New PS4.0 strategy and leadership shift at Public Storage (NYSE: PSA)

Rhea-AI Filing Summary

Public Storage announced a broad leadership and strategy reset branded “PS4.0.” Joseph D. Russell Jr. will retire as President and CEO on March 31, 2026, with H. Tom Boyle becoming CEO and trustee on April 1, 2026. Joseph D. Fisher will join as President, Chief Financial Officer on February 16, 2026, and Natalia N. Johnson and Chris C. Sambar were promoted to president-level operating roles. The Board will shift as Shankh S. Mitra becomes non-executive Chairman on April 1, 2026, while Ronald L. Havner steps down as Chair but remains a trustee and John Reyes retires at the 2026 annual meeting. Russell will serve as a consultant through March 31, 2027 for $400,000 per month.

The company is relocating its corporate headquarters to Frisco, Texas. Mitra and Havner are investing $25 million and $5 million, respectively, into 10-year out-of-the-money operating partnership options with a $350 exercise price and a six-year lock-out. PS4.0 centers on three pillars: the PS Next operating platform to enhance customer experience and margins; a “value creation engine” to deploy capital across acquisitions, development, expansions and lending; and an “Own It” culture with redesigned incentives tied to relative and absolute shareholder returns. Over the past five years the company deployed more than $12 billion into growth and, over the past three years, outperformed the self-storage sector by 2.7% in NOI growth with a 78.4% direct operating margin.

Insights

REIT equity strategist

Public Storage pairs a planned CEO succession with a detailed growth and incentive realignment plan.

Public Storage is orchestrating a generational leadership transition while rolling out its PS4.0 strategy. The move elevates Tom Boyle from CFO/CIO to CEO and brings in Joe Fisher as President, CFO, while promoting key operating and digital leaders to president-level roles.

PS4.0 emphasizes three levers: a next-generation operating platform (PS Next) focused on customer experience and data-driven revenue management, a capital deployment “value creation engine” across acquisitions, development and lending, and an “Own It” culture with executive incentives tied to relative and absolute shareholder returns starting in 2026.

Notably, Chairman-designate Shankh Mitra and outgoing Chair Ron Havner are committing $25 million and $5 million into 10-year, out-of-the-money operating partnership options with a $350 strike and six-year lock-out. That structure aligns them with long-term equity upside, though actual value realization will depend on execution of PS4.0 and sector conditions over the coming decade. Overall, the filing outlines an ambitious but internally funded strategy rather than immediate financial results, so the investment impact hinges on future performance.

0001393311 false 0001393311 2026-02-10 2026-02-10 0001393311 dei:FormerAddressMember 2026-02-10 2026-02-10 0001393311 us-gaap:CommonStockMember 2026-02-10 2026-02-10 0001393311 us-gaap:SeriesFPreferredStockMember 2026-02-10 2026-02-10 0001393311 us-gaap:SeriesGPreferredStockMember 2026-02-10 2026-02-10 0001393311 us-gaap:SeriesHPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesIPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesJPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesKPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesLPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesMPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesNPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesOPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesPPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesQPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesRPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:SeriesSPreferredStockMember 2026-02-10 2026-02-10 0001393311 psa:GuaranteeNotesDue2032Member 2026-02-10 2026-02-10 0001393311 psa:GuaranteeNotesDue2030Member 2026-02-10 2026-02-10 0001393311 psa:GuaranteeNotesDue2034Member 2026-02-10 2026-02-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 10, 2026

Public Storage

(Exact Name of Registrant as Specified in its Charter)

Maryland		001-33519		93-2834996
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

2811 Internet Boulevard, Frisco, Texas				75034
(Address of Principal Executive Offices)				(Zip Code)

(818) 244-8080

(Registrant’s telephone number, including area code)

