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 nearly 2,350 storage facilities under the Public Storage brand comprising some 155 million sq. ft. of storage space in the US and nearly 220 facilities in Europe under the Shurgard brand. The firm's self-storage properties, located in densely populated areas, generate about 95% 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 some 95% of revenue, and consists of the nearly 2,570 total units it owns across the US and its non-US markets. The self-storage business rents storage units mostly on a month-by-month basis to both individual and business customers. Typically, individual customers will store furniture, household belongings, and vehicles, while businesses store excess inventory, records, seasonal goods, and equipment and fixtures. Facilities have between 350 and 750 storage spaces. Some of its facilities have on-site parking.

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, more than 280 in Florida, and about 280 in Texas. Public Storage also owns a 49% stake in Shurgard Europe, which operates about 220 units in Belgium, Denmark, France, Germany, the Netherlands, Sweden, and the UK. The company has an additional fully-owned facility in London.

Sales and Marketing

Public Storage markets its products and services through internet advertising, signage, and banners.

Financial Performance

Public Storage might need to start using its own units soon to store its mounting cash piles.

In fiscal 2016, revenue increased a further 8% to $2.6 billion. About 70% of the growth came from same-store sales increases due to higher rent per sq. ft., with the rest coming from acquired, developed, or expanded facilities.

Net income grew 12% to $1.2 billion -- an astonishing rate of profitability. The increase came from higher self-storage income and the $17.3 million positive impact on euro-denominated debt due to favorable currency changes.

Cash from operations increased 11% to $1.9 billion due to higher net income an increase in distribution from retained earnings of unconsolidated real estate entities.

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. In 2016, the company's development and expansion pipeline amounts to 5.4 million net rentable square feet at a total cost of $660.2 million.

Public Storage still pursues facility acquisitions, but at a much lower rate than before due to the significantly higher costs than development and expansion.

The company views Europe has having great potential for growth as the storage industry is in an earlier stage of development. In 2014-16 Shurgard Europe (of which Public Storage owns 49%) acquired 27 facilities with 1.3 million net rentable sq. ft. of storage space.

Mergers and Acquisitions

In 2014-16, Public Storage acquired 116 facilities for $1.0 billion.

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.

- Show Less + Show Full Description

Company News and Press Releases

- Show Less + Show More News and Press Releases

Public Storage

701 Western Ave
Glendale, CA 91201-2349
Phone: 1 (818) 244-8080
Fax: 1 (818) 553-2376

Stats

  • Employer Type: Public
  • Stock Symbol: PSApA, PSApB, PSApC, PSApD, PSApE, PSApF, PSApG, PSApU, PSApV, PSApW, PSApX, PSApY, PSApZ, PSA
  • Stock Exchange: NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE, NYSE
  • Chairman and CEO: Ronald L. Havner
  • SVP and CFO: John Reyes
  • President: Joseph D. Russell
  • 2016 Employees: 5,500

Major Office Locations

  • Glendale, CA

Other Locations

  • Anniston, AL
  • Birmingham, AL
  • Hoover, AL
  • Huntsville, AL
  • Mobile, AL
  • Vestavia Hills, 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
  • Buena Park, 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
  • 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
  • Newark, 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
  • Mangonia Park, 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
  • Port Richey, FL
  • Riviera Beach, FL
  • Saint Petersburg, FL
  • Sanford, FL
  • Sarasota, FL
  • Sunny Isles Beach, 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
  • 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
  • Glendale Heights, 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
  • Overland Park, 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
  • 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
  • Brooklyn Park, 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
  • 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
  • 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
  • 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
  • Cypress, 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
  • Centreville, 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
- Show Less + Show More