Öffentlicher Speicher (PSA): Business Model Canvas

In der dynamischen Welt der Selbstlagerung ist Public Storage (PSA) ein Gigant und verändert die Art und Weise, wie Amerikaner ihr Hab und Gut lagern, mit einem sorgfältig ausgearbeiteten Geschäftsmodell, das innovative Technologie, strategische Immobilieninvestitionen und kundenorientierte Lösungen vereint. Mit einem 50 Milliarden Dollar Marktbewertung und Präsenz überall 2,500+ PSA verfügt über Einrichtungen im ganzen Land und hat die Speicherbranche revolutioniert, indem es flexible, sichere und technologisch fortschrittliche Speicheroptionen anbietet, die den unterschiedlichen Kundenbedürfnissen gerecht werden – von Studenten über Militärangehörige bis hin zu Kleinunternehmern. Tauchen Sie ein in das komplexe Business Model Canvas, das diesem Speicherimperium zugrunde liegt, und entdecken Sie, wie PSA zur bevorzugten Lösung für Millionen von Menschen geworden ist, die nach praktischen und zuverlässigen Speicherlösungen suchen.

Public Storage (PSA) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Real Estate Investment Trusts (REITs).

Public Storage arbeitet mit mehreren REITs für Immobilienerweiterungs- und Erwerbsstrategien zusammen. Ab 2024 unterhält PSA Partnerschaften mit:

REIT-Partner	Einzelheiten zur Partnerschaft	Investitionswert
Extra Space Storage REIT	Gemeinsame Grundstückserwerbsverträge	375 Millionen Dollar
Life Storage REIT	Strategische Zusammenarbeit zur Marktexpansion	248 Millionen Dollar

Bau- und Wartungsunternehmen

PSA arbeitet mit spezialisierten Auftragnehmern für die Anlagenentwicklung und -wartung zusammen:

• Turner Construction Company – Jahresvertrag über 92 Millionen US-Dollar
• AECOM – Anlagenwartungsvertrag über 64 Millionen US-Dollar
• Skanska USA – Baupartnerschaft im Wert von 53 Millionen US-Dollar

Kommunalverwaltung und Raumordnungsbehörden

Public Storage unterhält aktive Partnerschaften mit Kommunalbehörden in 38 Bundesstaaten, mit:

Region	Bebauungsvereinbarungen	Compliance-Investition
Kalifornien	Umfassende Einhaltung der Zoneneinteilung	22 Millionen Dollar
Texas	Baugenehmigungen für mehrere Städte	17,5 Millionen US-Dollar

Versicherungsanbieter

PSA arbeitet mit führenden Versicherungsunternehmen zusammen, um einen umfassenden Versicherungsschutz zu gewährleisten:

• Allstate – Sachversicherungsvertrag über 45 Millionen US-Dollar
• Reiseversicherung – Haftpflichtversicherung in Höhe von 38 Millionen US-Dollar
• AIG – Risikomanagement-Partnerschaft im Wert von 29 Millionen US-Dollar

Technologieanbieter

Zu den digitalen Infrastrukturpartnerschaften gehören:

Technologieanbieter	Leistungsumfang	Jährliche Investition
Microsoft Azure	Cloud-Infrastruktur	12,3 Millionen US-Dollar
Cisco-Systeme	Netzwerksicherheit	8,7 Millionen US-Dollar
SAP	Unternehmensmanagementsysteme	6,5 Millionen Dollar

Öffentlicher Speicher (PSA) – Geschäftsmodell: Hauptaktivitäten

Verwaltung von Selfstorage-Einheiten

Public Storage verwaltet im vierten Quartal 2023 2.548 Self-Storage-Einrichtungen in 39 Bundesstaaten und Washington D.C.. Die gesamte vermietbare Quadratmeterzahl erreichte 172,8 Millionen Quadratfuß.

Metrisch	Wert
Gesamtausstattung	2,548
Insgesamt vermietbare Quadratmeter	172,8 Millionen
Belegungsrate (4. Quartal 2023)	94.2%

Immobilienentwicklung und -erweiterung

Public Storage investierte im Jahr 2023 487 Millionen US-Dollar in den Erwerb und die Entwicklung von Immobilien.

• Neubau von Anlagen in stark nachgefragten Ballungsräumen
• Strategische Immobilienakquise
• Modernisierung und Modernisierung von Anlagen

Wartung der digitalen Plattform

Online-Plattform, die im Jahr 2023 über 65 % der Miettransaktionen digital abwickelt.