701 Western Avenue, Glendale, California 91201-2349

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Class		Trading Symbol		Name of Exchange on Which Registered
Common Shares, $0.10 par value		PSA		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value		PSAPrF		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value		PSAPrG		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value		PSAPrH		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value		PSAPrI		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value		PSAPrJ		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value		PSAPrK		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value		PSAPrL		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value		PSAPrM		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value		PSAPrN		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value		PSAPrO		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value		PSAPrP		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value		PSAPrQ		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value		PSAPrR		New York Stock Exchange
Depositary Shares, Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value		PSAPrS		New York Stock Exchange
Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company		PSA/32		New York Stock Exchange
Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company		PSA/30		New York Stock Exchange
Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company		PSA/34		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Executive Officer Succession

On February 10, 2026, Joseph D. Russell, Jr. notified the Board of Trustees (the “Board”) of Public Storage (the “Company”) of his intention to retire from his positions as the Company’s President and Chief Executive Officer (“CEO”), effective as of March 31, 2026 (the “Retirement Date”). Mr. Russell’s retirement is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.

On February 10, 2026, the Board appointed H. Thomas Boyle, the Company’s current Senior Vice President, Chief Financial and Investment Officer, to succeed Mr. Russell as CEO, effective April 1, 2026.

Mr. Boyle, age 42, has served as the Company’s Chief Financial Officer since January 1, 2019, and as Chief Investment Officer since January 1, 2023. Previously, Mr. Boyle was Vice President and Chief Financial Officer, Operations, from November 2016, when he joined the Company, until January 2019. Prior to joining the Company, Mr. Boyle served in various investment banking roles at Morgan Stanley. Mr. Boyle has served as a director of Shurgard Self Storage Limited and a member of Shurgard’s Real Estate Investment Committee since May 2023.

Mr. Boyle will continue to participate in the Company’s executive compensation program. In connection with his appointment as CEO, Mr. Boyle’s annual base salary was increased to $1 million (effective as of April 1, 2026), his 2026 target annual performance-based bonus was increased to 200% of his base salary, and the aggregate target value of his 2026 annual equity award is $10 million. Additionally, in connection with his promotion, Mr. Boyle was granted an award of out-of-the-money time-based appreciation-only (“AO”) units of profits interest (“LTIP Units”) in the Company’s operating partnership, with a grant date fair value of $10 million. Subject to certain conditions, LTIP Units may be converted on a one-for-one basis into operating partnership common units, which are in turn exchangeable by the holder for cash or, at the Company’s election, on a one-for-one basis into Company common shares. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.

There are no family relationships between Mr. Boyle and any trustee or executive officer, and there have been no transactions between Mr. Boyle or any of his immediate family members and the Company or any of its subsidiaries that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act at this time.

Chief Financial Officer Succession

On February 10, 2026, the Board appointed Joseph D. Fisher to succeed Mr. Boyle as President, Chief Financial Officer, effective as of February 16, 2026. Mr. Fisher has been serving as a consultant for the Company since January 2026. Prior to joining the Company, Mr. Fisher, age 46, served as President, Chief Financial Officer of UDR Inc. (NYSE: UDR) from May 2022 to September 2025, and as Chief Investment Officer from January 2025 to September 2025. Prior thereto, he served as Senior Vice President, Chief Financial Officer of UDR since January 2017. Before joining UDR, Mr. Fisher served in roles of increasing responsibility at Deutsche Asset and Wealth Management, most recently as Co-Head of the Americas and Co-Lead Portfolio Manager since 2007. Mr. Fisher began his career as an asset management analyst at Principal Real Estate Investors. Mr. Fisher has served as a trustee of Federal Realty Investment Trust (NYSE: FRT) since January 2026.

Mr. Fisher will participate in the Company’s executive compensation program. He will receive an initial annual base salary of $600,000, and he will be eligible to receive a 2026 annual performance-based cash incentive award with a target annual bonus potential of $1.4 million and a 2026 annual equity award with an aggregate target value of $4 million. Additionally, in connection with his appointment, Mr. Fisher was granted an out-of-the-money time-based AO LTIP Unit award with a grant date fair value of $3 million. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.

