At a glance
Public Storage is worth $62.26B, about 37 times its fiscal 2025 earnings. Revenue grew 2.7% to $4.82B in fiscal 2025, with 37.0% kept as profit; over 5 years it has grown 10.6% a year. It pays a 3.6% dividend yield, and returned $3.90B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +24.6% over the past year with dividends reinvested and +4.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.5% in the 2020 crash (S&P 500: 33.7%) and 29.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Public Storage rents storage units to households and businesses on month-to-month leases. It is the largest U.S. self-storage owner. As of December 31, 2025, it held interests in 3,171 facilities with 229 million rentable square feet across 40 states, all under the Public Storage name. The industry is fragmented: the company estimates it owns about 9% of U.S. self-storage space, while regional and local operators own 78%.
Rent from these facilities produces most of its revenue, which was $4.82 billion in fiscal 2025. Its annual report does not split revenue by segment or region. Tenants can take out insurance on their stored goods, and a company subsidiary reinsures all of it, keeping nearly all the premiums and bearing the losses. About 1.5 million tenants held policies at the end of 2025. The company also manages 362 facilities for other owners and offers locks and boxes. Since 2024 it has made bridge loans (interim loans, usually three or four years) to owners of storage properties it manages.
Public Storage also owns 35% of Shurgard, which is listed on Euronext Brussels and ran 332 storage facilities in seven Western European countries at the end of 2025. It is a real estate investment trust (REIT): it avoids federal corporate income tax on taxable income it pays out as dividends.
Price history
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PSA +24.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.37B, up 11.6% from a year earlier, and net income was $366.9M (-28.2%).
- For fiscal 2025, revenue was $4.82B (+2.7% year over year; +10.6% a year from FY2020 to FY2025) with a 37% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.6% good |
|---|---|
| Return on equity (FY2025) | 19.3% good |
| Return on assets (FY2025) | 8.8% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.92B | $1.36B | — |
| FY2021 | $3.42B | $1.95B | — |
| FY2022 | $4.18B | $4.35B | — |
| FY2023 | $4.52B | $2.15B | — |
| FY2024 | $4.70B | $2.07B | — |
| FY2025 | $4.82B | $1.78B | — |
Valuation snapshot
| Market value | $62.26B |
|---|---|
| P/E ratio | 37 |
| Dividend yield | 3.6% |
Rank among 1514 US companies
Market value at each year end
Public Storage’s market value went from $38.76B at the end of 2016 to $62.26B on Nov 2, 2026, up 61%; since the end of 2025 it is up 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $62.26B | +36.7% |
| 2025 | $45.53B | -13.2% |
| 2024 | $52.43B | -2.2% |
| 2023 | $53.63B | +9.0% |
| 2022 | $49.21B | -25.1% |
| 2021 | $65.68B | +62.7% |
| 2020 | $40.37B | +8.5% |
| 2019 | $37.20B | +5.4% |
| 2018 | $35.29B | -3.0% |
| 2017 | $36.37B | -6.2% |
| 2016 | $38.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PSA price data to Nov 2, 2026 | +32.3% | +24.6% | +14.9% | +4.3% | +9.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.3% |
| 2025 | -9.7% |
| 2024 | +2.1% |
| 2023 | +13.6% |
| 2022 | -20.2% |
| 2021 | +66.6% |
| 2020 | +12.6% |
| 2019 | +9.0% |
| 2018 | +0.6% |
| 2017 | -2.9% |
| 2016 | -6.9% |
| 2015 | +38.3% |
| 2014 | +26.8% |
| 2013 | +7.4% |
| 2012 | +11.3% |
| 2011 | +36.8% |
| 2010 | +28.5% |
| 2009 | +5.8% |
| 2008 | +12.4% |
| 2007 | -22.8% |
| 2006 | +47.5% |
| 2005 | +25.1% |
| 2004 | +33.2% |
| 2003 | +41.0% |
| 2002 | +2.0% |
| 2001 | +45.0% |
| 2000 | +14.0% |
| 1999 | -11.0% |
| 1998 | -4.8% |
| 1997 | -2.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 37.5% over that stretch · deepest drop along the way 51.5%, back to its old high 13.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.9% over that stretch · deepest drop along the way 29.5%, back to its old high 5.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.8% over that stretch · deepest drop along the way 29.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($772K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Nathaniel A. Vitan Chief Legal Officer | sell | $463K |
| Jun 12, 2026 | Nathaniel A. Vitan Chief Legal Officer | sell | $309K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.72% | Mar 31, 2026 |
| Vanguard Capital Management | 6.8% | Mar 31, 2026 |
| Capital International Investors | 5.5% | Jun 30, 2026 |
ETFs with the most weight in PSA
| INDS Pacer Industrial Real Estate ETF | 15.45% |
| REZ iShares Residential and Multisector Real Estate ETF | 9.21% |
| RITA ETFB Green SRI REITs ETF | 7.86% |
| HAUS Residential REIT ETF | 4.63% |
| PSR Invesco Active U.S. Real Estate Fund | 4.5% |
| ICF iShares Cohen & Steers REIT ETF | 4.47% |
| RWR SPDR Dow Jones REIT ETF | 4.43% |
| XLRE Real Estate Select Sector SPDR Fund | 4.39% |
What could go wrong
- Property tax increases, especially in California. The company singles out California as a tax risk. Property taxes depend on assessed values, so new assessment methods or laws in states where it owns many facilities could raise costs sharply.
