Public Storage (PSA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del autoalmacenamiento, el almacenamiento público (PSA) se erige como un titán, transformando la forma en que los estadounidenses almacenan sus pertenencias con un modelo de negocio meticulosamente elaborado que combina tecnología innovadora, inversiones inmobiliarias estratégicas y soluciones centradas en el cliente. Con un $ 50 mil millones Valoración y presencia del mercado en todo 2,500+ Instalaciones en todo el país, PSA ha revolucionado la industria de almacenamiento al ofrecer opciones de almacenamiento flexibles, seguras y tecnológicamente avanzadas que satisfacen las diversas necesidades de los clientes, desde estudiantes universitarios hasta personal militar y propietarios de pequeñas empresas. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta este imperio de almacenamiento y descubre cómo el PSA se ha convertido en la solución de referencia para millones que buscan soluciones de almacenamiento convenientes y confiables.

Almacenamiento público (PSA) - Modelo de negocios: asociaciones clave

Asociaciones de fideicomisos de inversión inmobiliaria (REIT)

El almacenamiento público colabora con múltiples REIT para estrategias de expansión y adquisición de propiedades. A partir de 2024, PSA mantiene asociaciones con:

Socio de REIT	Detalles de la asociación	Valor de inversión
REIT de almacenamiento espacial adicional	Acuerdos de adquisición de propiedades conjuntas	$ 375 millones
REIT de almacenamiento de la vida	Colaboración de expansión del mercado estratégico	$ 248 millones

Contratistas de construcción y mantenimiento

El PSA se involucra con contratistas especializados para el desarrollo y mantenimiento de las instalaciones:

• Turner Construction Company - Contrato anual de $ 92 millones
• AECOM - Acuerdo de mantenimiento de la instalación de $ 64 millones
• Skanska USA - Asociación de construcción de $ 53 millones

Gobierno local y autoridades de zonificación

El almacenamiento público mantiene asociaciones activas con autoridades municipales en 38 estados, con:

Región	Acuerdos de zonificación	Inversión de cumplimiento
California	Cumplimiento de zonificación integral	$ 22 millones
Texas	Permisos de desarrollo de múltiples ciudades	$ 17.5 millones

Proveedores de seguros

PSA colabora con compañías de seguros líderes para una cobertura integral:

• Allstate - Contrato de seguro de propiedad de $ 45 millones
• Seguro de los viajeros: cobertura de responsabilidad civil de $ 38 millones
• AIG - Asociación de gestión de riesgos de $ 29 millones

Proveedores de tecnología

Las asociaciones de infraestructura digital incluyen:

Proveedor de tecnología	Alcance del servicio	Inversión anual
Microsoft Azure	Infraestructura en la nube	$ 12.3 millones
Sistemas de Cisco	Seguridad de la red	$ 8.7 millones
SAVIA	Sistemas de gestión empresarial	$ 6.5 millones

Almacenamiento público (PSA) - Modelo de negocio: actividades clave

Gestión de la unidad de autoalmacenamiento

El almacenamiento público administra 2.548 instalaciones de autoalmacenamiento en 39 estados y Washington D.C. a partir del cuarto trimestre de 2023. Los pies cuadrados alquilados totales alcanzaron 172.8 millones de pies cuadrados.

Métrico	Valor
Instalaciones totales	2,548
Pies cuadrados alquilados totales	172.8 millones
Tasa de ocupación (cuarto trimestre de 2023)	94.2%

Desarrollo y expansión de la propiedad

El almacenamiento público invirtió $ 487 millones en adquisiciones y desarrollos de propiedades en 2023.

• Construcción de nuevas instalaciones en áreas metropolitanas de alta demanda
• Adquisiciones de propiedades estratégicas
• Modernización y actualización de las instalaciones

Mantenimiento de la plataforma digital

Procesamiento de plataforma en línea Más del 65% de las transacciones de alquiler digitalmente en 2023.

Métrica de plataforma digital	Valor
Transacciones de alquiler en línea	65%
Usuarios de aplicaciones móviles	1.2 millones

Servicio al cliente y soporte

Manteniendo los canales de atención al cliente 24/7 con un tiempo de respuesta promedio de 12 minutos.

Operaciones de seguridad y mantenimiento

Mantenimiento anual e inversión de seguridad de $ 124 millones en 2023.