In connection with Mr. Fisher’s appointment, the Company will enter into an indemnification agreement with Mr. Fisher similar to the indemnification agreement entered into with all other executive officers of the Company, the form of which is filed as an exhibit to the Company’s Form 10-K for the year ended December 31, 2023.

There are no family relationships between Mr. Fisher and any trustee or executive officer, and there have been no transactions between Mr. Fisher or any of his immediate family members and the Company or any of its subsidiaries that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Exchange Act at this time.

Executive Officer Promotions

In connection with the other leadership matters described in this Form 8-K, the Board promoted Natalia N. Johnson to President, Chief Digital & Transformation Officer, and Chris C. Sambar to President, Chief Operating Officer, each effective February 16, 2026. Ms. Johnson has served as the Company’s Senior Vice President, Chief Administrative Officer since August 2020. Mr. Sambar has served as the Company’s Senior Vice President, Chief Operating Officer since October 2024 and, prior to that, held roles of increasing responsibility at AT&T Communications since 2002, most recently as President, AT&T Network from August 2022 to October 2024 and as Executive Vice President, AT&T Network from September 2019 to August 2022. Each of Ms. Johnson and Mr. Sambar will continue to participate in the Company’s executive compensation program.

Board of Trustees Succession

In connection with his retirement as President and CEO, Mr. Russell also advised the Board that he intends to retire from the Board effective as of March 31, 2026.

In connection with Mr. Boyle’s appointment as CEO, the Board appointed Mr. Boyle to the Board, effective April 1, 2026.

On February 10, 2026, Ronald L. Havner notified the Board that he intends to step down as Chairman of the Board effective as of March 31, 2026. On February 10, 2026, the Board appointed Shankh S. Mitra, an independent trustee of the Company, to succeed Mr. Havner as the Chairman of the Board, effective as of April 1, 2026. Mr. Havner intends to continue to serve as a trustee of the Company.

On February 10, 2026, John Reyes notified the Board that he intends to retire from the Board effective as of the end of his term at the Company’s 2026 Annual Meeting. Mr. Reyes’s retirement is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Board approved a reduction in the size of the Board from thirteen (13) to twelve (12) members effective as of the Annual Meeting.

Consulting Agreement

On February 10, 2026, the Company entered into a Retirement and Transition Agreement (the “Agreement”) with Mr. Russell to support the continued transition of his duties and responsibilities to his successor and to provide other services as may be requested by the Company. Under the Agreement, which is effective as of the Retirement Date, Mr. Russell will receive monthly consulting fees equal to $400,000. The term of the Agreement will expire on March 31, 2027, unless extended by the parties. The foregoing description of Mr. Russell’s Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference in this Item 5.02.

Item 7.01 Other Events.

A copy of the press release, dated February 12, 2026, announcing the leadership changes summarized above is attached hereto as Exhibit 99.1.

Item 8.01 Other Events.

On February 10, 2026, the Board approved a change in the Company’s principal office from Glendale, California, to Frisco, Texas, effective immediately.

In connection with the Board leadership matters described in Item 5.02, above, on February 10, 2026, the Company entered into agreements to sell to Mr. Mitra and Mr. Havner out-of-the-money non-qualified options (“OP Options”) to purchase common units of the Company’s operating partnership for an aggregate purchase price of $25 million and $5 million, respectively. The purchase price was based on the Company’s determination

of the fair value of the OP Options using a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will become exercisable upon the sixth anniversary of the settlement date, and have a 10-year term. The transactions, which are expected to settle on or before February 20, 2026, were approved by the Audit Committee and the Board in accordance with the Company’s policies.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
10.1		Retirement and Transition Agreement by and among Public Storage and Joseph, D. Russell, Jr., dated February 10, 2026.
99.1		Press Release of Public Storage dated February 12, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				PUBLIC STORAGE
				By:		/s/ Nathaniel A. Vitan
Date: February 12, 2026						Nathaniel A. Vitan
						Senior Vice President, Chief Legal Officer and Corporate Secretary

