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    Joseph D. Russell, Jr.

    President and Chief Executive Officer at Public Storage
    Board
    Since January 1, 2019
    Age
    65 years
    Tenure
    Joined Public Storage as President on July 1, 2016 and became Chief Executive Officer on January 1, 2019.

    Also at Public Storage

    CS
    Christopher Sambar
    Chief Operating Officer
    HTB
    H. Thomas Boyle
    Senior Vice President, CFO, and CIO
    NNJ
    Natalia N. Johnson
    Chief Administrative Officer

    About

    Joseph D. Russell, Jr. has nearly 30 years of experience with publicly traded REITs and a robust background in real estate, having held leadership roles in self-storage, office, and industrial properties. Prior to his current roles, he served as President and Chief Executive Officer of PS Business Parks, Inc. from August 2002 to July 2016 and was a Board member until its sale in July 2022.

    He began his journey in the real estate sector at Spieker Properties, Inc., contributing significantly during its transformation into a publicly traded REIT in 1993 and building a foundation for his later success.

    At Public Storage, he has effectively shaped the company’s strategic direction since joining as President on 07-01-2016 and assuming the role of Chief Executive Officer on 01-01-2019. His leadership continues to drive initiatives that bolster the company’s standing in the competitive real estate investment trust industry.

    $PSA Performance Under Joseph D. Russell, Jr.

    Past Roles

    OrganizationRoleDate RangeDetails
    PS Business Parks, Inc. Board Director August 2003 - July 2022 Served on the board until its sale
    Public Storage Trustee Joined January 2019 Held prior to becoming CEO
    Public Storage President Starting July 2016 Held before his promotion to CEO
    PS Business Parks, Inc. President & Chief Executive Officer August 2002 - July 2016 Led the affiliate before transitioning to PSA roles
    Spieker Properties, Inc. Officer Prior to 2002 (over 10 years) Served when the company became a publicly traded REIT in 1993; employed for over a decade

    External Roles

    OrganizationRoleDate RangeDetails
    Board of Governors of NAREIT Board Member (Governance) N/ACurrent active position outside of PSA

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Annualized Base Salary$1,000,000 Effective July 1, 2023, annual basisIncreased from $800,000 to $1,000,000 to align with peer practices
    Actual Base Salary Earned$900,000 Prorated for mid-year increaseReflects the prorated portion for 2023 after the mid-year adjustment

    Performance Compensation

    Data from  FY 2023

    Performance-Based RSUs

    MetricValueDetails
    Grant Date March 15, 2023 Date when RSUs were granted
    Grant Date Fair Value $3,165,047 Determined fair value of the RSU award
    Target RSUs 10,520 The target number of RSUs
    Maximum RSUs 21,040 Maximum number available if performance exceeds targets
    Vesting Schedule 3-year periodThree-fifths vest upon achieving target at end of period (Mar 15, 2023 to Mar 14, 2026) with remainder vesting ratably over next two years
    Performance Metric TSR relative to peers Thresholds: <80%: 0%, 80–<90%: 25%, 90–<100%: 75%, 100–<106%: 100%, 106–<116%: 125%, 116–125%: 150%, >125%: 200%

    Performance-Based Stock Options

    MetricValueDetails
    Grant Date March 15, 2023 Date when stock options were granted
    Grant Date Fair Value $2,473,044 Fair value determined for the options grant
    Grant Date Stock/Exercise Price $288.56 per share Fixed exercise price for the options
    Target Options 40,555 Number of options granted at target level
    Vesting Schedule 3-year period60% vest upon achieving performance targets at period end with remaining 40% vesting ratably over the next 2 years
    Performance Metric Relative TSR Weighted: 60% for TSR vs. self-storage peers and 40% vs. S&P 500 Equity REITs; same threshold percentages as RSUs
    Conditions Minimum 80% TSR required If TSR performance is below 80%, none of the options vest

    Annual Cash Incentive

    MetricValueDetails
    Target Cash Incentive $2,000,000 Annual target incentive amount
    Actual Award $2,220,000 Achieved 111% of target
    Performance Metric - Core FFO Growth 6.1% achieved (125% award level) Thresholds: <2%: 0%, 2–<3%: 50%, 3–<4%: 75%, 4–<6%: 100%, 6–7%: 125%, >7%: 150%
    Performance Metric - Strategic Management Goals Qualitative Includes objectives such as shareholder results, capital allocation, employee engagement, and operating optimization
    Weighting 50% Core FFO, 50% Strategic Equal weighting between the two performance components

    These details outline the performance compensation components for 2023 with specific metrics, targets, vesting schedules, and evaluation periods as provided in the documents.