Public Storage
Self-Storage Real Estate Investment Trust (REIT)Founded 1972- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Public Storage
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$4.7B
Market Cap
$54.0B
Net Income
$2.2B
Employees
5,900
This behavioral reflex defines the entire economic architecture of Public Storage, a company that generated $4.696 billion in FY2024 revenue by acting as the physical buffer for the American consumer and commercial economy. At the micro level, the company's individual storage units generate roughly $4.5 billion in annual base rent, driven by month-to-month leases that reset to market rates every thirty days. Recognizing this structural inefficiency, Public Storage executed a massive strategic pivot, culminating in the acquisition of Simply Self Storage in 2023 and the monumental $10.5 billion acquisition of NSA Storage in early 2026. Public Storage is the premier self-storage Real Estate Investment Trust (REIT) in the world, generating $4.696 billion in FY2024 revenue by owning, operating, and developing a massive portfolio of over 3,300 facilities across the United States, alongside a significant equity investment in Shurgard, which operates over 300 facilities across Western Europe. Public Storage generated $4.696 billion in FY2024 revenue, operating as the undisputed leader in the global self-storage industry with a portfolio comprising over 3,300 facilities across the United States and a significant equity investment in Shurgard across Western Europe. Under the leadership of CEO Tom Boyle, the enterprise is aggressively optimizing its capital structure, executing defining acquisitions like the $10.5 billion purchase of NSA Storage, and repurchasing undervalued shares to drive per-share FFO growth in a challenging interest rate environment. In fiscal year 2024, Public Storage generated $4.696 billion in total revenue, representing a steady 3.9% year-over-year increase from the $4.518 billion recorded in FY2023, demonstrating the enduring resilience of the company's self-storage leasing model despite the severe macroeconomic headwinds and interest rate volatility that characterized the period. The company's profitability metrics remained exceptionally strong, with Funds From Operations (FFO) reaching approximately $2.1 billion, reflecting an FFO margin of approximately 45%, and highlighting the immense operating use inherent in the company's real estate leasing model. The balance sheet remains well-capitalized, characterized by an investment-grade credit rating and a manageable use profile, with a net debt-to-EBITDA ratio of approximately 5.0x, providing the company with significant financial flexibility to fund its ongoing capital expenditure program, execute defining acquisitions, and return capital to shareholders. In FY2024, Public Storage repurchased approximately $500 million of its common stock, taking advantage of the significant valuation dislocation caused by the higher interest rate environment, which drastically reduced the outstanding share count and boosted the per-share FFO growth. The ancillary revenue segment, which encompasses tenant insurance, packing supplies, and administrative fees, generated approximately $800 million in revenue, reflecting the company's ability to capture high-margin profits from every customer interaction. The recent acquisition of NSA Storage for $10.5 billion in 2026 is a perfect example of this advantage; while smaller operators were struggling to secure financing in a high-interest-rate environment, Public Storage was able to deploy its capital to acquire a massive, high-quality portfolio that instantly expanded its dominance in key metropolitan markets. The subsequent acquisition of Simply Self Storage in 2023 and the monumental $10.5 billion acquisition of NSA Storage in 2026 marked the next major phase in the company's evolution, pivoting the enterprise from a pure-play owner-operator to an integrated technology and management platform.
Revenue Trend Analysis
YoY Change
+3.9%
2-Year CAGR
+6.1%
Peak Year
2024
Trend
Consistent Growth
Public Storage has reported revenue across 3 fiscal years, compounding at +6.1% annually over 2 years. The most recent year saw a 3.9% increase versus the prior year. Revenue peaked in 2024 at $4.7B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $4.7B | $2.2B | +3.9% |
| FY2023 | $4.5B | — | +8.4% |
| FY2022 | $4.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Public Storage reported total revenue of approximately $4.7 billion for fiscal year 2024, generated almost entirely from rental income on its more than 3,000 self-storage facilities totaling more than 240 million rentable square feet across the United States. Same-store revenue (from properties owned at least one year) accounted for the largest share of total revenue, with growth driven by a combination of rate increases on existing customers, new-customer rate increases reflecting local market conditions, occupancy improvements, and ancillary revenue from tenant insurance, fees, and merchandise. Non-same-store revenue from acquired properties contributed meaningful growth, particularly from the 2022 PS Business Parks acquisition ($7.6 billion) and the 2023 Simply Self Storage ($2.2 billion) and BREIT Self Storage Portfolio ($2.2 billion) acquisitions which added hundreds of properties to the portfolio. Tenant insurance, sold through a Public Storage subsidiary, contributed additional revenue. Net operating income margins ran in the low 70 percent range, reflecting the highly operating-leveraged self-storage business model where most variable costs scale less than proportionally with revenue. Funds from operations, the standard REIT earnings metric, grew at a healthy single-digit pace, supporting continued dividend growth and capital deployment in acquisitions and development.