Exhibit 99.1

News Release		For Release:		Immediately
		Date:		February 12, 2026
Public Storage		Contact:		Joe Fisher
Frisco, TX				joefisher@publicstorage.com
PublicStorage.com

Public Storage Announces PS4.0^TM — A New Era of Leadership, Growth and Value Creation

Public Storage’s Fourth Era of Leadership, PS4.0, Set to Launch PS Next^TM Operating Platform, Value

Creation Engine and Own It Culture with Strategic Alignment to Long-Term Value Creation

Tom Boyle to Succeed Joe Russell as Chief Executive Officer Effective April 1, 2026

Shankh Mitra to Succeed Ron Havner as non-executive Chairman of the Board Effective April 1, 2026

Shankh Mitra Invested $25 million and Ron Havner Invested $5 million in 10 Year Out-of-the-Money

Options Demonstrating Their Confidence in and Commitment to the New Leadership Team

Joe Fisher to Join Public Storage as President, Chief Financial Officer

Natalia Johnson Promoted to President, Chief Digital and Transformation Officer

Chris Sambar Promoted to President, Chief Operating Officer

Public Storage to Relocate Corporate Headquarters to Frisco, Texas in the Dallas Metropolitan Area

FRISCO, Texas–Public Storage (NYSE: PSA, the “Company”), the world’s largest owner of self-storage facilities, today unveiled PS4.0, a generational leadership transition and strategic vision designed to accelerate long-term relative total shareholder return through elevating the customer and employee experience, expanding margins and performance of its industry leading operating platform, and capturing the portfolio growth opportunity across a highly fragmented sector.

Leadership Transitions

Public Storage announced key leadership appointments to drive the PS4.0 vision and execution:

• Tom Boyle, the Company’s current Chief Financial and Investment Officer, has been appointed to Chief Executive Officer, effective April 1, 2026

• Joe Russell will be retiring from his roles as President and Chief Executive Officer on March 31, 2026, and will provide consulting services to the Company through March 31, 2027, to support the transition

• Joe Fisher has been appointed President, Chief Financial Officer, effective February 16, 2026. He was most recently the President, Chief Financial and Investment Officer at UDR, an S&P 500 multifamily REIT

• Natalia Johnson, the Company’s current Chief Administrative Officer, is being promoted to President, Chief Digital and Transformation Officer

• Chris Sambar is being promoted to President, Chief Operating Officer and will now also oversee our PS Advantage third-party management platform

• Ayash Basu has joined as Chief Revenue and Marketing Officer. He most recently served as a Managing Director & Partner at the Boston Consulting Group

“It has been an honor to lead Public Storage through a decade of transformation, accretive growth and shareholder returns,” said Joe Russell. “Tom has been a valued partner and an exceptional leader in his dual role as CFO and CIO, helping create the foundation that has driven our improved capital allocation, superior operations, and relative shareholder returns in recent years. The Board, the senior leadership team and I are excited to see Tom and his team lead Public Storage into PS4.0, our powerful next era of growth.”

“I am deeply grateful to the Board for the trust they have placed in me, and I want to sincerely thank Joe Russell for his strong leadership of Public Storage and mentorship to me and the executive team,” said Tom Boyle. “Joe built a strong foundation for us to launch into PS4.0 with a focus on our people, our customers, our Brand, our industry-leading operating platform, and our ability to scale in a fragmented sector. Our single most important focus going forward will be per share earnings and cash flow growth resulting in accelerated shareholder returns. I believe the path to achieving that goal will be through superior customer experience and capital allocation.”