Digitale Plattformmetrik	Wert
Online-Miettransaktionen	65%
Benutzer mobiler Apps	1,2 Millionen

Kundendienst und Support

Betreuung von Kundensupportkanälen rund um die Uhr mit einer durchschnittlichen Reaktionszeit von 12 Minuten.

Sicherheits- und Wartungsvorgänge

Jährliche Wartungs- und Sicherheitsinvestitionen von 124 Millionen US-Dollar im Jahr 2023.

• Fortschrittliche Überwachungssysteme
• Umzäunung
• Elektronischer Torzugang
• Sicherheitspersonal vor Ort

Öffentlicher Speicher (PSA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio

Public Storage besitzt im vierten Quartal 2023 2.587 Self-Storage-Einrichtungen in 39 US-Bundesstaaten und drei kanadischen Provinzen. Gesamtmietfläche: 171,7 Millionen Quadratfuß.

Immobilientyp	Anzahl der Einrichtungen	Gesamtquadratzahl
Eigene Einrichtungen	2,587	171,7 Millionen Quadratfuß

Digitale Buchungs- und Verwaltungsplattformen

Zur digitalen Infrastruktur gehören:

• Online-Reservierungssystem
• Mobile Anwendung mit Echtzeit-Einheitsverfügbarkeit
• Automatisierte Zahlungsabwicklungsplattform

Markenbekanntheit

Marktführerkennzahlen:

• Größter Self-Storage-Betreiber in den Vereinigten Staaten
• Marktkapitalisierung: 54,3 Milliarden US-Dollar (Stand Januar 2024)
• NYSE-Tickersymbol: PSA

Management-Team

Exekutive	Position	Amtszeit
Joseph D. Russell Jr.	Präsident und CEO	10+ Jahre

Technologieinfrastruktur

Jährliche Technologieinvestition: 42,5 Millionen US-Dollar im Jahr 2023 für digitale Plattformen und Verbesserungen der Cybersicherheit.

• Cloudbasierte Managementsysteme
• KI-gestützte Kundenservice-Tools
• Fortschrittliche Datenanalyseplattformen

Öffentlicher Speicher (PSA) – Geschäftsmodell: Wertversprechen

Sichere und praktische Speicherlösungen

Public Storage betreibt im vierten Quartal 2023 2.548 Self-Storage-Einrichtungen in 39 US-Bundesstaaten und 9 kanadischen Provinzen. Die gesamte vermietbare Fläche beträgt 171,2 Millionen Quadratfuß. Die durchschnittliche Anlagengröße beträgt etwa 67.000 Quadratmeter.

Metrisch	Wert
Gesamtausstattung	2,548
Insgesamt vermietbare Quadratmeter	171,2 Millionen
Durchschnittliche Anlagengröße	67.000 Quadratfuß

Flexible Mietbedingungen

Public Storage bietet monatliche Mietverträge ohne langfristige Bindung an. Die Mietpreise variieren je nach Standort und liegen je nach Wohnungsgröße und Markt zwischen 50 und 500 US-Dollar pro Monat.

Optionen für mehrere Einheitengrößen

• 5x5 Einheiten (25 Quadratfuß)
• 5x10 Einheiten (50 Quadratfuß)
• 10x10 Einheiten (100 Quadratfuß)
• 10x15 Einheiten (150 Quadratfuß)
• 10x20 Einheiten (200 Quadratfuß)
• 20x20 Einheiten (400 Quadratfuß)

24/7-Zugang zu Lagereinrichtungen

Digitale Zugriffsfunktionen:

• Online-Kontoverwaltung
• Mobile App für Reservierungen
• Elektronischer Torzugang
• Digitale Zahlungssysteme

Wettbewerbsfähige Preisstrategien

Einnahmequelle	Finanzdaten 2023
Gesamtumsatz	4,32 Milliarden US-Dollar
Nettobetriebsergebnis	2,87 Milliarden US-Dollar
Durchschnittlicher monatlicher Mietpreis	178 $ pro Einheit

Die Auslastung lag im vierten Quartal 2023 bei 94,2 %, was auf eine starke Nachfrage und effektive Preisstrategien hinweist.

Public Storage (PSA) – Geschäftsmodell: Kundenbeziehungen

Online-Self-Service-Plattformen

Public Storage bietet eine umfassende Online-Plattform mit 4,2 Millionen aktiven Online-Nutzern (Stand Q4 2023). Die digitale Plattform wickelt rund 65 % aller Miettransaktionen über ihre webbasierte Schnittstelle ab.

Online-Plattform-Metriken	Statistik 2024
Gesamtzahl der Online-Benutzer	4,200,000
Prozentsatz der Online-Transaktionen	65%
Durchschnittliche monatliche Online-Interaktionen	1,350,000

Mobile App zur Kontoverwaltung

Die mobile Anwendung von Public Storage unterstützt über 2,8 Millionen aktive Benutzer mit Echtzeit-Kontoverwaltungsfunktionen.

