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Public Storage
Public Storage built its first self-storage facility in 1972. Today we’re the nation’s largest self-storage provider and we couldn’t have done it without the...
Public Storage
Public Storage built its first self-storage facility in 1972. Today we’re the nation’s largest self-storage provider and we couldn’t have done it without the support and dedication of all our team-members. It’s our people, the remarkable Public Storage family that makes us the leader in the industry! We’re privileged to have driven and talented groups of people across all levels of our organization; from our Property Managers who greet and assist our customers every day to our District Managers who strive to ensure each member of their team is trained for success; our Corporate team-members and Company Officers work passionately to provide Field Management with tools required for them to succeed. We owe our success to their effort and dedication. Be a part of our thriving community, the Public Storage Team! It’s Great To Be Orange. #GTBO Explore our website for opportunities ranging from Property Management, Field Management, Corporate, Real Estate, IT and Call Center positions; you’ll find one that's just right for you. Training is on us, Success is yours to keep!
General information
Firm type
Asset Manager
Year founded
1972
Location
Region
North America
Country
United States
City
Glendale
Corporate office
Glendale, CA, United States
Principals
B. Wayne Hughes
Founder (deceased 2021)
Joe Russell
President and Chief Executive Officer
H. Thomas Boyle
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Public Storage?
Joe Russell, President and CEO, leads the firm's strategic direction. Day-to-day acquisition and development decisions sit with the acquisitions team, which is overseen by senior management. The REIT's investment committee operates within the standard public-company governance framework, with visible board-level oversight. Russell succeeded Ron Havner, who ran the company for roughly eight years.
Is Public Storage structured as a family office or does it operate more like a REIT?
Public Storage is a fully public real estate investment trust listed on the New York Stock Exchange. It is not a family office. While the late founder B. Wayne Hughes held a substantial share position, the company has always been publicly held, with broad institutional ownership that includes leading long-only asset managers and REIT-dedicated funds.
Does Public Storage participate in fund commitments or only direct real estate deals?
Public Storage deploys capital exclusively through direct real estate investment: acquisitions of existing self-storage assets, ground-up development in high-demand metros, and expansion of properties it already owns. It does not act as a limited partner in third-party funds, nor does it maintain a co-investment program alongside external real estate managers.
Which geographies does Public Storage actively target?
The domestic portfolio covers every major US metro, with heavy concentrations in California, Texas, Florida, and the Northeast corridor. In Europe, Public Storage holds a controlling interest in Shurgard Self Storage, which operates across the UK, France, Germany, the Netherlands, and several other Western European markets. The firm does not invest in emerging-markets real estate.
How is the Hughes family involved in the company today?
B. Wayne Hughes' daughter, Tamara Hughes Gustavson, is a board director and one of the largest individual shareholders. She is not involved in day-to-day operations. The Hughes family's separate investment office manages the wealth generated by the Public Storage fortune — a distinct entity from the public REIT — and does not direct corporate investment decisions.
Where does the underlying wealth and dividend stream come from?
Public Storage generates income from roughly 2,900 self-storage facilities rented monthly to residential and business customers. The operating model generates extremely high margins because the properties require minimal staffing and few build-out costs per tenant. The wealth the business produces flows mainly to public shareholders through a substantial and consistently growing dividend.
Does Public Storage maintain philanthropic structures, and how are they separated?
B. Wayne Hughes established the Marguerite and B. Wayne Hughes Charitable Foundation, a major philanthropic vehicle with an endowment in the billions, separate from the REIT. The foundation focuses on medical research, education, and veteran support. None of the foundation's assets are deployed through Public Storage's investment arm, and the public company has no philanthropic allocation mandate.
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