Public Storage is a Maryland real estate investment trust (REIT) that focuses on the ownership, development, and operation of self-storage facilities. The company is the industry's leading owner of self-storage properties, with a recognized brand and a physical presence in most major markets and 40 states. Public Storage's core business model involves leasing storage spaces on a month-to-month basis to individuals and businesses. The company believes its scale, brand name, and technology platform provide a competitive advantage in the fragmented self-storage industry. The company also engages in tenant reinsurance and third-party self-storage management.

• Employees: Approximately 6,200 (includes 5,380 customer-facing roles)
• Geographic Footprint: 40 states in the U.S. and 7 countries in Western Europe (through Shurgard)
• Headquarters: Glendale, California
• Founded: 1980 (Public Storage Operating Company)
• Number of locations/facilities: 3,044 self-storage facilities in the U.S. (consolidated) and 275 in Europe (through Shurgard)
• Revenue: $4.26 billion (FY2023)
• Key Subsidiaries/Brands: Public Storage Operating Company, Public Storage OP, L.P., Shurgard Self Storage Limited

• CEO: Joseph D. Russell, Jr. (since January 1, 2019)
• CFO: H. Thomas Boyle (since January 1, 2019)
• Chief Administrative Officer: Natalia N. Johnson (since August 4, 2020)
• Senior Vice President, Chief Legal Officer and Corporate Secretary: Nathaniel A. Vitan (since April 20, 2019)

Key executives have extensive experience in real estate, finance, and legal fields.

• Annual Revenue: $4.26 billion (FY2023)
• Net Income: $2.15 billion (FY2023) allocable to common shareholders
• Total Assets: $19.8 billion (as of December 31, 2023)
• Employees: Approximately 6,200 (as of December 31, 2023)
• Key Financial Highlights: Net income decreased significantly in 2023 primarily due to a large gain on sale of equity investment in 2022. Revenues increased by 7.9% year-over-year.

Public Storage offers a range of self-storage solutions and related services:

• Self-Storage Facilities: Leases of storage spaces on a month-to-month basis for personal and business use.
• Tenant Reinsurance: Insurance programs for customers to cover losses to stored goods.
• Third-Party Self-Storage Management: Management services for self-storage facilities owned by third parties.
• Merchandise Sales: Sale of locks and cardboard boxes at self-storage facilities.

The company's operations are primarily divided into two reportable segments:

• Self-Storage Operations: Includes rental operations from owned and operated facilities. This segment is further divided into Same Store Facilities, Acquired Facilities, Newly Developed and Expanded Facilities, and Other Non-Same Store Facilities.
• Ancillary Operations: Includes tenant reinsurance, merchandise sales, and third-party property management.

Revenue breakdown by segment is not explicitly provided, but self-storage operations generate the majority of the company's net income.

Public Storage's strategy focuses on several key areas:

• Improving Operating Performance: Maximizing revenue and controlling costs at existing self-storage facilities.
• Acquiring Existing Properties: Capitalizing on the fragmented self-storage industry by acquiring attractively priced, well-located facilities.
• Developing New Facilities: Expanding through the development of new self-storage locations and expansion of existing facilities.
• Growing Ancillary Business Activities: Increasing insurance coverage and third-party management services.
• Technology: Investing in technology to enhance customer experience and operational efficiency.

The company is also focused on environmental stewardship and managing climate-related risks. The company aims to maintain a strong financial profile and access to capital markets.

Public Storage operates in the self-storage industry, which is highly fragmented. The company believes it owns approximately 9% of the self-storage square footage in the U.S. and that the four largest owners collectively own approximately 20%. The company competes with regional and local operators. Key market trends include:

• Competition: Significant competition from other self-storage operators, property developers, and alternative storage options.
• Demand: Demand can be affected by customer perceptions, economic conditions, and demographic shifts.
• Technology: Increasing importance of online marketing and digital customer experiences.

Market share information is not explicitly provided but the company is the largest owner of self-storage facilities in the U.S.

• Property and Business Risks: Natural disasters, terrorist attacks, and other events that could damage facilities or disrupt operations. Risks related to climate change, including severe weather events and the transition to a low-carbon economy.
• Operational Risks: Increases in operating costs, including property taxes, and the risks associated with acquisitions and development. Competition from other self-storage operators and from other storage alternatives.
• Financial Risks: Fluctuations in interest rates, which could affect the company's cost of capital and the attractiveness of its dividend yield. Economic downturns and challenging market conditions that could affect business, financial condition, and access to capital.
• Regulatory Risks: Exposure to various laws, ordinances, and regulations, including environmental, labor, and insurance laws. Changes in tax laws that could negatively impact the company or its shareholders.
• Cybersecurity Risks: The failure or disruption of computer and communications systems, and the risk of confidential information being compromised.