About Public Storage

If the attic or garage are packed, Public Storage can help. The real estate investment trust (REIT) is one of the largest self-storage companies in the US. It operates more than 2,250 storage facilities comprising some 146 million sq. ft. of storage space in the US and more than 190 facilities in Europe (through its Shurgard Europe affiliate). The firm's self-storage properties, located in densely populated areas, generate more than 90% of the company's sales. Public Storage, which was founded in 1980, also rents trucks, and sells moving supplies such as locks, boxes, and packing supplies. It also owns part of publicly traded PS Business Parks, an office building REIT.

Operations

The company reports its operations in two segments: Self-storage Operations and Ancillary Operations.

Self-Storage segment accounts for 94% of revenue, and consists of more than 2,230 self-storage facilities owned by the company.

The Ancillary segment re-insures policies against losses to goods stored by customers in their self-storage facilities, and sells merchandise, such as locks and boxes.

Geographic Reach

California-based Public Storage operates self-storage facilities in 38 US states. As might be expected, Public Storage's biggest markets are the three most populous states. It has more than 420 facilities in California, about 275 in Florida, and about 270 in Texas. Public Storage also owns a 49% stake in Shurgard Europe, which operates more than 200 units in Belgium, Denmark, France, Germany, the Netherlands, Sweden, and the UK.

Sales and Marketing

The company markets its products and services through internet advertising, signage, and banners. Public Storage spent about $25 million on advertising and marketing in 2015, compared to $26.7 million in 2014 and $28 million in 2013.

Financial Performance

Public Storage is bringing in money on all fronts. Revenue increased 9% to about $2.4 billion in 2015 from $2.2 billion in 2014. More storage space rented at higher prices fueled the revenue gain. Same-store revenue increased 11% to 2015 from 2014.

Higher revenue in 2015, coupled with higher equity earnings from the company's investments in PSB, Shurgard Europe, and others, pushed net income up 15% to a record-high $1.3 billion.

The company’s cash from operations increased to $1.7 billion in 2015 (from $1.6 billion in 2014) thanks mostly to higher earnings, but also because the company adjusted for higher non-cash charges related to depreciation and amortization expenses.

Strategy

Increasing rental rates to existing customers, generally on an annual basis, is a key component of Public Storage’s growth. It also aims to keep average occupancy levels above 90%, and seeks to grow its rental income further through acquisitions and through new facility openings.

Because it's become more expensive to purchase existing facilities in recent years, Public Storage has increasingly been developing its own new self-storage locations and expanding its existing facilities for growth. The company added 1.3 million sq. ft. at a cost of $123.5 million.

Still, Public Storage has continued to pursue property acquisitions in recent years to increase its leasable footprint and grow its rental income. In 2015, it snapped up 17 self-storage facilities with a total of 1.3 million sq. ft. The cost was $185.4 million.

The Shurgard Europe operation was busy with acquisitions in 2014 and 2015, buying 27 facilities with 1.3 sq. ft. in Germany, the Netherlands, and the UK.

Company Background

In Europe Public Storage owns 49% of Shurgard Europe. In 2011 Shurgard Europe acquired the remaining 80% interest it already didn't own in two joint ventures. The deal gave Shurgard full ownership in 72 self-storage facilities in seven countries. While the company expected big opportunities for growth in the European self-storage industry, prospects for growth were stunted in 2011 as the continent struggled with an economic downturn.

