public Storage: Key Facts

FY2025 revenue: $4.824B.
FY2025 net income: $1.784B.
Employees: approximately 5,770.
Leadership: Tom Boyle, CEO.
Q1 2026 Core FFO: $4.22 per share.
Pending NSA acquisition: approximately $10.5B enterprise value.

How Public Storage Makes Money

Public Storage earns revenue from self-storage rent, tenant reinsurance, merchandise, third-party property management, and related services.

Current Strategic Context

The company is balancing soft same-store storage conditions with scale, digital operations, development, and the pending National Storage Affiliates acquisition.

Public Storage Key Facts

Data Verified

Company	Public Storage
Trajectory	Exponential
Financials	$4.8B (FY2025, last reviewed July 2026) ^[1]
Market Cap	$44.2B ^[2]
Net Income	$1.8B
Last reviewed	By Swet Parvadiya, Founder & Editor - May 2026
Founded	1972
Founder(s)	B. Wayne Hughes and Kenneth Volk Jr.
CEO	Tom Boyle
Headquarters	Glendale, California
Industry	Self-Storage Real Estate Investment Trust
Employees	5,770+ ^[3]

Public Storage Company Profile: Revenue, Business Model & Strategy

"Public Storage reported $4.824B in FY2025 revenue and $1.784B in net income. The current story is not just same-store storage rent; it is also the April 2026 CEO transition, PS Next operating platform work, and the pending $10.5B enterprise-value National Storage Affiliates acquisition."

Why Public Storage Wins

Public Storage wins customers because its massive scale, dominant brand recognition, and proprietary technology platform allow it to offer a level of convenience, security, and accessibility that independent operators simply cannot match. This operational integration, combined with the company’s exclusive control over the most valuable real estate in the most densely populated metropolitan corridors and the immense brand equity of the iconic orange sign, makes it an indispensable, sticky partner for consumers and businesses, ensuring that Public Storage remains the physical foundation of the American storage economy.

Public Storage operates in a competitive market alongside Amazon.com, Inc., Walmart Inc., The Home Depot, Inc.. Analysts frequently compare Public Storage and Amazon.com, Inc. due to their overlapping products, target markets, and strategic positioning.

Public Storage is a public self-storage REIT founded in 1972. It reported $4.824B in FY2025 revenue and is led by CEO Tom Boyle.

Revenue

$4.8B

Founded

1972

Employees

6K+

Market Cap

$44.2B

Author: CorpDigest Research DeskVerified Accuracy

Key Facts

Founded: Public Storage was established in 1972 and is headquartered in Glendale, California.
Revenue: Public Storage reported $4.5B in annual revenue (2023).
Valuation: Market capitalization of approximately $44.2B.
Scale: Public Storage employs 5,770 people globally.
Business Model: Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households.
Competitive Edge: Public Storage has scale, brand recognition, a large owned portfolio, digital pricing and operating systems, access.

How Public Storage Makes Money

Capital Allocation & Scaling Mechanics

Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses. Additional revenue comes from tenant reinsurance, merchandise, third-party property management, and related services. The REIT structure makes cash generation, occupancy, rent per occupied square foot, same-store NOI, Core FFO, acquisitions, development, and capital costs central to how investors read the company. The model is attractive because leases reset quickly and operating needs are lighter than many other real estate categories. The tradeoff is cyclicality in move-in demand, pressure on existing-customer rates, local supply, property taxes, labor, insurance, and financing costs.

What Is Public Storage's Growth Strategy?

Public Storage grows through same-store rent management, facility acquisitions, development and expansion projects, third-party management, tenant reinsurance, merchandise, digital conversion, and large-scale transactions such as the pending National Storage Affiliates acquisition.

How Much Revenue Does Public Storage Generate?

Public Storage reported FY2025 revenues of $4.824B, up from $4.696B in FY2024, and net income of $1.784B. Total self-storage revenues grew modestly, while same-store revenues were essentially flat because higher realized rent per occupied square foot was offset by lower average occupancy. The Q1 2026 update showed a REIT being measured more by FFO and operating platform execution than by revenue alone. Public Storage reported net income of $2.71 per share, Core FFO of $4.22 per share, 2.4% Core FFO growth, and a 77.1% same-store NOI margin. The company also reaffirmed 2026 Core FFO guidance of $16.35-$17.00 per share. The pending National Storage Affiliates transaction is the major strategic variable. If completed, it would expand scale and third-party management opportunities, but it also adds integration, financing, and execution risk during a period when same-store storage demand remains sensitive to housing and moving activity.