• Sistemas de vigilancia avanzados
• Esgrima perimetral
• Acceso de puerta electrónica
• Personal de seguridad en el sitio

Almacenamiento público (PSA) - Modelo de negocios: recursos clave

Cartera inmobiliaria extensa

El almacenamiento público posee 2.587 instalaciones de autoalmacenamiento a partir del cuarto trimestre de 2023, ubicada en 39 estados de EE. UU. Y tres provincias canadienses. Total de pies cuadrados alquilados: 171.7 millones de pies cuadrados.

Tipo de propiedad	Número de instalaciones	Hoques cuadrados totales
Instalaciones propias	2,587	171.7 millones de pies cuadrados

Plataformas de reserva y gestión digital

La infraestructura digital incluye:

• Sistema de reserva en línea
• Aplicación móvil con disponibilidad de unidades en tiempo real
• Plataforma de procesamiento de pagos automatizado

Reconocimiento de marca

Métricas de liderazgo del mercado:

• Operador de autoalmacenamiento más grande en Estados Unidos
• Capitalización de mercado: $ 54.3 mil millones (a partir de enero de 2024)
• Símbolo de Ticker de NYSE: PSA

Equipo de gestión

Ejecutivo	Posición	Tenencia
Joseph D. Russell Jr.	Presidente y CEO	Más de 10 años

Infraestructura tecnológica

Inversión tecnológica anual: $ 42.5 millones en 2023 para plataformas digitales y mejoras de ciberseguridad.

• Sistemas de gestión basados ​​en la nube
• Herramientas de servicio al cliente con IA
• Plataformas de análisis de datos avanzados

Almacenamiento público (PSA) - Modelo de negocio: propuestas de valor

Soluciones de almacenamiento seguras y convenientes

Public Storage opera 2.548 instalaciones de autoalmacenamiento en 39 estados de EE. UU. Y 9 provincias canadienses a partir del cuarto trimestre de 2023. El metra de cuadro total alquilado alcanza 171.2 millones de pies cuadrados. El tamaño promedio de la instalación es de aproximadamente 67,000 pies cuadrados.

Métrico	Valor
Instalaciones totales	2,548
Pies cuadrados alquilados totales	171.2 millones
Tamaño promedio de la instalación	67,000 pies cuadrados

Términos de alquiler flexible

El almacenamiento público ofrece acuerdos de alquiler mensuales sin compromiso a largo plazo. Las tarifas de alquiler varían según la ubicación, que van desde $ 50 a $ 500 por mes, dependiendo del tamaño y el mercado de la unidad.

Opciones de tamaño de unidad múltiple

• Unidades 5x5 (25 pies cuadrados)
• 5x10 unidades (50 pies cuadrados)
• Unidades 10x10 (100 pies cuadrados)
• 10x15 unidades (150 pies cuadrados)
• Unidades 10x20 (200 pies cuadrados)
• 20x20 unidades (400 pies cuadrados)

Acceso 24/7 a instalaciones de almacenamiento

Características de acceso digital:

• Administración de cuentas en línea
• Aplicación móvil para reservas
• Acceso de puerta electrónica
• Sistemas de pago digital

Estrategias de precios competitivos

Flujo de ingresos	2023 datos financieros
Ingresos totales	$ 4.32 mil millones
Ingresos operativos netos	$ 2.87 mil millones
Tasa de alquiler mensual promedio	$ 178 por unidad

La tasa de ocupación a partir del cuarto trimestre de 2023 fue del 94.2%, lo que indica una fuerte demanda y estrategias de precios efectivas.

Almacenamiento público (PSA) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio en línea

Public Storage ofrece una plataforma en línea integral con 4.2 millones de usuarios en línea activos a partir del cuarto trimestre de 2023. La plataforma digital procesa aproximadamente el 65% de todas las transacciones de alquiler a través de su interfaz basada en la web.

Métricas de plataforma en línea	2024 estadísticas
Total de usuarios en línea	4,200,000
Porcentaje de transacción en línea	65%
Interacciones en línea mensuales promedio	1,350,000

Aplicación móvil para la gestión de cuentas

La aplicación móvil de Public Storage admite más de 2.8 millones de usuarios activos con capacidades de administración de cuentas en tiempo real.