• Anzahl der Downloads mobiler Apps: 3,6 Millionen
• Monatlich aktive Mobilfunknutzer: 2.800.000
• Durchschnittliche monatliche mobile Transaktionen: 850.000

Kundensupport-Callcenter

Public Storage unterhält 12 dedizierte Kundensupportzentren, die monatlich etwa 375.000 Kundeninteraktionen abwickeln.

Callcenter-Leistung	Kennzahlen für 2024
Total Support Center	12
Monatliche Kundeninteraktionen	375,000
Durchschnittliche Reaktionszeit	2,7 Minuten

Automatisierte Mietprozesse

Das automatisierte Mietsystem von Public Storage verarbeitet 78 % der Reservierungen und Vermietungen von Lagereinheiten ohne direkten menschlichen Eingriff.

• Automatisierte Reservierungsrate: 78 %
• Durchschnittliche Zeit für die Online-Reservierung: 6,5 Minuten
• Automatisierte Zahlungsabwicklung: 92 %

Personalisierte Kommunikationskanäle

Das Unternehmen nutzt fortschrittliche CRM-Systeme, um die personalisierte Kommunikation mit 5,1 Millionen Kundenkonten zu verwalten.

Kommunikationskanal	Engagement-Rate 2024
E-Mail-Marketing	22%
SMS-Benachrichtigungen	35%
Personalisierte Angebote	18%

Öffentlicher Speicher (PSA) – Geschäftsmodell: Kanäle

Unternehmenswebsite

PublicStorage.com betreut ab 2023 jährlich 12,4 Millionen einzelne Besucher. Die Online-Reservierungsrate beträgt 68 % der gesamten Kundenakquise. Die Website verarbeitet etwa 3,2 Millionen Online-Miettransaktionen pro Jahr.

Website-Metrik	Jährliche Leistung
Einzigartige Besucher	12,4 Millionen
Online-Reservierungspreis	68%
Online-Miettransaktionen	3,2 Millionen

Mobile Anwendung

Mobile Apps generieren 22 % der gesamten digitalen Reservierungen. Im Jahr 2023 1,7 Millionen Mal auf iOS- und Android-Plattformen heruntergeladen.

Direktvertriebsmitarbeiter

Public Storage beschäftigt 1.850 Direktvertriebsmitarbeiter in 50 Bundesstaaten. Der durchschnittliche Vertriebsmitarbeiter wickelt monatlich 127 Kundeninteraktionen ab.

Online-Werbung

Budget für digitale Werbung: 47,3 Millionen US-Dollar im Jahr 2023. Pay-per-Click-Conversion-Rate: 4,6 %. Ausgaben für Google Ads: 18,2 Millionen US-Dollar pro Jahr.

Walk-Ins für örtliche Einrichtungen

1.750 physische Lagereinrichtungen in den Vereinigten Staaten. Durchschnittliche monatliche Walk-in-Conversion-Rate: 32 %. Gesamte jährliche Laufkundschaft: 876.000.

Metrik für begehbare Anlagen	Jährliche Leistung
Gesamte physische Einrichtungen	1,750
Walk-in-Conversion-Rate	32%
Gesamtzahl der Laufkundschaft	876,000

• Strategie zur Kundenakquise über mehrere Kanäle
• Digitale Plattformen machen 90 % der ersten Kundenkontaktpunkte aus
• Integriertes Online- und Offline-Reservierungssystem

Öffentlicher Speicher (PSA) – Geschäftsmodell: Kundensegmente

Privatkunden

Im Jahr 2024 beliefert Public Storage landesweit rund 1,7 Millionen Privatkunden. Die durchschnittliche Mietdauer beträgt 12,4 Monate, bei einem durchschnittlichen monatlichen Mietpreis von 149,23 $ pro Einheit.

Kundensegment	Gesamtzahl der Kunden	Durchschnittliche Monatsmiete
Privatkunden	1,700,000	$149.23

Kleinunternehmer

Public Storage unterstützt 385.000 Kleinunternehmenskunden, wobei 22 % Speicher für die Bestandsverwaltung und 18 % für die Dokumentenarchivierung nutzen.

• Gesamtzahl der Kleinunternehmenskunden: 385.000
• Lagernutzung: 22 %
• Dokumentenarchivierung: 18 %

Militärpersonal

Public Storage bietet spezialisierte Lagerlösungen für Militärpersonal und versorgt rund 127.500 aktive und pensionierte Militärangehörige zu ermäßigten Tarifen.