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Company News and Press Releases

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Public Storage

701 Western Ave
Glendale, CA 91201-2349
Phone: 1 (818) 244-8080
Fax: 1 (818) 241-0627

Stats

  • Employer Type: Public
  • Chairman and CEO: Ronald L. Havner
  • SVP and CFO: John Reyes
  • President: Joseph D. Russell

Major Office Locations

  • Glendale, CA

Other Locations

  • Anniston, AL
  • Birmingham, AL
  • Hoover, AL
  • Huntsville, AL
  • Mobile, AL
  • Chandler, AZ
  • Gilbert, AZ
  • Mesa, AZ
  • Phoenix, AZ
  • Scottsdale, AZ
  • Tempe, AZ
  • Tucson, AZ
  • Alameda, CA
  • Anaheim, CA
  • Antioch, CA
  • Arcadia, CA
  • Arleta, CA
  • Artesia, CA
  • Azusa, CA
  • Baldwin Park, CA
  • Belmont, CA
  • Berkeley, CA
  • Brea, CA
  • Burbank, CA
  • Burlingame, CA
  • Calabasas, CA
  • Campbell, CA
  • Canoga Park, CA
  • Carlsbad, CA
  • Carmichael, CA
  • Carson, CA
  • Castro Valley, CA
  • Chatsworth, CA
  • Chula Vista, CA
  • Citrus Heights, CA
  • City Of Industry, CA
  • Colton, CA
  • Concord, CA
  • Corona, CA
  • Costa Mesa, CA
  • Culver City, CA
  • Cupertino, CA
  • Daly City, CA
  • Davis, CA
  • Downey, CA
  • Duarte, CA
  • Dublin, CA
  • East Palo Alto, CA
  • El Cajon, CA
  • El Segundo, CA
  • Emeryville, CA
  • Fairfield, CA
  • Fontana, CA
  • Foster City, CA
  • Fountain Valley, CA
  • Fremont, CA
  • Fresno, CA
  • Fullerton, CA
  • Gardena, CA
  • Goleta, CA
  • Granada Hills, CA
  • Harbor City, CA
  • Hawthorne, CA
  • Hayward, CA
  • Huntington Beach, CA
  • Inglewood, CA
  • Irvine, CA
  • Irwindale, CA
  • La Habra, CA
  • La Mirada, CA
  • La Puente, CA
  • La Verne, CA
  • Laguna Hills, CA
  • Lake Forest, CA
  • Livermore, CA
  • Long Beach, CA
  • Los Alamitos, CA
  • Los Angeles, CA
  • Los Gatos, CA
  • Martinez, CA
  • Mill Valley, CA
  • Milpitas, CA
  • Modesto, CA
  • Monrovia, CA
  • Montclair, CA
  • Montebello, CA
  • Monterey, CA
  • Monterey Park, CA
  • Moorpark, CA
  • Mountain View, CA
  • Murrieta, CA
  • Napa, CA
  • Newark, CA
  • Norco, CA
  • North Highlands, CA
  • North Hollywood, CA
  • Northridge, CA
  • Novato, CA
  • Oakland, CA
  • Oakley, CA
  • Orange, CA
  • Oxnard, CA
  • Pacheco, CA
  • Pacoima, CA
  • Palm Desert, CA
  • Palm Springs, CA
  • Palmdale, CA
  • Panorama City, CA
  • Pasadena, CA
  • Petaluma, CA
  • Pico Rivera, CA
  • Pinole, CA
  • Pittsburg, CA
  • Pleasanton, CA
  • Rancho Cordova, CA
  • Rancho Cucamonga, CA
  • Rancho Mirage, CA
  • Redlands, CA
  • Redwood City, CA
  • Richmond, CA
  • Riverside, CA
  • Sacramento, CA
  • San Carlos, CA
  • San Diego, CA
  • San Dimas, CA
  • San Francisco, CA
