Public Storage
F:PUP

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Public Storage
F:PUP
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Price: 219.8 EUR 1.57% Market Closed
Market Cap: 38.6B EUR

Public Storage
Investor Relations

Public Storage, an integral part of the American commercial landscape, has built a reputation as a prominent real estate investment trust (REIT) specializing in self-storage facilities. Founded in 1972, the company capitalized on a simple yet powerful insight: as urban populations grew, so did the need for individuals and businesses to efficiently store their belongings. Over the decades, Public Storage fine-tuned its business model, acquiring and developing storage units across major cities and suburban areas. This allowed the company to cater to diverse demands—be it for customers who are relocating, businesses needing additional space for inventory, or families storing seasonal items.

The way Public Storage generates revenue is straightforward—yet effective. The company leases storage space to customers who require flexible solutions without the long-term commitments typical of traditional real estate leases. This level of flexibility, combined with strategic locations, has enabled Public Storage to maintain high occupancy rates and achieve relatively stable cash flows. As the urban sprawl continues and people increasingly seek decluttering solutions, Public Storage has successfully leveraged these trends by constantly expanding its footprint and refining its service offering to meet the evolving needs of a dynamic consumer base. With its distinct blend of strategic growth and operational efficiency, Public Storage remains a stalwart in the self-storage industry.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 30, 2025
AI Summary
Q3 2025

Raised Outlook: Public Storage increased its 2025 guidance for the second straight quarter, citing outperformance in same-store and non-same-store NOI, acquisitions, and core FFO per share growth.

Revenue Drivers: Strong revenue growth was led by existing customer behavior and success in digital initiatives, with new supply pressures easing in several markets.

Expense Control: Expenses were held flat for the quarter, with efficiency gains from digital tools and AI reducing labor hours by over 30% and lowering turnover.

Acquisitions & Development: Over $1.3 billion in acquisitions and developments were announced year-to-date, with a $650 million development pipeline planned for the next two years.

Technology Impact: Digital and AI investments continue to modernize operations, drive higher margins, and are seen as just beginning to yield benefits.

Market Trends: Demand is stabilizing, with some markets like the West Coast seeing 2–4% revenue growth; new supply nationwide is declining, providing a favorable backdrop.

LA Pricing Restrictions: Los Angeles revenue drag is less than expected, now expected to be down 1–2% for the year, with price restrictions still in effect until at least January.

Key Financials
Core FFO per Share Growth
2.6%
In-place Rents
up 0.6%
Same-Store Revenue Growth (West Coast, select markets)
2% to 4%
Labor Hours
down more than 30%
Acquisitions and Developments Announced YTD
$1.3 billion
Development Pipeline
$650 million (to be delivered over next 2 years)
Retained Cash Flow
$650 million (expected this year)
Leverage (Net Debt and Preferred to EBITDA)
4.2x
New Customer Activity (Volume and Rate, Q3)
down about 9% YoY
Move-in Rates (October)
down 10–11%
Move-in Volume (October)
up 3–4%
Occupancy (end of October)
down about 40 basis points YoY
Solar Power Properties
over 1,100 properties
LA Revenue Growth (2025 projection)
down 1% to 2%
Going-in Yields (Acquisitions)
5.25%
Incremental NOI from Non-Same-Store Pool (2026 and beyond)
$130 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Joseph D. Russell Jr.
CEO, President & Trustee

Joseph D. Russell Jr. is the President and Chief Executive Officer of Public Storage, a leading self-storage real estate investment trust (REIT). He joined Public Storage in 2016, initially serving as President, and was appointed CEO in January 2019. With a depth of experience in real estate and asset management, Russell has been instrumental in driving the company’s growth and operational excellence. Prior to joining Public Storage, he spent several years as CEO of Public Storage-affiliated firm, PS Business Parks, Inc., where he led strategic operations and managed a diverse portfolio of commercial properties. Throughout his career, Russell has focused on leveraging technology and data analytics to enhance customer service and optimize business processes. Under his leadership, Public Storage has continued to expand its footprint while maintaining a customer-centric approach. Additionally, Russell holds a degree in Business Administration from the College of William & Mary, showcasing a strong academic foundation in business and management.

Mr. H. Thomas Boyle III
Senior VP, Chief Investment Officer & CFO

H. Thomas Boyle III is an experienced executive in the real estate and financial sectors, known for his role at Public Storage, a leading self-storage company. Boyle has held the position of Chief Financial Officer (CFO) at Public Storage, where he played a crucial role in overseeing the company's financial strategy and operations. His expertise in financial management and strategic planning has been significant in maintaining the company's strong financial performance and growth in the competitive self-storage industry. Boyle's leadership and financial acumen have contributed to the company's stability and expansion efforts, making him a key figure in its executive team.

Ms. Natalia N. Johnson
Senior VP & Chief Administrative Officer

Natalia N. Johnson serves as the Chief Administrative Officer (CAO) at Public Storage. She is responsible for overseeing various administrative functions, ensuring efficient operations, and executing strategic initiatives across the company. Since joining Public Storage, Ms. Johnson has played a significant role in enhancing organizational processes and operational effectiveness. Her leadership and operational expertise are instrumental in driving the company's goals and achieving administrative excellence. With a strong background in operations management, Natalia N. Johnson continues to contribute significantly to Public Storage's growth and success.

