Public Storage is a self-storage real estate investment trust that acquires, develops, owns, and operates self-storage facilities across the United States. Founded in August 1972 by B. Wayne Hughes and Kenneth Volk Jr. in El Cajon, California, the company went public in 1995 and trades on the New York Stock Exchange under ticker symbol PSA. As of December 31, 2025, Public Storage owned 3,171 self-storage facilities across 40 states with 229.4 million net rentable square feet. The company also holds a 35% equity interest in Shurgard Self Storage Limited, which operates 318 facilities with 17.5 million net rentable square feet across seven Western European countries. Public Storage operates the largest self-storage brand in the United States, controlling approximately 9% of the total U.S. self-storage square footage. The company's investment strategy centers on acquisitions, development projects, and third-party management expansion in high-density metropolitan markets. In February 2026, Public Storage announced its headquarters relocation from Glendale, California to Frisco, Texas. In March 2026, the company announced a pending $10.5 billion all-stock acquisition of National Storage Affiliates Trust, which would add over 1,000 properties and 69 million rentable square feet across 37 states and Puerto Rico. Public Storage generates revenue primarily from rental of self-storage space, supplemented by ancillary businesses including tenant insurance through its Orange Door Storage Insurance Program. Top geographic exposures include Texas with 477 facilities (40.5 million square feet), California with 450 facilities (32.8 million square feet), and Florida with 392 facilities (27.5 million square feet). The company focuses on urban and suburban markets with strong population density and growth characteristics, maintaining scale advantages through clustered facility locations in major metropolitan areas.