Public Storage
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Public Storage
Public Storage is a real estate company that owns and runs self-storage facilities. It rents out small storage units to people who need extra space for household items, moving, downsizing, or storing business inventory and equipment. The company’s core business is simple: customers pay for access to a unit, and Public Storage provides the building, security, and day-to-day management. Most of its customers are households and small businesses that want flexible space without signing long leases. Public Storage makes money mainly from rental fees, plus related charges such as insurance and other facility services. Because storage demand is tied to life events, moving, and small-business needs, the business tends to be less dependent on heavy industrial production than many other property types. What sets Public Storage apart is that it is a landlord for very small spaces rather than large apartments or offices. Self-storage units are usually rented month to month, which gives customers flexibility and gives the company a steady stream of recurring rental income. In the industry, Public Storage is a major owner and operator of branded storage facilities, so it plays a central role in connecting local demand for extra space with the real estate needed to supply it.
Public Storage is a real estate company that owns and runs self-storage facilities. It rents out small storage units to people who need extra space for household items, moving, downsizing, or storing business inventory and equipment. The company’s core business is simple: customers pay for access to a unit, and Public Storage provides the building, security, and day-to-day management.
Most of its customers are households and small businesses that want flexible space without signing long leases. Public Storage makes money mainly from rental fees, plus related charges such as insurance and other facility services. Because storage demand is tied to life events, moving, and small-business needs, the business tends to be less dependent on heavy industrial production than many other property types.
What sets Public Storage apart is that it is a landlord for very small spaces rather than large apartments or offices. Self-storage units are usually rented month to month, which gives customers flexibility and gives the company a steady stream of recurring rental income. In the industry, Public Storage is a major owner and operator of branded storage facilities, so it plays a central role in connecting local demand for extra space with the real estate needed to supply it.
Guidance raised: Public Storage lifted 2026 guidance across all key metrics, helped by better operating trends, lower churn, stronger move-in rents and a slightly better financing outlook.
Operations improving: Same-store revenue and NOI were still negative in Q2, but both came in better than expected, and management said July trends remained positive with occupancy, churn and move-in rents all improving.
Big transactions: The company closed the NSA deal and announced Public Storage Canada, saying both are important building blocks for future per-share growth and will create additional operating and capital opportunities.
L.A. tailwind: Management said the end of rent restrictions in Los Angeles should help revenue recovery, with the benefit expected to build through the back half of 2026 and into 2027.
Cost discipline: Expense growth remained modest, with payroll savings from machine-learning-based staffing helping offset property tax and marketing pressure, while incentive compensation is now flowing through the model.
Balance sheet: Public Storage said it completed or committed about $12 billion of capital markets activity year-to-date and ended the quarter with $3.8 billion of available liquidity.
Management
Joseph D. Russell Jr. is the President and Chief Executive Officer of Public Storage, a leading self-storage real estate investment trust (REIT). He joined Public Storage in 2016, initially serving as President, and was appointed CEO in January 2019. With a depth of experience in real estate and asset management, Russell has been instrumental in driving the company’s growth and operational excellence. Prior to joining Public Storage, he spent several years as CEO of Public Storage-affiliated firm, PS Business Parks, Inc., where he led strategic operations and managed a diverse portfolio of commercial properties. Throughout his career, Russell has focused on leveraging technology and data analytics to enhance customer service and optimize business processes. Under his leadership, Public Storage has continued to expand its footprint while maintaining a customer-centric approach. Additionally, Russell holds a degree in Business Administration from the College of William & Mary, showcasing a strong academic foundation in business and management.
Prior to joining Public Storage, he spent several years as CEO of Public Storage-affiliated firm, PS Business Parks, Inc., where he led strategic operations and managed a diverse portfolio of commercial properties. Throughout his career, Russell has focused on leveraging technology and data analytics to enhance customer service and optimize business processes. Under his leadership, Public Storage has continued to expand its footprint while maintaining a customer-centric approach. Additionally, Russell holds a degree in Business Administration from the College of William & Mary, showcasing a strong academic foundation in business and management.
