Public Storage NNN Property Lease

Public Storage

Interested in selling your Public Storage NNN property or Public Storage ground lease property and was wondering what you can get for it in today’s changing market?

Contact us for a complimentary broker opinion of value for your off-market Public Storage NNN property for sale or Public Storage ground lease property for investment, specifically tailored to support your 1031 exchange requirements. This valuable assessment will provide you with the necessary clarity to make informed decisions regarding the sale of your Public Storage NNN property or the inclusion of a Public Storage ground lease property in your investment portfolio. As specialists in working with 1031 exchange buyers seeking off-market Public Storage properties, we are dedicated to delivering competitive offers with reduced fees to help you maximize your investment returns.

Number of locations

As of 2024, Public Storage operates approximately 3,073 self-storage facilities across the United States, making it the largest owner and operator of self-storage locations in the country. These properties encompass hundreds of millions of rentable square feet of storage space in high-demand markets nationwide.

Revenue and income

Public Storage is a publicly traded real estate investment trust (REIT) and reports detailed financial results.
In 2024, the company reported operating income of approximately $2.18 billion and net income of approximately $2.07 billion.

Industry data also shows significant contributions from rental and ancillary operations across its portfolio, reflecting strong demand for self-storage services.

Future plans

Public Storage continues to pursue a multi-pronged growth strategy, including:

Acquisitions and portfolio expansion: The company is actively acquiring self-storage facilities across multiple states to expand its footprint and increase rentable square footage.
New development and redevelopment: Ongoing investments in newly developed and expanded facilities enhance the portfolio and allow entry into high-growth markets.
Strategic enhancements: Public Storage emphasizes operational efficiency, digital customer experience improvements, and sustainable property upgrades.
Global partnerships: Through its equity interest in Shurgard Self Storage (Europe), the company maintains an international presence with complementary growth potential.

Corporate vs. franchise

Public Storage is not a franchise model.
Instead, it operates as a REIT (Real Estate Investment Trust) that owns, develops, and manages its own portfolio of self-storage properties.
All facilities are corporate-owned and operated or owned through consolidated entities, ensuring centralized strategic management and operational control.

Additional information on Public Storage properties

Founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. in El Cajon, California.
Headquarters are located in Glendale, California.
Public Storage is traded on the NYSE and is a member of the S&P 500 Index.
The company owns tens of millions of net rentable square feet of storage space across more than 40 U.S. states, serving millions of personal and business customers.
Public Storage also holds a significant equity interest in Shurgard Self Storage, a leading European self-storage operator, expanding its international reach.
Over the past decade, the company has pursued strategic acquisitions and development activity, reinforcing its position as a market leader.

Public Storage History

Public Storage was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. with the opening of its first self-storage facility in El Cajon, California. The company introduced a simple idea—secure, affordable storage for people and businesses—which quickly gained popularity as demand for extra space grew across the country.

Through the 1970s and 1980s, Public Storage expanded rapidly by developing new facilities and forming real estate partnerships that supported nationwide growth. A major milestone occurred in 2006 with the acquisition of Shurgard Storage Centers, extending the brand into Europe and establishing its international presence.

Today, Public Storage operates more than 3,000 locations and stands as the world’s largest self-storage provider. As a leading REIT, the company continues to modernize its facilities with digital rentals, advanced security features, and sustainable building practices, maintaining its position as one of the most recognized and trusted names in the storage industry.

Why Invest in Ground Lease and NNN Lease of Public Storage?

Investing in Public Storage ground lease or triple net (NNN) lease properties provides strong benefits for passive real estate investors due to the company’s size, financial strength, and long-standing industry leadership.

1) Public Storage NNN Property Investment: Stable Income

Public Storage is the largest self-storage company in the world, operating thousands of facilities across the U.S. Its dominant market share and consistently high occupancy levels contribute to reliable, long-term rental income for property owners.

2) Public Storage NNN Property Investment: Highly Established Tenant

Founded in 1972, Public Storage has grown into a Fortune 500 REIT with a strong balance sheet, excellent creditworthiness, and a decades-long operating history. This financial stability reduces risk for landlords and ensures dependable lease performance.

3) Public Storage NNN Property Investment: Minimal Landlord Responsibilities

Public Storage properties under NNN or ground leases are typically true passive investments. The tenant usually handles operating expenses such as property taxes, insurance, maintenance, utilities, and repairs. This structure is ideal for investors seeking low involvement and predictable returns.

4) Public Storage NNN Property Investment: Long-Term, Favorable Lease Terms

Most Public Storage leases include long initial terms, often 20–30 years, along with scheduled rent increases. These features support steady cash flow growth and reduce lease rollover risk, making them highly attractive in 1031 exchange scenarios.

5) Public Storage NNN Property Investment: Strong Real Estate Fundamentals

Public Storage facilities are strategically positioned in dense residential areas, high-visibility corridors, and growth markets with strong demand for storage. Stable consumer demand and limited competition in many submarkets help support long-term property value appreciation.

Pros and Cons of Public Storage Ground Lease and NNN Lease Investment

Pros:

Stable income due to Public Storage’s strong national presence and market-leading position.
Reliable long-term tenant with strong credit as a Fortune 500 publicly traded REIT.
Minimal landlord responsibilities because the tenant covers taxes, insurance, maintenance, and operational expenses.
Long lease terms with scheduled rent escalations that support consistent income growth.
Properties are located in high-demand residential areas, enhancing long-term value and investor security.

Cons:

Lease renewal risk if Public Storage decides not to extend the agreement after the initial term.
Performance can be affected by oversupply or increased competition within the self-storage market.
Limited landlord control due to typical NNN or ground lease structures.
Lower cap rates compared to other tenants because of Public Storage’s strong credit profile.
Property appreciation may be influenced by broader real estate market conditions and interest rate changes.

Just like any NNN investment, it’s essential to conduct thorough due diligence when evaluating Public Storage properties. Reviewing the location, market demand for self-storage, lease structure, and the overall performance of Public Storage as a tenant helps ensure a sound investment.

Consulting with NNN real estate professionals and financial advisors can further support your analysis and help determine whether a Public Storage ground lease or NNN property aligns with your long-term investment strategy and risk tolerance.

MarketWatch: Public Storage