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Public Storage (PSA)

Public Storage, a Maryland real estate investment trust (REIT), specializes in owning and operating self-storage facilities that offer storage spaces for lease on a month-to-month basis for both personal and business use . The company also engages in ancillary activities such as tenant reinsurance, merchandise sales, and third-party management, alongside the acquisition and development of additional self-storage space . Public Storage's self-storage operations are the primary source of its net income, with significant earnings growth driven by its Same Store Facilities, Acquired Facilities, and Newly Developed and Expanded Facilities .

  1. Self-Storage Operations - Provides storage spaces for lease on a month-to-month basis, catering to personal and business needs, and is the main source of the company's net income.
    • Same Store Facilities - Contributes to earnings growth through consistent performance and management of existing storage facilities.
    • Acquired Facilities - Enhances revenue by integrating newly acquired storage properties into the company's portfolio.
    • Newly Developed and Expanded Facilities - Drives growth by developing new storage spaces and expanding existing ones.
  2. Tenant Reinsurance - Offers insurance products to tenants, providing additional protection for stored items and contributing to the company's ancillary revenue.
  3. Third-Party Management Services - Manages self-storage facilities owned by other parties, expanding the company's operational reach and service offerings.
  4. Merchandise Sales - Sells packing and moving supplies, complementing the storage services and enhancing customer convenience.

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NamePositionExternal RolesShort Bio

Joseph D. Russell, Jr.

ExecutiveBoard

President and Chief Executive Officer

Executive Committee of the Board of Governors of Nareit

Joseph D. Russell, Jr. has been the CEO since January 1, 2019, and President since July 2016. He led PSA to record performance in 2023, including record revenues and acquisitions.

View Report →

Christopher Sambar

Executive

Chief Operating Officer

Director of AST SpaceMobile, Inc.

Christopher Sambar was appointed COO of PSA in October 2024. He previously held leadership roles at AT&T Communications.

H. Thomas Boyle

Executive

Senior Vice President, CFO, and CIO

Director of Shurgard Self Storage Limited

H. Thomas Boyle joined PSA in November 2016 and became CFO in January 2019 and CIO in January 2023. He played a key role in PSA's record performance in 2022 and 2023.

Natalia N. Johnson

Executive

Chief Administrative Officer

Director at WillScot Mobile Mini Holdings Corp.

Natalia N. Johnson joined PSA in July 2016 and became CAO in August 2020. She has enhanced HR strategies and contributed to PSA's record performance in 2022 and 2023.

Nathaniel A. Vitan

Executive

Senior Vice President, Chief Legal Officer

None

Nathaniel A. Vitan has been with PSA since June 2016 and became Chief Legal Officer in April 2019. He previously worked at Altria Client Services LLC and Latham & Watkins LLP.

Avedick B. Poladian

Board

Trustee

Director of Occidental Petroleum Corporation and Western Asset Management funds

Avedick B. Poladian has been a trustee since February 2010. He has extensive expertise in real estate investing and financial management.

David J. Neithercut

Board

Trustee

Board of Trustees of Equity Residential and Americold Realty Trust

David J. Neithercut has been a trustee since January 2021. He was the CEO of Equity Residential and has extensive experience in the REIT sector.

John Reyes

Board

Trustee

None

John Reyes retired as CFO of PSA in January 2019 and has been a trustee since then. He has over 20 years of leadership experience in financial management.

Kristy M. Pipes

Board

Trustee

Board of Directors of AECOM, ExlService Holdings, Inc., and Savers Value Village

Kristy M. Pipes joined PSA's Board in October 2020. She is the Chair of the Audit Committee and has extensive experience in finance and risk management.

Leslie Stone Heisz

Board

Trustee

Board of Directors of Kaiser Permanente and Edwards Lifesciences

Leslie Stone Heisz has been a trustee since February 2017. She has extensive experience in financial advisory services and corporate governance.

Maria R. Hawthorne

Board

Trustee

Board of Directors of Essex Property Trust and ASGN Incorporated

Maria R. Hawthorne joined PSA's Board in July 2024. She has extensive experience in real estate and financial oversight, having served as CEO of PS Business Parks.

