Summary
Public Storage, based in California, is a REIT that operates self-storage facilities. As of the end of 1Q23, the company had approximately 2,900 self-storage facilities in the U.S. with 205 million rentable square feet. Public Storage also has a 35% equity stake in Shurgard Europe, with 253 facilities and 15 million square feet of rentable space in Western Europe. The European storage market has underperformed the U.S. market. The company sold its 41% interest in PS Business Parks, a public REIT that invests in office and industrial real estate, in July 2022. PSA currently has self-storage properties in 40 states. Stabilized properties account for approximately 75% of the company’s portfolio, and acquisitions for 15%. Development and redevelopment properties make up the remainder. Of the REIT’s stabilized portfolio, approximately 35% of assets are located in California, Texas, and Florida. The shares are a component of the S&P 500. PSA’s market cap is just under $50 billion.
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Source: finance.yahoo.com