Public Storage
A major U.S. self-storage REIT operating thousands of storage facilities and related tenant-service businesses.
Last updated August 21, 2026
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Overview
Public Storage is a United States real estate investment trust focused primarily on self-storage properties. Founded in Southern California in 1972 by B. Wayne Hughes and Kenneth Volk Jr., the company helped establish self-storage as an investable real-estate category and grew from a single facility into one of the largest storage operators in the country. Its facilities serve households, businesses, students, military personnel, and customers seeking vehicle or seasonal storage. The company’s original concept came from Hughes’s observation of mini-storage development in Texas. Public Storage initially operated under the name Private Storage Spaces Inc., but changed its name after the founders concluded that the original wording was confusing and did not communicate the intended brand identity. The first facility opened in El Cajon, California, in 1972. The business reached break-even quickly and expanded to approximately 20 locations by 1974. During its early growth, Public Storage relied heavily on real-estate limited partnerships rather than conventional borrowing. The company developed facilities, sold interests in them to investors, and continued to earn development and management income. This financing model supported expansion during periods when high interest rates constrained debt-financed real-estate development. By the late 1980s, Public Storage had reached roughly 1,000 locations and had become substantially larger than its nearest U.S. competitor. The tax and investment environment changed during the 1980s and early 1990s. Tax reforms reduced some of the advantages of real-estate limited partnerships, while the partnership market weakened. Public Storage responded by consolidating affiliated entities and converting several partnerships into real-estate investment trusts. In 1995, Public Storage and Storage Equities were combined in a transaction valued at approximately $679 million, creating the modern publicly traded REIT structure. The company later expanded through acquisitions, including Storage Trust Realty in 1998 and Shurgard Storage Centers in 2006. The Shurgard transaction added hundreds of properties, including a substantial European portfolio, and broadened Public Storage’s geographic reach. The company has subsequently acquired individual properties and portfolios in markets such as California, the Washington metropolitan area, and the Dallas–Fort Worth region. Its 2023 acquisition of Simply Self Storage from affiliates of The Blackstone Group added 127 properties and approximately 9 million rentable square feet. Public Storage’s principal business remains the ownership and operation of self-storage facilities. It also manages facilities for third-party owners and provides tenant insurance, packing materials, moving supplies, and related services. More than 90 percent of its revenue has been attributed to self-storage operations. According to the cited company and reference information, as of December 31, 2024, Public Storage operated 3,073 facilities containing approximately 221 million net rentable square feet and managed 307 facilities for other owners. The brand is positioned around broad physical availability, recognizable orange branding, standardized facility operations, and flexible rental arrangements. Its customers generally rent units on a month-to-month basis, with unit sizes and access arrangements varying by facility. Like other self-storage operators, Public Storage has faced scrutiny over tenant insurance practices, property damage and theft claims, lien-sale procedures, and rent increases. Despite these controversies and competitive pressure from other storage REITs, it remains an active, publicly listed leader in the U.S. self-storage sector.
