Public Storage
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Leadership History
2 leaders · Full leadership timeline
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 earns most of its revenue by leasing self-storage units on a month-to-month basis to households and businesses. Additional revenue comes from tenant reinsurance, merchandise, third-party property management, and related services. The REIT structure makes cash generation, occupancy, rent per occupied square foot, same-store NOI, Core FFO, acquisitions, development, and capital costs central to how investors read the company. The model is attractive because leases reset quickly and operating needs are lighter than many other real estate categories. The tradeoff is cyclicality in move-in demand, pressure on existing-customer rates, local supply, property taxes, labor, insurance, and financing costs.
President and Chief Executive Officer
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.
President and Chief Executive Officer
Russell led the company through its most transformative period, executing the massive deployment of dynamic pricing algorithms, orchestrating the acquisition of Simply Self Storage, and fundamentally changing the company's business model to focus on technological sophistication and operational efficiency.
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.
Tom Boyle is CEO of Public Storage.
Public Storage's leadership agenda centers on same-store rent growth, occupancy, acquisitions, redevelopment, digital rentals, and balance-sheet strength.
Leadership changes help explain shifts in capital allocation, product priorities, risk appetite, and competitive positioning.
Public Storage's leaders have shaped its expansion, operating model, and response to industry change.