Public Storage beats in Q1 as NSA integration becomes next test

Public Storage is a prominent real estate investment trust (REIT) focused primarily on the acquisition, development, ownership, and operation of self-storage facilities. Recognized as a constituent of both the S&P 500 and FT Global 500 indices, the company reported a substantial portfolio as of September 30, 2020. This included direct ownership of approximately 2,504 self-storage properties across 38 U.S. states, encompassing a vast 171 million net rentable square feet. Beyond its domestic presence, Public Storage maintained a significant common equity stake of roughly 35% in Shurgard Self Storage SA (Euronext Brussels:SHUR), which operated 239 self-storage locations under the "Shurgard" brand across seven Western European nations, offering approximately 13 million net rentable square feet. Additionally, the REIT held an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, at the same date, managed roughly 28 million rentable square feet of commercial properties. The corporate headquarters for Public Storage is situated in Glendale, California.