Tom Boyle, Public Storage Chief Financial Officer, to Also Serve as Chief Investment Officer

Rhea-AI Summary

Public Storage (NYSE:PSA) announced that Tom Boyle will serve as both Chief Financial Officer and Chief Investment Officer, effective January 1, 2023. This dual role involves overseeing development, acquisitions, and asset management. President Joe Russell expressed confidence in Boyle's leadership, noting his critical contributions to the company's capital structure and growth strategies. As of September 30, 2022, Public Storage reported interests in 2,836 facilities across 40 states and a significant investment in Shurgard Self-Storage in Europe.

Positive

• Tom Boyle's dual appointment may enhance leadership synergy within the company.
• Boyle's experience in finance and real estate is expected to strengthen investment strategies.

Negative

• None.

GLENDALE, Calif.--(BUSINESS WIRE)-- Public Storage (NYSE:PSA), the nation’s leading owner, acquirer, developer, and operator of self-storage properties, announced today that Tom Boyle, the Company’s Chief Financial Officer, has been appointed to also serve as its Chief Investment Officer, effective January 1, 2023. In addition to his role as Chief Financial Officer, Mr. Boyle’s responsibilities as Chief Investment Officer will include development, redevelopment, acquisitions, asset management, and third-party management.

“We are pleased to have Tom serve as the Company’s Chief Investment Officer, as well as our Chief Financial Officer,” said Joe Russell, the Company’s President and Chief Executive Officer. “Tom is an exceptional leader and has been instrumental in diversifying our Company’s capital structure and laying a strong financial foundation for growth. Tom has also played a critical role in our capital allocation and investment decisions, and as Chief Investment Officer, Tom will continue to leverage his deep experience in finance and real estate and our industry-leading balance sheet to advance our four-factor external growth strategy to create long-term value for our shareholders.”

Mr. Boyle joined Public Storage in 2016, serving as Chief Financial Officer, Operations, until his appointment as the Company’s Chief Financial Officer in 2019. Prior to joining Public Storage, Mr. Boyle served in roles of increasing responsibility with Morgan Stanley since 2005, from analyst to his last role as Executive Director, Equity and Debt Capital Markets. Mr. Boyle holds a Bachelor of Arts in Economics from the University of Notre Dame.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At September 30, 2022, we had: (i) interests in 2,836 self-storage facilities located in 40 states with approximately 202 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR), which owned 259 self-storage facilities located in seven Western European nations with approximately 14 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at PublicStorage.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005711/en/

Ryan Burke

(818) 244-8080, Ext. 1141

Source: Public Storage

FAQ

What are Tom Boyle's new responsibilities at Public Storage?

Tom Boyle will oversee development, acquisitions, asset management, and third-party management as Chief Investment Officer.

When did Tom Boyle start his role as Chief Investment Officer?

Tom Boyle's appointment as Chief Investment Officer is effective January 1, 2023.

What is Public Storage's stock symbol?

Public Storage trades under the stock symbol PSA on the NYSE.

How many self-storage facilities does Public Storage own?

Public Storage owns interests in 2,836 self-storage facilities across 40 states.

What is the significance of Tom Boyle's financial background for Public Storage?

Tom Boyle's financial background is expected to enhance the company's capital allocation and investment strategies.