Public Storage
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Company History
Founded 1972 in Glendale, California
Founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. In Glendale, California, the company has evolved from a regional mini-warehouse operator into a dominant, technology-driven real estate landlord with over 240 million net rentable square feet. The origin of Public Storage is a classic tale of American entrepreneurial vision, rooted in the post-war economic boom and the increasing mobility of the American population in the early 1970s. The company was founded in Glendale, California, located in the heart of the Sun Belt, providing access to the deep pool of technical talent and capital required to execute the vision. The early days of Public Storage were characterized by aggressive acquisition and rapid construction. The origin story of Public Storage is not just a history of a company; it is a mirror of the evolution of the American economy, reflecting the shift from a manufacturing-based society to a consumption-driven, mobile population. From the early days of building single-story mini-warehouses in the California suburbs to the complex deployment of automated kiosks and AI-driven pricing algorithms, the journey of Public Storage is a profound testament to the power of strategic vision, financial discipline, and the relentless pursuit of owning the physical foundation of the American storage economy.
Kenneth Volk Jr. co-founded Public Storage in 1972 in Glendale, California, partnering with B. Wayne Hughes to build the first major national self-storage operator in the United States. While Hughes focused on the real estate acquisition and operational management, Volk's strength lay in the financial structuring, strategic planning, and capital allocation that kept the company solvent during its rapid early expansion. His focus on maintaining a disciplined balance sheet and avoiding excessive leverage provided the company with the financial flexibility required to survive the brutal real estate crash of the early 1990s. Volk's financial discipline and strategic foresight helped stabilize the business during its formative years, laying the administrative and financial foundation that allowed the company to eventually thrive as a publicly traded REIT. His legacy of financial prudence and strategic foresight remains embedded in the corporate culture of Public Storage today.
B. Wayne Hughes and Kenneth Volk Jr. found Public Storage in Glendale, California, pioneering the national self-storage operator model and beginning the aggressive acquisition of regional mini-warehouse portfolios.
Public Storage lists on the New York Stock Exchange, providing the access to public capital markets necessary to fund the build-out of the self-storage network and compete with larger real estate providers.
The company converts to a Real Estate Investment Trust (REIT), unlocking shareholder value, eliminating corporate income tax, and maximizing the cash flow available for distribution to investors.
Public Storage executes a strategic investment in Shurgard Self Storage, establishing a dominant footprint in the European self-storage market and creating a global platform for future growth.
The company deploys its proprietary dynamic pricing algorithms across its national portfolio, allowing it to optimize revenue per square foot with a level of precision that independent operators simply cannot match.
Public Storage acquires the Simply Self Storage portfolio, instantly adding hundreds of high-quality facilities to its national network and expanding its dominance in key Sunbelt and coastal markets.
The company executes the $10.5 billion acquisition of NSA Storage, transforming Public Storage into an even more dominant force in the most supply-constrained metropolitan corridors in the United States.
Public Storage reports Q1 2026 Core FFO of $4.22 per share, Tom Boyle becomes CEO, and the company announces a pending National Storage Affiliates acquisition valued at approximately $10.5B on an enterprise-value basis.
To execute a strategic consolidation of the self-storage industry, instantly adding hundreds of high-quality facilities to Public Storage’s portfolio, primarily in high-barrier-to-entry coastal markets and rapidly growing Sunbelt corridors.
To significantly expand the company's national footprint and solidify its position as a top-tier provider to consumers and businesses during the aggressive deployment of dynamic pricing technologies.
Since its establishment in 1972, Public Storage expanded from an early-stage venture into a recognized leader in Self-Storage Real Estate Investment Trust (REIT), overcoming key market challenges.
Over its history, Public Storage executed decisive strategic pivots toward scalable monetization and digital distribution, securing its current market leadership.
By continually modernizing operations and embracing workflow automation, Public Storage maintains resilience through changing technological and economic cycles.