Avedick B. Poladian

About Avedick B. Poladian

Avedick B. Poladian is an independent trustee of Public Storage, serving since February 2010. He is age 73, a retired EVP/COO of Lowe Enterprises, and previously the Pacific Southwest Managing Partner at Arthur Andersen; he is recognized for finance, accounting, and real estate operating expertise and has been identified as an audit committee financial expert in prior PSA disclosures . He currently chairs the Compensation and Human Capital (CHC) Committee and serves on the Audit Committee .

Past Roles

Organization	Role	Tenure	Committees/Impact
Lowe Enterprises	Executive Vice President & Chief Operating Officer	2007–2016	Senior operator of diversified real estate platform; brings operating and capital allocation experience
Arthur Andersen	Managing Partner, Pacific Southwest	1974–2002	CPA background; deep accounting/financial reporting expertise supporting audit oversight

External Roles

Organization	Role	Tenure/Notes	Committees/Impact
Occidental Petroleum Corporation (NYSE: OXY)	Director	Current	Energy sector board experience; cross-industry perspective
Western Asset Management funds (2 publicly traded)	Director	Current	Investment oversight in asset management; fund governance
California Resources Corporation (NYSE: CRC)	Director (Prior)	Prior service	Upstream energy; prior public board experience
California Pizza Kitchen (former Nasdaq)	Director (Prior)	Prior service	Consumer/restaurant sector exposure
USC Sol Price School of Public Policy	Board of Councilors	Current	Academic advisory role
Ronald Reagan UCLA Medical Center	Board of Advisors	Current	Healthcare oversight exposure
YMCA of Metropolitan LA	Director Emeritus	Current	Community leadership

Board Governance

Independence and roles: Independent trustee; CHC Committee Chair; Audit Committee member .
Attendance: In 2024, all trustees attended the 2024 annual meeting; each trustee other than one (Mitra) attended at least 75% of Board and applicable committee meetings—implying Poladian met the attendance requirement .
Committee meeting cadence (2024): Audit 7; CHC 3; Nominating, Governance & Sustainability (NGS) 5 .
Compensation Committee interlocks: The CHC Committee (which Poladian chairs) had no members with material interests in Company transactions and no interlocking relationships with Company executive officers in 2024 .
Governance practices: Declassified board; robust stock ownership guidelines; clawback; anti-hedging; separate Chair/CEO; proxy access; majority vote standards .

Fixed Compensation (Non‑Management Trustee)

Component	Structure/Amount	2024 Actuals (Poladian)
Board cash retainer	$120,000 annual (paid quarterly)	$170,000 fees earned in cash
Committee chair supplemental retainer	$25,000 per chair role	Included in cash total
Committee member retainer	$12,500 per committee	Included in cash total
Equity award (annual)	Options to $180,000 value or AO LTIP Units (vest in 1 year)	$180,031 grant-date fair value
Total 2024 trustee comp (Poladian)	Cash + equity	$350,031

Notes:

DSU/stock deferral: Trustees may elect cash, unrestricted shares, DSUs, or in 2025 also fully-vested LTIP Units for retainers; Poladian is not listed among 2024 DSU electors (others named) .

Performance Compensation

Non‑management trustee equity grants are not performance-conditioned; they are time-based options or AO LTIP Units with one-year vesting (onboarding award $540,000; annual award $180,000, both may be taken as AO LTIP Units) .

Element	Metric	Weight	Vesting	Award Value
Annual trustee equity	None (time-based)	N/A	100% at 1-year anniversary	$180,000 target per year
One-time onboarding	None (time-based)	N/A	100% at 1-year anniversary	$540,000 at appointment

Other Directorships & Interlocks

Current public company boards: Occidental Petroleum (Director); Western Asset public funds (Director) .
Prior public company boards: California Resources Corporation; California Pizza Kitchen .
Compensation committee interlocks: None reported for CHC Committee in 2024 .

Expertise & Qualifications

Financial expert: Identified in PSA proxies as an audit committee financial expert, with CPA (inactive) credential and Andersen managing partner background .
Real estate operations and capital allocation: Senior operating leadership at Lowe Enterprises supports oversight of PSA’s real estate business .
Risk, accounting, and financial reporting depth: Supports Audit Committee work .

Equity Ownership

Measure	Amount	As-of Date
Directly owned common shares	31,163	March 3, 2025
AO LTIP Units (appreciation-only)	49,904	March 3, 2025
LTIP Units	1,780	March 3, 2025
Total beneficially owned common shares (incl. derivative rights per table methodology)	82,847; <1% of class	March 3, 2025
AO LTIP Units outstanding detail (12/31/24)	49,904 outstanding; 41,249 fully vested and exercisable	Dec 31, 2024
Trustee ownership guideline status	All non‑management trustees with ≥5 years’ service have met guidelines (5x cash retainer)	Proxy date 2025

Policies:

Anti-hedging policy and robust stock ownership guidelines in place for alignment .
Trustees may elect DSUs/LTIP Units for retainers; settlement mechanics and dividend equivalents summarized in proxy .

Governance Assessment

Key positives

Long-tenured independent trustee with deep finance and real estate operating credentials; serves as CHC Chair and Audit member, supporting pay oversight and financial/risk governance .
Strong attendance (≥75% threshold met) and active committee cadence (Audit 7; CHC 3 in 2024) signal engagement .
Compensation governance: CHC engaged independent consultant (Ferguson Partners) and maintained independent composition with no interlocks; robust policies (clawback; anti-hedging; ownership) .

Potential watch items

External board seats: Concurrent service at OXY and Western Asset funds—PSA policy limits trustees to three public boards absent NGS approval; PSA states all trustees are in compliance (mitigates overboarding risk) .
Related-party exposure: No Poladian‑specific related‑party transactions disclosed; CHC interlocks/insider participation explicitly negative (none) for 2024 .

Shareholder signaling

Say‑on‑pay support strong: 96.5% support in 2024 per proxy; 2024 8‑K vote 147.24M for vs 5.32M against; 2025 8‑K vote 146.07M for vs 8.26M against—indicating broad investor confidence in pay oversight under CHC leadership .

Appendices

Trustee Compensation (Detail)

Year	Fees Earned (Cash)	Equity Award (Options/AO LTIP Units, grant-date FV)	Total
2024	$170,000	$180,031	$350,031

Annual cash retainer schedule (2024): Board member $120,000; Committee chair supplemental $25,000; Committee member $12,500 . Equity program: $180,000 annual time‑based options or AO LTIP Units; one‑time onboarding $540,000 (time‑based) .

Committee Memberships and Meetings (2024)

CHC Committee: Members—A. B. Poladian (Chair), S. S. Mitra, R. Owen, R. P. Spogli, P. S. Williams; Meetings: 3 .
Audit Committee: Members—K. M. Pipes (Chair), M. R. Hawthorne, A. B. Poladian, J. Reyes, T. M. Shaukat; Meetings: 7 .

Say‑on‑Pay Voting Outcomes

Meeting	Votes For	Against	Abstain	Broker Non‑Votes
2024 Annual Meeting	147,239,032	5,323,870	491,185	8,714,898
2025 Annual Meeting	146,068,319	8,261,877	578,061	6,268,740

Proxy commentary: 2024 Say‑on‑Pay support “over 96.5%” .

Policies and Conflicts

CHC interlocks/insider participation: None; no member was an officer/employee; no material interest in a Company transaction in 2024 .
Related‑party oversight frameworks described; no Poladian‑specific related party disclosures identified in reviewed sections .
Trustee attendance: All trustees attended the 2024 annual meeting; each trustee other than Mitra met ≥75% threshold for 2024 .