Morningstar

Public Storage

PSA: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Public Storage Remains the Gold Standard of Self-Storage REITs

Nov 13, 2026

Business Strategy and Outlook

Public Storage is North America's largest self-storage operator, owning or operating nearly 4,800 facilities with roughly 339 million net rentable square feet. Profit comes mainly from month-to-month rent paid by about 2.7 million customers, supplemented by higher-margin tenant reinsurance, third-party management fees, and a growing lending book. Self-storage products and services are largely commoditized, which heightens the importance of execution through pricing, marketing efficiency, and operating costs.

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