Luke Petherbridge

About Luke Petherbridge

Luke Petherbridge is an independent trustee of Public Storage, appointed July 30, 2025, with an initial term through the 2026 annual meeting, and serves on the Nominating, Governance, and Sustainability (NGS) Committee . He is Chief Executive Officer of Link Logistics (a Blackstone-owned U.S. logistics real estate operator) and holds a Bachelor of Commerce from Macquarie University .

Past Roles

Organization	Role	Tenure	Committees/Impact
Link Logistics	Chief Executive Officer	Sep 2020–present	Leads strategy, profitability, customer outcomes, culture
LivCor LLC	President & CEO	Jul 2019–Sep 2020	Multifamily portfolio leadership
ShopCore Properties	President & CEO	May 2016–Sep 2020	Retail REIT operations and transformation
DDR Corp. (SITE Centers)	CFO & Treasurer	2015–2016	Capital raising, balance-sheet management, lender relations
EDT Retail Trust (Macquarie DDR Trust)	CEO & Executive Director	2010	Shopping center owner; executive leadership
Rubicon Asset Management	Director - Transactions	Prior to DDR Corp. (dates not disclosed)	Oversaw ~$5B of transactions across U.S., Europe, Japan

External Roles

Organization	Position	Type	Tenure	Notes
Public Storage	Trustee	Public company board	Jul 2025–present	NGS Committee member; independent trustee
World Business Chicago	Board member	Public-private non-profit	Present	Economic development agency
ICSC	Trustee (former executive board member)	Industry association	Present	Retail/real estate industry governance network
CoreGiving	Co-founder & Chairman	Non-profit	Present	Social impact; combats childhood hunger

Board Governance

Committee assignment: Nominating, Governance, and Sustainability (NGS) Committee .
Independence: Appointed as an independent trustee; Board committees are composed exclusively of independent trustees per NYSE and SEC rules .
NGS Committee mandate includes board composition and succession, independence reviews, stock ownership guideline administration, sustainability oversight, and political/charitable contributions oversight .
Board workload/attendance framework: 2024 meetings were 4 for the Board; NGS held 5 meetings; PSA expects trustees to attend and reviews time commitments annually .
External board limit: Trustees may not serve on more than three public company boards (including PSA) without NGS approval; all trustees are in compliance with this policy .

Fixed Compensation

Component	Amount	Notes
Annual Board Cash Retainer	$120,000	Paid quarterly; can elect cash, unrestricted shares, DSUs, or (beginning 2025) fully-vested LTIP Units
Committee Membership Retainer	$12,500	Per committee; paid quarterly, same election options
Committee Chair / Lead Independent supplemental	$25,000	Paid to chairs/Lead Independent; Luke is an NGS member (not chair)
Chair of the Board supplemental	$250,000	Effective 2025; applies to Chair only

Trustee Deferral Program: Non-management trustees may elect quarterly retainers in cash, unrestricted shares, DSUs, and starting 2025, fully-vested LTIP Units; settlements and dividend equivalents per election rules .
Luke elected LTIP Units for retainers: On Sep 30, 2025, he received 80 fully-vested LTIP Units under the Trustee Deferral Program, reflecting a quarterly retainer election paid in LTIP Units .

Performance Compensation

Director Equity Award	Grant Value	Vesting	Terms
One-time Onboarding Award	$540,000 (options or AO LTIP Units)	Full vest at 1-year	Strike price at grant-date close; AO LTIP Units equivalent terms
Annual Director Award	$180,000 (options or AO LTIP Units)	Full vest at 1-year	Granted post-annual meeting; strike at grant-date close
Retirement Treatment	N/A	Acceleration for director service awards on retirement (as defined)	Exercise window up to 1 year post-retirement for vested awards

Director equity awards are time-based; PSA does not apply TSR or operating performance metrics to director equity grants (performance metrics are for NEOs, not trustees) .

Other Directorships & Interlocks

Company	Role	Committee Roles	Interlocks
Public Storage (NYSE: PSA)	Trustee	NGS member	None disclosed
Other public company boards	None disclosed	—	—
Industry/Non-profit	WBC (board), ICSC (trustee), CoreGiving (chair)	—	External networks, not customer/supplier interlocks for PSA

Expertise & Qualifications

REIT leadership and capital markets expertise: CEO roles across logistics and retail real estate; prior CFO/Treasurer experience at DDR Corp. .
Transaction execution: Oversaw ~$5B in cross-border real estate and structured finance transactions .
Governance and sustainability oversight via NGS Committee membership; PSA emphasizes ERM and sustainability integration at board level .
Education: Bachelor of Commerce, Macquarie University .

Equity Ownership

Security	Quantity	Ownership Form	Date	Source
Common Shares	700	Direct	Aug 8, 2025
LTIP Units (fully-vested)	80	Direct	Sep 30, 2025

Ownership guidelines: Trustees must attain ownership equal to 5× annual cash retainer within five years; qualifying securities include directly owned shares, OP/LTIP Units, and certain vested equivalents; unvested RSUs/options not counted .
Hedging policy: PSA prohibits hedging of Company securities; robust clawback policy covers all compensation .
Pledging: Not disclosed for Luke; PSA highlights ownership and risk management standards under governance policies .

Insider Trades

Date	Transaction	Quantity	Price	Notes
Aug 8, 2025	Open-market purchase of common shares	700	$284.25	Direct ownership; Form 4 filed Aug 11, 2025
Sep 30, 2025	LTIP Units granted per retainer election	80	PSA close (LTIP conversion formula)	Quarterly trustee deferral election; fully-vested LTIP Units

Governance Assessment

Positives:
- Independent status and NGS Committee role strengthen board oversight of governance, succession, and sustainability .
- Initial open-market share purchase (700 shares) and retainer election in LTIP Units demonstrate early ownership alignment with shareholders .
- Deep REIT operating and capital allocation experience complements PSA’s strategy and peer set .
Potential risks/considerations:
- External CEO role at Link Logistics (Blackstone-owned industrial RE) creates potential for perceived conflicts; PSA’s independence reviews, related-party policies, and NGS oversight mitigate this risk; no related-party transactions disclosed involving Luke .
- Board attendance metrics specific to Luke are not yet disclosed given mid-2025 appointment; PSA expects active engagement and reviews commitments annually .

RED FLAGS

None disclosed: No SEC investigations, related-party transactions, hedging/pledging, or compensation anomalies involving Luke reported by PSA as of available filings .