Chris C. Sambar
About Chris C. Sambar
Chief Operating Officer at Public Storage (PSA) since October 14, 2024; age 51; long-tenured telecom operator with senior network leadership at AT&T Communications (President, AT&T Network 2022–2024; EVP, AT&T Network 2019–2022) and director at AST SpaceMobile since June 2024 . PSA delivered record 2024 results with $4.7B revenues and $3.4B NOI, leading peers in Core FFO per share ($16.67), RevPAF, and direct operating margin, providing a strong performance backdrop for 2025 incentive alignment . PSA’s executive pay design emphasizes multi-year, relative TSR-driven equity (80% of long-term equity), robust ownership rules (4x salary for non-CEO execs), anti-hedging, and no employment/severance agreements, aligning incentives and risk control .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AT&T Communications | President, AT&T Network | Aug 2022 – Oct 2024 | Senior leadership of AT&T Network (details not further disclosed) |
| AT&T Communications | EVP, AT&T Network | Sep 2019 – Aug 2022 | Senior leadership of AT&T Network (details not further disclosed) |
| AT&T Communications | Various roles of increasing responsibility | 2002 – 2019 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AST SpaceMobile (NASDAQ: ASTS) | Director | Jun 2024 – Present | Not disclosed |
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $800,000 (annualized; joined Oct 14, 2024) | $800,000 |
| Sign-on/Make-whole Cash Bonus ($) | $1,000,000 (new hire award) | — (none disclosed) |
Performance Compensation
Annual Cash Incentive
| Item | 2024 | 2025 |
|---|---|---|
| Participation | Did not participate (joined late) | Eligible |
| Target Bonus ($) | — | $1,000,000 |
| Metrics & Weighting | Core FFO growth (program: 60%), strategic goals (40%) — Company program summary (Sambar excluded) | Core FFO growth 60%, NAV growth 10%, strategic goals 30% |
| Actual Payout | N/A | N/A (future period) |
Equity Incentives
• 2024 New-Hire Equity (make-whole):
| Award Type | Grant Date | Amount (Grant-Date Fair Value) | Quantity | Vesting |
|---|---|---|---|---|
| Fully-vested Common Shares | 11/5/2024 | $2,446,189 | 7,182 shares | Fully vested at grant |
| Time-based LTIP Units | 11/5/2024 | $4,892,038 | 14,363 LTIP Units | Three equal installments beginning one year from grant date |
• 2025 Long-term Equity Targets:
| Component | Target Value ($) | Performance Period | Performance Metrics | Vesting |
|---|---|---|---|---|
| Performance-based AO LTIP Units | $600,000 | Mar 2025 – Mar 2028 | Relative TSR vs S&P 500 REITs excl. office/malls (70%) and self-storage peers (30%) | 60% at certification; 40% over next 2 years |
| Performance-based LTIP Units | $1,800,000 | Mar 2025 – Mar 2028 | Relative TSR vs S&P 500 REITs excl. office/malls (70%) and self-storage peers (30%) | 60% at certification; 40% over next 2 years |
| Time-based AO LTIP Units | $600,000 | N/A | N/A | 20% per year over 5 years beginning one year from grant |
Equity Ownership & Alignment
| Ownership Guideline (Execs) | Requirement Multiple | Sambar Requirement ($) | Compliance Window | Anti-Hedging | Pledging Policy |
|---|---|---|---|---|---|
| Executive stock ownership guidelines | 4x base salary | $3,200,000 | Achieve within 5 years; initial position within 1 year | Prohibited for insiders | Discouraged; none pledged by execs |
| Beneficial Ownership Detail | Directly-Owned Common Shares | Directly-Owned LTIP Units | Value of Qualifying Securities ($311.04 close 3/3/2025) | Excess/(Shortfall) vs Guideline | % of Shares Outstanding |
|---|---|---|---|---|---|
| As of March 3, 2025 | 4,355 | 14,363 | $5,822,047 | $2,622,047 | <1% (4,355 shares) |
• Outstanding/unvested equity at 12/31/2024: 14,363 LTIP Units; estimated market value $4,300,857 .