History
Public Storage originated in Southern California after real-estate developer B. Wayne Hughes encountered the emerging mini-storage model during a visit to Texas. Hughes and Kenneth Volk Jr. founded the company in August 1972 with an initial investment of $50,000. The first facility was built in El Cajon, California, under the name Private Storage Spaces Inc. The business soon adopted the Public Storage name because the original name was considered confusing and because the founders wanted to retain the recognizable PS initials. The first facility reached break-even at relatively low occupancy. The economics of the model were attractive: storage units could generate rental income comparable on a square-foot basis with some conventional real estate, while requiring less construction and maintenance expenditure. Public Storage Management Inc. was established in 1973, and the company had developed approximately 20 sites by 1974. Hughes preferred to avoid heavy debt and financed expansion through real-estate limited partnerships. Public Storage developed facilities and sold interests to outside investors, while receiving development, management, and participation income. Its own partnership vehicle, Public Storage Partners Ltd., completed an early offering in the late 1970s. Rising Southern California property values, strong occupancy, and increasing rents made the structure attractive to investors. During the mid-1980s, the company raised hundreds of millions of dollars annually and used the capital to expand beyond California into major U.S. metropolitan areas. The company often placed facilities relatively close to one another. This allowed local development and management functions to be shared and made market-level advertising more efficient. Expansion nevertheless slowed during the mid-1980s as competition raised land costs, rent growth moderated, and some projects outside California encountered weather and labor difficulties. Public Storage also made unsuccessful investments in office parks. Kenneth Volk later retired, and Hughes acquired his interest. Public Storage broadened its service model in 1984 when it formed PS Reinsurance to provide insurance related to stored contents. By the end of the 1980s, the business had opened its 1,000th location and had become one of the most prominent U.S. self-storage operators. Its investment platform had attracted billions of dollars from a large investor base, and by 1991 the company had established more than 150 related limited partnerships and REITs. The tax reforms of 1986 weakened the advantages of real-estate limited partnerships, and the partnership market subsequently declined. Public Storage began converting partnerships into REITs, consolidating affiliated entities, and acquiring interests in related companies. Storage Equities, created in 1980 to acquire self-storage properties, became central to the company’s restructuring. In 1995, Public Storage and Storage Equities were merged in a transaction reported at approximately $679 million, producing a consolidated publicly traded REIT under the Public Storage name. The same year, the company created PS Orangeco to sell boxes, packing products, truck rentals, and other moving-related supplies. Storage Trust Realty was acquired in 1998 for approximately $400 million. International expansion became more significant in 2006, when Public Storage acquired Shurgard Storage Centers in a transaction valued at approximately $5.5 billion. The deal added 624 locations, including 141 in Europe. Public Storage had previously attempted to acquire Shurgard in 2000 and 2005. The transaction later involved a spinout structure under which Public Storage retained a minority interest. From 2010 onward, the company continued expanding through portfolios and individual property acquisitions. These included 30 facilities from A-American Self Storage in 2010, a 44-property Stor-All portfolio in 2013, 36 properties from Beyond Self Storage in 2020, the ezStorage portfolio in 2021, and All Storage in 2021. In 2023, Public Storage acquired Simply Self Storage from Blackstone affiliates, adding 127 properties and approximately 9 million rentable square feet. It also unsuccessfully pursued Life Storage before Extra Space Storage completed the competing transaction. As of December 31, 2024, the cited reference describes Public Storage as operating 3,073 self-storage facilities with approximately 221 million net rentable square feet. It also managed 307 facilities for other owners. The company’s operations remain concentrated in self-storage, supplemented by tenant insurance, packing products, and management services. Its business has faced recurring criticism involving property damage claims, theft claims, insurance administration, lien sales, and rent increases, but Public Storage continues to operate as a major listed self-storage REIT.
- 2023
Simply Self Storage acquired
[1]The company acquired Simply Self Storage from Blackstone affiliates, adding 127 properties and approximately 9 million rentable square feet.
- 2021
ezStorage portfolio acquired
[1]The company acquired 48 properties in the Washington metropolitan area for approximately $1.8 billion.
- 2021
All Storage acquired
[1]Public Storage bought All Storage, adding 56 properties and approximately 7.5 million net rentable square feet, primarily in Dallas–Fort Worth.
- 2020
Beyond Self Storage portfolio acquired
[1]Public Storage acquired 36 properties containing approximately 3.6 million net rentable square feet.
- 2006
Shurgard acquired
[1]Public Storage completed its approximately $5.5 billion acquisition of Shurgard Storage Centers, adding U.S. and European facilities.
- 1998
Storage Trust Realty acquired
[1]The company acquired Storage Trust Realty in a transaction reported at approximately $400 million.
- 1995
Restructured as a consolidated REIT
[1]Public Storage merged with Storage Equities in a reported $679 million transaction and adopted a consolidated publicly traded REIT structure.
- 1989
1,000th location reached
[1]Public Storage opened approximately its 1,000th location and had become the largest U.S. operator by a substantial margin over its nearest competitor.
- 1984
Insurance business introduced
[1]PS Reinsurance was formed to provide insurance related to customers’ stored contents.
