Public Storage

B. Wayne Hughes and Ken Volk met in the 1970s and each contributed $25,000 to their partnership. The first Public Storage location opened in El Cajon, California, in 1972, its bright orange doors meant to catch the eye of highway travelers.⁠[1]

By 1974 the company had 20 locations. “We built No. 1 and took it from there,” Hughes said.⁠[2]

Storage Equities, Inc. was organized in California on July 10, 1980; Public Storage Management, Inc. (PSMI), organized in 1973, provided its property operation services.⁠[3]

On November 16, 1995, it completed a merger with PSMI, acquiring substantially all of its U.S. real estate operations for about $549.3 million, and was renamed Public Storage, Inc.⁠[3]

Ronald L. Havner, Jr., an officer of the company since 1986, became chief executive officer in 2002.⁠[4]

Public Storage replaced Delta Air Lines in the S&P 500S&P 500The S&P 500 is a U.S. large-cap equity index compiled by S&P Dow Jones Indices. It includes 500 leading companies, covers about 80% of available market capitalization and is described by S&P DJI as “widely regarded as the best single gauge of large-cap U.S. equities.”Open the full entry after the close of trading on August 18, 2005, becoming the ninth real estate investment trust (REIT) in the index.⁠[5]

On August 22, 2006, Public Storage completed its acquisition of Shurgard Storage Centers, exchanging 0.82 Public Storage shares for each Shurgard share in a transaction valued at about $5.5 billion. It then held interests in more than 2,100 facilities in 38 states and seven European nations.⁠[6]

B. Wayne Hughes, who had served as president, chairman and chief executive officer of Public Storage, stepped down as chairman in 2011.⁠[7]

Plaintiffs in Morgan v. Public Storage alleged that the company misrepresented where insurance premiums would go and kept more than 75 percent of premiums paid by Florida residents. In late February 2016, Judge Ursula Ungaro of the Southern District of Florida gave final approval to a $5 million class settlement. Public Storage denied any wrongdoing.⁠[8]

On February 20, 2018, the company announced that Joe Russell, CEO of PS Business Parks, would become chief executive officer on January 1, 2019, with Havner remaining chairman and Tom Boyle becoming chief financial officer the same day.⁠[4]

Co-founder B. Wayne Hughes died on August 18, 2021, at his home in Lexington, Kentucky, aged 87.⁠[7]

On July 20, 2022, Blackstone Real Estate affiliates completed the acquisition of PS Business Parks, Inc. Public Storage, holding about 41% of its common equity, received $187.50 in cash per share and declared a one-time dividend of $13.15 per share, payable on August 4, 2022.⁠[9]

At its 50th anniversary, Public Storage had more than 2,800 facilities in 40 states and a market capitalization of about $52 billion. Its 2021 revenue was $3.4 billion, up 17%, and it had launched a third-party management business in 2018.⁠[2]

In February 2023, Public Storage made an $11 billion bid for rival Life Storage. On February 16, Life Storage rejected it, saying the offer “significantly” undervalued the company; Public Storage said it would continue to pursue a transaction.⁠[10]

On April 3, 2023, Extra Space Storage agreed to buy Life Storage for $12.4 billion in an all-stock deal.⁠[11]

On July 24, 2023, Public Storage agreed to acquire Simply Self Storage for $2.2 billion, completing the deal in September 2023.⁠[12]

The seller was Blackstone Real Estate Income Trust; the portfolio comprised 127 wholly owned properties with about 9 million net rentable square feet in 18 states.⁠[13]

On August 14, 2023, Public Storage reorganized into an umbrella partnership REIT (UPREIT), holding its assets through Public Storage OP, L.P.⁠[14]

As of December 31, 2025, Public Storage held interests in and consolidated 3,171 self-storage facilities in 40 states, owned 35% of Shurgard Self Storage Limited, and had about 5,770 employees.⁠[14]

For 2025, total revenues were about $4.82 billion, net income allocable to common shareholders about $1.59 billion, diluted earnings per share $9.01, and Core FFO per share $16.97.⁠[15]

In February 2026, the company announced the move of its headquarters from Glendale, California, to Frisco, Texas. Joe Russell retired on March 31, 2026; Tom Boyle became CEO on April 1, when Welltower CEO Shankh Mitra became non-executive chairman.⁠[16]

On March 16, 2026, Public Storage announced an all-stock deal for National Storage Affiliates worth about $10.5 billion including debt, at 0.14 Public Storage shares per share.⁠[17]

National Storage Affiliates Trust owned more than 1,000 properties; some are held by a new joint venture in which Public Storage owns 20%.⁠[18]

The merger closed on July 22, 2026, after which the Public Storage brand portfolio spanned over 4,500 locations.⁠[19]

On June 22, 2026, the company agreed to acquire PS Canada (Public Storage Canada), owner of 68 Canadian properties, for $1.2 billion. The seller is owned by board member Tamara Hughes Gustavson and her adult children, making it a related party transaction.⁠[18]

The transaction closed on September 1, 2026.⁠[20]

Third-quarter 2026 total revenues were $1.366 billion, net income per diluted share $1.69 and Core FFO per share $4.34. As of September 30, 2026, the company owned and/or operated 4,764 self-storage facilities in 42 states, Puerto Rico and Canada.⁠[20]