About the Company
Public Storage is a self-storage company that functions as a REIT (real estate investment trust), and its headquarters are located in Glendale, California. With an employee base of more than 5,900 individuals, it is one of the largest self-storage companies in America. It has storage areas located in about 40 states in the US such as Alabama, Delaware, Louisiana, Arizona, Texas, Washington, Virginia, Tennessee, Massachusetts, Utah, Illinois, Pennsylvania, Maryland, California, Oregon, Wisconsin, etc. Internationally, it has public storages located in seven countries, namely Belgium, France, Germany, Denmark, the United Kingdom, Sweden and the Netherlands.
The company offers self-storage in three segments: small, medium and large. Under small, it provides either a 5’×5’ large closet or a 5’×10’ room. Under medium, one can avail three rooms of 10’×10’ size or two rooms of 5’×15’. Finally, if one opts for a large space, three options are provided by the company; these are 10’×15’ sized four rooms, 10’×20’ sized five rooms or 10’×25’ sized six rooms. Public Storage also offers vehicle storage space for RVs & boats, oversized vehicles and most car models.
The company came into being during the 1970s as a result of an idea conceived by B Wayne Hughes, a South California real estate developer. In 1972, the company was officially founded as Privare Storage Spaces Inc. by Hughes and his business partner, Kenneth Volk. Its first warehouse was built in the same year in El Cajon, California and later changed its name to Public Storage. In 1995, the company merged with Storage Equities Inc. and re-structured itself into Public Storage Inc. Later, in that same year, it took over Trust Reality, one of its competitors for $600 million. Over the next few years, Public Storage Inc. acquired numerous other storage facilities including Shurgard Storage Centers.
The company is one of the top 1000 Fortune companies and ranks 813th in the list as of 2020. Forbes has also recognized it in its 2020 Global 2000 list at the 983rd position. It is a component of the Standard & Poor’s 500 index and trades on the New York Stock Exchange (NYSE) under the ticker symbol PSA.;