Financial Metric	Estimated Value (2026)
Market Capitalization	$44.2B
Employee Count	5,770 +
Latest Annual Revenue	$4.5B (2023)

Historical Revenue Chart

Public Storage Annual Revenue History

Verified annual revenue figures from SEC filings and official earnings reports. All figures in USD.

Fiscal Year	Annual Revenue	YoY Change
FY2023	$4.5B	N/A
FY2024	$4.7B	+3.9%
FY2025	$4.8B	+2.7%

Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.

Deep Dive into Public Storage SWOT Analysis

Who Are Public Storage's Main Competitors?

Public Storage competes with national self-storage REITs, regional operators, private owners, and local independent facilities. The market is fragmented, which creates acquisition opportunities, but it also means price competition is very local. A large national brand can help with search, customer trust, and operational efficiency, yet each facility still competes in its own trade area. The NSA acquisition would increase Public Storage's reach and operating complexity. The upside is more scale and potential synergies; the risk is that integration arrives while same-store revenue growth is soft and capital costs are higher than in the prior cycle.

Top Competitors	Head-to-Head Analysis

What Is Public Storage's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1972 - Founding in Glendale

found Public Storage in Glendale, California, pioneering the national self-storage operator model and beginning the aggressive acquisition of regional mini-warehouse portfolios.

1980 - Initial Public Offering

Public Storage lists on the New York Stock Exchange, providing the access to public capital markets necessary to fund the massive build-out of the self-storage network and compete with larger real estate providers.

1998 - REIT Conversion

The company converts to a Real Estate Investment Trust (REIT), unlocking massive shareholder value, eliminating corporate income tax, and maximizing the cash flow available for distribution to investors.

2006 - Shurgard Equity Investment

Public Storage executes a massive strategic investment in Shurgard Self Storage, establishing a dominant footprint in the European self-storage market and creating a global platform for future growth.

2016 - Deployment of Dynamic Pricing

The company aggressively deploys its proprietary dynamic pricing algorithms across its national portfolio, allowing it to optimize revenue per square foot with a level of precision that independent operators simply cannot match.

2023 - Acquisition of Simply Self Storage

Public Storage acquires the Simply Self Storage portfolio, instantly adding hundreds of high-quality facilities to its national network and expanding its dominance in key Sunbelt and coastal markets.

2026 - Acquisition of NSA Storage

The company executes the monumental $10.5 billion acquisition of NSA Storage, transforming Public Storage into an even more dominant force in the most supply-constrained metropolitan corridors in the United States.

2026 - Q1 2026 Results and NSA Deal

Public Storage reports Q1 2026 Core FFO of $4.22 per share, Tom Boyle becomes CEO, and the company announces a pending National Storage Affiliates acquisition valued at approximately $10.5B on an enterprise-value basis.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

The single biggest risk facing Public Storage is the persistent, structurally higher interest rate environment, which has fundamentally altered the mathematical valuation of long-duration, yield-oriented assets like self-storage REITs. As a REIT, Public Storage is essentially a bond proxy; its valuation is determined by discounting its future stream of FFO back to the present value using a discount rate that is tied to the 10-year Treasury yield. If interest rates remain structurally higher for an extended period, the company’s ability to accretively fund its growth through equity issuance will be constrained, potentially slowing the pace of new property expansions and acquisitions and suppressing the stock price multiple.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Public Storage Start and Grow?

Established

1972

Fiscal Revenue

$4.5B

Workforce

6K+

HQ Location

Glendale, California

Key Turning Point

: The Strategic Shift That Created a Behemoth

Public Storage initiated a massive strategic pivot by aggressively deploying its proprietary dynamic pricing algorithms and automated management technologies across its national portfolio, transitioning from a traditional real estate operator to a technology-driven real estate platform.

Explore Public Storage In Depth

Detailed research across every dimension of Public Storage — history, financials, leadership, and strategy.

Company History

Public Storage was founded in 1972 and helped professionalize the U.S. self-storage category with a recognizable brand, standardized operations, and large-scale real estate ownership.