- New storage supply can cut rents. Outside money can fund new facilities nearby, lowering occupancy and rents and raising advertising costs. The company warns that even its own new or managed facilities can draw customers from its older ones.
- Disasters, made costlier by its insurance business. Earthquakes, fires, hurricanes and floods can damage facilities and tenants' goods. Because a subsidiary takes on the risk of tenants' storage insurance, one disaster can also bring many claims. Losses can exceed its insurance limits.
- Limits on pricing and rising marketing costs. Laws on rental rates or evictions could limit pricing and collections. Its marketing and pricing strategies may also fall short, and its main ways of finding customers, such as paid web search, could get pricier.
- European stake and bridge loans add exposure. Its 35% stake in Shurgard ties results partly to Western European economies and currencies. Its interim bridge loans to other storage owners, $142.1 million at the end of 2025, could lose money if borrowers fail.
- Leadership change during a corporate overhaul. Its annual report for fiscal 2025 describes a leadership succession and a corporate transformation initiative. If the handover stumbles, the company says it may struggle to carry out its strategic plan.
Recent events
- Major agreement signed
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Major agreement signed
- Investor presentation or announcement; Other company announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Unregistered sale of shares; Change to shareholder rights; Bylaws or fiscal year changed; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Public Storage paid regular dividends of $12 per share in fiscal 2023, 2024 and 2025, up from $8 in 2020 and 2021. That is 8.4% yearly growth, though the payout stayed at $12 for three years. The $12 topped 2025 diluted earnings of $9.01 a share. That is common for real estate investment trusts (REITs), because depreciation, a non-cash charge, cuts reported profit. The yield was 3.87% as of October 28, 2026. Buybacks were small ($200 million in fiscal 2024), and the share count rose 6.6% from October 2021 to October 2026.
Downturns hit the shares hard. They dropped 51.5% in the 2008 financial crisis and took about 13 months from the March 2009 low to recover. In the 2020 COVID crash they fell 29.5%, recovering by September 2020. In 2022 they fell 29.2% from an April peak and had not regained it as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Public Storage make money?
Mainly by renting self-storage units month to month to households and businesses. As of December 31, 2025, it held interests in 3,171 facilities, and its annual report says self-storage produces most of its revenue and earnings. Smaller sources include reinsuring tenants' insurance on stored goods, fees for managing 362 facilities for other owners, merchandise such as locks and boxes, interest on bridge loans to storage owners, and its 35% stake in European operator Shurgard. Total revenue was $4.82 billion in fiscal 2025.
Does Public Storage raise its dividend every year?
No. Public Storage paid a regular dividend of $12 per share in each of fiscal 2023, 2024 and 2025, so it had no streak of yearly increases through fiscal 2025. Over a longer span it grew from $8 in fiscal 2020, about 8.4% a year. The fiscal 2025 dividend was larger than diluted earnings of $9.01 per share, which is common for real estate investment trusts (REITs) because depreciation lowers reported profit without using cash. The yield was 3.87% as of October 28, 2026.
Are Public Storage dividends qualified dividends?
Generally not. Public Storage's 10-K notes that dividends paid by real estate investment trusts (REITs) do not qualify for the lower tax rates available on some dividends. That is the trade-off for the REIT structure: the company avoids federal corporate income tax on the taxable income it pays out, and shareholders are generally taxed at ordinary income rates on what they receive. For that reason, some investors hold REITs in tax-advantaged accounts such as IRAs. A tax adviser can explain how this applies to a particular situation.
How has Public Storage stock performed over the long run?
It returned an average of 8.4% a year over the 10 years to October 28, 2026, with big swings along the way. Over five years the figure was 3.2% a year, and over one year 8.3%. Calendar years vary widely: a 66.6% gain in 2021, but losses of 20.2% in 2022 and 9.7% in 2025. For 2026 through October 28, it was up 23.1%. Its deepest fall across about 30 years of price history was 55.7%.
Which ETFs hold Public Storage stock?
Public Storage appears in 208 ETFs. Its largest weights are in narrower real estate funds: 15.45% of the Pacer Industrial Real Estate ETF (INDS), 9.21% of the iShares Residential and Multisector Real Estate ETF (REZ) and 7.86% of the ETFB Green SRI REITs ETF (RITA). In broad real estate funds it is a smaller slice, about 4.4% of the iShares Cohen & Steers REIT ETF (ICF), the SPDR Dow Jones REIT ETF (RWR) and the Real Estate Select Sector SPDR Fund (XLRE). Weights shift as prices change.