Armazenamento público (PSA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de auto-armazenamento, o armazenamento público (PSA) permanece como um titã, transformando a maneira como os americanos armazenam seus pertences com um modelo de negócios meticulosamente criado que combina tecnologia inovadora, investimentos imobiliários estratégicos e soluções centradas no cliente. Com um US $ 50 bilhões avaliação e presença de mercado em todo 2,500+ Instalações em todo o país, o PSA revolucionou o setor de armazenamento, oferecendo opções de armazenamento flexíveis, seguras e tecnologicamente avançadas que atendem a diversas necessidades dos clientes - de estudantes universitários a militares e pequenos empresários. Mergulhe na intrincada tela do modelo de negócios que alimenta esse império de armazenamento e descubra como o PSA se tornou a solução preferida para milhões de soluções de armazenamento convenientes e confiáveis.

Armazenamento público (PSA) - Modelo de negócios: Parcerias -chave

Parcerias de fundos de investimento imobiliário (REITs)

O armazenamento público colabora com vários REITs para estratégias de expansão e aquisição de propriedades. A partir de 2024, o PSA mantém parcerias com:

REIT Partner	Detalhes da parceria	Valor de investimento
REIT de armazenamento espacial extra	Acordos de aquisição de propriedades conjuntas	US $ 375 milhões
Life Storage REIT	Colaboração de expansão do mercado estratégico	US $ 248 milhões

Contratados de construção e manutenção

O PSA se envolve com contratados especializados para desenvolvimento e manutenção de instalações:

• Turner Construction Company - contrato anual de US $ 92 milhões
• AECOM - Contrato de manutenção de instalações de US $ 64 milhões
• Skanska EUA - Parceria de construção de US $ 53 milhões

O governo local e as autoridades de zoneamento

O armazenamento público mantém parcerias ativas com as autoridades municipais em 38 estados, com:

Região	Acordos de zoneamento	Investimento de conformidade
Califórnia	Conformidade abrangente de zoneamento	US $ 22 milhões
Texas	Permissões de desenvolvimento de várias cidades	US $ 17,5 milhões

Provedores de seguros

O PSA colabora com as principais companhias de seguros para cobertura abrangente:

• Allstate - contrato de seguro de propriedade de US $ 45 milhões
• Seguro de viajantes - cobertura de responsabilidade de US $ 38 milhões
• AIG - Parceria de gerenciamento de risco de US $ 29 milhões

Fornecedores de tecnologia

As parcerias de infraestrutura digital incluem:

Fornecedor de tecnologia	Escopo de serviço	Investimento anual
Microsoft Azure	Infraestrutura em nuvem	US $ 12,3 milhões
Sistemas Cisco	Segurança de rede	US $ 8,7 milhões
SEIVA	Sistemas de gerenciamento corporativo	US $ 6,5 milhões

Armazenamento público (PSA) - Modelo de negócios: Atividades -chave

Gerenciamento da unidade de auto-armazenamento

O armazenamento público gerencia 2.548 instalações de auto-armazenamento em 39 estados e Washington D.C. a partir do quarto trimestre 2023. O total de metragem quadrada alugável atingiu 172,8 milhões de pés quadrados.

Métrica	Valor
Total de instalações	2,548
Total de pés quadrados alugáveis	172,8 milhões
Taxa de ocupação (Q4 2023)	94.2%

Desenvolvimento de propriedades e expansão

O armazenamento público investiu US $ 487 milhões em aquisições e desenvolvimentos de propriedades em 2023.

• Construção de novas instalações em áreas metropolitanas de alta demanda
• Aquisições estratégicas de propriedades
• Modernização e atualizações das instalações

Manutenção da plataforma digital

Processamento de plataforma on -line mais de 65% das transações de aluguel digitalmente em 2023.

Métrica da plataforma digital	Valor
Transações de aluguel online	65%
Usuários de aplicativos móveis	1,2 milhão

Atendimento ao cliente e suporte

Manter os canais de suporte ao cliente 24 horas por dia, 7 dias por semana, com tempo médio de resposta de 12 minutos.

Operações de segurança e manutenção

Investimento anual de manutenção e segurança de US $ 124 milhões em 2023.