“I am joining Public Storage from the outside because the platform and industry opportunity are extraordinary,” said Joe Fisher. “Public Storage has assembled one of the most competitive, mission-driven, and high-integrity leadership groups in real estate today — a team built on a shared ownership and fiduciary mindset, operational and capital allocation excellence, and a commitment to drive shareholder value.“

Board Transitions

Public Storage also announced key Board of Trustee transitions to support the PS4.0 leadership transition:

• Shankh Mitra, current Chief Executive Officer of Welltower and Public Storage independent Trustee, has been elected to the role of non-executive Chairman of the Board effective April 1, 2026

• Ron Havner will continue to serve as a Trustee

• John Reyes will not stand for re-election at the upcoming annual meeting

• Joe Russell will retire from the Board upon his retirement as President and CEO on March 31, 2026

• Tom Boyle will join the Board of Trustees effective April 1, 2026

• A new Investment Committee of the Board of Trustees will be chaired by Ron Spogli, founder and Chairman of Freeman Spogli & Co.

The Board of Trustees is incredibly thankful for the many years of leadership and partnership displayed by Ron Havner, Joe Russell and John Reyes, who have a combined 99 years in service to the shareholders of Public Storage. Ron Havner stated, “We have accomplished significant industry changing objectives over the past 40 years since I first joined Public Storage. Public Storage has an unmatched brand, operating platform, and balance sheet. John Reyes has been a leader and Trustee with uncommon financial discipline, sound judgement and a deep understanding of the business. His contributions to Public Storage’s success have been invaluable, and we thank him for his years of dedicated service. I especially want to thank Joe Russell for his decade of leadership resulting in leading self-storage shareholder returns over the last 1-, 3-, and 5-year periods. This transition is the culmination of several years of thoughtful succession planning at the Board level, and we’re excited for Shankh, Tom and the executive team to build from here.”

Shankh Mitra, who first joined the Board of Trustees in 2020, will assume the role of non-executive Chairman of the Board on April 1, 2026. He currently serves as the Chief Executive Officer of Welltower (NYSE: WELL), where he has driven a vision, strategy, and team that have materially outperformed the REIT industry and broader equity indices. Shankh Mitra stated, “I am humbled and deeply grateful for the trust the Board has placed in me. That trust carries profound responsibility — to our shareholders, our

customers, our teammates, and the communities we serve. I am delighted by the opportunity to mentor Tom and the team in matters of capital allocation, culture and incentive design going forward. We are building an exceptional team that is energized and will show up to win each day. In addition to the team, we have designed a new incentive system for Public Storage driven by relative and absolute shareholder returns. I am thankful for Ron’s mentorship through my entire business career and look forward to working with him as a Trustee on the Board. We are thankful for Joe’s leadership, and we strongly believe Tom is the right leader to take the Company into its next phase of growth, PS4.0, and deliver outsized relative shareholder returns.”

Turning from leadership to the broader market landscape, Mr. Mitra shared his perspective on how the Company can best position itself to create long-term value. “My indirect observations suggest there is too much focus on near-term fundamentals and their inflection points,” Mr. Mitra continued, “However, often during the periods of unremarkable growth, great capital allocation opportunities are found. Tom and team will focus on those opportunities, be it external growth, technological advancements or talent upgrades to build the Company for the long term.”

Shankh Mitra has purchased $25 million and Ron Havner has purchased $5 million of 10-year options with a $350 per share strike price and a 6-year lock-out demonstrating their long-term commitment to and confidence in what PS4.0 will deliver to shareholders.

PS4.0: A Leadership Transition and Strategic Acceleration

Public Storage announced today its vision and strategy for the future, known as “PS4.0”, to reflect the fourth generation of leadership since its founding in 1972 by founder and industry visionary, B. Wayne Hughes. This leadership transition into PS4.0 arrives at a uniquely advantageous moment for the self-storage sector:

• Customer adoption of self-storage continues to grow and is paired with less competitive new supply

• The industry remains fragmented with significant external growth opportunities ahead

• The consumer has strongly adopted digital customer experiences and is now embracing AI-led change in customer interaction at a rapidly growing pace

These components create an opportunity for Public Storage to advance into a new era supported by three core pillars:

1) PS Next Operating Platform – Win the Customer and Drive Organic Growth

Customer expectations have fundamentally changed. Today’s customers expect fast, seamless, and quality experiences. To meet and exceed these expectations, Public Storage is launching PS Next, the Company’s next-generation operating platform. PS Next combines the industry’s leading owned-property portfolio with the only scaled omnichannel digital-first platform, advanced data science, and exceptional in-store property managers and customer care agents, which together deliver exactly what customers need, when they need it.

