Public Storage
Company History
Public Storage History: Founding, Growth & Key Milestones
Founded 1972 in El Cajon, California, United States
When was Public Storage founded?
Public Storage was founded in 1972 in El Cajon, California, United States by B. Wayne Hughes and Kenneth Volk Jr., making it 54 years old.
- Founded
- 1972
- Founding place
- El Cajon, California, United States
- Founders
- B. Wayne Hughes and Kenneth Volk Jr.
- Headquarters today
- Frisco, Texas
- Milestones documented
- 10 (1972–2026)
- Current CEO
- Tom Boyle
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1972 | Founding |
| 1995 | Public Storage Inc. and Storage Equities Merge |
| 2006 | Shurgard acquisition |
| 2016 | Joe Russell Becomes CEO |
| 2021 | ezStorage and All Storage Acquired |
| 2023 | Simply Self Storage acquisition |
| 2023 | Bid for Life Storage |
| 2026 | PS4.0, new CEO and Texas headquarters |
| 2026 | NSA acquisition closes |
| 2026 | Q2 2026 results and PS Canada deal |
- Where was Public Storage founded?
- Public Storage was founded in El Cajon, California, United States in 1972. en.wikipedia.org
- Who founded Public Storage?
- Public Storage was founded by B. Wayne Hughes and Kenneth Volk Jr.
- When did Public Storage start?
- Public Storage was founded in 1972.
- How old is Public Storage?
- Public Storage is 54 years old as of 2026.
Founding Story
B. Wayne Hughes and Kenneth Volk Jr. started Public Storage in 1972 after Hughes saw mini-warehouses filling up in Texas. They opened their first facility in El Cajon, California, and grew in the 1970s and 1980s by raising money through real estate limited partnerships. Those partnerships and affiliated entities were later consolidated into a single NYSE-listed REIT.
Founders
B. Wayne Hughes
B. Wayne Hughes (1933-2021) co-founded Public Storage in 1972 with Kenneth Volk Jr. and led it for three decades, building the orange-door brand and financing growth through real estate partnerships before consolidating them into a public REIT. He was also a Thoroughbred breeder who owned Spendthrift Farm in Kentucky, which bred 2020 Kentucky Derby winner Authentic. He died in 2021. Education: University of Southern California; Mark Keppel High School. Bradley Wayne Hughes was born on September 28, 1933 and died on August 18, 2021. B. Wayne Hughes was born in 1933.
Kenneth Volk Jr.
Kenneth Volk Jr. co-founded Public Storage in 1972 alongside B. Wayne Hughes. While Hughes was the absolute visionary who recognized the massive potential of the self-storage concept, Volk provided the crucial initial real estate expertise and seed capital required to purchase and develop the very first properties in Southern California. (Exact birth year remains publicly undisclosed).
Key Milestones
Founding
B. Wayne Hughes and Kenneth Volk Jr. found Public Storage and open a first facility in El Cajon, California.
Source: en.wikipedia.orgPublic Storage Inc. and Storage Equities Merge
Public Storage Inc. and Storage Equities merged in 1995 to form the REIT now known as Public Storage.
Source: en.wikipedia.orgShurgard acquisition
Public Storage acquires Shurgard Storage Centers, adding U.S. properties and a European business later spun out as Shurgard, in which it keeps an equity stake.
Source: en.wikipedia.orgJoe Russell Becomes CEO
Joe Russell succeeded Ronald Havner as chief executive in January 2016.
Source: en.wikipedia.orgezStorage and All Storage Acquired
Public Storage bought ezStorage for about $1.8 billion and All Storage for about $1.5 billion in 2021.
Source: en.wikipedia.orgSimply Self Storage acquisition
Public Storage buys Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion, adding 127 properties.
Source: en.wikipedia.orgBid for Life Storage
Public Storage made an unsolicited $11 billion offer for Life Storage in February 2023. Life Storage chose a merger with Extra Space Storage.
