Stockage public (PSA): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'auto-stockage, le stockage public (PSA) est un titan, transformant la façon dont les Américains stockent leurs biens avec un modèle commercial méticuleusement conçu qui mélange une technologie innovante, des investissements immobiliers stratégiques et des solutions centrées sur le client. Avec un 50 milliards de dollars Évaluation et présence du marché à travers 2,500+ Installations à l'échelle nationale, le PSA a révolutionné l'industrie du stockage en offrant des options de stockage flexibles, sécurisées et technologiquement avancées qui répondent à divers besoins des clients - des étudiants au personnel militaire et aux propriétaires de petites entreprises. Plongez dans la toile du modèle commercial complexe qui alimente cet empire de stockage et découvrez comment le PSA est devenu la solution incontournable pour des millions à la recherche de solutions de stockage pratiques et fiables.

Stockage public (PSA) - Modèle d'entreprise: partenariats clés

Partenariats de fiducies de placement immobilier (FPI)

Le stockage public collabore avec plusieurs FPI pour les stratégies d'expansion des biens et d'acquisition. En 2024, le PSA maintient des partenariats avec:

Partenaire de FPI	Détails du partenariat	Valeur d'investissement
REIT de stockage d'espace supplémentaire	Accords d'acquisition de propriétés conjointes	375 millions de dollars
Reit de stockage de vie	Collaboration d'expansion du marché stratégique	248 millions de dollars

Entrepreneurs de construction et d'entretien

Le PSA s'engage avec des entrepreneurs spécialisés pour le développement et l'entretien des installations:

• Turner Construction Company - Contrat annuel de 92 millions de dollars
• AECOM - Contrat de maintenance des installations de 64 millions de dollars
• Skanska USA - Partenariat de construction de 53 millions de dollars

Gouvernement local et autorités de zonage

Le stockage public maintient des partenariats actifs avec les autorités municipales dans 38 États, avec:

Région	Accords de zonage	Investissement de conformité
Californie	Compliance complète du zonage	22 millions de dollars
Texas	Permis de développement multi-villes	17,5 millions de dollars

Assureurs

Le PSA collabore avec les principales compagnies d'assurance pour une couverture complète:

• Allstate - Contrat d'assurance immobilière de 45 millions de dollars
• Assurance des voyageurs - couverture de responsabilité de 38 millions de dollars
• AIG - Partenariat de gestion des risques de 29 millions de dollars

Vendeurs technologiques

Les partenariats d'infrastructure numérique comprennent:

Fournisseur de technologie	Portée du service	Investissement annuel
Microsoft Azure	Infrastructure cloud	12,3 millions de dollars
Systèmes Cisco	Sécurité du réseau	8,7 millions de dollars
SÈVE	Systèmes de gestion des entreprises	6,5 millions de dollars

Stockage public (PSA) - Modèle d'entreprise: activités clés

Gestion de l'unité d'auto-stockage

Le stockage public gère 2 548 installations de libre-entreposage dans 39 États et Washington D.C. auprès du quatrième trimestre 2023. Total en pieds carrés louables a atteint 172,8 millions de pieds carrés.

Métrique	Valeur
Total des installations	2,548
Pieds carrés louables totaux	172,8 millions
Taux d'occupation (Q4 2023)	94.2%

Développement et expansion immobilières

Le stockage public a investi 487 millions de dollars dans les acquisitions et les développements de propriétés en 2023.

• Construction de nouvelles installations dans les zones métropolitaines à haute demande
• Acquisitions de propriétés stratégiques
• Modernisation et mises à niveau des installations

Maintenance de plate-forme numérique

Plateforme en ligne traitant plus de 65% des transactions locatives numériquement en 2023.

Métrique de la plate-forme numérique	Valeur
Transactions de location en ligne	65%
Utilisateurs d'applications mobiles	1,2 million

Service client et assistance

Maintenir les canaux de support client 24/7 avec un temps de réponse moyen de 12 minutes.

Opérations de sécurité et de maintenance

Investissement annuel de maintenance et de sécurité de 124 millions de dollars en 2023.