Public Storage has a market capitalization of approximately $54 billion based on recent trading levels, making it one of the largest publicly traded REITs in the United States and historically the largest self-storage company by both market cap and property count. Direct competitor Extra Space Storage, after merging with Life Storage in July 2023 in a stock deal valued at approximately $12.7 billion, has a market capitalization of approximately $35 billion to $40 billion and a property count that exceeds Public Storage by store count following the merger, making Extra Space the largest self-storage operator by number of facilities although Public Storage remains larger by total rentable square footage. CubeSmart trades at a market capitalization of approximately $10 billion to $12 billion, and National Storage Affiliates Trust at roughly $4 billion to $5 billion. Public Storage typically trades at a price-to-funds-from-operations ratio in the high teens to low 20s and a dividend yield in the high 3 percent to low 4 percent range. The valuation premium relative to broader REITs reflects the self-storage sector's resilience through economic cycles, strong same-store growth track record, and high operating leverage.
Public Storage maintains a substantial common stock dividend that has historically run in the $11 to $13 per share annualized range, producing a dividend yield in the high 3 percent to low 4 percent range at recent stock prices and distributing roughly $2.5 billion or more annually to common shareholders. The dividend reflects REIT tax law requirements that mandate distribution of at least 90 percent of taxable income as dividends to maintain REIT status and avoid corporate-level federal income tax. Public Storage typically distributes well above the 90 percent minimum, often distributing 100 percent or more of taxable income depending on capital deployment plans and depreciation timing. In addition to common dividends, Public Storage has historically issued preferred stock at multiple coupon levels, with preferred dividends paid before common dividends in the capital structure. Preferred stock provides lower-cost long-duration capital with no maturity date in the case of perpetual preferreds, supplementing common equity, mortgage debt, and unsecured notes in the financing mix. Dividend growth has been steady but moderate over recent years, with periodic special dividends in years when capital deployment lags free cash flow generation, returning excess capital to shareholders without permanently raising the regular dividend rate.
Public Storage finances its substantial acquisition program through a combination of operating cash flow, unsecured debt, preferred stock issuance, common equity issuance, and operating partnership units (OP units) issued to property sellers in tax-deferred exchange transactions. The capital structure historically emphasizes low leverage relative to other REIT sectors, with net debt typically running at moderate multiples of EBITDA, supporting investment-grade credit ratings (A or A- range from S&P and Moody's) that provide low borrowing costs. Recent major acquisitions have used different financing approaches. The $7.6 billion PS Business Parks acquisition in July 2022 was structured as a merger in which PS Business Parks (in which Public Storage already held a meaningful equity stake) was merged into Public Storage, with the cash portion financed through unsecured debt and operating cash flow. The $2.2 billion Simply Self Storage acquisition in October 2023 from Blackstone Real Estate Income Trust (BREIT) was financed primarily with cash and debt. The $2.2 billion BREIT Self Storage Portfolio acquisition in 2023 similarly used cash and debt. Public Storage also acquires properties through smaller bolt-on transactions financed from operating cash flow without requiring incremental external capital.
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CorpDigest. "Public Storage Revenue & Financials." CorpDigest, https://corpdigest.com/company/public-storage/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Public Storage reported $5B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/public-storage/financials" target="_blank" rel="noopener">CorpDigest — Public Storage financials</a></div>