Source: en.wikipedia.orgPS4.0, new CEO and Texas headquarters
In February 2026 the company announces its PS4.0 plan, names Tom Boyle CEO effective April 1, 2026, and says it will move its headquarters to Frisco, Texas.
Source: investors.publicstorage.comNSA acquisition closes
On July 22, 2026 Public Storage completes its all-stock acquisition of National Storage Affiliates, valued at about $10.5 billion including debt.
Source: investors.publicstorage.comQ2 2026 results and PS Canada deal
Q2 2026 Core FFO is $4.17 per share; the company raises 2026 guidance and agrees to buy Public Storage Canada's 68 properties for US$1.2 billion.
Source: businesswire.comMajor Acquisitions
Shurgard Storage Centers
2006Added U.S. facilities and European operations; the European business later became Shurgard, in which Public Storage keeps an equity stake.
Simply Self Storage
2023Bought from Blackstone Real Estate Income Trust, adding 127 properties.
National Storage Affiliates Trust (NSA)
2026All-stock deal valued at about $10.5 billion including debt, announced in early 2026 and closed July 22, 2026. NSA holders received 0.14 PSA shares per share.
Public Storage Canada
2026Agreement announced with Q2 2026 results to buy 68 Canadian properties with 5.3 million square feet for US$1.2 billion.
Keep researching Public Storage
Public Storage Company History FAQ
When was Public Storage founded?
Public Storage was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. Its first facility was in El Cajon, California.
What are Public Storage's major milestones?
Key milestones include the 1972 founding, the 2006 Shurgard acquisition, the $2.2 billion Simply Self Storage purchase in 2023, and in 2026 a CEO change, a headquarters move to Frisco, Texas and the $10.5 billion NSA acquisition.
Why did Public Storage move to Texas?
The company said in February 2026 that North Texas offered depth of talent and innovation. It moved its headquarters to Frisco while keeping a long-term presence in Glendale, California.
When and where was Public Storage founded?
Public Storage was founded in 1972 in El Cajon, California, by real estate developer Kenneth Volk Jr. and financial executive B. Wayne Hughes with an initial $50,000 investment.
What was the inspiration behind the first Public Storage facility?
While traveling in Texas, B. Wayne Hughes noticed roadside storage mini-warehouses that were fully occupied with waiting lists, prompting him to partner with Ken Volk to build their first 48-unit facility in El Cajon outside San Diego.
When did Public Storage adopt its iconic orange brand and color scheme?
From its earliest facilities in the 1970s, Public Storage painted its rollup garage doors bright orange and erected large orange signs, creating an unmistakable, ubiquitous roadside visual brand that millions of drivers recognize today.
When did Public Storage convert into a Real Estate Investment Trust (REIT)?
In 1995, Public Storage merged its decentralized private limited partnerships into a single master corporation and officially converted into a publicly traded REIT listed on the New York Stock Exchange under the ticker symbol PSA.
How did Public Storage expand into Europe with Shurgard?
In 2006, Public Storage completed a hostile $5.5 billion acquisition of Shurgard Storage Centers, which included Shurgard Europe—subsequently spun out and developed into Europe’s largest self-storage operator.
Who was B. Wayne Hughes and what was his impact as CEO?
B. Wayne Hughes led Public Storage from 1972 until 2002 as CEO and remained Chairman until 2011; he built the company into the undisputed global leader in storage, amassed a multi-billion-dollar fortune, and became a prominent philanthropist and thoroughbred horse breeder.
When did Joe Russell become CEO of Public Storage?
Joe Russell was appointed Chief Executive Officer in 2019, succeeding Ronald L. Havner Jr. and spearheading the company’s digital transformation, contactless mobile app rentals, and aggressive multi-billion-dollar portfolio acquisitions.
How has Public Storage’s real estate footprint grown to date?
Public Storage operates over 3,000 self-storage properties comprising more than 218 million net rentable square feet across 40 US states, serving nearly two million customers.
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