- 1975
Public Storage Partners created
[1]The company established its own real-estate limited partnership vehicle to finance additional storage development.
Products and positioning
A large-scale, mainstream-to-premium self-storage provider combining a nationwide facility network with REIT ownership, third-party management, insurance, and moving-supply services.
Self-storage · 1972
Self-storage units
The core Public Storage offering consists of rentable storage units in multiple sizes for household goods, business inventory, documents, equipment, and other possessions. Facilities generally offer flexible rental terms and may provide features such as access controls, elevators, climate-controlled units, online account management, and on-site customer service, although available features differ by location.
Commercial storage
Business storage
Business customers use Public Storage facilities for inventory, records, tools, fixtures, and overflow space. The service is aimed at small businesses and organizations that need flexible capacity without committing to a conventional warehouse or long commercial lease.
Specialty storage
Vehicle storage
Selected facilities provide storage options for vehicles and other large items. Availability and permitted vehicle types vary by property, with offerings generally designed for customers seeking off-street storage for cars, recreational vehicles, boats, or similar equipment.
Insurance services · 1984
Tenant insurance
Public Storage and affiliated insurance businesses offer protection products associated with customers’ stored belongings. The products are intended to address certain risks such as theft or property damage, subject to policy terms, exclusions, claim requirements, and coverage limits.
Moving supplies · 1995
Packing and moving supplies
Through its related retail operations, Public Storage provides boxes, packing materials, moving supplies, and, in some periods or locations, truck-rental services. These products complement the storage rental experience and support customers moving items into or out of facilities.
Controversies
2019
Price-gouging fine after wildfires
Public Storage was fined $140,000 after raising prices by more than 10 percent following the 2017 Northern California wildfires.
2007
Military customer’s belongings sold at lien auction
A customer serving with the U.S. military in Iraq had belongings sold after storage-payment problems. The incident attracted negative publicity, after which Public Storage apologized and paid compensation.
Disputes over tenant insurance claims
Customers and investigative reports have alleged that burglary and property-damage claims under insurance products associated with Public Storage were difficult to obtain or were denied under policy requirements. Insurance regulators in two states criticized practices by affiliated insurers, and a class-action lawsuit alleged that customers were misled about premium economics.
Brand decisions
2023
Bid for Life StorageM&ABackground
Public Storage attempted to expand through the acquisition of another major storage operator.
Action taken
Public Storage submitted a bid for Life Storage, but Extra Space Storage ultimately outbid it.
Aftermath
Public Storage did not complete the Life Storage acquisition and instead continued pursuing other portfolio opportunities.
- Extra Space Storage — Extra Space Storage submitted the successful competing offer for Life Storage.
2006
Acquisition of Shurgard Storage CentersM&ABackground
Public Storage sought to expand its scale and geographic reach after earlier unsuccessful attempts to acquire Shurgard.
Action taken
The company acquired Shurgard Storage Centers, adding 624 facilities, including 141 in Europe.
Aftermath
The transaction materially expanded Public Storage’s portfolio and international exposure, although the later structure involved a spinout in which Public Storage retained a minority interest.
Acquisition value. $5.5 billion (2006)
1995
Consolidation into a publicly traded REITStrategyBackground
Changes to tax treatment and weakening demand for real-estate limited partnerships reduced the attractiveness of the company’s earlier financing model.
Action taken
Public Storage merged with Storage Equities and reorganized the related businesses under a consolidated Public Storage REIT structure.
Aftermath
The restructuring created the corporate and capital-market platform on which the modern Public Storage business operates.
Transaction value. $679 million (1995)
Recent events
Public Storage announces $1.8 billion acquisition of ezStorage[3]
Reported:
Public Storage announced its acquisition of ezStorage for $1.8 billion. The portfolio comprises 48 self-storage properties in Washington, D.C., Virginia, and Maryland; the transaction was anticipated to close in May 2021.
Public Storage reports third-quarter earnings[4]
Reported:
Public Storage reported third-quarter earnings of $246.92 million, or $1.41 per share, down from $337.36 million, or $1.93 per share, a year earlier. Revenue increased 0.2% to $730.66 million.
Sources4 sources
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