California Pension Fund Reduces Stake in Public Storage

CalPERS cuts holdings in real estate investment trust by 17% in Q3

Mar. 16, 2026 at 8:18am

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The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the United States, reduced its stake in Public Storage (NYSE: PSA) by 17% during the third quarter of 2025, according to a recent 13F filing with the Securities and Exchange Commission. CalPERS now owns 507,859 shares of the real estate investment trust, down from 611,737 shares held previously.

Why it matters

As one of the largest institutional investors, CalPERS' moves are closely watched by the market. The reduction in its Public Storage holdings could signal broader concerns about the self-storage industry or the REIT's performance, though the filing does not provide specific reasons for the divestment.

The details

According to the 13F filing, CalPERS sold 103,878 shares of Public Storage during the third quarter, reducing its total stake in the company to 0.29% of shares outstanding. Public Storage is a real estate investment trust that specializes in self-storage facilities, with over 2,500 locations across the United States.

  • CalPERS filed the 13F report disclosing the stake reduction on March 16, 2026.
  • The divestment occurred during the third quarter of 2025.

The players

California Public Employees' Retirement System (CalPERS)

The largest public pension fund in the United States, with over $450 billion in assets under management.

Public Storage

A real estate investment trust that owns and operates self-storage facilities across the United States, with a market capitalization of over $52 billion.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

The takeaway

CalPERS' reduction in its Public Storage holdings reflects the pension fund's broader investment strategy and portfolio management, though the specific reasons behind the divestment are not clear from the filing. Investors will be closely watching to see if other major institutional investors follow suit or maintain their positions in the self-storage REIT.