Public Storage
Operates U.S. self-storage facilities with insurance, management, lending, and European investment exposure.
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Profile
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
Categories
Key statistics
Year to date +21.3% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Barclays | Reiterate | Equal Weight | $349 | $350 | |
| Aug 18, 2026 | Scotiabank | Reiterate | Outperform | $345 | $346 | |
| Jul 31, 2026 | RBC Capital | Reiterate | Sector Perform | $305 | $318 | |
| Jul 10, 2026 | UBS | Reiterate | Neutral | $314 | $326 | |
| Jul 10, 2026 | Barclays | Downgrade | Overweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $2.53 | $2.55 | +0.8% | $1.23B | $1.23B | −0.1% | −3.64% |
| Apr 27, 2026Q1 FY26 | $2.42 | $2.72 | +12.4% | $1.22B | $1.22B | +0.2% | −2.73% |
| Feb 12, 2026Q4 FY25 | $2.49 | $2.60 | +4.4% | $1.21B | $1.22B | +0.2% | +2.73% |
| Oct 29, 2025Q3 FY25 | $4.24 | $4.31 | +1.7% | $1.21B | $1.22B | +1.0% | −2.88% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.18B | $1.20B | $1.22B | $1.22B | $1.22B | $1.23B | |
| Gross profit | $851.3M | $883.1M | $893.2M | $292.0M | $877.7M | $888.8M | |
| Operating income | $543.4M | $575.2M | $864.4M | $556.7M | $474.3M | $466.7M | |
| Net income | $407.8M | $358.4M | $511.1M | $507.1M | $526.3M | $500.0M | |
| Diluted EPS | $2.04 | $1.76 | $2.62 | $2.60 | $2.71 | $2.55 | |
| Gross margin | 72.0% | 73.5% | 73.0% | 24.0% | 72.1% | 72.1% | |
| Operating margin | 45.9% | 47.9% | 70.6% | 45.8% | 38.9% | 37.9% |
Fiscal years (4-quarter sums)FY21 $3.42B · FY22 $4.18B · FY23 $4.52B · FY24 $4.70B · FY25 $4.82B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $259.9M · Total debt $10.18B · Total assets $20.12B · Shareholders' equity $9.19B
Dividends
Raised for 35 straight years — most recently to $3.00 from $2.00 in Mar 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $3.00 | |
| Mar 16, 2026 | Mar 16 | Mar 31 | $3.00 | |
| Dec 15, 2025 | Dec 15 | Dec 30 | $3.00 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $3.00 | |
| Jun 12, 2025 | Jun 12 | Jun 27 | $3.00 | |
| Mar 13, 2025 | Mar 13 | Mar 28 | $3.00 | |
| Dec 13, 2024 | Dec 13 | Dec 30 | $3.00 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $3.00 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 186.48M · Float 158.59M · 85.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 17.26M | 9.26% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 13.61M | 7.30% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 10.32M | 5.54% | 13F | Aug 13, 2026 |
| State Street Corp | 10.13M | 5.43% | 13F | Aug 7, 2026 |
| Capital International Investors | 9.50M | 5.09% | 13F | Aug 12, 2026 |
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 |
Peers
- Extra Space Storage
#2 US storage REIT by sqft; head-to-head in rates, occupancy, and digital.
- CubeSmart
Urban-infill self-storage REIT; high-barrier-market focus; third-largest sqft.
- U-Haul
Third-largest storage operator; value pricing vs REIT; moving-storage bundle.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Public Storage | $313.51 | +0.03% | $58.46B | 29.9 | 31.6 | 12.0 | +2.7% |
| Extra Space Storage | $143.00 | +0.06% | $30.19B | 32.0 | 30.6 | 8.8 | +3.9% |
| CubeSmart | $40.02 | −0.05% | $9.06B | 27.6 | 25.5 | 8.0 | +1.5% |
| U-Haul | $68.59 | +0.01% | $13.41B | 361.0 | 50.4 | 2.2 | +3.2% |
| Median | 32.0 | 30.6 | 8.0 | +3.2% |