Extra Space Storage vs Public Storage: Founders, CEOs and History
Extra Space Storage was founded in 1977 by Kenneth M. Woolley and is led by Joseph D. Margolis. Public Storage was founded in 1972 by B. Wayne Hughes, Kenneth Volk Jr. and is led by Tom Boyle.
Company facts
Extra Space Storage
- Founded
- 1977
- Headquarters
- Salt Lake City (Cottonwood Heights), Utah
- Current CEO
- Joseph D. Margolis
- Employees
- 8,393
Public Storage
- Founded
- 1972
- Headquarters
- Frisco, Texas
- Current CEO
- Tom Boyle
- Employees
- 5,770
Founders
Extra Space Storage
Kenneth M. Woolley
Kenneth M. Woolley founded Extra Space Storage in 1977 after an academic career in business, including graduate study at Stanford.
Public Storage
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.
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 req…
CEOs and their tenures
Extra Space Storage
- Kenneth M. Woolley1977–2009
Founder and former CEO
As the Founder and Chairman, he built the company from its very first facility in Montana into the absolute largest storage operator in the United States, utilizing highly advanced, airline-style revenue management.
Source - Spencer F. Kirk2009–2016
Former Chief Executive Officer
Oversaw growth into an S&P 500 REIT before handing over to Margolis.
Source - Joseph D. Margolis2017–2026
Chief Executive Officer
Under his tenure Extra Space became the largest U.S. self-storage operator by store count. He retires on December 31, 2026 and will advise the board.
Source - Noah Springer2026–present
President; CEO from January 1, 2027
As Chief Operating Officer, he is responsible for seamlessly integrating the massive thousands of properties acquired in the Life Storage merger into Extra Space's highly centralized, data-driven pricing system.
Source
Public Storage
- B. Wayne Hughes1972–2002
Founder, Chairman and Chief Executive Officer
He financed early growth through real estate limited partnerships and merged them into a single trust in 1995. Ronald Havner succeeded him in 2002.
Source - Joseph D. Russell Jr.2019–2026
President and Chief Executive Officer
Serving as CEO, he aggressively defends Public Storage's position as the absolute largest self-storage owner on Earth, strictly maintaining its premium pricing power.
Source - Tom Boyle2026–present
Chief Executive Officer
As CFO, he acts as the absolute financial backbone of the REIT, ensuring it generates the massive free cash flow required to consistently increase its legendary dividend.
Source - Joe Fisher2026–present
President and Chief Financial Officer
As CFO (and eventually President), he drove the massive technological modernization of the company's incredibly vast, legacy property portfolio.
Source
Timeline: Extra Space Storage and Public Storage side by side
1972Public Storage
Founding
B. Wayne Hughes and Kenneth Volk Jr. found Public Storage and open a first facility in El Cajon, California.
1977Extra Space Storage
Extra Space Storage founded
Kenneth M. Woolley founded the company as a developer and operator of self-storage properties.
1995Public Storage
Public Storage Inc. and Storage Equities Merge
Public Storage Inc. and Storage Equities merged in 1995 to form the REIT now known as Public Storage.
2004Extra Space Storage
NYSE initial public offering
Extra Space listed on the New York Stock Exchange under the ticker EXR in August 2004 and began operating as a REIT.
2005Extra Space Storage
Storage USA acquisition
With Prudential Real Estate Investors, Extra Space acquired Storage USA, greatly expanding its national footprint.
2006Public Storage
Shurgard 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.
2015Extra Space Storage
SmartStop Self Storage acquisition
Extra Space acquired SmartStop Self Storage in an all-cash deal of about $1.4 billion.
2016Public Storage
Joe Russell Becomes CEO
Joe Russell succeeded Ronald Havner as chief executive in January 2016.
2017Extra Space Storage
Joe Margolis becomes CEO
Joseph D. Margolis succeeded Spencer F. Kirk as CEO on January 1, 2017.
2021Public Storage
ezStorage and All Storage Acquired
Public Storage bought ezStorage for about $1.8 billion and All Storage for about $1.5 billion in 2021.
2023Extra Space Storage
Life Storage merger closes
Extra Space completed its all-stock acquisition of Life Storage in July 2023, becoming the largest U.S. self-storage operator by store count.
2023Public Storage
Simply Self Storage acquisition
Public Storage buys Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion, adding 127 properties.
2023Public Storage
Bid 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.
2025Extra Space Storage
FY2025 revenue of $3.378 billion
Extra Space reported $3.378 billion in revenue and $972.3 million in net income attributable to common stockholders, with 8,393 employees at year-end.
2026Extra Space Storage
CEO succession announced
Extra Space said President Noah Springer will become CEO on January 1, 2027, when Joe Margolis retires.
2026Public Storage
PS4.0, 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.
2026Public Storage
NSA 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.
2026Public Storage
Q2 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.
Acquisitions
Extra Space Storage
- Life Storage2023Undisclosed
- SmartStop Self Storage2015$1.4B
- Storage USA (with Prudential)2005Undisclosed
Public Storage
- National Storage Affiliates Trust (NSA)2026$10.5B
- Public Storage Canada2026$1.2B
- Simply Self Storage2023$2.2B
- Shurgard Storage Centers2006Undisclosed
Questions about Extra Space Storage vs Public Storage
Who is the CEO of Extra Space Storage Inc. and Public Storage?
Extra Space Storage Inc. is led by Joseph D. Margolis and Public Storage is led by Tom Boyle. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Extra Space Storage Inc. founded vs Public Storage?
Public Storage was founded in 1972 — 5 years before Extra Space Storage Inc., which was founded in 1977. Public Storage's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Extra Space Storage Inc..
How many employees does Extra Space Storage Inc. have compared to Public Storage?
Extra Space Storage Inc. employs approximately 8,393 people, while Public Storage employs approximately 5,770. Extra Space Storage Inc. has the larger workforce at 8,393 employees, compared to Public Storage's 5,770. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Extra Space Storage Inc. and Public Storage headquartered?
Both Extra Space Storage Inc. and Public Storage are headquartered in United States. Their local rules and tax obligations may still differ.
Who founded Extra Space Storage Inc. and Public Storage?
Extra Space Storage Inc. was founded by Kenneth M. Woolley. Public Storage was founded by B. Wayne Hughes, Kenneth Volk Jr..
Which company has a longer operating history — Extra Space Storage Inc. or Public Storage?
Public Storage has been operating for approximately 54 years, making it the more established of the two companies. Extra Space Storage Inc. has been in operation for around 49 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Extra Space Storage vs Public Storage overview