  • San Gabriel, CA
  • San Jose, CA
  • San Leandro, CA
  • San Lorenzo, CA
  • San Mateo, CA
  • San Pablo, CA
  • San Rafael, CA
  • San Ramon, CA
  • Sand City, CA
  • Santa Ana, CA
  • Santa Clara, CA
  • Santa Clarita, CA
  • Santa Cruz, CA
  • Santa Rosa, CA
  • Saratoga, CA
  • Saugus, CA
  • Sherman Oaks, CA
  • Simi Valley, CA
  • South Gate, CA
  • South San Francisco, CA
  • Spring Valley, CA
  • Stanton, CA
  • Stockton, CA
  • Studio City, CA
  • Sun Valley, CA
  • Sunland, CA
  • Sunnyvale, CA
  • Sylmar, CA
  • Thousand Oaks, CA
  • Torrance, CA
  • Tracy, CA
  • Tujunga, CA
  • Tustin, CA
  • Union City, CA
  • Upland, CA
  • Vallejo, CA
  • Van Nuys, CA
  • Venice, CA
  • Ventura, CA
  • Walnut, CA
  • Walnut Creek, CA
  • West Covina, CA
  • West Sacramento, CA
  • Westminster, CA
  • Whittier, CA
  • Wilmington, CA
  • Woodland Hills, CA
  • Arvada, CO
  • Aurora, CO
  • Centennial, CO
  • Colorado Springs, CO
  • Denver, CO
  • Englewood, CO
  • Golden, CO
  • Greenwood Village, CO
  • Lakewood, CO
  • Littleton, CO
  • Longmont, CO
  • Northglenn, CO
  • Parker, CO
  • Thornton, CO
  • Westminster, CO
  • Wheat Ridge, CO
  • Berlin, CT
  • Branford, CT
  • Bridgeport, CT
  • East Hartford, CT
  • Enfield, CT
  • Fairfield, CT
  • Manchester, CT
  • Norwalk, CT
  • Southington, CT
  • Waterbury, CT
  • West Haven, CT
  • Washington, DC
  • Dover, DE
  • New Castle, DE
  • Wilmington, DE
  • Altamonte Springs, FL
  • Apopka, FL
  • Boca Raton, FL
  • Boynton Beach, FL
  • Bradenton, FL
  • Brandon, FL
  • Casselberry, FL
  • Clearwater, FL
  • Coral Springs, FL
  • Cutler Bay, FL
  • Davie, FL
  • Daytona Beach, FL
  • Deerfield Beach, FL
  • Delray Beach, FL
  • Doral, FL
  • Fern Park, FL
  • Fort Lauderdale, FL
  • Fort Myers, FL
  • Fort Pierce, FL
  • Greenacres, FL
  • Hallandale Beach, FL
  • Hialeah, FL
  • Hollywood, FL
  • Jacksonville, FL
  • Jupiter, FL
  • Lake Worth, FL
  • Largo, FL
  • Lauderdale Lakes, FL
  • Lauderhill, FL
  • Longwood, FL
  • Maitland, FL
  • Medley, FL
  • Miami, FL
  • Miami Beach, FL
  • Miami Lakes, FL
  • Naples, FL
  • New Port Richey, FL
  • North Bay Village, FL
  • North Lauderdale, FL
  • North Palm Beach, FL
  • Oldsmar, FL
  • Opa Locka, FL
  • Orange Park, FL
  • Orlando, FL
  • Ormond Beach, FL
  • Oviedo, FL
  • Palm Bay, FL
  • Pembroke Pines, FL
  • Pensacola, FL
  • Pinellas Park, FL
  • Plantation, FL
  • Pompano Beach, FL
  • Ponte Vedra Beach, FL
  • Riviera Beach, FL
  • Saint Petersburg, FL
  • Sanford, FL
  • Sarasota, FL
  • Sunny Isles Beach, FL
  • Tamarac, FL
  • Tampa, FL
  • Tarpon Springs, FL
  • Venice, FL
  • Vero Beach, FL
  • West Palm Beach, FL
