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 .
- 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.
- Tenant Reinsurance - Offers insurance products to tenants, providing additional protection for stored items and contributing to the company's ancillary revenue.
- Third-Party Management Services - Manages self-storage facilities owned by other parties, expanding the company's operational reach and service offerings.
- Merchandise Sales - Sells packing and moving supplies, complementing the storage services and enhancing customer convenience.
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| Name | Position | External Roles | Short 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. |
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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?
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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? ,
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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? ,
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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?
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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
Juan Sanabria
BMO Capital Markets
4 questions for PSA
Ki Bin Kim
Truist Securities
4 questions for PSA
Michael Goldsmith
UBS
4 questions for PSA
Michael Mueller
JPMorgan Chase & Co.
4 questions for PSA
Todd Thomas
KeyBanc Capital Markets
4 questions for PSA
Brendan Lynch
Barclays
3 questions for PSA
Caitlin Burrows
Goldman Sachs
3 questions for PSA
Eric Luebchow
Wells Fargo
3 questions for PSA
Eric Wolfe
Citi
3 questions for PSA
Ronald Kamdem
Morgan Stanley
3 questions for PSA
Michael Griffin
Citigroup Inc.
2 questions for PSA
Nicholas Yulico
Scotiabank
2 questions for PSA
Omotayo Okusanya
Deutsche Bank AG
2 questions for PSA
Ravi Vaidya
Mizuho
2 questions for PSA
Samir Khanal
Bank of America
2 questions for PSA
Spenser Allaway
Green Street
2 questions for PSA
Caitlin Szczupak
Goldman Sachs
1 question for PSA
Daniel Tricarico
Scotiabank
1 question for PSA
Jenny Li
Morgan Stanley
1 question for PSA
Nicholas Joseph
Citigroup
1 question for PSA
Spencer Glitcher
Green Street
1 question for PSA
Tayo Okusanya
M Science
1 question for PSA
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
BREIT Simply Storage LLC | 2023 |
Recent press releases and 8-K filings for PSA.
- Public Storage raised its full-year 2025 outlook for same-store revenue, same-store NOI, non-same-store NOI and core FFO per share after Q3 outperformance.
- Same-store in-place rents increased 0.6%, expenses held flat, and non-same-store portfolio drove core FFO per share growth of 2.6% year-over-year (560 bps acceleration).
- Operational enhancements including an 85% digital customer interaction rate and AI-driven field operations cut labor hours by over 30%, boosting margins.
- Capital deployment included $1.3 billion of acquisitions and developments with a $650 million pipeline, targeting 5.25% going-in yields (stabilizing to 6%), and incremental non-same-store NOI of $130 million in 2026+.
- Public Storage reports Q3 2025 net income allocable to common shareholders of $461.4 million or $2.62 per diluted share, up from $380.7 million or $2.16 in Q3 2024.
- Core FFO allocable to common shareholders of $4.31 per diluted share, up 2.6% year-over-year.
- Same Store direct net operating income margin of 78.5%.
- Acquired 49 facilities (3.4 million sq ft) for $511.4 million in Q3; year-to-date acquisitions total 6.1 million sq ft for $934.5 million.
- Raised full-year 2025 Core FFO per share guidance to $16.70–$17.00.
- Net income allocable to common shareholders of $2.62 per diluted share, up from $2.16 in Q3 2024, and Core FFO of $4.31 per diluted share.
- Achieved 78.5% Same Store direct NOI margin in Q3 2025.
- Completed acquisition of 49 facilities (3.4 million net rentable sq ft) for $511.4 million; YTD acquisitions total 6.1 million sq ft for $934.5 million.
- Declared a $3.00 per share quarterly dividend payable December 30, 2025.
- Raised 2025 Core FFO per share guidance to $16.70–$17.00.
- 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.
- 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.
- 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
- 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).
- 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.
- 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.
- 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.