• Systèmes de surveillance avancés
• Clôture périmètre
• Accès à la porte électronique
• Personnel de sécurité sur place

Stockage public (PSA) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier étendu

Le stockage public possède 2 587 installations de libre-entreposage au deuxième trimestre 2023, situées dans 39 États américains et trois provinces canadiennes. Total louable en pieds carrés: 171,7 millions de pieds carrés.

Type de propriété	Nombre d'installations	Total en pieds carrés
Installations possédées	2,587	171,7 millions de pieds carrés

Plateformes de réservation et de gestion numériques

L'infrastructure numérique comprend:

• Système de réservation en ligne
• Application mobile avec une disponibilité d'unité en temps réel
• Plateforme de traitement des paiements automatisés

Reconnaissance de la marque

Métriques du leadership du marché:

• Le plus grand opérateur de libre-entreposage aux États-Unis
• Capitalisation boursière: 54,3 milliards de dollars (en janvier 2024)
• NYSE TICKER Symbole: PSA

Équipe de direction

Exécutif	Position	Mandat
Joseph D. Russell Jr.	Président et chef de la direction	Plus de 10 ans

Infrastructure technologique

Investissement technologique annuel: 42,5 millions de dollars en 2023 pour les plateformes numériques et les améliorations de la cybersécurité.

• Systèmes de gestion basés sur le cloud
• Outils de service client alimenté en IA
• Plateformes avancées d'analyse de données

Stockage public (PSA) - Modèle d'entreprise: propositions de valeur

Solutions de stockage sécurisées et pratiques

Le stockage public exploite 2 548 installations de libre-entreposage dans 39 États américains et 9 provinces canadiennes au quatrième trimestre 2023. La superficie totale de la superficie carrée atteint 171,2 millions de pieds carrés. La taille moyenne des installations est d'environ 67 000 pieds carrés.

Métrique	Valeur
Total des installations	2,548
Pieds carrés louables totaux	171,2 millions
Taille moyenne de l'installation	67 000 pieds carrés

Termes de location flexibles

Le stockage public propose des accords de location de mois en mois sans engagement à long terme. Les taux de location varient selon l'emplacement, allant de 50 $ à 500 $ par mois en fonction de la taille et du marché de l'unité.

Options de taille multiple de l'unité

• 5x5 unités (25 pieds carrés)
• 5x10 unités (50 pieds carrés)
• 10x10 unités (100 pieds carrés)
• 10x15 unités (150 pieds carrés)
• 10x20 unités (200 pieds carrés)
• 20x20 unités (400 pieds carrés)

Accès 24/7 aux installations de stockage

Caractéristiques d'accès numérique:

• Gestion de compte en ligne
• Application mobile pour les réservations
• Accès à la porte électronique
• Systèmes de paiement numérique

Stratégies de tarification compétitives

Flux de revenus	2023 données financières
Revenus totaux	4,32 milliards de dollars
Bénéfice d'exploitation net	2,87 milliards de dollars
Taux de location mensuel moyen	178 $ par unité

Le taux d'occupation au quatrième trimestre 2023 était de 94,2%, indiquant une forte demande et des stratégies de tarification efficaces.

Stockage public (PSA) - Modèle d'entreprise: relations avec les clients

Plateformes en libre-service en ligne

Le stockage public propose une plate-forme en ligne complète avec 4,2 millions d'utilisateurs en ligne actifs au quatrième trimestre 2023. La plate-forme numérique traite environ 65% de toutes les transactions de location via son interface Web.

Métriques de plate-forme en ligne	2024 statistiques
Total des utilisateurs en ligne	4,200,000
Pourcentage de transaction en ligne	65%
Interactions mensuelles moyennes en ligne	1,350,000

Application mobile pour la gestion des comptes

L'application mobile du stockage public prend en charge plus de 2,8 millions d'utilisateurs actifs avec des capacités de gestion des comptes en temps réel.