  • Winter Park, FL
  • Winter Springs, FL
  • Alpharetta, GA
  • Atlanta, GA
  • Augusta, GA
  • Austell, GA
  • Brookhaven, GA
  • Canton, GA
  • Decatur, GA
  • Douglasville, GA
  • Duluth, GA
  • Forest Park, GA
  • Jonesboro, GA
  • Kennesaw, GA
  • Lawrenceville, GA
  • Lilburn, GA
  • Lithonia, GA
  • Marietta, GA
  • Martinez, GA
  • Norcross, GA
  • Peachtree Corners, GA
  • Riverdale, GA
  • Roswell, GA
  • Smyrna, GA
  • Stone Mountain, GA
  • Suwanee, GA
  • Tucker, GA
  • Woodstock, GA
  • Aiea, HI
  • Honolulu, HI
  • Kaneohe, HI
  • Pearl City, HI
  • Waipahu, HI
  • Alsip, IL
  • Arlington Heights, IL
  • Aurora, IL
  • Bedford Park, IL
  • Bensenville, IL
  • Bolingbrook, IL
  • Broadview, IL
  • Buffalo Grove, IL
  • Carol Stream, IL
  • Carpentersville, IL
  • Chicago, IL
  • Chicago Heights, IL
  • Cicero, IL
  • Country Club Hills, IL
  • Des Plaines, IL
  • Elgin, IL
  • Elk Grove Village, IL
  • Evanston, IL
  • Geneva, IL
  • Hanover Park, IL
  • Harvey, IL
  • Joliet, IL
  • Lansing, IL
  • Libertyville, IL
  • Lisle, IL
  • Lombard, IL
  • Melrose Park, IL
  • Merrionette Park, IL
  • Morton Grove, IL
  • Mount Prospect, IL
  • Naperville, IL
  • Niles, IL
  • Oak Lawn, IL
  • Orland Park, IL
  • Palatine, IL
  • Park City, IL
  • River Grove, IL
  • Rolling Meadows, IL
  • Roselle, IL
  • Saint Charles, IL
  • Schaumburg, IL
  • Schiller Park, IL
  • Skokie, IL
  • Streamwood, IL
  • Tinley Park, IL
  • Waukegan, IL
  • Wheeling, IL
  • Willowbrook, IL
  • Winfield, IL
  • Evansville, IN
  • Fort Wayne, IN
  • Gary, IN
  • Griffith, IN
  • Hammond, IN
  • Hobart, IN
  • Indianapolis, IN
  • Kansas City, KS
  • Lawrence, KS
  • Olathe, KS
  • Shawnee Mission, KS
  • Topeka, KS
  • Wichita, KS
  • Florence, KY
  • Louisville, KY
  • Bossier City, LA
  • Gretna, LA
  • Harvey, LA
  • Metairie, LA
  • New Orleans, LA
  • Boston, MA
  • Brighton, MA
  • Brockton, MA
  • Chicopee, MA
  • Danvers, MA
  • Lynn, MA
  • Medford, MA
  • Methuen, MA
  • Peabody, MA
  • Randolph, MA
  • Revere, MA
  • Salem, MA
  • Springfield, MA
  • Waltham, MA
  • Westford, MA
  • Westwood, MA
  • Weymouth, MA
  • Annapolis, MD
  • Baltimore, MD
  • Bethesda, MD
  • Bowie, MD
  • Capitol Heights, MD
  • Clinton, MD
  • Elkridge, MD
  • Forestville, MD
  • Frederick, MD
  • Gaithersburg, MD
  • Germantown, MD
  • Glen Burnie, MD
  • Hyattsville, MD
  • Laurel, MD
  • Lutherville Timonium, MD
  • Millersville, MD
  • Odenton, MD
  • Owings Mills, MD
  • Oxon Hill, MD
  • Pasadena, MD
  • Randallstown, MD
  • Rockville, MD
  • Silver Spring, MD
  • Suitland, MD
  • Allen Park, MI
  • Ann Arbor, MI
  • Auburn Hills, MI
  • Brownstown Twp, MI
  • Canton, MI
