The Rebecca Ledger

All companies · US · fiscal 2025

Public Storage

255times · chief executive pay ÷ median employee pay verified

It would take Public Storage's median employee 255 years to earn what its chief executive earned in one. That is below the 312 to 1 average across the S&P 500 in 2025.

Public Storage discloses the split: about 84% of its 5,767 employees work on-site with a median of $35,994; the ~6% who manage them have a median of $128,184.

Show the evidence
Source
Public Storage, SEC Form DEF 14A, filed March 2026 — open the filing
Chief executive total compensation verified
$9,909,777 — Joseph D. Russell, Jr., as reported in the Summary Compensation Table
Median employee total compensation verified
$38,819 — an hourly on-site property manager
Ratio verified
$9,909,777 ÷ $38,819 = 255. This ratio is disclosed by the company itself in the filing.
Retrieved
2026-09-07
Methodology caution
SEC rules let each company choose how it identifies its median employee — whether part-time and seasonal pay is annualized, which countries are included. Ratios are exact within a company and approximate between companies. Full methodology.

The numbers

$9,909,777
Chief executive verified
Joseph D. Russell, Jr., fiscal 2025 total compensation
$38,819
Median employee verified
an hourly on-site property manager
255:1
Ratio verified
S&P 500 average is 312:1
35
Pay Fairness score calculated
0–100, from the ratio alone. Formula
—
Employee ownership insufficient data
Not disclosed. No company on the ledger yet publishes what share of its stock is held by rank-and-file employees. That silence is itself the finding.
—
Buybacks & net income insufficient data
Not yet collected for this company. Want to add it? Take the Rebecca Challenge.

What 20 to 1 would look like proposal

This is a Rebecca Ledger model, not a prediction and not something the company has said or done. It caps chief-executive pay at twenty times this company's own median employee, and changes nothing else.

Chief executive today verified$9,909,777
Under a 20× cap proposal$776,380 (20 × $38,819)
Difference calculated$9,133,397
What the difference equals calculatedabout 235 more employees paid at this company's own median

The arithmetic is the whole model: one year of the difference, divided by one median salary. It assumes nothing about taxes, share price, or whether the company would do it. It is meant to make a large number legible, not to predict a decision.

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