Public Storage is the largest self-storage owner in the U.S., operating 3,171 facilities totaling 229M net rentable square feet across 40 states. The company rents storage units to individuals and businesses on a month-to-month basis, with demand driven by life events like moving, downsizing, and home transitions. Public Storage earns revenue primarily through monthly rental income, with key drivers being occupancy rates and rental pricing. The company uses proprietary pricing algorithms to dynamically adjust rates and promotions at the individual unit level. Beyond its core storage business, Public Storage runs tenant reinsurance (fully reinsuring policies covering stored goods), third-party facility management (362 facilities), a bridge lending program for third-party storage owners, and merchandise sales. Public Storage is organized as a REIT and is a meaningful holder of Shurgard, which operates 332 self-storage facilities across seven Western European countries. The company grows through acquisitions, development, and international expansion, arguing its data advantage across U.S. markets allows it to underwrite acquisitions more accurately and improve margins by roughly 10 percentage points on acquired assets. Public Storage has also invested in operational efficiency, reducing on-property labor hours by over 30% through AI-driven staffing tools and cutting electricity costs through a solar program now covering over 1,100 properties.