Public Storage

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Public Storage
Public
Traded as (NYSEPSA)
S&P 500 Component
Industry Real estate investment trust
Founded 1972 (1972)
Headquarters Glendale, California, USA
Number of locations
2,443 self-storage locations (2014)
2,546 Business Parks (2014)
Key people
B. Wayne Hughes, founder; Ronald L. Havner Jr., Chairman of the Board, CEO and President
Revenue Increase$2.2 billion USD (2014)[1]
Increase$1.07 billion USD (2014)[1]
Increase$1.15 billion USD (2014)[1]
Number of employees
5,300 (2014)[1]
Website http://www.publicstorage.com

Public Storage is a company engaged in the self storage business in the United States and Europe. It is organized as a real estate investment trust (REIT) and is headquartered in Glendale, CA.[2]

Public Storage was founded on August 14, 1972, and built its first self-storage facility that year. It currently operates 2,200 company-owned locations in the United States.[3] It also operates 187 locations in Europe as a 49% investor in the Shurgard Storage Centers brand. It is also an investor in PS Business Parks, Inc.[4]

According to a 2010 report by KPIX-TV, a CBS station in San Francisco, many Public Storage customers have filed complaints with the Better Business Bureau regarding issues with insurance policies sold by Public Storage representatives. For example, often "seemingly obvious burglary claims" are denied. An undercover reporter for the station said Public Storage employees required insurance in order to purchase storage, even though the company was not licensed to sell or discuss insurance products. Jerry Whitfield, a spokesperson for the California Department of Insurance, commented, "When you in fact solicit the purchase of insurance you are doing things that only licensed agents can do".[5] KPIX said that police reports indicated that there had been 22 break-ins at a single Public Storage facility in San Jose, California in the previous two years.[5]

References[edit]

  1. ^ a b c d Public Storage Annual Report, Public Storage, 2014, retrieved April 21, 2015 
  2. ^ Armental, Maria (December 28, 2012). "Public Storage Profit Rises on Higher Rents and Occupancy". The Wall Street Journal. Retrieved September 25, 2014. 
  3. ^ The Oregonian, Storage unit auction bidders seek treasures in leftovers of others' lives, December 28, 2012
  4. ^ "Public Storage (PSA) Company Profile | Reuters.com". reuters.com. Retrieved 15 August 2012. net rentable square feet of commercial space in eight states 
  5. ^ a b Watts, Julie (18 November 2010). "ConsumerWatch: Insurance Issues At Public Storage". http://sanfrancisco.cbslocal.com. CBS Local Media. Retrieved 12 April 2014. 

External links[edit]