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Public Storage

Self-Storage Real Estate Investment Trust (REIT)Founded 1972
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
3 historical events · Editorial analysis

Public Storage Company Profile: Revenue, Business Model & Strategy

Research depth: 3 milestones · 10 FAQs

Public Storage (NYSE: PSA) is a self-storage REIT founded in 1972 and based in Frisco, Texas. It reported $4.824B of FY2025 revenue, has been led by CEO Tom Boyle since April 1, 2026, and operates more than 4,500 U.S. facilities after acquiring NSA in July 2026.

How Public Storage makes money: Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$4.8B
Employees5,770
CEOTom Boyle
Founded1972
IndustryReal Estate
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Self-Storage Real Estate Investment Trust

Public Storage key figures

Public Storage had revenue of $4.8B for fiscal year 2025, up 2.7% from FY2024. Net income was $1.8B, a net margin of 37.0%.

Source: Public Storage annual report (Form 10-K, SEC EDGAR, filed 2026-02-12) · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+7.3% a year
Compound annual rate, $2.6B to $4.8B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Revenue per employee
$836,068
FY2025 revenue divided by 5,770 employees; headcount may use another date
Current chief executive
Tom Boyle
In the role since 2026
Documented transactions
4
Between 2006 and 2026
Founded
1972
54 years ago
Where was Public Storage founded?
Public Storage was founded in El Cajon, California, United States in 1972. en.wikipedia.org
When did Public Storage start?
Public Storage was founded in 1972.
How old is Public Storage?
Public Storage is 54 years old as of 2026.
Strategy Audit: Public Storage Analysis
208 words · 2 min read

Public Storage was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr., who opened their first facility in El Cajon, California. The company grew through real estate partnerships, consolidated them into a public REIT, and today trades on the NYSE as PSA.

How Public Storage makes money

Most revenue comes from month-to-month rent on storage units. Short leases let the company adjust move-in rates often and raise rents for existing tenants. Tenant reinsurance, merchandise and third-party management fees add ancillary income. FY2025 revenue was $4.824 billion and net income was $1.784 billion.

2026: new CEO, new headquarters, bigger footprint

In February 2026 Public Storage announced its PS4.0 plan, named Tom Boyle CEO effective April 1 and said it would move its headquarters to Frisco, Texas. On July 22 it closed the all-stock acquisition of National Storage Affiliates, valued at about $10.5 billion including debt, taking it past 4,500 U.S. facilities. With Q2 results it agreed to buy Public Storage Canada for US$1.2 billion.

Current performance

Q2 2026 Core FFO was $4.17 per share, down 2.6%, and same-store revenue fell 0.6% as housing-related demand stayed weak. Management still raised 2026 Core FFO guidance to $16.75-$17.05 per share and expects same-store revenue growth to turn positive by year-end.

Table of Contents

Public Storage Key Facts

CompanyPublic Storage
Annual revenue change+2.7% (FY2024–FY2025)
Financials$4.8B (FY2025, last reviewed October 2026)
Market Cap$55.4B
FY2025 net income$1.8B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1972
Founder(s)B. Wayne Hughes, Kenneth Volk Jr.
CEOTom Boyle
HeadquartersFrisco, Texas
IndustrySelf-Storage Real Estate Investment Trust
Employees5,770+

Public Storage Company Profile: Revenue, Business Model & Strategy

"Public Storage reported $4.824B in FY2025 revenue and $1.784B in net income. 2026 has been its busiest year in decades: a new CEO in Tom Boyle, a headquarters move to Frisco, Texas, the $10.5B all-stock NSA acquisition closed on July 22, and a US$1.2B deal for Public Storage Canada."

Why Public Storage Wins

Public Storage wins on brand awareness, metro density and cost of capital. Customers searching for storage often recognize the orange-door brand first, and the company can spread marketing, staffing and technology costs over thousands of sites. Its balance sheet and stock currency let it buy portfolios like NSA that smaller owners cannot.

Public Storage operates in a competitive market alongside Extra Space Storage Inc.. Analysts frequently compare Public Storage and Extra Space Storage Inc. due to their overlapping products, target markets, and strategic positioning.

Public Storage (NYSE: PSA) is a self-storage REIT founded in 1972 and based in Frisco, Texas. It reported $4.824B of FY2025 revenue, has been led by CEO Tom Boyle since April 1, 2026, and operates more than 4,500 U.S. facilities after acquiring NSA in July 2026.

