public storage public storage american international self storage company headquartered california run real estate investment trust largest brand self storage services largest publicly traded storage public storage self storage locations canada europe owns percent office parks subsidiary sells packing supplies provides services owned real estate investors receive percent company profits return investment founded grew locations funding investors real estate limited partnerships private company structured publicly traded storage merged public storage adopted acquired billion transaction company criticized mold problems facilities poor security resulting sale insurance policies pay valid claims history origins idea public storage conceived southern_california real estate developer early 1970s trip texas observed local real estate developers creating mini storage facilities outside dallas houston brought self storage concept california hughes partnered founded public storage august initial investment calling private storage spaces inc warehouse built california according hughes consumers thought private storage meant storage units available public changed public storage match acronym documents signs founders initially planned build storage warehouses temporary source income land valuable redeveloped use months location breaking percent occupancy comparison real estate investments apartments office space units rented similar price square foot cost percent build maintain property management subsidiary called formed locations built financing hughes disliked loans financed purchase development new properties primarily real estate limited partnerships built warehouses sold independent development fee company called formed closed deal million investments years later public storage paid cash acquire property build self storage facility property income pay investors earn portion profit earned revenues portion deal early investors earned times money increasing property values southern_california high occupancy rates increasing storage rental prices mid-1980s public storage raising million investments year format allowed public storage continue building locations 1970s 1980s industry halted growth higher interest rates loans mid-1980s founder retired interest purchased hughes forbes estimated time company worth million investment funding build mini storage warehouses nationally california targeting largest cities public storage opened self storage locations close proximity multiple construction sites share development office justify local television advertising public storage growth slowed mid-1980s new competition increased cost property slowed increase rental prices consumers poor weather difficult labor markets outside california delayed development projects company poor investments office parks interest real estate investing diminished late 1980s company opened public storage location company times larger nearest competitor market billion invested investors public storage helped use self storage businesses real estate investment vehicle longest running investment vehicles set real estate investment according real estate limited partnership market relied funding vanished book said tax reform act reduced tax benefits followed tough time real estate companies december partnerships converted december began consolidating partnerships acquiring companies held interest storage founded public storage purchase self storage facilities self storage public storage held interest storage paid public storage million management consulting fees merged self storage storage inc structured single called analyst said acquisition capitalized conflict interest concerns hughes said merger set alleviate company spun box locks packing moving supplies business subsidiary said avoid risk losing company tax free status large portion company business longer related real estate frustrated institutional investors invest real estate companies longer invest new non real estate million quarterly revenues billion assets facilities states later year acquired competing storage company called million transaction recent history public storage grew steadily early 2000s added acquired transaction totaling billion acquiring locations including europe public storage attempted acquire company offers rejected company continued numerous acquisitions march purchase locations american self storage operations public storage largest self storage brand public storage locations north_america locations europe european locations operated owns percent office parks operated owns percent interest largest self storage business canada operated separate company allowed use public storage brand self storage locations tend dense clusters major cities especially near freeways intersections public storage employees company size customer access storage location automated locations husband wife couple live site paid close minimum wage monitor facility failure pay rental fees contents storage unit auction rental fees paid days storage wars created increased interest units contain substantial economic value property result disputes public storage customer belongings auctioned non payment serving military iraq receiving negative publicity apologized gave compensation sold belongings theft insurance damages said public filing increasing number claims litigation owners managers rental properties relating moisture result mold property damage company rental contract says responsible storage unit contents damage caused defects unit wall_street_journal reported surprisingly theft property damage self storage facilities public storage customers filed complaints insurance policies sold representatives experiencing storage units having insurance claims denied investigative journalists news stations california kansas washington reported difficulties consumers filing insurance claims affiliated public storage example claims denied storage unit intact lock affiliated insurance companies cited insufficient evidence forced entry replace unit lock attempt conceal insurance commissioners states criticized practices insurance companies affiliated public storage ongoing class action lawsuit consumers thinking insurance charged cost substantial retained profits public storage sales insurance policies high profit generate percent company total revenue public storage self administered self managed real estate investment trust organization primarily purchases operates real estate investments returns percent investors combines capital large number investors real estate projects public storage largest publicly traded self storage profit margin percent highest public storage risen annually including past years growth rate double percent revenues self storage operations provides insurance packing products percent interest formed sell insurance storage unit contents created subsidiary selling boxes packaging truck moving supplies
Public Storage