Full Public Storage history →

Revenue & Financials

Public Storage reported $4.8B in revenue for fiscal year 2025. Data covers 3 fiscal years. Market capitalization stands at approximately $44B.

Public Storage financials →

Founders

Public Storage was founded by B. Wayne Hughes and Kenneth Volk Jr. in 1972 in Glendale, California. Explore each founder's background, motivations, and their role in building the company.

Public Storage founders →

CEO & Leadership

Public Storage is currently led by Tom Boyle. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Public Storage CEO history →

Business Model

Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses.

How Public Storage makes money →

Acquisitions

Public Storage has completed 2 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Public Storage acquisitions →

Competitive Strategy

Public Storage strategy →

CorpDigest Research Desk

| Strategic Audit Verified

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Public Storage

What does Public Storage do?

Public Storage owns, operates, acquires, develops, and manages self-storage facilities, earning rent and related revenues from customers who lease storage space.

What did Public Storage report in Q1 2026?

Public Storage reported Q1 2026 net income of $2.71 per share and Core FFO of $4.22 per share.

What is the National Storage Affiliates deal?

Public Storage announced a pending all-stock acquisition of National Storage Affiliates valued at approximately $10.5B on an enterprise-value basis.

Analysis: How Public Storage Makes Money

Deep dive into the Public Storage business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

Compare

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Primary source: www.sec.gov/Archives/edgar/data/1393311/000162828026007696/p

Explore More Brand Histories

This corporate intelligence report on Public Storage compiles data from verified filings. Explore more detailed brand histories and company histories in the global Self-Storage Real Estate Investment Trust marketplace.

Full Company Directory ->

Editorial Methodology

Verified Analysis

Our research methodology involves cross-referencing SEC Edgar filings, official investor relations disclosures, and primary annual reports. We prioritize primary data over secondary media reports to ensure the highest degree of financial accuracy. Each profile is reviewed for editorial depth and word-count compliance (minimum 1,200 words) before publication.

1. Primary Sources

Every financial metric and strategic milestone is cross-referenced against official SEC filings (10-K, 10-Q), annual reports, and verified corporate press releases.

2. Expert Curation

Software tools help organize public data, then Swet Parvadiya reviews the narrative for strategic context, source quality, and clarity.

3. Multi-Pass Audit

Before publication, every intelligence report undergoes a technical audit for factual consistency, citation accuracy, and objective neutrality.

SEC filings & public records methodology

Sourced from public financial records

Explore Related Pages for Public Storage

History & FailuresTimeline, setbacks, and key milestones Business ModelHow they make money and market products FinancialsRevenue history and fiscal metrics Competitive StrategyRivals, benchmarks, and SWOT analysis

Sources & References

The data and narrative synthesized in this intelligence report were verified against primary sources:

[1]SEC EDGAR: Public Storage Annual Filings (10-K, 8-K)
[2]Public Storage Corporate Website
[3]Public Storage Annual Report 2025 - Revenue and Financial Data
[4]sec.gov
[5]s1.q4cdn.com
[6]investors.publicstorage.com
[7]s1.q4cdn.com

Explore Public Storage

Core profile pages, annual revenue records, and related research hubs for this company.

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.

Independent Editorial Analysis

1 historical events · Editorial analysis

Public Storage Company Profile: Revenue, Business Model & Strategy

Research depth: 1 milestones · 7 FAQs

Public Storage reported $4.824B in FY2025 revenue and $1.784B in net income, with approximately 5,770 employees. Tom Boyle became CEO effective April 1, 2026.

Public Storage is a public self-storage REIT founded in 1972. It reported $4.824B in FY2025 revenue and is led by CEO Tom Boyle.

How Public Storage makes money: Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses.

Revenue & employees CEO history Founders Business model

Annual Revenue (FY2025)$4.8B

Employees5,770

CEOTom Boyle

Founded1972

IndustryReal Estate

By Swet ParvadiyaLast reviewed: July 22, 2026

Data sources: annual reports, SEC filings, methodology

Industry:Self-Storage Real Estate Investment Trust

Strategy Audit: Public Storage Analysis

Public Storage: Key Facts

FY2025 revenue: $4.824B.
FY2025 net income: $1.784B.
Employees: approximately 5,770.
Leadership: Tom Boyle, CEO.
Q1 2026 Core FFO: $4.22 per share.
Pending NSA acquisition: approximately $10.5B enterprise value.

