Public Storage

Public Storage is the largest owner and operator of self-storage facilities in the United States, controlling approximately 9% of U.S. self-storage square footage through 3,196 owned facilities across 40 states, with an additional 388 third-party managed properties and a 35% equity stake in European operator Shurgard Self Storage. The company generated $4.82 billion in revenue in fiscal 2025 and $1.80 billion in net income, structured as a Maryland real estate investment trust that has paid uninterrupted common dividends since going public in 1980.

This is a story about a dominant real estate franchise navigating a transition — in leadership, in strategy, and in market conditions. Public Storage has spent five decades building an irreplaceable portfolio, an iconic brand, and a balance sheet that lets it act when others cannot. The question is whether the PS4.0 transformation and the $10 billion-plus National Storage Affiliates acquisition, announced within weeks of a generational C-suite turnover, represent the beginning of a new growth compounding era or a top-of-cycle bet by a new team eager to make its mark.

The file turns on one question: can Public Storage use its scale, its operating platform, and its cost of capital advantage to drive per-share earnings growth that justifies an equity valuation north of 28 times trailing net income — or is the market already pricing a recovery that has not yet arrived?