Public Storage is an American international self-storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It is the largest brand of self-storage services in the US. There are more than 2,200 Public Storage self-storage locations in the US, Canada, and Europe.
It also owns 42 percent of an office parks subsidiary, sells packing supplies, and provides other services. As a REIT, it is owned by real estate investors, who receive more than 90 percent of the company’s profits as a return on investment.
The idea for Public Storage was conceived by Southern California real estate developer B. Wayne Hughes in the early 1970s. During a trip to Texas, he observed that local real estate developers were doing well creating mini-storage facilities outside of Dallas and Houston.
It grew to 1,000 locations by 1989, using funding from investors in real estate limited partnerships (RELPs). The private company was re-structured as a publicly traded REIT in 1995 when Storage Equities merged with Public Storage and adopted its name.
According to en.Wikipedia. Source of photo: internet