Paul S. Williams

Board

Trustee

Board of Directors of Air Transport Services Group and American Funds

Paul S. Williams joined PSA's Board in January 2021. He has extensive expertise in corporate governance and human capital management.

Rebecca Owen

Board

Trustee

Chairman of Battery Reef, LLC; Board of Directors of WillScot Mobile Mini Holdings Corp.

Rebecca Owen joined PSA's Board in January 2021. She has significant expertise in real estate and financial management.

Ronald P. Spogli

Board

Trustee

Co-Founder of Freeman Spogli & Co.; Board of Overseers at Hoover Institution

Ronald P. Spogli has been a trustee since February 2010. He has extensive experience in investment management and international relations, having served as the U.S. Ambassador to Italy.

Shankh S. Mitra

Board

Trustee

CEO of Welltower Inc.

Shankh S. Mitra joined PSA's Board in January 2021. He is the CEO of Welltower Inc. and has a strong background in real estate and financial management.

Tamara Hughes Gustavson

Board

Trustee

Chairperson of American Homes 4 Rent; Board of Trustees at USC and Hughes Foundation

Tamara Hughes Gustavson is the largest single shareholder of PSA and has been a trustee since November 2008. She provides a shareholder's perspective on PSA's operations and strategy.

Tariq M. Shaukat

Board

Trustee

Co-CEO of Sonar; Board of Directors of GAP, Inc.

Tariq M. Shaukat joined PSA's Board in July 2019. He has held leadership roles at Bumble Inc. and Google Cloud, and is currently Co-CEO of Sonar.

  1. Given that promotional discounts reached up to 60% of customers receiving promotions in the third quarter, compared to 40% to 60% earlier in the year, what is driving this increase, and how do you anticipate it will impact your revenue growth in upcoming quarters?

  2. With a record $430 million in development deliveries in 2024 but expecting a decrease in 2025, can you explain the challenges you're facing in maintaining a consistent pace of development, and how you plan to address potential project delays affecting future growth? ,

  3. Considering the low transaction volumes over the past two years and your target for stabilized acquisition yields in the 6% range, are you willing to adjust your acquisition criteria if market conditions don't meet your expectations, and how would that impact your growth strategy? ,

  4. As you reduce on-site staff to optimize operations, how do you balance labor cost savings with the risk of negatively affecting customer service, and what measures are you taking to ensure customer satisfaction isn't compromised?

  5. With move-in rents down 9% year-over-year in the third quarter and down 5% in October, yet showing signs of stabilization, can you elaborate on the drivers behind this trend and how sustainable you believe it is, especially considering factors like housing turnover and customer length of stay? ,

Research analysts who have asked questions during Public Storage earnings calls.

Jeffrey Spector

BofA Securities

4 questions for PSA

Also covers: AKR, AMH, AVB +25 more

Juan Sanabria

BMO Capital Markets

4 questions for PSA

Also covers: AMH, BRX, CTRE +20 more

Ki Bin Kim

Truist Securities

4 questions for PSA

Also covers: ADC, AKR, BNL +20 more

Michael Goldsmith

UBS

4 questions for PSA

Also covers: ADC, AMH, AVB +30 more

Michael Mueller

JPMorgan Chase & Co.

4 questions for PSA

Also covers: AKR, BRX, CBL +25 more

Todd Thomas

KeyBanc Capital Markets

4 questions for PSA

Also covers: AAT, AKR, BRX +20 more

Brendan Lynch

Barclays

3 questions for PSA

Also covers: BXP, CCI, CUBE +16 more

Caitlin Burrows

Goldman Sachs

3 questions for PSA

Also covers: ALX, BNL, BRX +19 more

Eric Luebchow

Wells Fargo

3 questions for PSA

Also covers: AMT, CUBE, DBRG +9 more

Eric Wolfe

Citi

3 questions for PSA

Also covers: AMH, AVB, CPT +13 more

Ronald Kamdem

Morgan Stanley

3 questions for PSA

Also covers: AAT, ADC, AHR +36 more

Michael Griffin

Citigroup Inc.

