Rebecca Owen

About Rebecca Owen

Rebecca Owen (age 63) is an independent trustee of Public Storage, serving since January 2021. She sits on the Compensation and Human Capital (CHC) and Nominating, Governance, and Sustainability (NGS) Committees, bringing deep commercial real estate, legal, and risk management expertise from senior roles at Clark Enterprises and CEI Realty, and current board service across public and private real estate platforms .

Past Roles

Organization	Role	Tenure	Committees/Impact
Clark Enterprises, Inc.	Chief Legal Officer	1995–2017	Led corporate legal and governance functions
CEI Realty, Inc. (real estate arm of Clark Enterprises)	President & Chief Investment Officer	2015–2019	Oversaw acquisition, development, and portfolio management
Battery Reef, LLC	Chair & Founder	Since Jan 2019	Founded commercial real estate investment/management platform
Jernigan Capital, Inc. (NYSE: JCAP)	Director	Dec 2018–Nov 2020	Board oversight at a self-storage capital provider

External Roles

Organization	Role	Tenure	Committees/Impact
WillScot Mobile Mini Holdings (NASDAQ: WSC)	Director	Since Nov 2021	Public company board experience; relevant to modular/mobile storage ecosystem
Carr Properties (Private REIT)	Director	Since 2013	Oversight of office/REIT operations
The Feil Organization (Private CRE firm)	Director	Since 2022	Governance and investment oversight
ASB Capital Management, LLC	Chair, Real Estate Investment Advisory Committee	Since 2017	Chairs RE investment advisory, reinforcing risk/portfolio governance

Board Governance

Committee assignments: Member, CHC and NGS Committees .
Committee activity (2024): Audit 7 meetings, CHC 3, NGS 5; all committee members are independent per NYSE rules .
Independence: Board is 83% independent; CHC and NGS are 100% independent; no compensation committee interlocks or related-party business involving CHC members in 2024 .
Attendance: Board held four meetings in 2024; all trustees at the time attended the annual meeting; each trustee other than Mr. Mitra attended ≥75% of board/committee meetings (indicates strong engagement baseline) .
Ownership guidelines: Trustees must hold shares or equivalents equal to 5x annual cash retainer within 5 years; compliance for those serving ≥5 years is confirmed (Owen is within her 5-year window) .
Lead independent/trustee structure: Lead Independent Trustee role retained (Kristy M. Pipes since May 2024), executive sessions presided by LIT; robust risk oversight across Audit/CHC/NGS .

Fixed Compensation

Component	2024 Amount	Notes
Board member annual cash retainer	$120,000	Standard cash retainer
Committee membership fees	$25,000	$12,500 per committee; Owen serves on CHC and NGS
Fees earned by Rebecca Owen (cash)	$140,590	Actual cash/DSU elections reflected in 2024 table
Total 2024 compensation (Rebecca Owen)	$320,621	Cash plus equity fair value

Performance Compensation

Equity Award Term	Grant Detail	Quantity/Price	Vesting	Value
Annual trustee option/AO LTIP grant	May 7, 2024	3,600 options or 3,600 AO LTIP Units; exercise price $279.51	Vests in full on first anniversary	$180,031 fair value
Outstanding AO LTIP Units (12/31/2024)	—	29,253	20,598 vested/exercisable	—
AO LTIP Units convertible within 60 days (as of 3/3/2025)	—	23,986	Convertible (vested)	Included in beneficial ownership

Equity program mechanics: New trustees receive a one-time onboarding option/AO LTIP grant sized at $540,000 (Black-Scholes), and annual grants sized at $180,000; trustees may elect options or AO LTIP Units with equivalent terms; awards have exercise price equal to closing price on grant date and vest fully after one year .
Deferral program: Trustees can elect to receive retainers in cash, unrestricted shares, DSUs, or LTIP Units; DSUs settle in shares per elected schedule and carry dividend equivalents (if elected) .

Other Directorships & Interlocks

Company	Relationship to PSA	Potential Interlock/Conflict
WillScot Mobile Mini (NASDAQ: WSC)	External board	No related-party transactions disclosed with PSA; not a direct self-storage REIT competitor
Carr Properties (Private REIT)	External board	No PSA-related transactions disclosed
The Feil Organization	External board	No PSA-related transactions disclosed
ASB Capital Management	Advisory committee chair	No PSA-related transactions disclosed

Committee interlocks: None among CHC members; Owen was not an officer/employee and had no material transactions or indebtedness with PSA in 2024 .

Expertise & Qualifications

Deep experience acquiring, developing, owning, and managing commercial real estate; significant legal, financial, and risk management expertise; board governance and human capital insights from prior senior legal and investment roles .

Equity Ownership

As of Date	Direct Common Shares	AO LTIP Units (vested/convertible within 60 days)	Total Beneficial Ownership	% of Shares Outstanding
March 3, 2025	874	23,986	24,860	<1%
December 31, 2024 (position detail)	—	29,253 AO LTIP Units (20,598 vested)	—	—

Pledging/Hedging: Company policy discourages pledging and prohibits hedging; no pledging disclosed for Owen (only Havner and Mitra hold margin accounts) .

Governance Assessment

Positive signals:
- Independence and dual committee membership (CHC, NGS) with robust mandates (compensation/human capital; governance/sustainability) support board effectiveness .
- Strong attendance expectations met across board, with clear executive session leadership and active risk oversight structure .
- Ownership alignment via equity awards, DSU/LTIP deferrals, and 5x retainer stock ownership guideline (within 5-year compliance window) .
- No compensation committee interlocks or related-party exposure disclosed for Owen; anti-hedging policy in effect .
Watch areas:
- Multiple external commitments should remain within PSA’s cap of ≤3 public boards without NGS approval; current disclosed roles appear compliant (1 PSA + 1 public WSC) .
- Monitor evolving responsibilities at external boards for potential overlap with PSA counterparties; PSA’s related-party review processes (Audit/NGS) mitigate this risk .
Contextual governance indicator:
- PSA’s 2024 Say-on-Pay support was 96.5%, signaling broad investor confidence in CHC oversight of executive pay; Owen participates in that committee .