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Public Storage history
Public Storage company history timeline
Hughes partnered with Kenneth Volk and the two founded Public Storage in August 1972 with a $50,000 initial investment, at first calling it "Private Storage Spaces Inc."
The first warehouse was built in 1972 in El Cajon, California.
A property management subsidiary called Public Storage Management Inc. was formed in 1973.
By 1974, 20 locations had been built.
The company's own RELP, called Public Storage Partners Ltd, was formed in 1975 and closed its first deal for $3 million in investments two years later.
Triggering Growth Through First Real Estate Limited Partnership in 1977
In 1979, there were 3,500 miniwarehouses in operation in the United States.
Storage Equities was founded by Public Storage in 1980 to purchase self-storage facilities.
1986: PS Business Parks is organized as a division.
By 1991, Public Storage had set up more than 150 RELPs and real estate investment trusts (REITs).
In 1995, Public Storage and its subsidiaries were merged with its self-storage REIT, Storage Equities Inc., and re-structured as a single REIT called Public Storage Inc.
1998: Storage Trust Realty is acquired.
By 1998, Public Storage had $141 million in quarterly revenues, $2 billion in assets and 1,200 facilities in 38 states.
In February 2000, Public Storage began investing heavily in Shurgard Storage Centers, the third largest self-storage operator, spending roughly $50 million to become the company's largest shareholder by early April.
Hughes acquired the property in 2004.
In 2006 it acquired Shurgard Storage Centers in a transaction totaling $5.5 billion, acquiring 624 locations, including 141 in Europe.
The company has continued to make numerous acquisitions, such as a March 2010 purchase of 30 locations from A-American Self Storage.
In 2013, his filly Beholder won the Breeders’ Cup Distaff.
As of December 31, 2017 Public Storage owned 222 facilities in Europe in the following seven countries: Belgium, Denmark, France, Germany, Netherlands, Sweden and the United Kingdom.
In 2017 the company generated revenue of more than $2.5 billion.
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Public Storage competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Berkshire Hathaway | 1839 | $371.4B | 360,000 | 307 |
| Primerica | 1977 | $602.0M | 2,104 | 76 |
| Realogy | 2006 | $5.7B | 9,435 | - |
| Realty Income | 1969 | $2.1B | 194 | 9 |
| Legg Mason | 1899 | $2.9B | 3,059 | - |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| KKR & Co. L.P. | 1976 | $21.9B | 1,600 | 26 |
| T. Rowe Price | 1937 | $7.1B | 7,678 | 471 |
| PS Business Parks | 1990 | $174.2M | 155 | - |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 78 |
Public Storage history FAQs
Zippia gives an in-depth look into the details of Public Storage, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Public Storage. The employee data is based on information from people who have self-reported their past or current employments at Public Storage. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Public Storage. The data presented on this page does not represent the view of Public Storage and its employees or that of Zippia.
Public Storage may also be known as or be related to Public Storage and Public Storage Inc.