Public Storage owns and operates self-storage facilities across the United States, renting storage units to individuals and businesses needing extra space for belongings, inventory or equipment. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, with its property values and rental rates tied to local supply and demand for storage space in each market it operates in. Self-storage demand tends to be driven by life events like moving, downsizing, divorce or business inventory needs, giving the business a somewhat different demand driver than other commercial real estate categories more tied to broader economic cycles. Public Storage is the largest operator in a self-storage industry that remains somewhat fragmented, with many facilities still owned by smaller regional and independent operators that larger REITs like Public Storage have periodically acquired.