• Count de téléchargement d'applications mobiles: 3,6 millions
• Utilisateurs mobiles actifs mensuels: 2 800 000
• Transactions mobiles mensuelles moyennes: 850 000

Centres d'appels de support client

Le stockage public maintient 12 centres de support client dédiés qui gèrent environ 375 000 interactions clients mensuellement.

Performance du centre d'appels	2024 mesures
Centres de soutien total	12
Interactions mensuelles du client	375,000
Temps de réponse moyen	2,7 minutes

Processus de location automatisés

Le système de location automatisé du stockage public traite 78% des réservations et locations de l'unité de stockage sans intervention humaine directe.

• Taux de réservation automatisé: 78%
• Temps moyen pour la réservation en ligne: 6,5 minutes
• Traitement des paiements automatisés: 92%

Canaux de communication personnalisés

L'entreprise utilise des systèmes CRM avancés pour gérer la communication personnalisée avec 5,1 millions de comptes clients.

Canal de communication	2024 Taux d'engagement
E-mail marketing	22%
Notifications SMS	35%
Offres personnalisées	18%

Stockage public (PSA) - Modèle d'entreprise: canaux

Site Web de l'entreprise

PublicStorage.com gère 12,4 millions de visiteurs uniques par an à partir de 2023. Le taux de réservation en ligne représente 68% du total des acquisitions de clients. Le site Web traite environ 3,2 millions de transactions de location en ligne par an.

Métrique du site Web	Performance annuelle
Visiteurs uniques	12,4 millions
Taux de réservation en ligne	68%
Transactions de location en ligne	3,2 millions

Application mobile

L'application mobile génère 22% du total des réservations numériques. Téléchargé 1,7 million de fois sur les plates-formes iOS et Android en 2023.

Représentants des ventes directes

Le stockage public maintient 1 850 représentants des ventes directes dans 50 États. Le représentant des ventes moyens gère 127 interactions clients mensuellement.

Publicité en ligne

Budget publicitaire numérique: 47,3 millions de dollars en 2023. Taux de conversion à la rémunération par clic: 4,6%. Google ADS dépenser: 18,2 millions de dollars par an.

Walk-Ins de l'installation locale

1 750 installations de stockage physique aux États-Unis. Taux de conversion mensuel moyen mensuel: 32%. Clients annuels totaux annuels: 876 000.

Métrique sans rendez-vous de l'installation	Performance annuelle
Installations physiques totales	1,750
Taux de conversion sans rendez-vous	32%
Clients totaux sans rendez-vous	876,000

• Stratégie d'acquisition de clients multicanaux
• Les plates-formes numériques représentent 90% des points de contact clients initiaux
• Système de réservation intégré en ligne et hors ligne

Stockage public (PSA) - Modèle d'entreprise: segments de clients

Clients résidentiels

En 2024, le stockage public dessert environ 1,7 million de clients résidentiels à l'échelle nationale. La durée de location moyenne est de 12,4 mois, avec un taux de location mensuel moyen de 149,23 $ par unité.

Segment de clientèle	Total des clients	Location mensuelle moyenne
Clients résidentiels	1,700,000	$149.23

Propriétaires de petites entreprises

Le stockage public prend en charge 385 000 clients de petites entreprises, avec 22% utilisant le stockage pour la gestion des stocks et 18% pour l'archivage des documents.

• Clients totaux de petites entreprises: 385 000
• Utilisation du stockage des stocks: 22%
• Archivage des documents: 18%

Personnel militaire

Le stockage public propose des solutions de stockage spécialisées pour le personnel militaire, desservant environ 127 500 militaires actifs et retraités avec des tarifs réduits.

Segment de clientèle militaire	Total des clients	Pourcentage de réduction
Personnel militaire	127,500	10-15%

Étudiants

L'entreprise dessert 215 000 étudiants, avec une demande de pointe pendant les pauses d'été et de semestre.

