Public Storage
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Leadership History
2 leaders · 2016 to present
Public Storage was founded in 1972 and helped professionalize the U.S. self-storage category with a recognizable brand, standardized operations, and large-scale real estate ownership. The company remains a public REIT, so investors focus on rent growth, occupancy, same-store NOI, Core FFO, development returns, acquisitions, debt costs, and dividend capacity. The latest audited year shows $4.824B in FY2025 revenue, $1.784B in net income, and approximately 5,770 employees. In 2026, Public Storage moved into a new leadership phase with Tom Boyle as CEO and announced a pending acquisition of National Storage Affiliates.
Public Storage operates a large, scalable, essentially frictionless REIT model. Building a self-storage facility requires considerable upfront capital, but the ongoing operating costs are essentially zero (requiring almost no employees, no complex plumbing, and minimal maintenance). Because moving physical boxes out of storage is exhausting, the business possesses incredible "inertia." Public Storage generates substantial, reliable cash flow by and continuously raising the monthly rent on its captive "sticky" tenants, producing some of the highest profit margins in the global real estate sector. This ensures long-term operational success and structural market dominance across the broader real estate landscape. The organization secures its financial future through flawless execution mastery. This ensures survival. Yes. Yes.
President and Chief Executive Officer
2026 – Present
0 years (current)
Boyle has been instrumental in the company's strategic evolution, overseeing the integration of the NSA Storage portfolio, the aggressive deployment of automated management technologies, and the disciplined capital allocation strategy that has driven per-share FFO growth despite a challenging macroeconomic and interest rate environment. This ensures long-term success. Yes.
President and Chief Executive Officer
2016 – Present
10 years (current)
Russell led the company through its most transformative period, executing the deployment of dynamic pricing algorithms, orchestrating the acquisition of Simply Self Storage, and changing the company's business model to focus on technological sophistication and operational efficiency. This ensures long-term success. Yes.
Public Storage faces local supply, housing-market sensitivity, lower move-in demand during slow relocation periods, pressure on occupancy, property tax growth, insurance costs, labor costs, and higher interest rates. The pending NSA deal adds integration risk and may require careful communication around synergies, joint-venture structure, and balance sheet impact.
Joe Russell currently leads Public Storage, overseeing strategic vision, balance sheet health, and organizational execution in Self-Storage Real Estate Investment Trust (REIT).
Under executive direction, Public Storage is prioritizing workflow automation alongside disciplined capital allocation to maximize shareholder value.
Leadership at Public Storage has historically navigated industry cycles by restructuring operational priorities and expanding competitive moats.