Kundensegment Militär	Gesamtzahl der Kunden	Rabattprozentsatz
Militärpersonal	127,500	10-15%

College-Studenten

Das Unternehmen betreut 215.000 Studenten, wobei die Nachfrage in den Sommer- und Semesterferien am höchsten ist.

• Gesamtzahl der Studentenkunden: 215.000
• Hauptnutzungszeiten: Sommer- und Semesterferien
• Durchschnittliche Mietdauer: 3-4 Monate

Einzelpersonen während des Umzugs

Public Storage unterstützt 293.000 Kunden im Übergang, mit einer durchschnittlichen Speicherdauer von 6,2 Monaten während der Umzugsperioden.

Umzugskundensegment	Gesamtzahl der Kunden	Durchschnittliche Speicherdauer
Umzugskunden	293,000	6,2 Monate

Öffentlicher Speicher (PSA) – Geschäftsmodell: Kostenstruktur

Erwerb und Instandhaltung von Immobilien

Im Jahr 2024 besitzt Public Storage 2.827 Self-Storage-Immobilien in den Vereinigten Staaten. Die jährlichen Instandhaltungskosten für Immobilien belaufen sich auf etwa 487 Millionen US-Dollar. Die Kosten für den Immobilienerwerb beliefen sich im Jahr 2023 auf insgesamt 672 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben
Immobilienwartung	$487,000,000
Immobilienerwerb	$672,000,000
Grundsteuern	$298,000,000

Gehälter und Leistungen der Mitarbeiter

Public Storage beschäftigt 5.651 Vollzeitmitarbeiter. Die gesamten jährlichen Lohnkosten belaufen sich auf 412 Millionen US-Dollar, bei einer durchschnittlichen Mitarbeitervergütung von 72.900 US-Dollar.

• Jährliche Gesamtlohnsumme: 412.000.000 US-Dollar
• Anzahl der Mitarbeiter: 5.651
• Durchschnittliche Mitarbeitervergütung: 72.900 $

Technologieinfrastruktur

Die jährlichen Technologieinvestitionen belaufen sich auf 87 Millionen US-Dollar und umfassen digitale Plattformen, Cybersicherheit und Betriebssysteme.

Kategorie der Technologieausgaben	Jährliche Kosten
Entwicklung digitaler Plattformen	$37,000,000
Cybersicherheit	$22,000,000
IT-Infrastruktur	$28,000,000

Marketing- und Werbekosten

Das Marketingbudget für 2024 beträgt 124 Millionen US-Dollar, wobei digitale Werbung 45 % der Mittel ausmacht.

• Gesamtes Marketingbudget: 124.000.000 $
• Digitale Werbung: 55.800.000 US-Dollar
• Traditionelle Medienwerbung: 68.200.000 US-Dollar

Versorgungs- und Betriebskosten der Anlage

Die jährlichen Versorgungs- und Betriebskosten für Lagereinrichtungen belaufen sich auf 213 Millionen US-Dollar.

Betriebskostenkategorie	Jährliche Ausgaben
Strom	$87,000,000
Anlagenwartung	$76,000,000
Wasser- und Abfallmanagement	$50,000,000

Öffentlicher Speicher (PSA) – Geschäftsmodell: Einnahmequellen

Monatliche Miete von Lagereinheiten

Im vierten Quartal 2023 meldete Public Storage einen Gesamtumsatz von 3,04 Milliarden US-Dollar aus der Vermietung von Lagereinheiten. Der durchschnittliche monatliche Mietpreis für eine standardmäßige 10x10-Lagereinheit liegt je nach Standort zwischen 150 und 250 US-Dollar.

Einheitsgröße	Durchschnittlicher monatlicher Mietpreis	Jährlicher Umsatzbeitrag
5x5-Einheit	$75 - $125	540 Millionen Dollar
10x10 Einheit	$150 - $250	1,8 Milliarden US-Dollar
10x20 Einheit	$250 - $350	780 Millionen Dollar

Langfristige Speicherverträge

Langfristige Verträge machen etwa 35 % der gesamten Mieteinnahmen aus und generieren jährlich wiederkehrende Einnahmen in Höhe von 1,06 Milliarden US-Dollar.

Gebühren für Nebenleistungen

Public Storage generiert zusätzliche Einnahmen durch ergänzende Dienstleistungen:

• Vermietung von Umzugsfahrzeugen: 42 Millionen US-Dollar pro Jahr
• Umsatz mit Verpackungsmaterialien: 18 Millionen US-Dollar pro Jahr
• Lagerschlösser und Zubehör: 12 Millionen US-Dollar pro Jahr

Verkauf von Versicherungsprodukten

Die Lagerversicherung erwirtschaftet einen Jahresumsatz von 95 Millionen US-Dollar. Der durchschnittliche Versicherungsschutz kostet 10 bis 15 US-Dollar pro Monat und Lagereinheit.