  • Clinton Township, MI
  • Dearborn, MI
  • Farmington, MI
  • Fraser, MI
  • Jackson, MI
  • Livonia, MI
  • Madison Heights, MI
  • Mount Clemens, MI
  • Oak Park, MI
  • Roseville, MI
  • Royal Oak, MI
  • Southfield, MI
  • Sterling Heights, MI
  • Troy, MI
  • Warren, MI
  • Waterford, MI
  • Anoka, MN
  • Burnsville, MN
  • Chanhassen, MN
  • Eden Prairie, MN
  • Hopkins, MN
  • Maple Grove, MN
  • Minneapolis, MN
  • Plymouth, MN
  • Rosemount, MN
  • Saint Paul, MN
  • Sauk Rapids, MN
  • Savage, MN
  • Stillwater, MN
  • Ballwin, MO
  • Belton, MO
  • Bridgeton, MO
  • Columbia, MO
  • Florissant, MO
  • Hazelwood, MO
  • Independence, MO
  • Jefferson City, MO
  • Joplin, MO
  • Kansas City, MO
  • Raytown, MO
  • Saint Ann, MO
  • Saint Charles, MO
  • Saint Louis, MO
  • Valley Park, MO
  • Gautier, MS
  • Cary, NC
  • Charlotte, NC
  • Clayton, NC
  • Concord, NC
  • Durham, NC
  • Fayetteville, NC
  • Garner, NC
  • Gastonia, NC
  • Greensboro, NC
  • Kannapolis, NC
  • Matthews, NC
  • Monroe, NC
  • Morrisville, NC
  • Raleigh, NC
  • Salisbury, NC
  • Wake Forest, NC
  • Waxhaw, NC
  • Winston Salem, NC
  • Omaha, NE
  • Manchester, NH
  • Nashua, NH
  • Berlin, NJ
  • Beverly, NJ
  • Blackwood, NJ
  • Brick, NJ
  • Cherry Hill, NJ
  • Delran, NJ
  • Dover, NJ
  • East Brunswick, NJ
  • East Hanover, NJ
  • Eatontown, NJ
  • Edison, NJ
  • Ewing, NJ
  • Green Brook, NJ
  • Hawthorne, NJ
  • Hightstown, NJ
  • Hoboken, NJ
  • Howell, NJ
  • Jackson, NJ
  • Lawrenceville, NJ
  • Ledgewood, NJ
  • Maple Shade, NJ
  • Marlton, NJ
  • Middletown, NJ
  • Monmouth Junction, NJ
  • Morris Plains, NJ
  • Mount Holly, NJ
  • Mountainside, NJ
  • Neptune, NJ
  • New Brunswick, NJ
  • Old Bridge, NJ
  • Rochelle Park, NJ
  • Rockaway, NJ
  • Scotch Plains, NJ
  • Sewell, NJ
  • Sicklerville, NJ
  • Trenton, NJ
  • Voorhees, NJ
  • Gardnerville, NV
  • Henderson, NV
  • Las Vegas, NV
  • North Las Vegas, NV
  • Reno, NV
  • Amherst, NY
  • Babylon, NY
  • Bay Shore, NY
  • Bronx, NY
  • Brooklyn, NY
  • Cheektowaga, NY
  • Commack, NY
  • Coram, NY
  • Farmingdale, NY
  • Farmingville, NY
  • Garden City, NY
  • Getzville, NY
  • Great Neck, NY
  • Hempstead, NY
  • Hicksville, NY
  • Island Park, NY
  • Lancaster, NY
  • Liverpool, NY
  • Long Island City, NY
  • Melville, NY
  • Monsey, NY
  • Mount Sinai, NY
  • Mount Vernon, NY
  • Nesconset, NY
  • New Windsor, NY
  • Northport, NY
  • Port Washington, NY
  • Queens Village, NY
  • Rochester, NY
  • Rockville Centre, NY
  • Ronkonkoma, NY
  • Spring Valley, NY
  • Staten Island, NY
  • Syosset, NY
  • Tonawanda, NY
  • Woodside, NY
  • Yonkers, NY
  • Akron, OH
  • Bedford Heights, OH
