Public Storage is a self-storage real estate investment trust (REIT) headquartered in the United States and listed on the NYSE. As of June 30, 2025, the company operated 3,432 properties across 40 states, comprising approximately 250 million rentable square feet. This includes 329 facilities managed for third parties totaling 25.4 million square feet. Public Storage is the fifth largest REIT by enterprise value and maintains investment-grade credit ratings of A2 from Moody’s and A from S&P. The company's same-store portfolio, which captures assets that operated for the entirety of the current and prior year quarter, includes 2,565 facilities totaling 175.3 million square feet. These facilities had an average occupancy of 92.6% and realized annual rent per occupied square foot of $22.50 for the quarter ended June 30, 2025. Top markets for the company's same-store portfolio include major cities including Los Angeles, San Francisco, New York, and Washington, D.C. Public Storage has been active in acquisitions in 2025, adding 25 facilities totaling 1.8 million square feet across nine states during the first half of 2025 for $303.3 million. The company also acquired BREIT Simply Storage LLC in 2023, which included 127 owned facilities and 25 managed facilities. Public Storage also holds a 35% equity interest in Shurgard Self Storage Limited, the largest self-storage operator in Western Europe, with a portfolio of 18 million square feet.