Public Storage Moves HQ to Texas as California Faces Corporate Exodus

The self-storage giant is relocating its headquarters from California to the Dallas-Fort Worth area amid a CEO transition and strategic overhaul.

Published on Feb. 24, 2026

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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', which aims to accelerate earnings growth, expand margins, and deliver stronger returns to shareholders.

Why it matters

This relocation adds to a growing trend of corporations moving their headquarters out of California, signaling a shift in strategic priorities and where companies intend to concentrate their leadership, financial functions, and future growth investments. The Dallas area offers advantages such as no state income tax, lower operating costs, and a strong talent pool.

The details

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. Public Storage's 'PS4.0' initiative aims to accelerate earnings growth, expand margins, and deliver stronger returns to shareholders by integrating digital tools, data science, and artificial intelligence into its operations, including pricing, marketing, and portfolio management.

  • Public Storage was founded in California in 1972.
  • Tom Boyle will become CEO on April 1, 2026, succeeding Joe Russell.

The players

Public Storage

The world's largest owner of self-storage facilities, founded in California in 1972 and operating more than 3,500 properties across 40 states.

Tom Boyle

The incoming CEO of Public Storage, succeeding Joe Russell on April 1, 2026.

Joe Russell

The outgoing CEO of Public Storage, retiring after a decade in the role.

Shankh Mitra

The CEO of Welltower, who will serve as the non-executive chairman of the board of Public Storage.

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What’s next

Public Storage intends to accelerate its pace of acquisitions and new projects, investing more than $12 billion over the past five years, and is also revising executive compensation to align pay more closely with shareholder returns.

The takeaway

This move by Public Storage highlights the ongoing corporate exodus from California, as companies seek more favorable business environments and growth opportunities in other states like Texas. The self-storage industry's embrace of digital technologies and data-driven strategies will likely shape the future of the sector and how it meets evolving consumer needs.