2 questions for PSA

Also covers: AHR, ALX, ARE +32 more

Nicholas Yulico

Scotiabank

2 questions for PSA

Also covers: AHR, ALX, AVB +20 more

Omotayo Okusanya

Deutsche Bank AG

2 questions for PSA

Also covers: AMH, ARE, BDN +40 more

Ravi Vaidya

Mizuho

2 questions for PSA

Also covers: AAT, CUBE, EXR +9 more

Samir Khanal

Bank of America

2 questions for PSA

Also covers: BRX, COLD, CUBE +16 more

Spenser Allaway

Green Street

2 questions for PSA

Also covers: ADC, BNL, CUBE +5 more

Caitlin Szczupak

Goldman Sachs

1 question for PSA

Also covers: KRC, SPG

Daniel Tricarico

Scotiabank

1 question for PSA

Also covers: AMH, CUBE, EQR +2 more

Jenny Li

Morgan Stanley

1 question for PSA

Also covers: GLPI, VICI

Nicholas Joseph

Citigroup

1 question for PSA

Also covers: AMH, ARE, CUBE +13 more

Spencer Glitcher

Green Street

1 question for PSA

Tayo Okusanya

M Science

1 question for PSA

Also covers: ADC
Program DetailsProgram 1
Approval DateMay 2008
End Date/DurationNo expiration
Total additional amount35,000,000 shares
Remaining authorization amount10,551,219 shares
DetailsFuture repurchases depend on available capital, investment alternatives, and trading price
YearAmount Due (in billions)Debt TypeInterest Rate (%)% of Total Debt
20250.670 UnsecuredSOFR + 0.60% 7.0% = (0.670 / 9.528) * 100
20250.131 MortgageN/A1.4% = (0.131 / 9.528) * 100
20261.150 Unsecured0.875% 12.1% = (1.150 / 9.528) * 100
20260.138 MortgageN/A1.4% = (0.138 / 9.528) * 100
20271.200 UnsecuredSOFR + 0.70% 12.6% = (1.200 / 9.528) * 100
20270.146 MortgageN/A1.5% = (0.146 / 9.528) * 100
20281.200 Unsecured1.850% 12.6% = (1.200 / 9.528) * 100
20280.129 MortgageN/A1.4% = (0.129 / 9.528) * 100
Thereafter5.308 UnsecuredVarious 55.7% = (5.308 / 9.528) * 100
Thereafter0.001 MortgageN/A0.0% = (0.001 / 9.528) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1980 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

BREIT Simply Storage LLC

2023

Recent press releases and 8-K filings for PSA.