As President and Chief Operating Officer, Chris Sambar leads the in-store customer experience and asset management execution, including in-store operations and security, integration of new assets, and PS Advantage^TM, the Company’s third-party management platform – ensuring an easy, convenient, and quality customer experience, operational excellence, and scale across the portfolio.

As President, Chief Digital and Transformation Officer, Natalia Johnson drives the industry-leading digital platform and virtual customer engagement, AI and technology, data science that drives optimized decisioning platforms, human capital, and enterprise transformation – powering growth, efficiency, and organizational performance.

In addition, our executive team has taken another bold step forward with the addition of Ayash Basu, our Chief Revenue and Marketing Officer. Ayash comes to Public Storage with deep experience in energizing brands through clarity, creativity, and customer obsession, and a proven track record of delivering revenue growth and strong customer loyalty with data-driven excellence. Ayash will lead PS Next into our next-level pricing and marketing environment.

Over the past 3 years, Public Storage has outperformed the self-storage sector by 2.7% in NOI growth with an industry-leading 78.4% direct operating margin. At the launch of PS4.0, these three leaders will work together to deliver 1) elevated and consistent customer experience supported by our iconic orange Public Storage^® brand, 2) data science and AI-enabled digital marketing and revenue management, and 3) a transformative PS Next operating model. The execution of these initiatives targets compounding operational outperformance building on our recent performance track record.

2) Value Creation Engine – Capture the External Growth Opportunity

The self-storage industry is entering its next phase of evolution with expectations for increased transaction activity. That activity will be driven by generational estate planning transactions for many of the industry’s operating platforms founders and accelerated by increased participation and trading by institutional capital participants. Public Storage will allocate its capital aggressively and intelligently to capture these opportunities relying on data and increasingly AI-driven underwriting and site selection leveraging the industry’s largest data sets. The platform is built to invest across four primary value creators: acquisitions, developments, expansions and lending.

The Company has deployed over $12 billion of capital over the past 5 years with stores placed onto our operating platform generating more cashflow and higher returns given our industry leading revenue and margin enhancement capabilities. The PS4.0 objective is to accelerate the addition of new assets to solidify our portfolio and reinforce scale-driven operating competitive advantages for PS Next.

Paul Spittle, our SVP of Acquisitions, has been elevated to lead our best-in-class acquisitions team, which has acquired $10 billion through accretive private transactions over the past 5 years. Paul is tripling his deal sourcing teams, reducing transaction timelines and infusing our processes with AI- and data-driven insights.

Alongside acquisitions is our unique development and expansions platform which delivers our strongest returns while allowing us to place new stores where demand and customer growth is emerging.

As President and Chief Financial Officer, Joe Fisher will finance these acquisition, development, expansion and lending activities with our fortress balance sheet and retained cashflow engine which are a distinct competitive advantage for compounding growth. In addition, Joe will oversee investment underwriting, our growing lending business and tenant reinsurance.

3) Own It Culture – A High-Performance Leadership and Talent Platform Built to Win

At the core of PS4.0 is a significant step forward in culture – one defined by accountability, collaboration, and long-term value creation. As Public Storage advances its strategy, aligned and empowered leaders will drive success. Alongside Chief Executive Officer Tom Boyle, the Company’s Presidents and senior leadership team – proven operators and strategic leaders accountable for enterprise-wide results – will drive PS4.0 execution forward.

We have designed a new incentive program for the executive officers beginning in 2026 that is driven by relative and absolute shareholder returns. This significant incentive redesign will be cascaded through the Company to align our teams toward our primary objective of shareholder outperformance. This represents an important cultural shift spurring urgency and execution obsession.

