Russell, Havner Step Down at Public Storage

 
Public Storage announced sweeping leadership changes as it unveiled PS4.0, a strategic vision for growth. President and CEO Joe Russell will retire March 31. He will also leave the board of directors. Russell has served as CEO since 2019. Tom Boyle, the company’s chief financial and investment officer, has been appointed CEO effective April 1.
 
Chairman of the board, Ron Havner, will be replaced by Shankh Mitra, but he will continue to serve as a trustee. Other promotions include Joe Fisher to president, chief financial officer, Natalia Johnson to president, chief digital and transformation officer, Chris Sambar to president, chief operating officer, and Ayash Basu as chief revenue and marketing officer.
 
PS4.0 will focus on customer adoption, external growth, and digital and AI-led change in customer interaction.

 

New Arkansas Storage Opens

 

The Storage Center opened a new facility in Little Rock, Arkansas, in late December. 

 

Versal Sells Texas Asset

 

Versal brokered the sale of Lone Star Storage Center in Odessa, Texas. 

 

Marcus & Millichap Brokers Texas Deal

 

Marcus & Millichap brokered the sale of Dry Dock & Lock in Crowley, Texas, to a Canadian buyer. 

 

XPS Launches MyStorPal 

 

XPS Solutions launched MyStorPal Property Manager, a mobile-first application that helps with day-to-day facility operations. Capabilities include move-out management, task assignment and unit visibility.

 

SmartStop to Announce Earnings

 

SmartStop Self Storage REIT will release financial results on Wednesday, Feb. 25.

 

Storage Post Opens in Brooklyn

 

Storage Post Self Storage will open a new facility in the Williamsburg neighborhood of Brooklyn, New York. The company also acquired a location in Newark, New Jersey. 

 

Yardi: Expect More Deliveries

 

Yardi Matrix updated its under-construction pipeline in 2025 to reflect an increase. New supply will bottom at a higher level than previously anticipated. Yardi Matrix increased the new supply forecast by 6% for 2026 and 4.8% for 2027 and a 13.7% increase in 2028. 

 

Buchanan Starts California Investment

 

Buchanan Street Partners broke ground on a new storage facility in Scotts Valley, California. The project is slated for completion in April 2027.

 

CubeSmart, CBRE Buy in Phoenix

 

CubeSmart and CBRE Investment Management acquired a storage facility in Phoenix, Arizona, the first in a newly formed $250 million venture targeting storage in high-growth markets.

 

Glacier, Next Century Plan Storage Buy

 

Glacier Global Partners and Next Century Self Storage have formed a joint-venture to acquire and manage self storage properties. Both firms are based in New York.

 

Barraclough Named to StorageDefender Leadership

 

StorageDefender Inc. has named Colleen Barraclough as vice president of client success. Her focus is on customer support for operators. 

 

Atlanta Considers Storage Ban near Highway

 

An Atlanta City Council committee is considering a new ordinance banning new self storage facilities within a half-mile of the Atlanta Beltline, according to Axios Atlanta.