Public Storage Stock Price Today (PSA)
2023.02.24 14:24
Public Storage is a global American self-storage company that operates as a real estate investment trust (REIT) with its headquarters in Glendale, California. It is the most popular self-storage brand in the United States.
It was the largest of four publicly traded REITs in the storage sector in 2008. In the United States, Canada, and Europe, there are more than 2,200 Public Storage self-storage facilities. Additionally, it offers other services, sells packing supplies, and owns 42% of a subsidiary that deals in office parks. Real estate investors own it because it is a REIT, and they get a return on their investment of more than 90% of the company’s profits.
B. Wayne Hughes and Kenneth Volk Jr. founded Public Storage Inc. in 1972. By 1989, it had 1,000 locations and was funded by investors in real estate limited partnerships (RELPs).
In 1995, Storage Equities merged with Public Storage and adopted its name, transforming the private company into a publicly traded REIT. It paid $5.5 billion for Shurgard Storage Centers in a 2006 acquisition. Public Storage still owns 36.6% of Shurgard, which has since been spun out into a separate publicly traded company.