H. Thomas Boyle III is an experienced executive in the real estate and financial sectors, known for his role at Public Storage, a leading self-storage company. Boyle has held the position of Chief Financial Officer (CFO) at Public Storage, where he played a crucial role in overseeing the company's financial strategy and operations. His expertise in financial management and strategic planning has been significant in maintaining the company's strong financial performance and growth in the competitive self-storage industry. Boyle's leadership and financial acumen have contributed to the company's stability and expansion efforts, making him a key figure in its executive team.
Natalia N. Johnson serves as the Chief Administrative Officer (CAO) at Public Storage. She is responsible for overseeing various administrative functions, ensuring efficient operations, and executing strategic initiatives across the company. Since joining Public Storage, Ms. Johnson has played a significant role in enhancing organizational processes and operational effectiveness. Her leadership and operational expertise are instrumental in driving the company's goals and achieving administrative excellence. With a strong background in operations management, Natalia N. Johnson continues to contribute significantly to Public Storage's growth and success.
Nathaniel A. Vitan serves as the Senior Vice President, Chief Legal Officer, and Corporate Secretary at Public Storage. In this capacity, he oversees the company's legal affairs and provides guidance on corporate governance, compliance, and regulatory issues. Vitan joined Public Storage with a wealth of experience in legal counsel and corporate governance matters, having worked in both private practice and corporate environments. His expertise includes managing legal risks, overseeing major transactions, and ensuring alignment with regulatory requirements. He plays a key role in supporting the strategic initiatives of Public Storage and contributes to maintaining the company's reputation and operational integrity.
Kenneth Q. Volk Jr. is an accomplished executive known for his role at Public Storage, a prominent real estate investment trust that specializes in self-storage properties. Volk has served as the Chief Marketing Officer (CMO) of Public Storage, where he is responsible for leading the company's marketing strategies and initiatives. His extensive experience in digital marketing, brand management, and customer engagement plays a crucial role in enhancing Public Storage's market presence and customer experience. Prior to joining Public Storage, Volk held senior marketing roles at several major companies, where he developed a strong track record of leveraging data-driven insights and innovative marketing tactics to drive growth and customer acquisition. His strategic vision and leadership have been instrumental in aligning marketing efforts with the company's broader business objectives, ultimately contributing to Public Storage's success in a competitive industry. Volk's educational background includes a degree in business or a related field, which laid the foundation for his expertise in marketing and business development. His contributions to Public Storage reflect his commitment to operational excellence and his ability to adapt to evolving market trends. Kenneth Q. Volk Jr. continues to be a key figure in shaping the marketing landscape at Public Storage, ensuring the company remains a leader in the self-storage sector.
Prior to joining Public Storage, Volk held senior marketing roles at several major companies, where he developed a strong track record of leveraging data-driven insights and innovative marketing tactics to drive growth and customer acquisition. His strategic vision and leadership have been instrumental in aligning marketing efforts with the company's broader business objectives, ultimately contributing to Public Storage's success in a competitive industry.
Volk's educational background includes a degree in business or a related field, which laid the foundation for his expertise in marketing and business development. His contributions to Public Storage reflect his commitment to operational excellence and his ability to adapt to evolving market trends.
Kenneth Q. Volk Jr. continues to be a key figure in shaping the marketing landscape at Public Storage, ensuring the company remains a leader in the self-storage sector.
Rear Admiral Christopher Sambar serves as an independent director at Public Storage. Prior to his role in the private sector, Sambar had a distinguished career in the military and telecommunications industry. As a Rear Admiral in the U.S. Navy Reserve, he has held various leadership positions, contributing to national defense and strategic operations. Before joining Public Storage, Chris Sambar was a senior executive at AT&T, where he played significant roles in network operations, customer service, and corporate strategy. His leadership and strategic vision were instrumental in driving advancements in telecommunications infrastructure. His educational background includes a degree from the United States Naval Academy, and he has continued to leverage his military discipline and strategic mindset in his civilian roles. Sambar's multifaceted career and leadership experience make him a valuable asset to any organization he is associated with.
