Lisa Cohn
About Lisa R. Cohn
Lisa R. Cohn (age 56) is an independent trustee of National Storage Affiliates Trust (NSA) since 2024, with deep REIT and governance experience as President & General Counsel and co‑head of Apartment Income REIT LLC (AIR) following Blackstone’s 2024 acquisition of AIRC; she holds a J.D., cum laude, from Harvard Law School and a B.A. in public policy, with honors and distinction, from Stanford University . NSA’s Board affirmed her independence under NYSE and company standards in 2024 and 2025; the Board held six meetings in 2024, with all trustees meeting at least the 75% attendance threshold for Board and applicable committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apartment Investment & Management Co. (Aimco, NYSE: AIV) | EVP, General Counsel & Secretary; prior leadership roles | 2002–2020 | Oversaw construction services, asset quality, insurance, risk, HR, dispositions, and western-region acquisitions; chaired Aimco’s investment committee |
| Hogan & Hartson LLP (now Hogan Lovells) | Attorney (public/private transactions) | Prior to Aimco | Focus on public equity offerings and venture financing |
| U.S. Federal Judiciary | Judicial Clerk | Prior | Legal training and analysis |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Apartment Income REIT LLC (AIR) | President & General Counsel; co‑head post‑acquisition | 2020–Present | Governance, IT/process innovation, HR, legal; co‑head role in 2024 upon Blackstone deal |
| BBYO | Board member | 2022–Present | Non-profit leadership |
| Craig Hospital Foundation | Board member; Chair, Finance & Investment | 2018–2025 | Oversight of finance/investments |
| Rose Community Foundation | Board member | 2010–2020 | Community philanthropy |
| Denver Jewish Day School | Board member; Chair of Trustees | 2008–2016 (Chair 2012–2015) | Governance leadership |
| Nareit Advisory Board of Governors | Former member | Prior | REIT industry engagement |
Board Governance
- Committee assignments (2024): Compensation, Nominating & Corporate Governance (CNCG) Committee member; CNCG met 6 times in 2024, all members independent. For 2025 (subject to election), CNCG expected composition: Chair Michael J. Schall, members Lisa R. Cohn and Chad L. Meisinger .
- Independence: Board affirmatively determined Cohn is independent under NYSE, SEC, and NSA standards in 2024–2025 .
- Attendance and engagement: Board held 6 meetings in 2024; all trustees attended ≥75% of Board and applicable committee meetings. Independent trustees hold executive sessions at least four times per year, led by the Lead Independent Trustee .
- Leadership structure: Separate Chair/CEO; Lead Independent Trustee Paul W. Hylbert, Jr. (since 2016) enhances independent oversight .
Fixed Compensation
| Component | 2024 Value | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Program terms |
| CNCG Committee member fee | $10,000 | Program terms |
| Annual equity (standard) | $100,000 | Program terms |
| One-time new trustee equity grant | $50,000 | Granted at election date |
| 2024 actual: Fees (cash/equity in lieu) | $70,000 | Base + CNCG member fee (elected 100% in equity) |
| 2024 actual: Stock awards | $150,000 | $100k annual equity + $50k new trustee grant |
| 2024 actual: Total | $220,000 | Aggregated |
| 2025 program changes | Base $70,000; equity $120,000; Audit member fee to $12,500 | Effective at 2025 annual meeting |
Performance Compensation
| Metric category | Structure | 2024 disclosure |
|---|---|---|
| Director performance-based pay | Not used for independent trustees | None disclosed; independent trustees receive cash/equity retainers and committee fees |
Other Directorships & Interlocks
| Company/Institution | Type | Potential interlock/conflict |
|---|---|---|
| AIR (Blackstone-controlled) | Private REIT operations | No related-party transactions involving Ms. Cohn disclosed by NSA; related-party section details transactions for other parties only |
| Non-profit boards (BBYO, Craig Hospital Foundation, Rose Community Foundation, Denver Jewish Day School) | Non-profit | Governance service; no NSA transactional ties disclosed |
| Nareit Advisory Board (former) | Industry body | Sector expertise; no NSA transactional ties disclosed |
Expertise & Qualifications
- Legal, governance, and REIT operations expertise; corporate strategy and compliance background. Harvard Law J.D. (cum laude); Stanford B.A. (public policy) with honors/distinction .
- NSA skills matrix: legal, compliance/regulatory, business strategy/operations, REIT and real estate investment/management experience .
Equity Ownership
| Measure | Amount | Details/Vesting |
|---|---|---|
| Beneficial ownership (Common Shares as-converted) | 4,493; <1% | Includes 4,493 unvested LTIP units scheduled to vest May 16, 2025; excludes 1,352 unvested LTIP units vesting Feb 15, 2026 |
| Unvested LTIP units outstanding (12/31/2024) | 5,845 | Aggregate unvested LTIP units at year‑end |
| 2024 annual cash comp taken in equity | 4,493 LTIP units | Grant based on $37.84 closing price (May 16, 2024); vest earlier of May 16, 2025 or day before 2025 meeting |
| One-time election grant | 1,352 LTIP units | Granted Feb 15, 2024 at $36.98; vests Feb 15, 2026 |
| Ownership guidelines | Independent trustees required; all in compliance as of Mar 14, 2025 | Trustees must hold a minimum equity multiple of annual cash compensation; group compliance confirmed |
| Hedging/pledging | Prohibited hedging; limited pledging thresholds | Policy restricts pledging; no pledging disclosed for Ms. Cohn; pledging disclosed for others (e.g., CEO, certain trustees) |
Governance Assessment
- Alignment and independence: Cohn is independent, sits on CNCG (key for pay/governance), elected to take 100% of annual cash compensation in equity, increasing alignment with shareholders .
- Engagement indicators: Board and committee meeting frequency (Board: 6; CNCG: 6; executive sessions ≥4/year) with all trustees meeting attendance thresholds; NSA maintains majority independent Board and Lead Independent Director structure .
- Compensation structure quality: Director pay is straightforward (cash retainer, equity, committee fees); no director performance metrics or meeting fees; 2025 increases modestly reset benchmarks following analysis; robust ownership guidelines and clawback policy for executives underpin governance rigor .
- Conflicts/related-party exposure: NSA’s related-party disclosures highlight transactions involving other trustees/executives (e.g., PRO internalization, office lease, pledging) but do not list Ms. Cohn; independence reaffirmed after considering such relationships .
- Board effectiveness context: Majority voting in uncontested elections, separate Chair/CEO, no poison pill, shareholder bylaw amendment rights, and active investor outreach support investor confidence .