Public Storage (PSA)
Operates U.S. self-storage facilities with insurance, management, lending, and European investment exposure.
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Owns, develops, and operates U.S. self-storage facilities, earning mainly month-to-month rental income plus tenant reinsurance, merchandise, property-management, and bridge-lending revenue. The National Storage Affiliates acquisition expanded both its owned network and an exclusively managed joint venture, while a minority Shurgard stake adds Western European exposure.
Owns, develops, and operates self-storage facilities across the United States, leasing units month to month to households and businesses. Rental income is the core business; tenant reinsurance, merchandise sales, third-party property management, and bridge loans tied to managed properties provide ancillary revenue.
Combines a national brand with centralized pricing, marketing, maintenance, and digital rentals to run a large property network. The recent National Storage Affiliates acquisition broadened both the owned portfolio and a separately held joint venture that it exclusively manages. A minority stake in Shurgard adds exposure to self-storage across Western Europe.
Demand, occupancy, rental rates, property taxes, and acquisition and development conditions shape property returns. REIT qualification governs the tax structure, while tenant reinsurance is subject to state insurance regulation.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Evercore ISI | Target | Target: $316 | Target: $308 |
| Sep 10, 2026 | Barclays | Reiterate | Rating: —Target: $350 | Target: $351 |
| Sep 2, 2026 | Scotiabank | Reiterate | Rating: —Target: $346 | Target: $343 |
| Sep 2, 2026 | Mizuho Securities | Target | Target: $316 | Target: $319 |
| Sep 1, 2026 | Wells Fargo | Target | Target: $295 | Target: $311 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $259.9M · Total debt $10.18B · Total assets $20.12B · Shareholders' equity $9.19B
- Revenue
- $1.23B
- Operating income
- $466.7M
- Net income
- $500.0M
HistoryDividendAnnual yield
| Institutions | 88.94% | 156.20M shares | |
|---|---|---|---|
| 1,155 holders · as of Jun 30, 2026 | |||
| Insiders | 10.11% | 17.76M shares | |
| 9 holders · as of Jul 2, 2026 | |||
| Strategic holders | 9.56% | 16.78M shares | |
| 1 holder · as of Jan 24, 2023 | |||
| Adds to | 108.61% | ||
175.62M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 108.61%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Tamara Hughes Gustavson1Insiderdirector | 10.07% | 17.65M | filed Dec 23, 2022 |
BlackRock, Inc.Institution | 9.83% | 17.26M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 9.56% | 16.78M | filed Jan 24, 2023 |
Vanguard Portfolio Management LLCInstitution | 7.75% | 13.61M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.88% | 10.32M | as of Jun 30, 2026 |
- Tamara Hughes Gustavson's transaction reports restate only vehicles that traded; the 2021 ownership statement (17.65M) plus the 32.0K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 13, 2026 | Nathaniel A. Vitan | officer: Chief Legal Officer | −1,414 | $327.53 |
| Jun 12, 2026 | Nathaniel A. Vitan | officer: Chief Legal Officer | −950 | $324.81 |
| Feb 20, 2026 | Shankh Mitra | director | +561,293 | $350.00 |
| Feb 20, 2026 | Ronald L. Jr Havner | director | +112,258 | $350.00 |
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CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Public Storage | $292.18 | +0.85% | $55.32B | 28.3 | 29.2 | 11.3 | +2.7% |
| Extra Space Storage | $134.99 | +0.02% | $29.04B | 30.8 | 28.9 | 8.5 | +3.9% |
| CubeSmart | $38.70 | +0.34% | $8.99B | 27.4 | 24.7 | 7.9 | +1.5% |
| U-Haul | $62.07 | −0.13% | $12.40B | 333.8 | 45.3 | 2.0 | +3.2% |
| Median | 30.8 | 28.9 | 7.9 | +3.2% |