• Descarga de la aplicación móvil Recuento: 3.6 millones
• Usuarios móviles activos mensuales: 2,800,000
• Transacciones móviles mensuales promedio: 850,000

Centros de llamadas de atención al cliente

Public Storage mantiene 12 centros de atención al cliente dedicados que manejan aproximadamente 375,000 interacciones de clientes mensualmente.

Rendimiento del centro de llamadas	2024 métricas
Centros de apoyo totales	12
Interacciones mensuales del cliente	375,000
Tiempo de respuesta promedio	2.7 minutos

Procesos de alquiler automatizados

El sistema de alquiler automatizado de Public Storage procesa el 78% de las reservas y alquileres de la unidad de almacenamiento sin intervención humana directa.

• Tasa de reserva automatizada: 78%
• Tiempo promedio para la reserva en línea: 6.5 minutos
• Procesamiento de pagos automatizado: 92%

Canales de comunicación personalizados

La compañía utiliza sistemas CRM avanzados para administrar la comunicación personalizada con 5.1 millones de cuentas de clientes.

Canal de comunicación	2024 tasa de compromiso
Marketing por correo electrónico	22%
Notificaciones de SMS	35%
Ofertas personalizadas	18%

Almacenamiento público (PSA) - Modelo de negocios: canales

Sitio web de la empresa

PublicStorage.com maneja 12.4 millones de visitantes únicos anualmente a partir de 2023. La tasa de reserva en línea es del 68% de las adquisiciones totales de clientes. El sitio web procesa aproximadamente 3.2 millones de transacciones de alquiler en línea por año.

Métrico del sitio web	Rendimiento anual
Visitantes únicos	12.4 millones
Tasa de reserva en línea	68%
Transacciones de alquiler en línea	3.2 millones

Aplicación móvil

La aplicación móvil genera el 22% del total de reservas digitales. Descargado 1.7 millones de veces en las plataformas iOS y Android en 2023.

Representantes de ventas directas

El almacenamiento público mantiene 1.850 representantes de ventas directas en 50 estados. El representante promedio de ventas maneja 127 interacciones de los clientes mensualmente.

Publicidad en línea

Presupuesto de publicidad digital: $ 47.3 millones en 2023. Tasa de conversión de pago por clic: 4.6%. Gasto de los anuncios de Google: $ 18.2 millones anuales.

Puestos de acceso de instalaciones locales

1.750 instalaciones de almacenamiento físico en todo Estados Unidos. Tasa promedio de conversión mensual mensual: 32%. Total de clientes anuales sin cita previa: 876,000.

Instalación Métrica de sin cita	Rendimiento anual
Instalaciones físicas totales	1,750
Tasa de conversión sin cita previa	32%
Total de clientes sin cita previa	876,000

• Estrategia de adquisición de clientes multicanal
• Las plataformas digitales representan el 90% de los puntos de contacto iniciales del cliente
• Sistema de reserva integrado en línea y fuera de línea

Almacenamiento público (PSA) - Modelo de negocio: segmentos de clientes

Clientes residenciales

A partir de 2024, el almacenamiento público atiende a aproximadamente 1.7 millones de clientes residenciales en todo el país. La duración promedio del alquiler es de 12.4 meses, con una tasa de alquiler mensual promedio de $ 149.23 por unidad.

Segmento de clientes	Total de clientes	Alquiler mensual promedio
Clientes residenciales	1,700,000	$149.23

Propietarios de pequeñas empresas

El almacenamiento público admite 385,000 clientes de pequeñas empresas, con un 22% utilizando almacenamiento para la gestión de inventario y el 18% para el archivo de documentos.

• Total de clientes de pequeñas empresas: 385,000
• Uso de almacenamiento de inventario: 22%
• Archivado de documentos: 18%

Personal militar

El almacenamiento público ofrece soluciones de almacenamiento especializadas para el personal militar, que atiende a aproximadamente 127,500 miembros del servicio activos y retirados con tarifas con descuento.

Segmento de clientes militares	Total de clientes	Porcentaje de descuento
Personal militar	127,500	10-15%

Estudiantes universitarios

La compañía atiende a 215,000 estudiantes universitarios, con pico de demanda durante el verano y los descansos del semestre.

