Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie always said the best businesses are the ones you can explain to your grandchildren in a minute. This one takes about thirty seconds: Public Storage owns metal boxes with orange doors, and Americans pay them every month to keep their belongings in those boxes. As of June 30, 2026, the company owned interests in 3,196 self-storage facilities comprising 231.4 million net rentable square feet across 40 states, managed another 388 facilities for third parties, and held a 35% stake in Shurgard, the European storage operator (335 facilities, market value of the stake about $1.05 billion). Then on July 22 — one week before we write this — it closed the all-stock acquisition of National Storage Affiliates, adding more than 1,000 properties and 550,000 units. The combined platform now spans roughly 4,500 properties and 327 million rentable square feet.
Recent filings analysed: 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-07-22), 8-K (2026-07-20).
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