Public Storage issues €425M 3.500% Senior Notes due 2034
·$PSA
Debt Issuance
  • On October 3, 2025, Public Storage Operating Company completed an offering of €425 million of 3.500% Senior Notes due January 20, 2034, guaranteed by Public Storage.
  • The Notes carry an annual coupon of 3.500%, payable each January 20 beginning January 20, 2026, and mature on January 20, 2034.
  • The issuer may redeem the Notes at a make-whole price prior to October 20, 2033 and at 100% thereafter; Notes are also redeemable at 100% plus accrued interest upon certain U.S. tax law changes.
  • The Indenture limits PSOC’s ability to incur secured and unsecured debt and requires maintaining total unencumbered assets ≥125% of total unsecured indebtedness.
5 days ago
Public Storage issues €425M senior notes due 2034
·$PSA
Debt Issuance
  • On September 26, 2025, Public Storage and its subsidiary Public Storage Operating Company entered into an underwriting agreement with BNP Paribas, Goldman Sachs & Co. LLC and Morgan Stanley & Co. International plc to sell €425 million aggregate principal amount of 3.500% Senior Notes due 2034, guaranteed by Public Storage.
  • The Notes will bear 3.500% interest per annum, issued at 99.447% of par, mature on January 20, 2034, with annual interest payments beginning January 20, 2026.
  • The offering is expected to close on October 3, 2025, subject to customary conditions. Net proceeds will repay €242 million of 2.175% senior notes due November 2025 and fund general corporate purposes.
Sep 29, 2025, 8:50 PM
Public Storage raises 2025 outlook after Q2 results
·$PSA
Earnings
Guidance Update
New Projects/Investments
  • 2025 outlook raised as operations stabilize and $785 M of acquisitions closed or under contract YTD
  • Core FFO grew 1.2% in Q2 and the low end of 2025 core FFO guidance was lifted from $16.35 to $16.45 per share
  • Non–same store pool of 538 properties to generate approx. $470 M of NOI in 2025 and an additional $110 M in 2026
  • Capital position strengthened by 4.1× net debt/EBITDA leverage, ~$600 M retained cash flow, and issuance of unsecured bonds at the tightest REIT spread
  • Expanding internationally via SureGuard partnership in Europe and due diligence on a potential Australia/New Zealand platform
Jul 31, 2025, 11:15 PM
Public Storage issues $875 M of senior notes
·$PSA
Debt Issuance
  • On June 30, 2025, Public Storage Operating Company issued $475 million of 4.375% Senior Notes due 2030 and $400 million of 5.000% Senior Notes due 2035, each guaranteed by Public Storage.
  • The Notes accrue interest from June 30, 2025, payable semi-annually on January 1 and July 1 (beginning January 1, 2026) and mature on July 1, 2030 and July 1, 2035, respectively.
  • The Notes are direct, unsecured and unsubordinated obligations of PSOC, rank equally with its other unsecured debt, and include covenants limiting additional secured and unsecured indebtedness and requiring maintenance of unencumbered assets at least 125% of total unsecured debt.
  • PSOC may redeem the Notes at any time at the make-whole price specified in the indenture, or at 100% of principal plus accrued interest if redeemed on or after June 1, 2030 (2030 Notes) or April 1, 2035 (2035 Notes).
Jun 30, 2025, 12:00 AM
Public Storage issues $875 million senior notes
·$PSA
Debt Issuance
  • On June 26, 2025, Public Storage and its subsidiary Public Storage Operating Company entered an underwriting agreement to sell $875 million aggregate principal of senior notes in two tranches: $475 million 4.375% due 2030 and $400 million 5.000% due 2035, each guaranteed by Public Storage.
  • The 2030 notes will be issued at 99.707% of par and mature July 1, 2030; the 2035 notes will be issued at 99.557% of par and mature July 1, 2035, with interest paid semi-annually beginning January 1, 2026.
  • The offering is expected to close on June 30, 2025, and net proceeds will repay $400 million of floating-rate senior notes due 2025 and fund general corporate purposes, including acquisitions and other debt repayment.
Jun 27, 2025, 12:00 AM
Public Storage Investor Conference Presentation Update
·$PSA
M&A
  • Investor Presentation was posted on the Investor Relations website for use at an upcoming investor conference.
  • The presentation includes an operating update for the two months ended May 31, 2025, highlighting a square foot occupancy of 92.3% and annual contract rent per occupied square foot of $22.55.
  • It also noted the acquisition or contract agreement for 69 self-storage facilities covering 4.7 million net rentable square feet for $750.9 million since the beginning of the year.
  • The filing contains forward-looking statements that outline potential risks and uncertainties affecting future performance.
Jun 3, 2025, 12:00 AM
Public Storage Holds 2025 Shareholder Vote on Key Proposals
·$PSA
Proxy Vote Outcomes
Board Change
Executive Compensation
  • Form 8-K filed on May 7, 2025 confirms the company held its 2025 Annual Meeting of Shareholders and presented four proposals for shareholder vote.
  • The proposals addressed the election of 12 trustees, an advisory vote on executive compensation, the appointment of Ernst & Young LLP as independent auditors, and the amendment of the 2021 Equity and Performance-Based Incentive Compensation Plan.
May 8, 2025, 12:00 AM
Public Storage Reports Stable Q1 2025 Performance
·$PSA
Earnings
M&A
Guidance Update
  • Q1 performance met expectations with improved same-store occupancy—declining from 80bps to 30bps—and positive revenue growth after prolonged deceleration.
  • The company executed on acquisitions, with 14 properties under contract totaling $184 million, and expects its non-same-store portfolio to add $80 million of NOI over time.
  • Significant operational improvements were noted, including 85% of customer interactions via digital channels and a 12% reduction in labor hours through dynamic staffing optimization.
  • Guidance for 2025 remains unchanged despite market volatility, with the management confident in the company’s stable performance and growth trajectory.
May 1, 2025, 4:01 PM