Revenue

$4.8B

Founded

1972

Employees

6K+

Market Cap

$55.4B

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: Public Storage was established in 1972 and is headquartered in Frisco, Texas.
  • Revenue: Public Storage had $4.8B in annual revenue (FY2025).
  • Valuation: Market capitalization of approximately $55.4B.
  • Scale: Public Storage employs 5,770 people globally.
  • Business Model: Public Storage makes money by owning self-storage properties and renting units to households and small businesses.
  • Competitive Edge: Public Storage's edge comes from scale and brand.

How Public Storage Makes Money

Capital Allocation & Scaling Mechanics

Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements. That short lease term lets it adjust move-in rates often and raise rents for existing tenants over time. Self-storage rent is the bulk of revenue. Ancillary income comes from tenant reinsurance on stored goods, locks and packing supplies, and fees for managing storage facilities owned by third parties. Facilities need few on-site staff, so property-level margins are high; the company reported a same-store NOI margin of 77.1% in Q1 2026. As a REIT it pays out most of its taxable income as dividends.

What Is Public Storage's Growth Strategy?

Under the PS4.0 plan announced in February 2026, Public Storage is pursuing growth through large acquisitions (NSA, closed July 2026; PS Canada, agreed in Q2 2026), smaller property purchases (44 facilities for $454.9 million year to date as of late July 2026), development and expansion of existing sites, and growth of its third-party management platform. On the operating side, it is investing in digital rentals, pricing tools and a new leadership team for operations, marketing and digital transformation.

How Much Revenue Does Public Storage Generate?

Revenue grew from $2.56 billion in 2016 to $4.82 billion in 2025, helped by pandemic-era demand in 2021-2022 and acquisitions such as Simply Self Storage. Growth has since slowed: FY2025 revenue rose 2.7% and net income fell to $1.78 billion from $2.07 billion in 2024. In Q2 2026, Core FFO was $4.17 per share, down 2.6%, and same-store revenue declined 0.6%, yet management raised full-year 2026 Core FFO guidance to $16.75-$17.05 per share, citing first-half performance and accretion from the NSA and PS Canada deals. Public Storage is the absolute largest brand of self-storage services in the US and the world, operating as a massive Real Estate Investment Trust (REIT) with a valuation generally exceeding $50 billion.

Financial MetricEstimated Value (2026)
Market Capitalization$55.4B
Employee Count5,770 +
Latest Annual Revenue$4.8B (FY2025)

Historical Revenue Chart

Public Storage Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2016$2.6BN/A
FY2017$2.7B+4.2%
FY2018$2.8B+3.4%
FY2019$2.9B+3.5%
FY2020$2.9B+2.1%
FY2021$3.4B+17.2%
FY2022$4.2B+22.4%
FY2023$4.5B+8.0%
FY2024$4.7B+3.9%
FY2025$4.8B+2.7%

The source for each year is listed on the Public Storage financials page.

Core Strength

More than 4,500 U.S. facilities after the NSA deal and the most recognized brand in U.S. self-storage.

Key Weakness

Same-store revenue fell 0.6% year over year in Q2 2026 and Core FFO per share declined 2.6%.

Deep Dive into Public Storage SWOT Analysis

Who Are Public Storage's Main Competitors?

Public Storage is the absolute, undisputed titan of the highly lucrative, recession-proof self-storage industry. Operating as a massive Real Estate Investment Trust (REIT), it fiercely battles Extra Space Storage and CubeSmart. Public Storage's absolute core strategic advantage is its massive scale and highly iconic orange branding; because self-storage is an incredibly localized business (people won't drive more than 5 miles to store their junk), owning the most locations in major urban centers creates a virtually unassailable geographic monopoly. Because a self-storage facility is literally just a concrete box with a metal door, it requires absolutely minimal maintenance, allowing Public Storage to generate incredibly massive, highly reliable profit margins that traditional apartment landlords can only dream of.

Top CompetitorsHead-to-Head Analysis

What Is Public Storage's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1972 -

found Public Storage and open a first facility in El Cajon, California.

1995 -

and Storage Equities merged in 1995 to form the REIT now known as Public Storage.

2006 -

Public Storage acquires Shurgard Storage Centers, adding U.S. properties and a European business later spun out as Shurgard, in which it keeps an equity stake.

2016 -

Joe Russell succeeded Ronald Havner as chief executive in January 2016.

2021 -

Public Storage bought ezStorage for about $1.8 billion and All Storage for about $1.5 billion in 2021.

2023 -

Public Storage buys Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion, adding 127 properties.