• Clients totaux des étudiants: 215 000
• Péries d'utilisation de pointe: ruptures d'été et de semestre
• Durée de location moyenne: 3-4 mois

Individus pendant la réinstallation

Le stockage public prend en charge 293 000 clients en transition, avec une durée de stockage moyenne de 6,2 mois pendant les périodes de réinstallation.

Segment de clientèle de réinstallation	Total des clients	Durée de stockage moyenne
Réinstallation des clients	293,000	6,2 mois

Stockage public (PSA) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien immobiliers

En 2024, le stockage public possède 2 827 propriétés de libre-entreposage à travers les États-Unis. Les coûts annuels de maintenance immobilière sont d'environ 487 millions de dollars. Les frais d'acquisition de biens pour 2023 ont totalisé 672 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Maintenance des biens	$487,000,000
Acquisition de biens	$672,000,000
Taxes foncières	$298,000,000

Salaires et avantages sociaux des employés

Le stockage public emploie 5 651 employés à temps plein. Les dépenses annuelles totales annuelles sont de 412 millions de dollars, avec une compensation moyenne des employés de 72 900 $.

• Paie annuelle totale: 412 000 000 $
• Nombre d'employés: 5 651
• Compensation moyenne des employés: 72 900 $

Infrastructure technologique

L'investissement technologique annuel atteint 87 millions de dollars, couvrant les plateformes numériques, la cybersécurité et les systèmes opérationnels.

Catégorie de dépenses technologiques	Coût annuel
Développement de plate-forme numérique	$37,000,000
Cybersécurité	$22,000,000
Infrastructure informatique	$28,000,000

Dépenses de marketing et de publicité

Le budget marketing pour 2024 est de 124 millions de dollars, la publicité numérique consommant 45% de l'allocation.

• Budget marketing total: 124 000 000 $
• Publicité numérique: 55 800 000 $
• Publicité médiatique traditionnelle: 68 200 000 $

Coûts opérationnels des services publics et des installations

Les dépenses annuelles des services publics et opérationnels des installations de stockage s'élèvent à 213 millions de dollars.

Catégorie de coûts opérationnels	Dépenses annuelles
Électricité	$87,000,000
Entretien d'installation	$76,000,000
Gestion de l'eau et des déchets	$50,000,000

Stockage public (PSA) - Modèle d'entreprise: Strots de revenus

Location mensuelle de l'unité de stockage

Au quatrième trimestre 2023, le stockage public a déclaré 3,04 milliards de dollars de revenus totaux des locations de l'unité de stockage. Le taux de location mensuel moyen pour une unité de stockage de 10x10 standard varie entre 150 $ et 250 $ selon l'emplacement.

Taille de l'unité	Taux de location mensuel moyen	Contribution annuelle des revenus
5x5 unité	$75 - $125	540 millions de dollars
10x10 unité	$150 - $250	1,8 milliard de dollars
10x20 unité	$250 - $350	780 millions de dollars

Contrats de stockage à long terme

Les contrats à long terme représentent environ 35% du total des revenus de location, générant 1,06 milliard de dollars de revenus récurrents annuels.

Frais de service auxiliaires

Le stockage public génère des revenus supplémentaires grâce à des services supplémentaires:

• Déménager des locations de camions: 42 millions de dollars par an
• Ventes de fournitures d'emballage: 18 millions de dollars par an
• Serrures et accessoires de stockage: 12 millions de dollars par an

Ventes de produits d'assurance

L'assurance de stockage génère 95 millions de dollars de revenus annuels. La couverture d'assurance moyenne coûte 10 $ à 15 $ par mois par unité de stockage.

Type d'assurance	Coût mensuel	Revenus annuels
Couverture de base	$10	45 millions de dollars
Couverture complète	$15	50 millions de dollars

Paiement tardif et frais administratifs

Les frais tardifs et les frais administratifs contribuent à 35 millions de dollars par an aux revenus. Les frais de retard moyen sont de 25 $ par occurrence.

• Frais de paiement en retard: 25 $ par occurrence
• Frais de traitement administratif: 10 $ - 20 $ par transaction
• Revenu annuel total des frais administratifs: 35 millions de dollars

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.