Public Storage Moves Headquarters to Texas During CEO Transition and Expansion Efforts
Rep. Kevin Kiley R-Calif., criticizes California’s ‘devastating’ proposed wealth tax and how it will affect the state’s residents on ‘The Evening Edit.’
Public Storage is making headlines by relocating its headquarters from California to Texas. This move marks yet another significant shift as major corporations continue to establish their bases in the Lone Star State, driven by leadership transitions and long-term growth strategies.
The S&P 500 self-storage real estate investment trust announced that its new headquarters will be situated in the Dallas-Fort Worth metro area, while still maintaining a long-term presence in Glendale, California. This announcement coincides with a CEO transition and a broader strategic overhaul branded “PS4.0.”
Founded in California in 1972, Public Storage has evolved into the world’s largest owner of self-storage facilities, boasting over 3,500 properties across 40 states and holding a significant stake in a European storage operator. This relocation signifies a major change for a company historically linked to California’s business landscape.
Tom Boyle is set to take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. Concurrently, the board will appoint Shankh Mitra, CEO of Welltower, as non-executive chairman.
O’LEARY BLASTS CALIFORNIA WEALTH TAX AS ‘BAD MANAGEMENT,’ CALLS ON RESIDENTS TO ‘HIRE’ NEW LEADERS
A Public Storage facility in Sacramento, California. (David Paul Morris/Bloomberg via Getty Images)
The leadership changes are part of what the company describes as its “fourth era,” a transition aimed at accelerating earnings growth, expanding margins, and delivering stronger long-term shareholder returns.
Texas continues to attract high-profile headquarters relocations, with the Dallas area offering no state income tax, lower operating costs, and a rich talent pool. While Public Storage did not explicitly mention tax or regulatory factors for the move, it emphasized the region’s talent and innovation as strategic advantages.
A Public Storage facility in Sacramento, California, on Monday, Feb. 6, 2023. (David Paul Morris/Bloomberg via Getty Images)
This shift adds to a growing trend of corporate headquarters relocations from California, even as many companies maintain substantial operations within the state. A headquarters move often indicates where executive leadership, financial functions, and future expansion plans will be increasingly focused.
Under the PS4.0 initiative, Public Storage is embracing digital tools, data science, and artificial intelligence to transform how it prices units, markets to customers, and manages its portfolio. Executives recognize that consumers now expect fast, seamless digital experiences, even in traditionally brick-and-mortar sectors like self-storage.
Signage stands on the building of a Public Storage facility in San Francisco, California. (David Paul Morris/Bloomberg via Getty Images)
For renters, this could translate to more online bookings, dynamic pricing that adjusts with demand, and enhanced personalized digital engagement. For investors, the company is signaling a more aggressive approach toward acquisitions and development within the still-fragmented self-storage industry. Over the past five years, Public Storage has invested more than $12 billion into deals and new projects, with leadership indicating an intention to accelerate this pace.
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Additionally, the company is revamping executive compensation to align more closely with shareholder returns, reinforcing its commitment to stock performance and capital discipline.
Rep. Kevin Kiley R-Calif., criticizes California’s ‘devastating’ proposed wealth tax and how it will affect the state’s residents on ‘The Evening Edit.’
Public Storage is making headlines by relocating its headquarters from California to Texas. This move marks yet another significant shift as major corporations continue to establish their bases in the Lone Star State, driven by leadership transitions and long-term growth strategies.
The S&P 500 self-storage real estate investment trust announced that its new headquarters will be situated in the Dallas-Fort Worth metro area, while still maintaining a long-term presence in Glendale, California. This announcement coincides with a CEO transition and a broader strategic overhaul branded “PS4.0.”
Founded in California in 1972, Public Storage has evolved into the world’s largest owner of self-storage facilities, boasting over 3,500 properties across 40 states and holding a significant stake in a European storage operator. This relocation signifies a major change for a company historically linked to California’s business landscape.
Tom Boyle is set to take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. Concurrently, the board will appoint Shankh Mitra, CEO of Welltower, as non-executive chairman.
O’LEARY BLASTS CALIFORNIA WEALTH TAX AS ‘BAD MANAGEMENT,’ CALLS ON RESIDENTS TO ‘HIRE’ NEW LEADERS
A Public Storage facility in Sacramento, California. (David Paul Morris/Bloomberg via Getty Images)
The leadership changes are part of what the company describes as its “fourth era,” a transition aimed at accelerating earnings growth, expanding margins, and delivering stronger long-term shareholder returns.
Texas continues to attract high-profile headquarters relocations, with the Dallas area offering no state income tax, lower operating costs, and a rich talent pool. While Public Storage did not explicitly mention tax or regulatory factors for the move, it emphasized the region’s talent and innovation as strategic advantages.
A Public Storage facility in Sacramento, California, on Monday, Feb. 6, 2023. (David Paul Morris/Bloomberg via Getty Images)
This shift adds to a growing trend of corporate headquarters relocations from California, even as many companies maintain substantial operations within the state. A headquarters move often indicates where executive leadership, financial functions, and future expansion plans will be increasingly focused.
Under the PS4.0 initiative, Public Storage is embracing digital tools, data science, and artificial intelligence to transform how it prices units, markets to customers, and manages its portfolio. Executives recognize that consumers now expect fast, seamless digital experiences, even in traditionally brick-and-mortar sectors like self-storage.
Signage stands on the building of a Public Storage facility in San Francisco, California. (David Paul Morris/Bloomberg via Getty Images)
For renters, this could translate to more online bookings, dynamic pricing that adjusts with demand, and enhanced personalized digital engagement. For investors, the company is signaling a more aggressive approach toward acquisitions and development within the still-fragmented self-storage industry. Over the past five years, Public Storage has invested more than $12 billion into deals and new projects, with leadership indicating an intention to accelerate this pace.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Additionally, the company is revamping executive compensation to align more closely with shareholder returns, reinforcing its commitment to stock performance and capital discipline.
