Public Storage, the world’s largest owner of self-storage facilities, is relocating its headquarters from California to the Dallas-Fort Worth metro area in Texas. The move coincides with a CEO transition and a company-wide strategic overhaul, branded “PS4.0.”
Corporate Shift and Leadership Changes
Founded in California in 1972, Public Storage operates more than 3,500 properties across 40 states and has a stake in a European storage operator. Tom Boyle will become CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. Shankh Mitra, CEO of Welltower, will serve as the non-executive chairman of the board.
The company’s “PS4.0” initiative aims to accelerate earnings growth, expand margins, and deliver stronger returns to shareholders. Public Storage is focusing on integrating digital tools, data science, and artificial intelligence into its operations, including pricing, marketing, and portfolio management.
Implications for California and Texas
This relocation adds to a growing trend of corporations moving their headquarters out of California. While Public Storage will maintain a presence in Glendale, California, the move signals a concentration of executive leadership and future expansion plans in Texas. The Dallas area offers advantages such as no state income tax, lower operating costs, and a strong talent pool.
Over the past five years, Public Storage has invested more than $12 billion in acquisitions and new projects, and intends to accelerate this pace. The company is also revising executive compensation to align pay more closely with shareholder returns.
Frequently Asked Questions
What is Public Storage’s “PS4.0” initiative?
“PS4.0” is a broader strategic overhaul designed to accelerate earnings growth, expand margins, and deliver stronger long-term shareholder returns.
Where is Public Storage moving its headquarters?
Public Storage is moving its headquarters to the Dallas-Fort Worth metro area in Texas, while maintaining a presence in Glendale, California.
Who will be the new CEO of Public Storage?
Tom Boyle will take over as CEO on April 1, succeeding Joe Russell.
As companies increasingly embrace digital technologies, how might the self-storage industry evolve to meet changing consumer expectations?