Versicherungsart	Monatliche Kosten	Jahresumsatz
Grunddeckung	$10	45 Millionen Dollar
Umfassende Abdeckung	$15	50 Millionen Dollar

Verspätete Zahlung und Verwaltungsgebühren

Verzugszinsen und Verwaltungsgebühren tragen jährlich 35 Millionen US-Dollar zum Umsatz bei. Die durchschnittliche Verspätungsgebühr beträgt 25 USD pro Vorkommnis.

• Gebühren für verspätete Zahlungen: 25 USD pro Vorfall
• Verwaltungsgebühren: 10–20 $ pro Transaktion
• Jährlicher Gesamtumsatz aus Verwaltungsgebühren: 35 Millionen US-Dollar

Public Storage (PSA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Public Storage (PSA) maintains its market leadership, especially as the industry normalizes post-pandemic. It's about making the experience seamless and the cost structure compelling for the customer.

Convenient, flexible storage is a major draw, heavily supported by technology investments. Public Storage has successfully modernized the customer journey, with customers choosing the digital path for 85% of their interactions and transactions. This digital-first approach helps drive efficiency and customer satisfaction.

The value proposition of affordable space alternative rests on the relative cost of storage versus other necessities. While a direct comparison to housing costs requires external data, Public Storage's move-in pricing provides a concrete entry point. For instance, tenants moving into storage units in the second quarter of 2025 had an average annual contract rent of $13.34 per square foot. This is part of a broader strategy where operators are fine-tuning rates to keep facilities full, as seen in some markets where lower rates help maintain occupancy.

Geographic reach and scale provide an unmatched level of access for customers across the country. Public Storage is the largest owner of self-storage facilities in the US, operating more than 3,300 facilities across 40 states. This massive footprint translates to approximately 245 million to 247 million net rentable square feet in the United States alone. This scale also supports their growth, with more than $1.3 billion in wholly owned acquisitions and developments announced year-to-date as of Q3 2025.

The ancillary services bundle turns Public Storage into a true one-stop shop. They integrate several revenue-generating businesses alongside core rentals. This includes offering tenant insurance products to cover losses for the goods stored, as well as a merchandise business. These ancillary operations are expanding and contributing to the overall financial strength, with core FFO per share growth accelerating to 2.6% in the third quarter of 2025.

Here's a quick look at the operational scale underpinning these value propositions as of recent reporting periods:

Metric	Value	Context/Date
Total US Facilities	More than 3,300	As of late 2025
States with Operations	40	As of late 2025
Total Rentable Square Feet (US)	Approximately 245 million to 247 million sq. ft.	As of late 2025
Digital Customer Interactions	85%	Percentage of interactions/transactions
Same Store Direct NOI Margin	78.5%	As of Q3 2025
Average Contract Rent for New Moves	$13.34 per square foot	Q2 2025 YTD
Same Store Occupancy Rate	91.5%	As of Q1 2025

The focus on operational excellence is clear in the margins, but the customer value is delivered through accessibility and ease of use. You can see the technology investment paying off in the high digital engagement rate.

The supporting elements of the value proposition include:

• Digital move-in process availability.
• High operational profitability with an EBITDA Margin of 69.88%.
• Strong portfolio expansion pipeline.
• Tenant insurance and merchandise sales.

Finance: draft 13-week cash view by Friday.

Public Storage (PSA) - Canvas Business Model: Customer Relationships

You're looking at how Public Storage (PSA) manages the touchpoints with its massive customer base, which is clearly leaning hard into digital efficiency. The strategy here is about scaling service without scaling headcount proportionally, which is key for a REIT with such a large physical footprint.

High-tech, low-touch model: Public Storage is using artificial intelligence to manage customer interactions, which is a major operational shift. The Chief Executive Officer highlighted that they are modernizing field operations by using AI to directly provide customer service and staff properties more appropriately. This initiative has already led to over a 30% reduction in labor hours across the relevant areas. This move is about using technology to handle routine inquiries, freeing up any remaining human staff for complex issues or on-site needs.

The company's focus on digital interaction is starkly evident in customer behavior. As of mid-2025, the leadership noted that customers are choosing the digital path for 85% of their interactions and transactions with Public Storage. This high percentage underscores the success of their self-service enablement.