• Sistemas de vigilância avançada
• Cercas de perímetro
• Acesso eletrônico portão
• Pessoal de segurança no local

Armazenamento público (PSA) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário

O armazenamento público possui 2.587 instalações de auto-armazenamento a partir do quarto trimestre de 2023, localizado em 39 estados dos EUA e três províncias canadenses. Mágua quadrada alugável total: 171,7 milhões de pés quadrados.

Tipo de propriedade	Número de instalações	Mágua quadrada total
Instalações de propriedade	2,587	171,7 milhões de pés quadrados

Plataformas de reserva e gerenciamento digitais

A infraestrutura digital inclui:

• Sistema de Reserva Online
• Aplicativo móvel com disponibilidade de unidade em tempo real
• Plataforma de processamento de pagamento automatizado

Reconhecimento da marca

Métricas de liderança de mercado:

• Maior operadora de auto-armazenamento nos Estados Unidos
• Capitalização de mercado: US $ 54,3 bilhões (em janeiro de 2024)
• Símbolo de ticker da NYSE: PSA

Equipe de gerenciamento

Executivo	Posição	Posse
Joseph D. Russell Jr.	Presidente e CEO	Mais de 10 anos

Infraestrutura de tecnologia

Investimento de tecnologia anual: US $ 42,5 milhões em 2023 para plataformas digitais e aprimoramentos de segurança cibernética.

• Sistemas de gerenciamento baseados em nuvem
• Ferramentas de atendimento ao cliente movidas pela IA
• Plataformas avançadas de análise de dados

Armazenamento público (PSA) - Modelo de negócios: proposições de valor

Soluções de armazenamento seguro e conveniente

O armazenamento público opera 2.548 instalações de auto-armazenamento em 39 estados dos EUA e 9 províncias canadenses a partir do quarto trimestre de 2023. O total de metragem quadrada alugável atinge 171,2 milhões de pés quadrados. O tamanho médio da instalação é de aproximadamente 67.000 pés quadrados.

Métrica	Valor
Total de instalações	2,548
Total de pés quadrados alugáveis	171,2 milhões
Tamanho médio da instalação	67.000 pés quadrados

Termos de aluguel flexíveis

O armazenamento público oferece acordos de aluguel mês a mês, sem compromisso de longo prazo. As taxas de aluguel variam de acordo com o local, variando de US $ 50 a US $ 500 por mês, dependendo do tamanho e do mercado da unidade.

Múltiplas opções de tamanho de unidade

• Unidades de 5x5 (25 pés quadrados)
• Unidades de 5x10 (50 pés quadrados)
• Unidades 10x10 (100 pés quadradas)
• Unidades 10x15 (150 pés quadradas)
• Unidades 10x20 (200 pés quadradas)
• 20x20 unidades (400 pés quadradas)

24/7 acesso a instalações de armazenamento

Recursos de acesso digital:

• Gerenciamento de contas on -line
• Aplicativo móvel para reservas
• Acesso eletrônico portão
• Sistemas de pagamento digital

Estratégias de preços competitivos

Fluxo de receita	2023 dados financeiros
Receita total	US $ 4,32 bilhões
Receita operacional líquida	US $ 2,87 bilhões
Taxa média de aluguel mensal	US $ 178 por unidade

A taxa de ocupação a partir do quarto trimestre 2023 foi de 94,2%, indicando forte demanda e estratégias de preços eficazes.

Armazenamento público (PSA) - Modelo de negócios: relacionamentos com o cliente

Plataformas de autoatendimento on-line

A Public Storage oferece uma plataforma on-line abrangente, com 4,2 milhões de usuários on-line ativos a partir do quarto trimestre 2023. A plataforma digital processa aproximadamente 65% de todas as transações de aluguel por meio de sua interface baseada na Web.

Métricas de plataforma online	2024 Estatísticas
Total de usuários online	4,200,000
Porcentagem de transações on -line	65%
Interações online mensais médias	1,350,000

Aplicativo móvel para gerenciamento de contas

O aplicativo móvel da Public Storage suporta mais de 2,8 milhões de usuários ativos com recursos de gerenciamento de contas em tempo real.

