Public Storage Relocates Headquarters from California to Texas

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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 announcement is part of the company's broader "PS4.0" strategic initiative, which includes a CEO transition and a focus on digital tools, data science, and AI to reshape its pricing, marketing, and portfolio management.

Why it matters

The relocation marks a significant shift for a company long associated with California's business community and underscores Texas's continued success in attracting high-profile headquarters relocations. For California, the move adds to a broader trend of corporate headquarters leaving the state, even as many companies retain significant operations there.

The details

Public Storage, which operates more than 3,500 properties across 40 states and has a sizable stake in a European storage operator, is moving its headquarters to take advantage of Texas's lack of state income tax, lower operating costs, and deep talent pool. The company is also revamping its executive compensation to more closely tie pay to shareholder returns, reinforcing its emphasis on stock performance and capital discipline.

• Public Storage was founded in California in 1972.
• Tom Boyle will take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role.
• Shankh Mitra, CEO of Welltower, will be installed as non-executive chairman.

What’s next

The company's "PS4.0" strategic initiative is designed to accelerate earnings growth, expand margins, and deliver stronger long-term shareholder returns through the use of digital tools, data science, and AI.