2023 -

Public Storage made an unsolicited $11 billion offer for Life Storage in February 2023. Life Storage chose a merger with Extra Space Storage.

2026 -

In February 2026 the company announces its PS4.0 plan, names Tom Boyle CEO effective April 1, 2026, and says it will move its headquarters to Frisco, Texas.

2026 -

On July 22, 2026 Public Storage completes its all-stock acquisition of National Storage Affiliates, valued at about $10.5 billion including debt.

2026 -

Q2 2026 Core FFO is $4.17 per share; the company raises 2026 guidance and agrees to buy Public Storage Canada's 68 properties for US$1.2 billion.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

The biggest near-term risk is weak demand combined with a large integration. Same-store revenue was negative in Q2 2026, and the company is absorbing NSA's more than 1,000 properties. If moving activity stays low or the NSA stores do not reach expected margins, earnings growth and the valuation could disappoint.

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 (FY2025)

$4.8B

Workforce

6K+

HQ Location

Frisco, Texas

Key Turning Point

: The Strategic Shift That Created a Behemoth

New leadership team, a strategy focused on digital customer experience, margins and consolidation, and relocation of headquarters to Frisco, Texas.

Explore Public Storage In Depth

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

Company History

Public Storage is an S&P 500 real estate investment trust focused on self-storage. Founded in 1972 in Southern California, it built a national network under its orange-door brand and now operates more than 4,500 U.S.

Full Public Storage history →

Revenue & Financials

Public Storage had $4.8B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $55B.

Public Storage financials →

Founders

Public Storage was founded by B. Wayne Hughes, Kenneth Volk Jr. in 1972 in El Cajon, California, United States. 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 makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements.

How Public Storage makes money →

Acquisitions

Public Storage has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Public Storage acquisitions →

Competitive Strategy

Under the PS4.0 plan announced in February 2026, Public Storage is pursuing growth through large acquisitions (NSA, closed July 2026; PS Canada, agreed in Q2 2026), smaller property purchases (44 facilities for $454.9…

Public Storage strategy →

CorpDigest Research Desk

 Research Profile

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

How does Public Storage make money?

Public Storage earns most of its revenue from month-to-month rent on self-storage units. It also earns tenant reinsurance premiums, merchandise sales and third-party management fees. FY2025 revenue totaled $4.824 billion.

Who is the CEO of Public Storage?

Tom Boyle has been CEO since April 1, 2026. He was previously chief financial and investment officer and succeeded Joe Russell, who retired on March 31, 2026. Joe Fisher became President and CFO in February 2026.

Who owns Public Storage?

Public Storage is publicly traded on the NYSE under the ticker PSA, so it is owned by its shareholders, mostly institutional investors. Former NSA shareholders became PSA shareholders when the July 2026 all-stock deal closed.

Who are Public Storage's competitors?

Its main competitors are Extra Space Storage, CubeSmart, SmartStop Self Storage, U-Haul's self-storage business, private operators such as StorageMart, and thousands of independent local facilities.

What was Public Storage's revenue in 2025?

Public Storage reported FY2025 revenue of $4.824 billion, up 2.7% from 2024, and net income of $1.784 billion.

Did Public Storage buy National Storage Affiliates?

Yes. Public Storage completed its all-stock acquisition of National Storage Affiliates on July 22, 2026. The deal was valued at about $10.5 billion including debt, and NSA shareholders received 0.14 PSA shares per NSA share.

Where is Public Storage headquartered?

Public Storage announced in February 2026 that it was relocating its headquarters from Glendale, California to Frisco, Texas, while keeping a long-term presence in Glendale.

How many locations does Public Storage have?

After the NSA acquisition, Public Storage operates more than 4,500 U.S. self-storage facilities with about 327 million rentable square feet, and it holds an equity stake in European operator Shurgard.

What is the largest self-storage company in the US?

Public Storage is by far the largest self-storage company in the United States, operating thousands of distinctive orange-branded facilities across the country.

Who founded Public Storage?

The company was founded in 1972 by B. Wayne Hughes and Kenneth Volk with a single $50,000 investment to build their first facility in El Cajon, California.

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.

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    Editorial Methodology

    Company Research

    We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

    1. Primary Sources

    Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

    2. Expert Curation

    We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

    3. Multi-Pass Audit

    Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

    Swet Parvadiya
    SEC filings & public records methodology
    Sourced from public financial records

    Explore Related Pages for Public Storage

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    Sources & References

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

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    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.