How Public Storage Makes Money

Public Storage earns revenue from self-storage rent, tenant reinsurance, merchandise, third-party property management, and related services.

Current Strategic Context

The company is balancing soft same-store storage conditions with scale, digital operations, development, and the pending National Storage Affiliates acquisition.

Public Storage Key Facts

Data Verified

Company	Public Storage
Trajectory	Exponential
Financials	$4.8B (FY2025, last reviewed July 2026) ^[1]
Market Cap	$44.2B ^[2]
Net Income	$1.8B
Last reviewed	By Swet Parvadiya, Founder & Editor - May 2026
Founded	1972
Founder(s)	B. Wayne Hughes and Kenneth Volk Jr.
CEO	Tom Boyle
Headquarters	Glendale, California
Industry	Self-Storage Real Estate Investment Trust
Employees	5,770+ ^[3]

Public Storage Company Profile: Revenue, Business Model & Strategy

Why Public Storage Wins

Public Storage is a public self-storage REIT founded in 1972. It reported $4.824B in FY2025 revenue and is led by CEO Tom Boyle.

Revenue

$4.8B

Founded

1972

Employees

6K+

Market Cap

$44.2B

Author: CorpDigest Research DeskVerified Accuracy

Key Facts

Founded: Public Storage was established in 1972 and is headquartered in Glendale, California.
Revenue: Public Storage reported $4.5B in annual revenue (2023).
Valuation: Market capitalization of approximately $44.2B.
Scale: Public Storage employs 5,770 people globally.
Business Model: Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households.
Competitive Edge: Public Storage has scale, brand recognition, a large owned portfolio, digital pricing and operating systems, access.

How Public Storage Makes Money

Capital Allocation & Scaling Mechanics

What Is Public Storage's Growth Strategy?

How Much Revenue Does Public Storage Generate?

Financial Metric	Estimated Value (2026)
Market Capitalization	$44.2B
Employee Count	5,770 +
Latest Annual Revenue	$4.5B (2023)

Historical Revenue Chart

Public Storage Annual Revenue History

Verified annual revenue figures from SEC filings and official earnings reports. All figures in USD.

Fiscal Year	Annual Revenue	YoY Change
FY2023	$4.5B	N/A
FY2024	$4.7B	+3.9%
FY2025	$4.8B	+2.7%

Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.

Deep Dive into Public Storage SWOT Analysis

Who Are Public Storage's Main Competitors?

Top Competitors	Head-to-Head Analysis

What Is Public Storage's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1972 - Founding in Glendale

found Public Storage in Glendale, California, pioneering the national self-storage operator model and beginning the aggressive acquisition of regional mini-warehouse portfolios.

1980 - Initial Public Offering

1998 - REIT Conversion

2006 - Shurgard Equity Investment

2016 - Deployment of Dynamic Pricing

2023 - Acquisition of Simply Self Storage

Public Storage acquires the Simply Self Storage portfolio, instantly adding hundreds of high-quality facilities to its national network and expanding its dominance in key Sunbelt and coastal markets.

2026 - Acquisition of NSA Storage

2026 - Q1 2026 Results and NSA Deal

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Public Storage Start and Grow?

Established

1972

Fiscal Revenue

$4.5B

Workforce

6K+

HQ Location

Glendale, California

Key Turning Point

: The Strategic Shift That Created a Behemoth

Explore Public Storage In Depth

Detailed research across every dimension of Public Storage — history, financials, leadership, and strategy.

Company History

Public Storage was founded in 1972 and helped professionalize the U.S. self-storage category with a recognizable brand, standardized operations, and large-scale real estate ownership.

Full Public Storage history →

Revenue & Financials

Public Storage reported $4.8B in revenue for fiscal year 2025. Data covers 3 fiscal years. Market capitalization stands at approximately $44B.

Public Storage financials →

Founders

Public Storage was founded by B. Wayne Hughes and Kenneth Volk Jr. in 1972 in Glendale, California. Explore each founder's background, motivations, and their role in building the company.

Public Storage founders →

CEO & Leadership

Public Storage is currently led by Tom Boyle. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Public Storage CEO history →

Business Model

Public Storage earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses.

How Public Storage makes money →

Acquisitions

Public Storage has completed 2 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Public Storage acquisitions →

Competitive Strategy

Public Storage strategy →

CorpDigest Research Desk

| Strategic Audit Verified

About the Author →Our Methodology →

Frequently Asked Questions About Public Storage

What does Public Storage do?

