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Public Storage is relocating its headquarters from California to Texas, becoming the latest major corporation to shift its official base to the Lone Star State as it rolls out a leadership transition and long-term growth strategy.
The S&P 500 self-storage real estate investment trust said its headquarters will move to the Dallas-Fort Worth metro area, while maintaining a long-term presence in Glendale, California. The announcement comes alongside a CEO transition and a broader strategic overhaul branded “PS4.0.”
Founded in California in 1972, Public Storage has grown into the world’s largest owner of self-storage facilities, operating more than 3,500 properties across 40 states and holding a sizable stake in a European storage operator. The relocation marks a significant shift for a company long associated with California’s business community.
Tom Boyle will take over as CEO on April 1, succeeding Joe Russell, who is retiring after a decade in the role. At the same time, the board will install Shankh Mitra, CEO of Welltower, as non-executive chairman.
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A Public Storage facility in Sacramento, California. (David Paul Morris/Bloomberg via Getty Images)
The leadership changes are part of what the company calls its “fourth era,” a transition designed to accelerate earnings growth, expand margins and deliver stronger long-term shareholder returns.
For Texas, the move underscores the state’s continued success in attracting high-profile headquarters relocations. The Dallas area offers no state income tax, comparatively lower operating costs and a deep talent pool. While Public Storage did not explicitly cite tax or regulatory reasons for the relocation, it highlighted the region’s depth of 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)
For California, the shift adds to a broader trend of corporate headquarters moves, even as many companies retain significant operations in the state. A headquarters relocation often signals where executive leadership, finance functions and future expansion plans will increasingly be concentrated.
Under the company’s PS4.0 initiative, Public Storage is leaning into digital tools, data science and artificial intelligence to reshape how it prices units, markets to customers and manages its portfolio. Executives say consumers increasingly 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, that could mean more online bookings, dynamic pricing that shifts with demand and more personalized digital engagement. For investors, the company is signaling a more aggressive push into acquisitions and development in the still-fragmented self-storage industry. Over the past five years, Public Storage has deployed more than $12 billion into deals and new projects, and leadership has indicated it intends to accelerate that pace.
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The company also said it is revamping executive compensation to more closely tie pay to shareholder returns, reinforcing its emphasis on stock performance and capital discipline.