  • Cincinnati, OH
  • Cleveland, OH
  • Columbus, OH
  • Dayton, OH
  • Fairfield, OH
  • Grove City, OH
  • Groveport, OH
  • Hamilton, OH
  • Milford, OH
  • Perrysburg, OH
  • Reynoldsburg, OH
  • Springfield, OH
  • Westerville, OH
  • Broken Arrow, OK
  • Oklahoma City, OK
  • Aloha, OR
  • Beaverton, OR
  • Gresham, OR
  • Hillsboro, OR
  • Lake Oswego, OR
  • Milwaukie, OR
  • Oregon City, OR
  • Portland, OR
  • Salem, OR
  • Tigard, OR
  • Bensalem, PA
  • Fairless Hills, PA
  • Glen Mills, PA
  • Havertown, PA
  • Langhorne, PA
  • Malvern, PA
  • Montgomeryville, PA
  • Newtown Square, PA
  • Norristown, PA
  • Philadelphia, PA
  • Plymouth Meeting, PA
  • Southampton, PA
  • Upper Chichester, PA
  • Upper Darby, PA
  • Whitehall, PA
  • Willow Grove, PA
  • Cranston, RI
  • North Providence, RI
  • Charleston, SC
  • Columbia, SC
  • Florence, SC
  • Greenville, SC
  • Hilton Head Island, SC
  • Ladson, SC
  • Lexington, SC
  • Mauldin, SC
  • Rock Hill, SC
  • Spartanburg, SC
  • Taylors, SC
  • West Columbia, SC
  • Antioch, TN
  • Chattanooga, TN
  • Hermitage, TN
  • Hixson, TN
  • Madison, TN
  • Memphis, TN
  • Nashville, TN
  • Old Hickory, TN
  • Addison, TX
  • Arlington, TX
  • Austin, TX
  • Carrollton, TX
  • Dallas, TX
  • Duncanville, TX
  • Fort Worth, TX
  • Garland, TX
  • Grand Prairie, TX
  • Helotes, TX
  • Houston, TX
  • Humble, TX
  • Irving, TX
  • Katy, TX
  • Kennedale, TX
  • Kingwood, TX
  • Lancaster, TX
  • Lewisville, TX
  • Mesquite, TX
  • Missouri City, TX
  • Pantego, TX
  • Pasadena, TX
  • Plano, TX
  • Richardson, TX
  • Richland Hills, TX
  • San Antonio, TX
  • Spring, TX
  • Universal City, TX
  • Webster, TX
  • Salt Lake City, UT
  • Sandy, UT
  • Alexandria, VA
  • Annandale, VA
  • Burke, VA
  • Chantilly, VA
  • Chesapeake, VA
  • Fairfax, VA
  • Falls Church, VA
  • Gainesville, VA
  • Hampton, VA
  • Herndon, VA
  • Hollins, VA
  • Lorton, VA
  • Manassas, VA
  • Mc Lean, VA
  • Newport News, VA
  • Norfolk, VA
  • North Chesterfield, VA
  • Prince George, VA
  • Richmond, VA
  • Springfield, VA
  • Sterling, VA
  • Virginia Beach, VA
  • Woodbridge, VA
  • Auburn, WA
  • Bellevue, WA
  • Bellingham, WA
  • Bothell, WA
  • Bremerton, WA
  • Burien, WA
  • Edmonds, WA
  • Everett, WA
  • Federal Way, WA
  • Issaquah, WA
  • Kent, WA
  • Kirkland, WA
  • Lakewood, WA
  • Lynnwood, WA
  • Mountlake Terrace, WA
  • Olympia, WA
  • Puyallup, WA
  • Renton, WA
  • Seatac, WA
  • Seattle, WA
  • Shoreline, WA
  • Tacoma, WA
  • Vancouver, WA
  • Woodinville, WA
  • Germantown, WI
  • Milwaukee, WI
  • Oak Creek, WI
  • Waukesha, WI
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