Before joining Public Storage, Chris Sambar was a senior executive at AT&T, where he played significant roles in network operations, customer service, and corporate strategy. His leadership and strategic vision were instrumental in driving advancements in telecommunications infrastructure.
His educational background includes a degree from the United States Naval Academy, and he has continued to leverage his military discipline and strategic mindset in his civilian roles. Sambar's multifaceted career and leadership experience make him a valuable asset to any organization he is associated with.
Nicholas J. Kangas is a notable figure in the realm of finance and taxation, known for his role as a Senior Vice President and Chief Tax Officer at Public Storage. He joined the company in February 2021, bringing with him a wealth of experience from his previous positions in various high-profile financial roles. Before his tenure at Public Storage, Kangas held significant positions at major corporations, including Senior Vice President of Tax and Treasury at Nordstrom, Inc., where he oversaw global tax and treasury operations. His career also includes leadership roles at other prominent organizations like General Electric and Deloitte, highlighting his extensive expertise in tax strategy and compliance. Kangas is recognized for his strategic approach to tax planning and management, contributing to the financial optimization and efficiency of the organizations he has worked with. His educational background includes a Bachelor’s degree in Accounting from Northern Illinois University, enhancing his strong foundation in financial management and taxation.
Before his tenure at Public Storage, Kangas held significant positions at major corporations, including Senior Vice President of Tax and Treasury at Nordstrom, Inc., where he oversaw global tax and treasury operations. His career also includes leadership roles at other prominent organizations like General Electric and Deloitte, highlighting his extensive expertise in tax strategy and compliance.
Kangas is recognized for his strategic approach to tax planning and management, contributing to the financial optimization and efficiency of the organizations he has worked with. His educational background includes a Bachelor’s degree in Accounting from Northern Illinois University, enhancing his strong foundation in financial management and taxation.
As of the latest available information, Michael McGowan Braine serves as the Chief Technology Officer (CTO) at Public Storage. In his role as CTO, Braine is responsible for overseeing the company's technological strategies and innovations, including the management of IT infrastructure and the development of digital platforms that enhance customer experience and operational efficiency. Before joining Public Storage, Braine acquired experience in technology-oriented roles that prepared him for his responsibilities at the company. His work emphasizes leveraging technology to streamline operations and drive growth, ensuring Public Storage remains competitive in the self-storage industry. Braine's leadership in technology is pivotal to Public Storage's efforts to adopt cutting-edge solutions and maintain its reputation as a forward-thinking company in the real estate sector.
Before joining Public Storage, Braine acquired experience in technology-oriented roles that prepared him for his responsibilities at the company. His work emphasizes leveraging technology to streamline operations and drive growth, ensuring Public Storage remains competitive in the self-storage industry.
Braine's leadership in technology is pivotal to Public Storage's efforts to adopt cutting-edge solutions and maintain its reputation as a forward-thinking company in the real estate sector.
Ryan C. Burke is the Chief Legal Officer of Public Storage, having joined the company in 2019. In his role, he is responsible for overseeing the company's legal affairs, providing strategic guidance on corporate governance, compliance, and regulatory matters. Burke has a distinguished career in the legal field, bringing a wealth of experience to Public Storage, including expertise in real estate, compliance, and general corporate law. Prior to joining Public Storage, he built a strong reputation through various roles in other esteemed organizations. Burke holds a J.D. from the University of Southern California Gould School of Law, reflecting his solid educational background. His leadership at Public Storage is instrumental in navigating the complex legal landscapes pertinent to the real estate and storage industry sectors.
Nathan A. Tan is the Chief Financial Officer (CFO) of Public Storage, a leading company in the self-storage industry. In his role as CFO, he oversees the company's financial operations, including financial reporting, strategic planning, budget management, and financial risk assessment. With a strong background in finance and leadership, Nathan A. Tan plays a crucial role in driving the financial strategy and growth of Public Storage. Prior to his current position, he has accumulated extensive experience in financial management and business strategy, contributing to his strong track record as a successful executive in the industry.
