- Self storage giant Public Storage is moving its headquarters from California to Frisco, Texas.
- CEO Joe Russell will retire; Tom Boyle will assume the CEO role effective April 1.
- The firm appointed three co-presidents and introduced two new executive hires.
- Public Storage reported 3.3% annual revenue growth with $1.2B in revenues.
Leadership Overhaul and Strategic Shift
Public Storage, the largest self storage owner in the US, announced several key leadership changes as CEO Joe Russell prepares to retire after a decade leading the REIT, per Bisnow. Tom Boyle, currently the chief financial and investment officer, will step into the CEO role on April 1. The company also named Natalia Johnson, Chris Sambar, and Joe Fisher as co-presidents, with additional leadership roles focused on digital transformation and operations. Ayash Basu joins as chief revenue and marketing officer.
Texas Move Signals New Era
Public Storage is relocating its headquarters from Glendale, California, to a 116K SF office in Frisco, Texas. According to the company, the shift aims to tap into the talent pool and innovation ecosystem of North Dallas. While the new HQ becomes effective immediately, Public Storage will continue its long-term presence in Glendale.
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Portfolio and Performance Update
With a US portfolio totaling 252M SF and more than 3,300 self storage facilities, Public Storage continues to grow, adding 13 properties and delivering 1M SF in new developments and expansions in the latest quarter. The expansion comes as transaction activity across the sector has accelerated this year, with investors capitalizing on resilient occupancy trends and stabilized pricing in several major metros. The self storage REIT reported $1.2B in annual revenues for 2025, marking a 3.3% year-over-year increase and surpassing analyst forecasts. The company’s market capitalization now stands at $52B.
What’s Next
The leadership transition and relocation align with Public Storage’s new strategic vision, dubbed PS4.0. The company’s renewed focus is on driving per-share earnings and cash flow growth, with an eye on accelerating shareholder returns as it navigates a changing self storage sector.
