Public Storage, a real estate investment trust founded in 1972 in San Diego County, announced in February that it will move its headquarters from Glendale, California, to Frisco, Texas.

The company operates more than 3,000 self-storage facilities across 43 states. In a press release, Public Storage said the relocation to the North Dallas area will allow it to benefit from the region’s talent pool and innovation environment, while maintaining a long-term presence in Glendale.

The move coincides with a leadership transition and the rollout of a new strategic initiative branded “PS4.0.” Public Storage named Joe Russell as successor chief executive officer to Tom Boyle, with the change taking effect April 1. The company described PS4.0 as a generational leadership transition and strategic vision aimed at accelerating long-term shareholder returns.

“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,” the company stated.

Public Storage did not provide specific reasons for leaving California. However, it joins a number of major corporations that have relocated or reduced their footprint in the state in recent years.

In 2019, McKesson Corp. moved its headquarters from San Francisco to Texas. Charles Schwab also shifted its headquarters to the Dallas area that year. In 2020, Oracle, Tesla, and Hewlett Packard Enterprise announced moves from California to Texas. More recently, Chevron and Realtor.com relocated to Texas, while In-N-Out Burger announced plans to move its corporate headquarters to Tennessee.

Several companies that have left California have cited high taxes, regulatory burdens, and cost-of-living concerns as factors influencing their decisions. California Gov. Gavin Newsom has disputed claims that the state is experiencing a significant business exodus.

Public Storage’s relocation adds to the ongoing trend of firms shifting headquarters to states with lower costs and business-friendly policies.