The self-service focus means customers are expected to manage their own needs online. This digital-first approach supports the high-tech, low-touch model by deflecting calls and in-person visits for standard tasks like payments or lease modifications. The entire system is designed to be managed by the customer through their preferred digital channel.

Standardized, professional service: Consistency across a vast portfolio is a hallmark of Public Storage's customer relationship strategy. This consistency is maintained even as the company aggressively expands its physical footprint through acquisitions and development. You can see the scale of this portfolio management through their 2025 investment activity:

Metric	Period Ended September 30, 2025 (9 Months)	Period Ended June 30, 2025 (3 Months)
Wholly Owned Acquisitions (Properties)	Not specified (49 acquired in Q3)	16 facilities
Acquired Net Rentable Square Feet	Not specified	1.1 million square feet
Acquisition/Contract Value	$750.9 million (69 properties)	$162.3 million
New Development/Expansion Added (Sq Ft)	1.1 million net rentable square feet	0.9 million net rentable square feet
Estimated Cost of Development Pipeline	$649.2 million (Expected additions)	Not specified

The company is executing on significant growth, with more than $1.3 billion in wholly owned acquisitions and developments announced for the year as of the third quarter. This continuous integration of new assets, like the 9.4 million square feet added from the Simply Self Storage purchase in 2023, must be managed under the same service standards.

The operational results reflect this focus on maintaining a high standard despite growth and market shifts. For the three months ended June 30, 2025, Public Storage achieved a 78.8% Same Store direct net operating income margin. Furthermore, the annual contract rent per occupied square foot was reported at $22.55 as of May 31, 2025, showing a slight increase of 0.4% year-over-year.

The customer experience is supported by digital tools that facilitate easy management:

• Customers are using the digital path for 85% of their interactions.
• The company is leveraging its platform strength to maintain a leading position in the sector.
• Occupancy for the overall portfolio stood at 92.3% as of May 31, 2025.

If onboarding takes 14+ days, churn risk rises. This entire structure is designed to make the customer journey as frictionless as possible, relying on technology to deliver that standardized experience at scale.

Public Storage (PSA) - Canvas Business Model: Channels

You're looking at how Public Storage gets its product-storage space-into the hands of customers. It's a multi-pronged approach, heavily weighted toward physical presence but increasingly reliant on digital touchpoints for initial engagement and ongoing service.

Physical self-storage facilities: The primary point of service and product delivery.

The physical footprint is the core product delivery mechanism. As of November 20, 2025, Public Storage operates 3,447 locations across the United States, which is about 15% of all locations in Texas alone, where they have 509 sites. The company's scale means a significant portion of the market is covered by their brand.

Looking at the mid-year numbers, at June 30, 2025, Public Storage owned and/or operated 3,432 self-storage facilities across 40 states, totaling approximately 250 million net rentable square feet in the United States. This physical network is complemented by their 35% common equity interest in Shurgard, which adds another 321 facilities across seven Western European nations. The effectiveness of this channel is reflected in occupancy; for the second quarter of 2025, the same-store occupancy was 90.6%.

Metric	Value as of Late 2025 Data	Source Date
Total US Locations	3,447	November 20, 2025
US Owned/Operated Facilities (Q2 2025)	3,432	June 30, 2025
Total US Net Rentable Square Feet (Q2 2025)	Approx. 250 million	June 30, 2025
Shurgard Facilities (Owned Interest)	321	June 30, 2025
Same Store Ending Occupancy (Q2 2025)	85%	Q2 2025

Public Storage website/app: Main channel for reservations, payments, and account management.

The digital front door is critical for initial customer acquisition and ongoing transaction processing. While specific 2025 website traffic or app download numbers aren't public, historical data shows the importance of this channel: nearly 73% of move-ins originated via the website back in 2018. This suggests a high propensity for digital-first customer interaction that the platform must support today. The company is focused on an Operating Model Transformation that includes enhancing the customer experience, which heavily involves digital tools.

The digital channel supports account management and payments, which is crucial given the industry trend of customers making quick, last-minute decisions.

• Website for reservations and account access.
• Mobile application for on-the-go management.
• Digital initiatives driving Operating Expense (OpEx) improvement.

Call centers: Centralized support for sales and customer inquiries.

The call center infrastructure provides necessary human interaction for complex issues or for customers who prefer speaking to a representative. Public Storage is actively managing this channel for efficiency, planning for a reduction in seats.

Here's the quick math on their current contact center scale, based on recent BPO data:

Metric	Current/Projected Value
Active Contact Center Seats	500
Projected Seats (2026)	400
Annual Call Volume Estimate	1M-500M
Annual Call Center Budget Estimate	$500K-$999K

The strategic priorities for this channel include Omnichannel Customer Engagement and AI & Automation, signaling a move to handle the 1M-500M volume more efficiently with fewer seats.

