Public Storage Stock Price, News & Analysis

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) and a member of the S&P 500 that primarily acquires, develops, owns, and operates self-storage facilities. According to company disclosures in recent press releases, Public Storage owns and/or operates thousands of self-storage properties across the United States and has an equity interest in a large European self-storage platform. The company is incorporated in Maryland and its common shares trade on the New York Stock Exchange under the symbol PSA.

Core business and portfolio

Public Storage’s main business is owning and operating self-storage facilities. In multiple company announcements, it states that it "primarily acquires, develops, owns, and operates self-storage facilities." At various reporting dates in 2025, Public Storage reported that it owned and/or operated more than 3,400 self-storage facilities in 40 U.S. states, with U.S. net rentable square footage in the hundreds of millions of square feet. The company also reports a significant group of "Same Store Facilities," which are properties that have been owned and operated on a stabilized basis since January 1, 2023. These Same Store Facilities number 2,565 and represent more than 170 million net rentable square feet of its U.S. consolidated self-storage portfolio.

Beyond its consolidated U.S. portfolio, Public Storage holds a 35% common equity interest in Shurgard Self Storage Limited, listed on Euronext Brussels under the symbol SHUR. Shurgard owns over 300 self-storage facilities in seven Western European nations, with tens of millions of net rentable square feet operated under the Shurgard brand. This equity interest provides Public Storage with exposure to the Western European self-storage market in addition to its U.S. operations.

Business model as a self-storage REIT

As a REIT focused on self-storage, Public Storage’s operating results and disclosures emphasize rental income from storage units and related property-level performance. The company presents detailed information on rental income, late charges and administrative fees, property operating costs, and net operating income for its Same Store Facilities and Non-Same Store Facilities. It highlights metrics such as square foot occupancy, annual contract rent per occupied square foot, and direct net operating income margins for its stabilized portfolio.

Public Storage also reports Funds from Operations (FFO) and Core FFO, non-GAAP measures defined and commonly used in the REIT industry. In its earnings releases, the company explains that FFO adjusts net income for real estate-related depreciation and amortization, gains or losses on sale of real estate assets, and impairment charges. Core FFO further excludes foreign currency exchange gains and losses, charges related to the redemption of preferred securities, and certain other non-cash or nonrecurring items such as corporate transformation costs, loss contingencies, due diligence costs, unrealized gains or losses on private equity investments, and amortization of acquired non real estate-related intangibles. Public Storage states that it and REIT analysts use FFO and Core FFO to evaluate ongoing operating performance.

Same Store and Non-Same Store performance

The company divides its self-storage operations into Same Store Facilities and Non-Same Store Facilities. Same Store Facilities are those that have been owned and operated on a stabilized level of occupancy, revenues, and operating costs since January 1, 2023. Public Storage notes that this grouping allows it and investors to evaluate ongoing performance trends without the effects of newly acquired or developed properties that are still in lease-up. For these Same Store Facilities, the company discloses revenue components, direct and indirect operating costs, and net operating income, as well as occupancy and rent per square foot.

Non-Same Store Facilities include newly acquired properties and development or expansion projects that are not yet stabilized. In its quarterly results, Public Storage attributes increases in self-storage net operating income to contributions from these Non-Same Store Facilities, reflecting the impact of acquisitions and the lease-up of development and expansion properties.

Growth through acquisitions and development

Public Storage emphasizes portfolio growth via acquisitions and development and expansion projects. In its 2025 operating updates and 8-K filings, the company reports acquiring dozens of self-storage facilities representing millions of net rentable square feet, as well as being under contract to acquire additional facilities. It also reports opening newly developed facilities and completing expansion projects that add further rentable square footage. The company discloses that it has facilities in development and expansion expected to add several million net rentable square feet at estimated aggregate costs in the hundreds of millions of dollars.

In investor presentations and operating updates, Public Storage also reports on contract rents gained from tenants moving in, contract rents lost from tenants moving out, promotional discounts, and changes in occupancy and annual contract rent per occupied square foot over specified periods. These data points provide insight into how the company manages pricing, occupancy, and promotions across its stabilized portfolio.

Capital structure, debt, and preferred shares

Public Storage finances its operations and growth with a combination of common equity, preferred shares, and unsecured senior notes. Its SEC filings list common shares and multiple series of cumulative preferred shares, each represented by depositary shares trading on the New York Stock Exchange under series-specific symbols such as PSAPrF, PSAPrG, PSAPrH, PSAPrI, and additional series through PSAPrS.

Through its subsidiary Public Storage Operating Company (PSOC), the company issues unsecured senior notes that are guaranteed by Public Storage. In 2025, PSOC completed public offerings of senior notes in U.S. dollars and euros, including tranches due 2030, 2032, 2034, and 2035, with fixed interest rates disclosed in the related 8-K filings. The indentures governing these notes contain covenants that, among other things, limit PSOC’s ability to incur certain indebtedness and require it to maintain total unencumbered assets of at least 125% of total unsecured indebtedness. The notes rank as PSOC’s direct, unsecured, and unsubordinated obligations.

International exposure via Shurgard Self Storage

In addition to its U.S. operations, Public Storage reports a 35% common equity interest in Shurgard Self Storage Limited, which is listed on Euronext Brussels under the symbol SHUR. Shurgard owns hundreds of self-storage facilities in seven Western European nations, with net rentable square footage in the tens of millions, operated under the Shurgard brand. Public Storage’s disclosures indicate that this equity interest contributes to its earnings through equity in earnings of unconsolidated real estate entities and provides geographic diversification beyond the United States.

Dividends and REIT tax treatment

As a REIT, Public Storage distributes a significant portion of its taxable income to shareholders as dividends. The company issues regular press releases announcing quarterly common and preferred dividends declared by its Board of Trustees. It also publishes annual tax treatment information for its dividends. For the tax year ended December 31, 2025, Public Storage announced that distributions on its common stock and various series of preferred stock were classified 100% as ordinary dividends and 0% as capital gain distributions. It further stated that, for shareholders other than corporations, these ordinary dividends are "qualified REIT dividends" for purposes of determining qualified business income.

Headquarters and corporate structure

Public Storage is incorporated in Maryland and identifies its headquarters as being located in Glendale, California. Its SEC filings list its Commission File Number as 001-33519 and its Internal Revenue Service employer identification number as 93-2834996. The company’s operating subsidiary, Public Storage Operating Company, is the issuer of many of its senior notes, which Public Storage guarantees.

Use of non-GAAP metrics and investor communications

In its earnings releases and Form 8-K filings, Public Storage provides reconciliations from net income to FFO and Core FFO, and from diluted earnings per share to FFO per share and Core FFO per share. The company explains why these measures are used by REIT investors and analysts, noting that they adjust for non-cash and non-operating items that can affect comparability over time. Public Storage also regularly posts investor presentations that include operating updates for its Same Store Facilities, such as occupancy, contract rent per square foot, and move-in and move-out statistics over specified periods.

Stock information

Public Storage’s common shares have a par value of $0.10 and trade on the New York Stock Exchange under the symbol PSA. The company’s preferred share depositary receipts and guarantees of senior notes also trade on the NYSE under various symbols, as listed in its Form 8-K filings. As a member of the S&P 500 index, PSA is widely followed by institutional and individual investors interested in the self-storage and REIT sectors.