Public Storage (PSA +0.28%) is the largest self-storage REIT by market cap (at over $57 billion in late 2026, it was almost double the size of its closest peer, Extra Space Storage). It owned or operated roughly 4,650 properties in the U.S., totaling more than 329 million square feet of net rentable space across 41 states. The REIT also owned 68 facilities in Canada with about 5.3 million net rentable square feet. Additionally, it owns a 35% interest in European self-storage REIT Shurgard Self Storage, which owns 335 self-storage properties across seven Western European countries totaling 19 million net rentable square feet.
The leading self-storage REIT significantly expanded its portfolio in 2026. It acquired fellow self-storage REIT National Storage Affiliates in a $10.5 billion deal, adding 1,000 more properties to its portfolio and further enhancing its scale. Additionally, the company acquired Public Storage Canada, an independent company founded by its founder, Wayne Hughes, for $1.2 billion. The deal marked its strategic entry into Canada, adding the country's third-largest self-storage platform in Canada. It also bought 44 properties from third-party sellers for $459.9 million through the first six months of the year.
Acquisitions aren't its only growth driver. Public Storage also has an in-house property development platform, which differentiates it from other self-storage REITs. As of late 2026, Public Storage had $691.7 million of development and expansion projects underway to add 4 million net rentable square feet to its portfolio over the next 18 to 24 months. The company also has growing third-party management and lending platforms.
The REIT's growth drivers have supported its steadily rising dividend. According to Public Storage, it has delivered a 9.3% compound annual dividend growth rate since 1996.
2. Extra Space Storage