In addition to the incentive program, the people strategy will infuse new capabilities and talent complementing our strong teams and raise the bar for performance with clear accountability. To support our people strategy, Gwen Montgomery has joined as Chief Human Resources Officer, most recently from Gates Corporation.

In addition, Public Storage will relocate its corporate headquarters to North Dallas (Frisco), Texas, benefiting from the depth of talent and innovation in that market, while maintaining a long-term presence in Glendale, California. Together, this leadership and talent platform positions Public Storage to execute PS4.0 and deliver sustained growth and long-term shareholder value.

Conclusion

In closing, Tom Boyle commented, “The opportunity ahead for Public Storage has never been stronger. This Company has a proven ability to outperform through cycles, deliver industry-leading margins driven by digital and AI advancement, and scale accretively in a fragmented landscape. The target is clear: enhanced customer experience, winning employee culture, accelerated value creation and compounding shareholder outperformance. I am energized by the leadership and platform that we are building within Public Storage to lead our industry’s next era.”

About Public Storage

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard^® brand. Our headquarters are located in Frisco, Texas.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to PS4.0, PS Next, our goals, strategies, initiatives, vision, expectations, and outlook associated with PS4.0, PS Next, and our leadership transitions, including as related to customer acquisitions and experience, the optimization, growth, and efficiency of our platforms, facility acquisitions and developments, shareholder returns and Company operating performance, and all other statements other than statements of historical fact. Such statements are based on management’s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to our ability to successfully execute our leadership succession and strategies with respect to PS4.0 and PS Next and those risks and uncertainties described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026 and in our other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

FAQ

What major leadership changes did Public Storage (PSA) announce in this 8-K?

Public Storage announced a CEO succession and broader leadership refresh. Joe Russell will retire as President and CEO on March 31, 2026, with Tom Boyle becoming CEO April 1 and Joe Fisher joining as President, Chief Financial Officer on February 16, 2026, alongside several executive promotions.

What is Public Storage’s PS4.0 strategy and what are its main pillars?

PS4.0 is Public Storage’s new strategic vision and leadership era. It rests on three pillars: PS Next, a next-generation operating platform; a value creation engine focused on acquisitions, development, expansions and lending; and an “Own It” culture with incentives tied to shareholder returns from 2026 onward.

How are Shankh Mitra and Ron Havner financially aligned with Public Storage’s PS4.0 plan?

Chairman-designate Shankh Mitra and trustee Ron Havner are investing heavily in long-dated options. Mitra is purchasing $25 million and Havner $5 million of 10-year operating partnership options with a $350 per-unit exercise price and a six-year lock-out, signaling long-term commitment to PS4.0.

What executive compensation changes did Public Storage (PSA) disclose for new CEO Tom Boyle?

Tom Boyle’s compensation will increase with his promotion to CEO. His annual base salary will be $1 million, his 2026 target bonus will be 200% of salary, and he will receive a 2026 equity award targeting $10 million plus an additional $10 million AO LTIP profits interest grant vesting over eight years.

Is Public Storage changing its corporate headquarters location?

Yes. Public Storage is relocating its corporate headquarters to Frisco, Texas, in the Dallas metropolitan area. The move is part of the broader PS4.0 initiative and is intended to tap the depth of talent and innovation in that market while maintaining a long-term presence in Glendale, California.

How has Public Storage (PSA) recently deployed capital and performed operationally?

Public Storage reports significant recent capital deployment and margin strength. Over the past five years, it has invested more than $12 billion across growth initiatives and, over the last three years, has outpaced the self-storage sector by 2.7% in NOI growth, achieving a 78.4% direct operating margin.

What consulting arrangement did Public Storage agree to with outgoing CEO Joe Russell?

Public Storage entered a Retirement and Transition Agreement with Joe Russell. Effective upon his March 31, 2026 retirement, he will provide consulting services through March 31, 2027, receiving monthly consulting fees of $400,000 to support leadership transition and other requested services.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 36.2 KB

Agreements & Contracts

• EX-10.1 EX-10.1 28.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 6.4 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 20.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 37.7 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 22.0 KB