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Self-Storage REIT Public Storage Publishes Annual Sustainability Report

July 17, 2023

3 Min Read
Self-Storage REIT Public Storage Publishes Annual Sustainability Report

Update 7/17/23 – Public Storage has released its 2023 sustainability report, highlighting the company’s dedication to self-storage sustainability as well as detailing the integral role of its engaged and diverse team, according to a press release. The company has nearly tripled the number of facilities using solar power, with plans to expand its program to more than 1,000 properties by 2025. It has also reduced its “like-for-like” carbon-emissions intensity by 29% over the last four years.

The REIT has also partnered with the BRE Group to develop a green-building certification system for U.S. self-storage facilities through its Building Research Establishment Environmental Assessment Methodology (known primarily as BREEAM). Public Storage has 69 green-certified properties, including those examined through the LEED (Leadership in Energy & Environmental Design) program, with plans to double its number of certified buildings by the end of 2024, according to the report.

With respect to social initiatives, Public Storage has launched Community Connects, a giving program that works with organizations to benefit underprivileged children and individuals undergoing cancer treatment, and Preparing the Path, a diversity-leadership accelerator, the release stated.

“Our team of nearly 5,900 employees is engaged and focused on resilience, growth and value creation as we solidify our position as a global leader in sustainable self-storage operations,” said Joe Russell, CEO.

The full report can be found on investors.publicstorage.com.

7/6/22 – Public Storage Inc., a self-storage real estate investment trust (REIT) and management company, released its annual sustainability report for 2022. It explains how the company’s engaged and diverse team, innovative and sustainable operations, and financial fortitude continue to position the operation for long-term resilience, growth and value creation, according to a press release.

The publication is available in the sustainability section of publicstorage.com. Highlights include:

  • The company’s recognition by “Forbes” and Statista as one of “America’s Best Large Employers” and by Comparably as a “Choice Employer”

  • The creation of new career paths that bolster employee satisfaction and upward mobility for facility managers and customer-care teams

  • An increase in diversity representation in the management ranks and a formalization of the company’s diversity-hiring policy

  • A reduction in energy consumption, carbon emission, water consumption and waste production by 5% and 22%, on average, over the past one and three years, respectively

  • The formal oversight of sustainability initiatives through clarification of responsibilities across the board of trustees’ committees

“Our nearly 2,800 properties and 5,800 employees are serving our customers and communities with a focus on enhancing our industry-leading digital customer experience; growing through acquisitions, development and third-party management; and bolstering the resilience of our properties and company,” said CEO Joe Russell. “We are pleased to share our progress, commitments and outlook in the 2022 sustainability report.”

Headquartered in Glendale, California, Public Storage has interests in 2,797 self-storage facilities in 39 states, with 199 million net rentable square feet in the United States. It also has a 35% common-equity interest in Shurgard Self-Storage SA, which owns 254 facilities in seven Western European nations.

Sources:
Public Storage, Public Storage Releases 2023 Sustainability Report
Public Storage, Public Storage Releases 2022 Sustainability Report

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