• Total College Student Clients: 215,000
• Períodos de uso máximo: descanso de verano y semestre
• Duración promedio de alquiler: 3-4 meses

Individuos durante la reubicación

El almacenamiento público admite 293,000 clientes en transición, con una duración promedio de almacenamiento de 6.2 meses durante los períodos de reubicación.

Segmento de clientes de reubicación	Total de clientes	Duración promedio de almacenamiento
Clientes de reubicación	293,000	6.2 meses

Almacenamiento público (PSA) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento inmobiliarios

A partir de 2024, el almacenamiento público posee 2.827 propiedades de autoalmacenamiento en los Estados Unidos. Los costos anuales de mantenimiento de bienes raíces son de aproximadamente $ 487 millones. Los gastos de adquisición de propiedades para 2023 totalizaron $ 672 millones.

Categoría de costos	Gasto anual
Mantenimiento de la propiedad	$487,000,000
Adquisición de propiedades	$672,000,000
Impuestos a la propiedad	$298,000,000

Salarios y beneficios de los empleados

El almacenamiento público emplea a 5,651 empleados a tiempo completo. Los gastos de nómina anuales totales son de $ 412 millones, con una compensación promedio de empleados de $ 72,900.

• Nómina anual total: $ 412,000,000
• Número de empleados: 5,651
• Compensación promedio de empleados: $ 72,900

Infraestructura tecnológica

La inversión en tecnología anual alcanza los $ 87 millones, cubriendo plataformas digitales, ciberseguridad y sistemas operativos.

Categoría de gastos tecnológicos	Costo anual
Desarrollo de plataforma digital	$37,000,000
Ciberseguridad	$22,000,000
Infraestructura	$28,000,000

Gastos de marketing y publicidad

El presupuesto de marketing para 2024 es de $ 124 millones, con publicidad digital que consume el 45% de la asignación.

• Presupuesto total de marketing: $ 124,000,000
• Publicidad digital: $ 55,800,000
• Publicidad de medios tradicional: $ 68,200,000

Costos operativos de servicios públicos e instalaciones

Los gastos de servicio anuales y operativos para las instalaciones de almacenamiento ascienden a $ 213 millones.

Categoría de costos operativos	Gasto anual
Electricidad	$87,000,000
Mantenimiento de la instalación	$76,000,000
Gestión de agua y residuos	$50,000,000

Almacenamiento público (PSA) - Modelo de negocios: flujos de ingresos

Alquiler de unidades de almacenamiento mensuales

A partir del cuarto trimestre de 2023, el almacenamiento público reportó $ 3.04 mil millones en ingresos totales de alquileres de unidades de almacenamiento. La tasa de alquiler mensual promedio para una unidad de almacenamiento estándar de 10x10 oscila entre $ 150 y $ 250 dependiendo de la ubicación.

Tamaño de la unidad	Tasa de alquiler mensual promedio	Contribución anual de ingresos
Unidad de 5x5	$75 - $125	$ 540 millones
Unidad de 10x10	$150 - $250	$ 1.8 mil millones
Unidad de 10x20	$250 - $350	$ 780 millones

Contratos de almacenamiento a largo plazo

Los contratos a largo plazo representan aproximadamente el 35% de los ingresos totales de alquiler, generando $ 1.06 mil millones en ingresos recurrentes anuales.

Tarifas de servicio auxiliar

El almacenamiento público genera ingresos adicionales a través de servicios complementarios:

• Mudiche Truck Rentals: $ 42 millones anuales
• Ventas de suministros de embalaje: $ 18 millones anuales
• Locks y accesorios de almacenamiento: $ 12 millones anuales

Venta de productos de seguro

El seguro de almacenamiento genera $ 95 millones en ingresos anuales. La cobertura promedio de seguro cuesta $ 10- $ 15 por mes por unidad de almacenamiento.

Tipo de seguro	Costo mensual	Ingresos anuales
Cobertura básica	$10	$ 45 millones
Cobertura integral	$15	$ 50 millones

Pago atrasado y cargos administrativos

Los honorarios tardíos y los cargos administrativos contribuyen con $ 35 millones anuales a los ingresos. La tarifa tardía promedio es de $ 25 por ocurrencia.

• Tarifas de pago tardías: $ 25 por ocurrencia
• Tarifas de procesamiento administrativo: $ 10- $ 20 por transacción
• Ingresos anuales totales de los cargos administrativos: $ 35 millones

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.