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Largest self-storage REIT in the United States, renting storage units to individuals and businesses.
Largest self-storage REIT in the United States, renting storage units to individuals and businesses.
Earns rent on month-to-month units, so it can raise prices quickly on existing customers but also sees leases end quickly when demand falls. It also sells tenant insurance and merchandise. It grew by buying portfolios, including Simply Self Storage in 2023, and holds a minority stake in Shurgard, a European operator.
Moat: narrow (scale, brand, installed base). Largest self-storage footprint and brand recognition give scale advantages in a fragmented, locally competitive market.
Headquarters: Glendale, California, United States · Founded: 1972 · Employees: 5,770
Size Public Storage (PSA) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $63.1B, the 208th largest of 3,117 United States companies the cockpit tracks. Shares closed at $337.46 on 6 Nov 2026.
Performance Over six months the shares gained 9.5%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +5.9%); the operating margin is 43.6% (peer median 33.3%).
Valuation It trades at 6.45× book value against a peer median of 2.59× (5th most expensive of 18).
Price implies The share price implies a return on equity of about 43.1%; Public Storage delivers 16.0%, so the price asks more than the business earns today.
Credit Public Storage has 20 bonds outstanding ($10.5B), rated A by the agencies and trading like A at a weighted spread of 69 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.03B | $4.82B | $4.70B | $4.52B | $4.18B |
| Revenue growth | — | +3% | +4% | +8% | — |
| Gross profit | $2.35B | $2.36B | $2.31B | $2.39B | $2.23B |
| EBITDA | $3.48B | $3.41B | $3.33B | $3.27B | $3.04B |
| Net income | $1.90B | $1.78B | $2.07B | $2.15B | $4.35B |
| Free cash flow | $2.70B | $2.90B | $2.72B | $2.80B | $2.67B |
| Capital expenditure | $299M | $289M | $420M | $461M | $460M |
| Total debt | $12.2B | $10.3B | $9.35B | $9.10B | $6.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Public Storage PSA | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% |
| Extra Space Storage EXR | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% |
| CubeSmart CUBE | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PSA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.2% | +8.9% | 3rd highest of 21 |
| 6-month return | +9.5% | -1.0% | 7th highest of 20 |
| Return on equity | 16.0% | 7.8% | 5th highest of 18 |
| Price / book | 6.45× | 2.59× | 5th most expensive of 18 |
| Trailing P/E | 35.3× | 28.8× | 9th most expensive of 20 |
| ROE the price implies | 43.1% | 20.9% | 4th most demanding of 17 |
| ROE delivered | 16.0% | 7.9% | 5th highest of 18 |
| Bond spread | 69 bp | 86 bp | 3rd tightest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
Public Storage has 20 bonds outstanding with $10.5B face value. The agencies rate it A; its bonds trade like A. Weighted yield 5.11%, a spread of 69 bp over government bonds.