You might also like
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.
| 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. |
-
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?
-
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? ,
-
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? ,
-
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?
-
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? ,
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.
- 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.
- 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.