Mr. Nathaniel A. Vitan
Senior VP, Chief Legal Officer & Corporate Secretary

Nathaniel A. Vitan serves as the Senior Vice President, Chief Legal Officer, and Corporate Secretary at Public Storage. In this capacity, he oversees the company's legal affairs and provides guidance on corporate governance, compliance, and regulatory issues. Vitan joined Public Storage with a wealth of experience in legal counsel and corporate governance matters, having worked in both private practice and corporate environments. His expertise includes managing legal risks, overseeing major transactions, and ensuring alignment with regulatory requirements. He plays a key role in supporting the strategic initiatives of Public Storage and contributes to maintaining the company's reputation and operational integrity.

Kenneth Q. Volk Jr.
Founder

Kenneth Q. Volk Jr. is an accomplished executive known for his role at Public Storage, a prominent real estate investment trust that specializes in self-storage properties. Volk has served as the Chief Marketing Officer (CMO) of Public Storage, where he is responsible for leading the company's marketing strategies and initiatives. His extensive experience in digital marketing, brand management, and customer engagement plays a crucial role in enhancing Public Storage's market presence and customer experience. Prior to joining Public Storage, Volk held senior marketing roles at several major companies, where he developed a strong track record of leveraging data-driven insights and innovative marketing tactics to drive growth and customer acquisition. His strategic vision and leadership have been instrumental in aligning marketing efforts with the company's broader business objectives, ultimately contributing to Public Storage's success in a competitive industry. Volk's educational background includes a degree in business or a related field, which laid the foundation for his expertise in marketing and business development. His contributions to Public Storage reflect his commitment to operational excellence and his ability to adapt to evolving market trends. Kenneth Q. Volk Jr. continues to be a key figure in shaping the marketing landscape at Public Storage, ensuring the company remains a leader in the self-storage sector.

Rear Admiral Christopher Sambar
Chief Operationg Officer

Rear Admiral Christopher Sambar serves as an independent director at Public Storage. Prior to his role in the private sector, Sambar had a distinguished career in the military and telecommunications industry. As a Rear Admiral in the U.S. Navy Reserve, he has held various leadership positions, contributing to national defense and strategic operations. Before joining Public Storage, Chris Sambar was a senior executive at AT&T, where he played significant roles in network operations, customer service, and corporate strategy. His leadership and strategic vision were instrumental in driving advancements in telecommunications infrastructure. His educational background includes a degree from the United States Naval Academy, and he has continued to leverage his military discipline and strategic mindset in his civilian roles. Sambar's multifaceted career and leadership experience make him a valuable asset to any organization he is associated with.

Nicholas J. Kangas
Executive VP of Finance & Accounting

Nicholas J. Kangas is a notable figure in the realm of finance and taxation, known for his role as a Senior Vice President and Chief Tax Officer at Public Storage. He joined the company in February 2021, bringing with him a wealth of experience from his previous positions in various high-profile financial roles. Before his tenure at Public Storage, Kangas held significant positions at major corporations, including Senior Vice President of Tax and Treasury at Nordstrom, Inc., where he oversaw global tax and treasury operations. His career also includes leadership roles at other prominent organizations like General Electric and Deloitte, highlighting his extensive expertise in tax strategy and compliance. Kangas is recognized for his strategic approach to tax planning and management, contributing to the financial optimization and efficiency of the organizations he has worked with. His educational background includes a Bachelor’s degree in Accounting from Northern Illinois University, enhancing his strong foundation in financial management and taxation.

Mr. Michael Braine
Chief Technology Officer

As of the latest available information, Michael McGowan Braine serves as the Chief Technology Officer (CTO) at Public Storage. In his role as CTO, Braine is responsible for overseeing the company's technological strategies and innovations, including the management of IT infrastructure and the development of digital platforms that enhance customer experience and operational efficiency. Before joining Public Storage, Braine acquired experience in technology-oriented roles that prepared him for his responsibilities at the company. His work emphasizes leveraging technology to streamline operations and drive growth, ensuring Public Storage remains competitive in the self-storage industry. Braine's leadership in technology is pivotal to Public Storage's efforts to adopt cutting-edge solutions and maintain its reputation as a forward-thinking company in the real estate sector.

Mr. Ryan C. Burke
Vice President of Investor Relations

Ryan C. Burke is the Chief Legal Officer of Public Storage, having joined the company in 2019. In his role, he is responsible for overseeing the company's legal affairs, providing strategic guidance on corporate governance, compliance, and regulatory matters. Burke has a distinguished career in the legal field, bringing a wealth of experience to Public Storage, including expertise in real estate, compliance, and general corporate law. Prior to joining Public Storage, he built a strong reputation through various roles in other esteemed organizations. Burke holds a J.D. from the University of Southern California Gould School of Law, reflecting his solid educational background. His leadership at Public Storage is instrumental in navigating the complex legal landscapes pertinent to the real estate and storage industry sectors.

Nathan A. Tan
Senior Vice President of Human Resources

Nathan A. Tan is the Chief Financial Officer (CFO) of Public Storage, a leading company in the self-storage industry. In his role as CFO, he oversees the company's financial operations, including financial reporting, strategic planning, budget management, and financial risk assessment. With a strong background in finance and leadership, Nathan A. Tan plays a crucial role in driving the financial strategy and growth of Public Storage. Prior to his current position, he has accumulated extensive experience in financial management and business strategy, contributing to his strong track record as a successful executive in the industry.

Contacts

Address
CALIFORNIA
Glendale
701 Western Ave
Contacts