Public Storage

Origins The idea for Public Storage was conceived by Southern California real estate developer B. Wayne Hughes in the early 1970s. During a trip to Texas, he observed that local real estate developers were doing well creating mini-storage facilities outside of Dallas and Houston. He brought the self storage concept back with him to California. The first warehouse was built in 1972 in El Cajon, California with $50,000 in capital. According to Hughes, "Private Storage Spaces Inc." confused people into thinking it was private, so the name was changed to "Public Storage" to match the PS acronym. Within three months, the first location was breaking even with a 35% occupancy. Poor weather and difficult labor markets outside of California delayed development projects; the company also made poor investments in office parks. Interest in real estate investing also diminished. In 1984, PS Reinsurance was formed to sell insurance for a storage unit's contents. to purchase self-storage facilities. In 1995, PS Orangeco was created as a subsidiary, selling boxes, packaging, truck rentals, and other moving supplies. In 1998, Public Storage acquired Storage Trust Realty in a $400 million transaction. 2000-present In 2006, the company acquired Shurgard Storage Centers in a $5.5 billion transaction, acquiring 624 locations, including 141 in Europe. Public Storage had attempted to acquire the company in 2000 and again in 2005, but its offers were rejected. In March 2010, the company acquired 30 locations from A-American Self Storage for $189 million. In December 2013, the company acquired a 44-property portfolio from Stor-All Storage for $430 million. In December 2020, the company acquired 36 properties containing 3.6 million net rentable square feet from Beyond Self Storage for $528 million. In April 2021, the company acquired the 48-property ezStorage portfolio, with properties in the Washington metropolitan area, for $1.8 billion. In December 2021, the company acquired All Storage, owner of 56 self-storage properties containing 7.5 million net rentable square feet primarily in the Dallas-Fort Worth market, for $1.5 billion. In February 2023, the company bid to acquire Life Storage but was outbid by Extra Space Storage. In September 2023, the company acquired Simply Self Storage, with 127 properties comprising 9 million rentable square feet, from affiliates of The Blackstone Group, for $2.2 billion. In February 2026, the company announced a corporate relocation to Frisco, Texas. ==Operations==

Public Storage is the largest self-storage brand in the US. Theft, insurance and damages In 2005, Public Storage said in a public filing that there had been "an increasing number of claims and litigation against owners and managers of rental properties relating to moisture infiltration, which can result in mold or other property damage." The company's rental contract says it is not responsible for the storage unit's contents, even if damage is caused by defects in the unit, and The Wall Street Journal reported that there were "surprisingly few remedies" for theft or property damage at self-storage facilities. Kansas, and Washington have reported on difficulties consumers had when filing insurance claims for burglaries with Willis Sales of these insurance policies do have a high profit, but generate less than five percent of the company's total revenue. ==Financials==

Public Storage is a "self-administered, self-managed" real estate investment trust (REIT). More than 90 percent of Public Storage's revenues are from its self-storage operations; it also provides insurance, packing products, and has a 44 percent interest in PS Business Parks. In 1984, PS Reinsurance was formed to sell insurance for a storage unit's contents. In 1995, PS Orangeco was created as a subsidiary, selling boxes, packaging, truck rentals, and other moving supplies. ==References==