Public Storage, based in California, is a REIT that operates self-storage facilities. The company has about 3,045 self-storage facilities in the U.S. with 218 million rentable square feet. Public Storage also has a 35% equity stake in Shurgard Europe, with 253 facilities and 15 million square feet of rentable space in Western Europe. The European storage market has underperformed the U.S. market. PSA currently has self-storage properties in 40 states. At year-end 2023, stabilized properties account for approximately 75% of the company's portfolio, and acquisitions for 15%. Development and redevelopment properties make up the remainder. Of the REIT's stabilized portfolio, approximately one-third of same-store assets were in California, Texas, and Florida. The shares are a component of the S&P 500. PSA's market cap is $48.5 billion.