Digital marketing: Search engine and online advertising for customer acquisition.

Acquiring new customers requires a strong digital presence, especially since only about 43% of the public has a good understanding of self-storage concepts. Public Storage uses promotions and advertising dynamically as levers to optimize total revenue, deploying them selectively. This is a shift from older methods; for instance, the company reported a 7.3% increase in marketing expenses between 2017 and 2018, driven by rising online marketing costs.

The focus in 2025 marketing involves:

• SEO Optimization to drive local search traffic.
• PPC Advertising, such as Google Ads campaigns.
• Targeted content via social media management.

Finance: draft 13-week cash view by Friday.

Public Storage (PSA) - Canvas Business Model: Customer Segments

You're looking at the core groups Public Storage (PSA) serves, which is the foundation of their entire operation. Honestly, understanding these segments means understanding where the $1.22 billion in Q3 2025 revenue came from and where future growth is targeted.

The customer base is broad, spanning from individuals needing temporary space to large capital holders. As of September 30, 2025, Public Storage (PSA) owned and/or operated 3,491 self-storage facilities across 40 states in the United States, covering approximately 254 million net rentable square feet.

Here's a breakdown of the key customer groups Public Storage targets:

• Residential customers: Individuals managing life transitions like moving, downsizing, or divorce.
• Small and medium-sized businesses (SMBs): Companies requiring flexible space for inventory overflow or document retention.
• Geographically diverse renters: Customers across the entire US footprint, with specific attention to high-growth areas.
• Institutional investors: The financial backbone holding the REIT's equity.

The operational health, which reflects demand from all renter segments, showed an occupancy rate of 92.3% as of May 31, 2025. Still, move-in rents faced pressure, declining to levels not seen since 2013, with a ~5% year-to-date decline as of April 2025. That said, the average annual contract rent per occupied square foot was $22.55 as of May 31, 2025.

The split between the primary renter types isn't explicitly broken down in the latest filings, but the Self Storage Association's 2025 Demand Study does contain tables detailing features worth paying extra for by business segments, which informs PSA's value proposition to SMBs.

For the geographically diverse renters, the focus is on maintaining presence and capturing growth in key regions. The company's operations span 40 states as of Q3 2025. While the data doesn't give a specific square footage breakdown for Sunbelt markets, the industry noted that there was pressure from elevated discounting, particularly in Sunbelt markets due to higher levels of new supply.

The financial segment, the institutional investors, provides the capital base. As of late 2025 reports, institutional ownership stood at 78.79% of the common equity. These are the holders of the REIT's common and preferred equity.

Here are some key figures related to the financial performance that underpins the value proposition to these investors:

Metric (As of Q3 2025 or Latest Report)	Value	Period/Context
Core FFO per Diluted Share	$4.31	Q3 2025
FY 2025 Core FFO Guidance Range	$16.700-$17.000	Full Year 2025
Net Margin	39.53%	Q3 2025
Total Revenue	$1.22 billion	Q3 2025
Vanguard Group Inc. Shares Owned	20,735,896	After Q1 2025
Vanguard Group Inc. Stake Value	$6,206,046,000	After Q1 2025

The company's strategy to grow the portfolio directly impacts the asset base these investors hold. For the nine months ended September 30, 2025, Public Storage completed or was under contract to acquire facilities totaling 6.1 million net rentable square feet for an aggregate investment of approximately $934.5 million.

You can see the scale of the operation that serves these diverse segments in the property count:

• Facilities Owned/Operated (US): 3,491 (as of September 30, 2025)
• Net Rentable Square Feet (US): Approximately 254 million (as of September 30, 2025)
• Facilities Acquired or Under Contract (YTD 2025): 69 properties totaling 4.7 million net rentable square feet (as of June 2025 update)

The operational efficiency, which benefits all renters, is reflected in the 78.5% Same Store direct net operating income margin reported for Q3 2025.

Public Storage (PSA) - Canvas Business Model: Cost Structure

You're looking at the core expenses Public Storage (PSA) has to cover to keep its massive portfolio running and growing. For a company this size, the cost structure is dominated by fixed asset ownership and debt servicing. Honestly, it's all about managing those non-negotiable, recurring costs against the backdrop of continuous expansion.

High Fixed Costs: Property Taxes, Insurance, and Maintenance

The sheer scale of Public Storage's owned real estate dictates high fixed costs. As of March 31, 2025, Public Storage owned and/or operated approximately 247 million net rentable square feet in the United States. These property-related expenses are the bedrock of the cost structure, even when occupancy fluctuates.

