Public Storage management check
PSA · Real Estate · Self-Storage REITs · CEO Joseph D. Russell, Jr.
Filings as of
5 good · 0 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $139, against $127 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.88 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $772k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.1% a year over the last three fiscal years. Stock-based pay was 0.8% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: Joseph D. Russell, Jr.. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 62 | 45 | |
| Pay for performance | 94 | 86 | |
| CEO cost | — | — | 23 |
| Skin in the game | — | — | 32 |
| Dilution | 51 | 23 | |
| Stable leadership | 95 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Self-Storage REITs, by management score. Public Storage is 2nd of 29 in its sector.
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Joseph D. Russell, Jr. | $9.9m | $2.4m | $4.5m | $139 | $127 | — |
| 2024 | — | $9.5m | $5.0m | $5.2m | $154 | $124 | — |
| 2023 | — | $8.8m | $11.1m | $3.8m | $151 | $118 | — |
| 2022 | — | $9.2m | −$1.9m | $4.8m | $133 | $106 | — |
| 2021 | — | $10.4m | $41.0m | $5.9m | $167 | $141 | — |
The board says pay is tied most to Core FFO. Its other key measures: Core FFO Per Share Growth, TSR Performance (versus the TSR of the S&P 500 Equity REITs), TSR Performance (versus the Company’s Self-Storage REIT Competitors).
Insiders and the CEO's stake
Light activity: no buys, $772k sold in six months.
- SoldNathaniel A. VitanChief Legal Officer$772kAug 13, 2026
Leadership and governance on file
- Aug 10, 2026Leadership change8-K 5.02
- Jul 7, 2026Leadership change8-K 5.02
- Feb 12, 2026Leadership change8-K 5.02
- Jul 30, 2025Leadership change8-K 5.02
- Oct 31, 2024Leadership change8-K 5.02
- Jul 26, 2024Leadership change8-K 5.02
- Jul 21, 2023Leadership change8-K 5.02
- Jul 5, 2023Leadership change8-K 5.02
- Feb 21, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 11, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $200.0m returned to owners in buybacks and dividends, 2% of net income, and $242.7m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4bn | $4.2bn | $4.5bn | $4.7bn | $4.8bn |
| Net income | $2.0bn | $4.3bn | $2.1bn | $2.1bn | $1.8bn |
| Stock-based pay | $59.8m | $56.7m | $41.6m | $44.7m | $39.9m |
| Buybacks | — | $0 | $0 | $200.0m | $0 |
| Dividends | — | — | — | — | — |
| Diluted shares | 176m | 176m | 176m | 176m | 176m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.