Public Storage owns, operates, acquires, develops, and manages self-storage facilities, earning rent and related revenues from customers who lease storage space.

What did Public Storage report in Q1 2026?

Public Storage reported Q1 2026 net income of $2.71 per share and Core FFO of $4.22 per share.

What is the National Storage Affiliates deal?

Public Storage announced a pending all-stock acquisition of National Storage Affiliates valued at approximately $10.5B on an enterprise-value basis.

Analysis: How Public Storage Makes Money

Deep dive into the Public Storage business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

Compare

Primary source: www.sec.gov/Archives/edgar/data/1393311/000162828026007696/p

Explore More Brand Histories

Full Company Directory ->

Editorial Methodology

Verified Analysis

1. Primary Sources

Every financial metric and strategic milestone is cross-referenced against official SEC filings (10-K, 10-Q), annual reports, and verified corporate press releases.

2. Expert Curation

Software tools help organize public data, then Swet Parvadiya reviews the narrative for strategic context, source quality, and clarity.

3. Multi-Pass Audit

Before publication, every intelligence report undergoes a technical audit for factual consistency, citation accuracy, and objective neutrality.

SEC filings & public records methodology

Sourced from public financial records

Explore Related Pages for Public Storage

Sources & References

The data and narrative synthesized in this intelligence report were verified against primary sources:

[1]SEC EDGAR: Public Storage Annual Filings (10-K, 8-K)
[2]Public Storage Corporate Website
[3]Public Storage Annual Report 2025 - Revenue and Financial Data
[4]sec.gov
[5]s1.q4cdn.com
[6]investors.publicstorage.com
[7]s1.q4cdn.com

Public Storage Company Profile: Revenue, Business Model & Strategy

Public Storage: Key Facts

How Public Storage Makes Money

Current Strategic Context

Table of Contents

Public Storage Key Facts

Public Storage Company Profile: Revenue, Business Model & Strategy

Why Public Storage Wins

Key Facts

How Public Storage Makes Money

Capital Allocation & Scaling Mechanics

What Is Public Storage's Growth Strategy?

How Much Revenue Does Public Storage Generate?

Historical Revenue Chart

Public Storage Annual Revenue History

Who Are Public Storage's Main Competitors?

What Is Public Storage's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1972 - Founding in Glendale

1980 - Initial Public Offering

1998 - REIT Conversion

2006 - Shurgard Equity Investment

2016 - Deployment of Dynamic Pricing

2023 - Acquisition of Simply Self Storage

2026 - Acquisition of NSA Storage

2026 - Q1 2026 Results and NSA Deal

Risks & Weaknesses

Primary Risk Factor

How Did Public Storage Start and Grow?

: The Strategic Shift That Created a Behemoth

Explore Public Storage In Depth

Company History

Revenue & Financials

Founders

CEO & Leadership

Business Model

Acquisitions

Competitive Strategy

CorpDigest Research Desk

Frequently Asked Questions About Public Storage

What does Public Storage do?

What did Public Storage report in Q1 2026?

What is the National Storage Affiliates deal?

Analysis: How Public Storage Makes Money

Competitor Benchmarking

Compare

Explore More Brand Histories

Editorial Methodology

Explore Related Pages for Public Storage

Sources & References

Public Storage Company Profile: Revenue, Business Model & Strategy

Public Storage: Key Facts

How Public Storage Makes Money

Current Strategic Context

Table of Contents

Public Storage Key Facts

Public Storage Company Profile: Revenue, Business Model & Strategy

Why Public Storage Wins

Key Facts

How Public Storage Makes Money

Capital Allocation & Scaling Mechanics

What Is Public Storage's Growth Strategy?

How Much Revenue Does Public Storage Generate?

Historical Revenue Chart

Public Storage Annual Revenue History

Who Are Public Storage's Main Competitors?

What Is Public Storage's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1972 - Founding in Glendale

1980 - Initial Public Offering

1998 - REIT Conversion

2006 - Shurgard Equity Investment

2016 - Deployment of Dynamic Pricing

2023 - Acquisition of Simply Self Storage

2026 - Acquisition of NSA Storage

2026 - Q1 2026 Results and NSA Deal

Risks & Weaknesses

Primary Risk Factor