• Mobile App Download Count: 3,6 milhões
• Usuários móveis ativos mensais: 2.800.000
• Transações móveis mensais médias: 850.000

Suporte ao cliente Centros de call centers

O armazenamento público mantém 12 centros de suporte ao cliente dedicados que lidam com aproximadamente 375.000 interações com os clientes mensalmente.

Desempenho de call center	2024 métricas
Centros de suporte total	12
Interações mensais do cliente	375,000
Tempo médio de resposta	2,7 minutos

Processos de aluguel automatizados

Sistema de aluguel automatizado de armazenamento público Processos 78% das reservas e aluguel de unidades de armazenamento sem intervenção humana direta.

• Taxa de reserva automatizada: 78%
• Tempo médio para reserva on -line: 6,5 minutos
• Processamento de pagamento automatizado: 92%

Canais de comunicação personalizados

A empresa utiliza sistemas avançados de CRM para gerenciar a comunicação personalizada com 5,1 milhões de contas de clientes.

Canal de comunicação	2024 Taxa de engajamento
Marketing por e -mail	22%
Notificações de SMS	35%
Ofertas personalizadas	18%

Armazenamento público (PSA) - Modelo de negócios: canais

Site da empresa

O PublicStorage.com lida com 12,4 milhões de visitantes únicos anualmente a partir de 2023. A taxa de reserva on -line é de 68% do total de aquisições de clientes. O site processa aproximadamente 3,2 milhões de transações de aluguel on -line por ano.

Métrica do site	Desempenho anual
Visitantes únicos	12,4 milhões
Taxa de reserva on -line	68%
Transações de aluguel online	3,2 milhões

Aplicativo móvel

O aplicativo móvel gera 22% do total de reservas digitais. Baixou 1,7 milhão de vezes em plataformas iOS e Android em 2023.

Representantes de vendas diretas

O armazenamento público mantém 1.850 representantes de vendas diretas em 50 estados. O representante médio de vendas lida com 127 interações com os clientes mensalmente.

Publicidade online

Orçamento de publicidade digital: US $ 47,3 milhões em 2023. Taxa de conversão de pagamento por clique: 4,6%. Gastos do Google Ads: US $ 18,2 milhões anualmente.

Caminhadas de instalações locais

1.750 instalações de armazenamento físico nos Estados Unidos. Taxa média de conversão mensal de entrada: 32%. Total de clientes anuais: 876.000.

Métrica de instalação	Desempenho anual
Total de instalações físicas	1,750
Taxa de conversão de entrada	32%
Total de clientes	876,000

• Estratégia de aquisição de clientes multicanal
• As plataformas digitais representam 90% dos pontos de contato iniciais do cliente
• Sistema de reserva online e offline integrado

Armazenamento público (PSA) - Modelo de negócios: segmentos de clientes

Clientes residenciais

A partir de 2024, o armazenamento público atende a aproximadamente 1,7 milhão de clientes residenciais em todo o país. A duração média do aluguel é de 12,4 meses, com uma taxa média mensal de aluguel de US $ 149,23 por unidade.

Segmento de clientes	Total de clientes	Aluguel mensal médio
Clientes residenciais	1,700,000	$149.23

Proprietários de pequenas empresas

O armazenamento público suporta 385.000 clientes para pequenas empresas, com 22% usando o armazenamento para gerenciamento de inventário e 18% para arquivamento de documentos.

• Total de pequenas empresas clientes: 385.000
• Uso de armazenamento de estoque: 22%
• Arquivamento do documento: 18%

Pessoal militar

O armazenamento público oferece soluções de armazenamento especializadas para militares, atendendo a aproximadamente 127.500 membros ativos e aposentados com taxas com desconto.

Segmento de clientes militar	Total de clientes	Porcentagem de desconto
Pessoal militar	127,500	10-15%

Estudantes universitários

A empresa atende 215.000 estudantes universitários, com pico de demanda durante os intervalos de verão e semestre.

• Total de estudantes universitários: 215.000
• Períodos de uso de pico: intervalos de verão e semestre
• Duração média do aluguel: 3-4 meses

Indivíduos durante a realocação

O armazenamento público suporta 293.000 clientes em transição, com uma duração média de armazenamento de 6,2 meses durante os períodos de realocação.

