Public Storage (NYSE: PSA), a real estate investment trust (REIT), is one of the largest self-storage companies in the United States with headquarters in Glendale, CA.
Public Storage built its first self-storage facility in 1972. Today it operates over 2,100 company-owned locations in the United States and Europe (under the Shurgard brand name), totaling more than 135 million net rentable square feet of real estate. Its PS Business Parks interest adds another 21 million rentable square feet of commercial and industrial space. Based on number of tenants, Public Storage is among the largest landlords in the world. The firm's self-storage properties, located in densely populated areas, generate some 97% of the company's sales. The company was founded in 1972 by Bradley Wayne Hughes.
Public Storage owns about 46% of publicly traded firm PS Business Parks, which rents commercial and industrial storage space. The REIT sells insurance to tenants; its stores sell packing and related moving items.
Shurgard Storage Centers, Inc. was publicly traded on the New York Stock Exchange from 1994 to August 2006, when it was bought by Public Storage for $5.5B.
Controversy
Over the years, consumers have criticized Public Storage for problems such as thefts at its facilities and destruction of renter’s belongings by wild animals that get into the units.
References
- ^ http://finance.yahoo.com/q/is?s=PSA&annual
- ^ http://finance.yahoo.com/q/is?s=PSA&annual
- ^ http://finance.yahoo.com/q/is?s=PSA&annual
- ^ http://finance.yahoo.com/q/pr?s=PSA
- ^ "Thieves Have Hit Many Self-Storage Facilities". Seattle Post Intelligencer. 9 Nov 2004 . http://www.seattlepi.com/local/198832_publicstorage09.html . Retrieved 30 July 2009 .
- ^ "Thieves Loot Self-Storage Units". Northwest Indiana Times. 4 June 2009 . http://nwitimes.com/news/local/article_0a40cafa-de9c-513a-9bf2-c8ff744254ca.html . Retrieved 30 July 2009 .
- ^ "Raccoons Infest Storage Unit and Company Won’t Pay". 30 July 2009 . http://www.chicagotribune.com/news/columnists/chi-thu-problem-public-storage-jul30,0,2048166.column . Retrieved 30 July 2009 .
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