Shankh S. Mitra

About Shankh S. Mitra

Independent Trustee at Public Storage since 2021; age 44. Currently Chief Executive Officer and Director of Welltower Inc. (NYSE: WELL) since October 2020. Serves on Public Storage’s Compensation & Human Capital (CHC) Committee. Background spans real estate investing, ERM, M&A, and capital allocation across Welltower and prior hedge fund and asset management roles.

Past Roles

Organization	Role	Tenure	Committees/Impact
Welltower Inc.	CEO; previously CIO; SVP–Investments; SVP–Finance & Investments	CEO since Oct 2020; CIO Aug 2018–Jan 2023; SVP roles 2016–2018	Enterprise risk management, M&A, capital allocation; public company leadership
Millennium Management	Portfolio Manager, Real Estate Securities	Jul 2013–Oct 2015	Public markets real estate investing
Citadel Investment Group	Senior Analyst	Apr 2012–Jun 2013	Equity research/analysis
Fidelity Investments	Senior Analyst	Jun 2009–Mar 2012	Buy-side research

External Roles

Organization	Role	Since	Notes
Welltower Inc. (NYSE: WELL)	Chief Executive Officer and Director	CEO since Oct 2020; Director since Oct 2020	Large healthcare REIT; relevant to real estate and capital allocation expertise

Board Governance

Independence and committee roles: Independent Trustee; member of the Compensation & Human Capital (CHC) Committee, which is composed entirely of independent trustees. CHC members in 2024: A. Poladian (Chair), S. S. Mitra, R. Owen, R. P. Spogli, P. S. Williams.
Board and committee activity (2024): Board met 4 times; committee meetings—Audit (7), CHC (3), NGS (5).
Attendance and engagement: In 2024, each trustee other than Mr. Mitra attended at least 75% of applicable meetings; Mr. Mitra missed one meeting due to a family emergency, which caused his attendance rate to dip below 75% for 2024. He has attended over 80% of Board/committee meetings since joining in 2021, with at least 75% attendance in 2021–2023, and actively served on informal Board subcommittees.
Overboarding policy/compliance: Trustees may not serve on more than three public company boards (including PSA) without NGS approval; all trustees are in compliance.
CHC remit and process: CHC oversees CEO/NEO pay, plans and risk reviews; uses independent consultant Ferguson Partners; 2024 say‑on‑pay support was 96.5%. In Feb 2025 the CHC concluded compensation policies are not reasonably likely to have a material adverse effect.
Governance practices touching directors: Robust clawback policy, anti‑hedging, stock ownership guidelines (trustees to 5× annual cash retainer within 5 years).

Fixed Compensation (Director)

Component	2024 Amount/Terms
Board annual cash retainer	$120,000
Committee member retainer	$12,500 (per committee)
Committee chair supplement	$25,000
Lead Independent Trustee supplement	$25,000
2024 cash/fee election (Mitra)	Elected to receive all 2024 Board fees in unrestricted PSA common shares; 434 shares issued under the Trustee Deferral Program
2024 fees earned (Mitra)	Cash fees $132,500; Option awards grant-date fair value $180,031; Total $312,531

Notes:

Non‑management trustees can elect to take retainers in cash, unrestricted shares, DSUs, or (beginning 2025) LTIP Units.

Performance Compensation (Director)

Equity Element	2024 Terms	Mitra 2024/Status
Annual director equity	Non‑qualified stock options (or AO LTIP Units at trustee’s election) with grant-date fair value $180,000; exercise price equal to grant-date close; vest fully after 1 year (2024 grants: 3,600 options/AO LTIP Units)	2024 grant fair value $180,031
One‑time onboarding award	Options (or AO LTIP Units) valued at $540,000; 1‑year vesting (for new trustees)	Not applicable in 2024 (joined 2021)
Outstanding as of 12/31/2024 (Mitra)	—	27,533 options outstanding; 18,878 vested and exercisable

Other Directorships & Interlocks

Company	Role	Since	Potential Interlock/Notes
Welltower Inc. (NYSE: WELL)	CEO and Director	2020	PSA’s 2024 compensation peer group includes Welltower; Mitra sits on PSA’s CHC Committee. Company discloses no CHC “interlocking relationships” in 2024. Best practice is active conflict management/recusal where peers overlap.

Expertise & Qualifications

Public company CEO and director with extensive experience acquiring, developing, owning, and operating real estate; strong ERM, M&A, and capital allocation expertise; financial acumen.

Equity Ownership

Category	Amount/Status
Directly owned common shares	8,429 shares
Options/RSUs/DSUs exercisable/settling within 60 days	22,266 (stock options/RSUs/DSUs)
AO LTIP Units / LTIP Units	None disclosed for Mitra
Total beneficial ownership	30,695 shares equivalent; less than 1% of outstanding shares
Pledging/margin	Holds 8,429 shares in a margin account; since Jan 1, 2022 these shares have served, and may in the future serve, as collateral for a margin loan. Company policy discourages (but does not prohibit) pledging; Board views this arrangement, given size and profile, as unlikely to present adverse effects.

Stock ownership guidelines:

Trustees expected to hold PSA shares equal in value to 5× annual cash retainer within 5 years of appointment. Trustees with 5+ years of service are compliant per the company; Mitra was appointed in 2021 (within 5‑year window).

Governance Assessment

Strengths

Independent director with deep REIT operating and investment expertise; positioned on CHC where his capital allocation and performance metric experience is germane.
Strong compensation governance context: independent CHC, independent consultant, robust clawback/anti‑hedging, high say‑on‑pay support (96.5%).

Risks and watch items

RED FLAG: 2024 attendance below 75% due to one missed meeting (family emergency). While history since 2021 shows >80% attendance and active subcommittee work, some investors track year‑by‑year 75% thresholds.
RED FLAG: Shares held in a margin account and pledged as collateral (8,429 shares). Although the company discourages but permits pledging and assesses low foreclosure risk, pledging can create misalignment risk under stress scenarios.
Potential conflict sensitivity: Welltower (where Mitra is CEO/Director) is included in PSA’s compensation peer group while Mitra serves on PSA’s CHC. Company discloses no CHC interlocks; investors may expect explicit recusal when peers are discussed to avoid perceived benchmarking inflation.

Context on CHC design and performance linkage (relevant to Mitra’s committee oversight)

2024 annual cash incentive metrics weighted 60% Core FFO growth and 40% strategic goals; financial component paid at 75% of target on -1.3% Core FFO growth; overall NEO awards averaged ~83% of target.
Long-term equity for executives: 80% performance-based, three-year relative TSR versus S&P 500 REITs (70%) and self-storage peers (30%), with extended vesting after certification—structure supports durable alignment.

Overall: Mitra brings strong real estate and capital allocation credentials and is engaged on compensation governance. Key investor focus areas will be attendance optics for 2024, active management of pledging risk, and clear conflict‑management protocols given Welltower’s presence in PSA’s peer set.