Public Storage

Public Storage, with a $52B market cap, operates over 3,000 facilities, making it the US's largest self-storage REIT with 20% more locations than the runner-up. Its network effects are formidable: orange-branded facilities achieve 94% occupancy across 200 million square feet, generating $3.2B in annual revenue—30% higher than the average self-storage competitor. Founded in 1972, it has compounded its market cap at 12% annually since 2000, a pace that surpasses Crown Castle's 9% growth rate, driven by pricing power in an industry where same-store revenues grew 6.5% in 2024.