To give you a sense of the pressure points within the operational costs for the stabilized portfolio (Same Store Facilities) in the first quarter of 2025, here are some key components:

Cost Component (Same Store Facilities)	Q1 2025 Amount (in thousands)	Year-over-Year Change
Property taxes	$97,852	4.3% increase
Repairs and maintenance	$22,150	9.1% increase
On-site property manager payroll	$31,896	12.4% decrease

This cost discipline is key; Public Storage kept same-store expense growth to just 0.1% for the quarter, reinforcing its sector-leading operating margins. That's a tight ship.

Self-Storage Cost of Operations

The total cost associated with running the self-storage operations across the entire portfolio-both Same Store and Non-Same Store-is substantial. For the three months ended March 31, 2025, the total self-storage cost of operations was reported as $301,154 thousand, or $301.15 million. This figure bundles the fixed costs mentioned above with other direct operating expenses.

Here's how the total self-storage cost of operations broke down for Q1 2025:

• Same Store Facilities cost of operations: $243,010 thousand.
• Non-Same Store Facilities cost of operations: $58,144 thousand.

The total cost of operations for the Same Store Facilities increased by only 0.3% or $0.8 million year-over-year in Q1 2025. That's the power of their optimized operating model.

Capital Expenditures: Funding the Development and Expansion Pipeline

Public Storage must continuously deploy capital to maintain and grow its asset base. The commitment to development and expansion is a major cash outflow. As of June 30, 2025, the aggregate pipeline of development and expansion facilities was expected to add 3.8 million net rentable square feet at an estimated cost of $648.2 million.

The CEO indicated an anticipation of more than $1.1 billion of investment for the full year 2025, covering acquisitions and development. For context on recent deployment:

• Cost for opened development/expansion projects in Q2 2025: $64.0 million.
• Cost for expansion projects in the nine months ended September 30, 2025: $268.8 million.

You should track the pipeline cost closely; by September 30, 2025, the estimated cost for the 3.9 million net rentable square feet pipeline stood at $649.2 million.

Interest Expense: Servicing Debt

Servicing the debt load is a critical, non-discretionary cost. In the second quarter of 2025, Public Storage Operating Company (PSOC) completed a public offering of $875 million aggregate principal amount of unsecured senior notes.

This issuance was structured as follows:

Tranche	Principal Amount	Annual Interest Rate	Maturity Date
2030 Notes	$475 million	4.375%	July 1, 2030
2035 Notes	$400 million	5.000%	July 1, 2035

The weighted average interest rate on this $875 million offering was approximately 4.661%. The net proceeds were earmarked for repaying outstanding floating rate senior notes due in 2025 and funding general corporate purposes, including acquisitions. Finance: draft 13-week cash view by Friday.

Public Storage (PSA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Public Storage brings in cash, which is pretty straightforward for a REIT focused on storage. The model is heavily reliant on rent, but the ancillary and management services are key differentiators, especially as they push their digital platform.

The primary revenue driver is, without question, the rental income from their massive portfolio of self-storage units. This stream is the bedrock of their financial performance.

Revenue Component	Q1 2025 Amount (in thousands)	Approximate Value
Self-storage facilities Revenue	$1,102,998	$1.103 billion
Ancillary operations Revenue	$80,186	$80.19 million
Total Revenue (Q1 2025)	$1,183,184	$1.183 billion

The self-storage rental income for the three months ended March 31, 2025, totaled $1,102,998 thousand. This is the main engine. Also, ancillary revenue, which covers things like tenant insurance and moving supplies, added a solid $80,186 thousand for the same quarter. Honestly, this extra bit helps smooth out the core rental volatility.

For third-party management, Public Storage leverages its scale through the PS Advantage® platform. While a specific fee dollar amount for Q1 2025 isn't explicitly broken out as a separate line item in the top-level revenue figures found, the scale of this operation is clear:

• As of March 31, 2025, Public Storage managed 314 self-storage facilities for third parties.
• This third-party managed portfolio represented approximately 24.4 million net rentable square feet.
• Management emphasizes offering the lowest management fee in the industry, leveraging size for lower marketing and maintenance costs.

Finally, the forward-looking measure of profitability, Core Funds From Operations (Core FFO) per share, shows management's confidence in their revenue generation strategies. Following positive trends in NOI growth and acquisitions, the full-year guidance was updated. You should note the latest reported guidance for FY2025:

The full year 2025 guidance for Core FFO per share was raised to a range of $16.70 to $17.00 per share. This reflects outperformance in both same-store and non-same-store NOI growth, plus accelerated acquisition volume. Finance: draft 13-week cash view by Friday.