• Ownership guideline methodology excludes unearned performance awards and unexercised options/AO LTIP Units before conversion; counts earned LTIP Units/OP Units and vested deferred RSUs/DSUs .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date | October 14, 2024 |
| Employment/severance agreements | None; PSA has no employment, “golden parachute,” or severance agreements with NEOs |
| Clawback | Mandatory and discretionary recoupment covering GAAP restatements and material non-GAAP misstatements; 3-year lookback; filed with 2024 10-K |
| Change-of-control vesting | Double-trigger; acceleration if awards not assumed; otherwise vesting on termination without cause within 1 year post-COC |
| Potential payouts (12/31/2024 valuation) | Death/Disability: $4,300,857; Termination on Change of Control: $4,300,857 |
| Retirement vesting policy | Accelerated vesting for time-based awards and pro-rated performance awards subject to age/service thresholds and notice |
| Non-compete/non-solicit/garden leave | Not disclosed in proxy |
Compensation Structure Notes
• Pay mix emphasizes at-risk equity (multi-year, relative TSR) and long vesting periods; no tax gross-ups, no option repricing, and strong governance (double-trigger COC, minimum 1-year vesting on 95% of shares) .
• 2025 annual incentive adds NAV growth metric (10%) to Core FFO growth (60%) and strategic goals (30%), increasing focus on intrinsic value creation .
• 2024 say-on-pay support: 96.5% “For,” reflecting shareholder alignment with program design .
Compensation Benchmarking (Peer Group)
PSA benchmarks NEO compensation against large-cap REITs and relevant non-REITs; includes American Tower, Equinix, Welltower, Simon Property, Digital Realty, Realty Income, Crown Castle, Extra Space, CubeSmart, and select S&P 500 non-REITs (Phillips 66, Valero, Ross Stores, Yum! Brands), among others; rationale: comparable asset/operational scale and talent markets .
Equity Overhang and Burn Rate (Program Context)
PSA manages equity usage below ISS burn rate benchmarks; 2024 burn rate ~0.19% (326,431 awards vs ~175.35M weighted shares), indicating disciplined dilution control .
Performance & Track Record
• PSA 2024 highlights: record revenues $4.7B and NOI $3.4B; portfolio growth of 3.2M sq ft; Core FFO per share $16.67; leading same-store metrics and digital customer rentals (75%), positioning 2025 opportunities .
• Sambar’s PSA tenure began Q4 2024; performance outcomes tied to 2025–2028 relative TSR awards and 2025 annual plan metrics; prior AT&T network leadership roles provide operational experience (specific achievements not disclosed) .
Risk Indicators & Red Flags
• Hedging prohibited; pledging discouraged and not used by exec officers (pledging noted only for two trustees; Board views risks as low) .
• No employment/severance contracts; clawback policy robust; double-trigger change-of-control mitigates windfall risk .
• Related-party transactions: none disclosed involving Sambar; broader governance includes independent committees and strong ownership guidelines .
Investment Implications
• Alignment: Sambar exceeds his stock ownership guideline by ~$2.6M, with unvested LTIP equity that vests over three years—positive for retention and long-term alignment .
• Near-term supply: New-hire LTIP Units vest in equal annual tranches starting 11/5/2025, creating periodic potential settlement events; monitor Form 4 activity around vest dates for selling pressure signals (policy prohibits hedging; pledging absent) .
• Performance leverage: 2025 incentive structure (Core FFO + NAV + TSR-based LTIP) ties cash and equity outcomes to operational execution and market-relative performance—watch relative TSR vs S&P 500 REITs and self-storage peers and NAV trajectory for payout visibility .
• Governance quality and say-on-pay support (96.5%) reduce compensation risk; absence of severance agreements and robust clawback strengthen downside protection for shareholders .