practices of insurance companies affiliated with Public Storage. An ongoing class action lawsuit alleges Public Storage misleads consumers into thinking that insurance premiums are charged at cost, whereas a substantial amount of those premiums are retained as profits by Public Storage. Sales of these insurance policies do have a high profit, but generate less than five percent of the company's total revenue. Financials Public Storage is a "self-administered, self-managed" real estate investment trust (REIT). A REIT is an organization that primarily purchases and operates real estate investments and returns at least 90 percent of its incomes to investors. It combines the capital of a large number of investors for real estate projects. As of 2008, Public Storage was the largest of four publicly traded self-storage REITs. As of 2013, it had a profit margin of 50 percent, the third-highest in the S&P 500. Public Storage has risen 17% annually, including dividends over the past 20 years (as of Q1 2016). This is a growth rate which is double the S&P 500. More than 90 percent of Public Storage's revenues are from its self-storage operations; it also provides insurance, packing products, and has a 44 percent interest in PS Business Parks. In 1984, PS Reinsurance was formed to sell insurance for a storage unit's contents. In 1995, PS Orangeco was created as a subsidiary, selling boxes, packaging, truck rentals, and other moving supplies. Ronald L. Havner, Jr., then-CEO of Public Storage, earned $10.5 million in 2017. References External links Financial services companies established in 1972 Companies listed on the New York Stock Exchange Real estate investment trusts of the United States Companies based in Glendale, California Financial services companies of the United States Storage companies 1972 establishments in California Real estate companies established in 1972 American companies established in 1972