Public Storage rents out storage units it owns, mostly in big US cities, and produces steady cash. Its 2026 purchases of two storage businesses lifted revenue, but third-quarter earnings per share fell.
A sofa that no longer fits or boxes from a move can end up in a locked unit rented by the month. Public Storage owns buildings full of such units, mostly in large US cities, and rents them out. You may have driven past one. In 2026 it grew by buying two other storage businesses, National Storage Affiliates (NSA) and PS Canada. It paid with new debt, cash and new securities, including partnership units that holders can later swap for common shares or cash, at the company's option.
Customers pay rent for storage space; that is the core. Some also buy tenant reinsurance, which covers loss of their stored goods, or merchandise, and the company manages storage properties owned by others. These extras are small. Revenue moves with how much space is let, at what rent, and with facilities added by building or buying. Property taxes were the largest operating cost in the third quarter of 2026. What remains depends on rents at existing facilities rising and on each new facility earning enough to justify its price and financing.
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