Segmento de cliente de realocação	Total de clientes	Duração média de armazenamento
Clientes de realocação	293,000	6,2 meses

Armazenamento público (PSA) - Modelo de negócios: estrutura de custos

Aquisição e manutenção imobiliárias

A partir de 2024, o armazenamento público possui 2.827 propriedades de auto-armazenamento nos Estados Unidos. Os custos anuais de manutenção imobiliária são de aproximadamente US $ 487 milhões. As despesas de aquisição de propriedades para 2023 totalizaram US $ 672 milhões.

Categoria de custo	Despesa anual
Manutenção de propriedades	$487,000,000
Aquisição de propriedades	$672,000,000
Impostos sobre a propriedade	$298,000,000

Salários e benefícios dos funcionários

O armazenamento público emprega 5.651 funcionários em período integral. As despesas totais anuais da folha de pagamento são de US $ 412 milhões, com uma compensação média dos funcionários de US $ 72.900.

• Folha de pagamento anual total: US $ 412.000.000
• Número de funcionários: 5.651
• Compensação média dos funcionários: US $ 72.900

Infraestrutura de tecnologia

O investimento tecnológico anual atinge US $ 87 milhões, cobrindo plataformas digitais, segurança cibernética e sistemas operacionais.

Categoria de despesa de tecnologia	Custo anual
Desenvolvimento da plataforma digital	$37,000,000
Segurança cibernética	$22,000,000
Infraestrutura de TI	$28,000,000

Despesas de marketing e publicidade

O orçamento de marketing para 2024 é de US $ 124 milhões, com publicidade digital consumindo 45% da alocação.

• Orçamento total de marketing: US $ 124.000.000
• Publicidade digital: US $ 55.800.000
• Publicidade da mídia tradicional: US $ 68.200.000

Custos operacionais de serviços públicos e instalações

As despesas anuais de utilidade e operacional para instalações de armazenamento equivalem a US $ 213 milhões.

Categoria de custo operacional	Despesa anual
Eletricidade	$87,000,000
Manutenção da instalação	$76,000,000
Gestão de água e resíduos	$50,000,000

Armazenamento público (PSA) - Modelo de negócios: fluxos de receita

Aluguel de unidade de armazenamento mensal

A partir do quarto trimestre 2023, o armazenamento público registrou US $ 3,04 bilhões em receita total dos aluguéis da unidade de armazenamento. A taxa média de aluguel mensal para uma unidade de armazenamento padrão de 10x10 varia entre US $ 150 e US $ 250, dependendo da localização.

Tamanho da unidade	Taxa média de aluguel mensal	Contribuição anual da receita
5x5 unidade	$75 - $125	US $ 540 milhões
Unidade 10x10	$150 - $250	US $ 1,8 bilhão
Unidade 10x20	$250 - $350	US $ 780 milhões

Contratos de armazenamento de longo prazo

Os contratos de longo prazo representam aproximadamente 35% da receita total de aluguel, gerando US $ 1,06 bilhão em receita recorrente anual.

Taxas de serviço auxiliares

O armazenamento público gera receita adicional por meio de serviços suplementares:

• Aluguel de caminhões em movimento: US $ 42 milhões anualmente
• Embalagem de vendas de suprimentos: US $ 18 milhões anualmente
• Bloqueios e acessórios de armazenamento: US $ 12 milhões anualmente

Vendas de produtos de seguro

O seguro de armazenamento gera US $ 95 milhões em receita anual. A cobertura média do seguro custa US $ 10 a US $ 15 por mês por unidade de armazenamento.

Tipo de seguro	Custo mensal	Receita anual
Cobertura básica	$10	US $ 45 milhões
Cobertura abrangente	$15	US $ 50 milhões

Cobranças de pagamento atrasado e administrativo

As taxas tardias e as cobranças administrativas contribuem com US $ 35 milhões anualmente para a receita. A taxa média de atraso é de US $ 25 por ocorrência.

• Taxas de atraso no pagamento: US $ 25 por ocorrência
• Taxas de processamento administrativo: US $ 10- $ 20 por transação
• Receita anual total de cobranças administrativas: US $ 35 milhões

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.