Public Storage Outlines 'PS 4.0' Strategy Focused on Accelerated Performance

Company announces leadership transition and plans to enhance operating platform, value creation, and 'own it' culture

Published on Feb. 13, 2026

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Public Storage used its fourth-quarter 2025 earnings call to outline a leadership transition and introduce 'PS 4.0,' which management described as the company's next era of strategy focused on accelerated performance and long-term value creation. Key highlights include the promotion of Tom Boyle to CEO, the appointment of Joe Fisher as President and CFO, and the retirement of longtime Chairman Ron Havner. The company also detailed its PS 4.0 strategy built on three pillars: a next-generation operating platform, a value creation engine, and an 'own it' culture.

Why it matters

Public Storage's strategic shift comes as the self-storage industry faces a period of moderating fundamentals, with the company citing 'pressure' in same-store performance even as it continues to grow through acquisitions and development. The 'PS 4.0' plan aims to drive organic growth acceleration, enhance capital allocation, and foster a performance-driven culture - positioning the company to navigate the current environment and capitalize on long-term industry trends.

The details

Under the PS 4.0 strategy, Public Storage plans to invest in a next-generation operating platform leveraging advanced data science and AI to deliver a seamless customer experience. The company also intends to allocate capital more effectively through acquisitions, development, expansions, and lending to drive per-share earnings and cash flow growth. Additionally, Public Storage is redesigning executive incentives to be 100% performance-based, with a focus on total shareholder return outperformance.

  • Public Storage used its fourth-quarter 2025 earnings call to outline the PS 4.0 strategy.
  • The company's board has prioritized succession planning, with Tom Boyle promoted to CEO and Joe Fisher appointed as President and CFO.
  • Longtime Chairman Ron Havner is stepping down from the chair role after 15 years but will remain a trustee, while trustee John Reyes is retiring from the board.
  • Shankh Mitra, CEO of Welltower and an independent trustee for the past five years, has been appointed as the new Chairman.
  • The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The players

Tom Boyle

The newly promoted CEO and trustee of Public Storage, having joined the company in 2016.

Joe Fisher

The new President and CFO of Public Storage, previously serving as President, CFO and CIO of UDR.

Ron Havner

The longtime Chairman of Public Storage's board, stepping down from the chair role after 15 years but remaining a trustee.

Shankh Mitra

The CEO of Welltower and an independent trustee for Public Storage for the past five years, who has been appointed as the new Chairman.

John Reyes

Public Storage's former CFO, who is retiring from the board.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Public Storage's 'PS 4.0' strategy aims to drive organic growth acceleration, enhance capital allocation, and foster a performance-driven culture - positioning the company to navigate the current self-storage environment and capitalize on long-term industry trends.