Tamara Hughes Gustavson

About Tamara Hughes Gustavson

Independent trustee at Public Storage (PSA) since 2008; age 63. Formerly employed by PSA from 1983–2003, most recently as Senior Vice President, Administration. She is PSA’s largest single shareholder, beneficially owning about 9.9% of common shares, and brings a shareholder-aligned perspective and deep company familiarity to the board .

Past Roles

Organization	Role	Tenure	Committees/Impact
Public Storage	Senior Vice President, Administration	1983–2003	Senior administrative leadership; later joined Board in 2008

External Roles

Organization	Role	Tenure	Committees/Notes
American Homes 4 Rent (NYSE: AMH)	Trustee	Current	Public company board; committee assignments not disclosed in PSA proxy
University of Southern California	Board of Trustees	Current	Non-profit governance
William Lawrence and Blanche Hughes Foundation	Trustee	Current	Philanthropy governance

Board Governance

Committee assignments (current): None. She does not serve on Audit, Compensation & Human Capital (CHC), or Nominating, Governance & Sustainability (NGS); committee rosters exclude her and the nominee table lists no committee for her .
Independence: Independent trustee; 83% of the Board is independent (all committees 100% independent) .
Attendance and engagement: The Board held 4 meetings in 2024. All trustees attended the 2024 annual meeting; each trustee other than Mr. Mitra attended at least 75% of applicable Board/committee meetings (i.e., Ms. Gustavson met the ≥75% threshold) .
Board leadership and structure (context): Separate Chair and CEO; Lead Independent Trustee in place; 2024 committee meetings—Audit (7), CHC (3), NGS (5) .
Ownership guidelines: Trustees must hold at least 5x annual cash retainer; all non-management trustees with ≥5 years service are in compliance .

Fixed Compensation (Director)

Year	Cash Retainer (Board)	Committee Member Fees	Chair/Lead Fees	Total Cash
2024	$120,000	$0 (no committees)	$0	$120,000

Notes:

Standard annual retainers in 2024: Board member $120,000; committee member $12,500; committee chair +$25,000; Lead Independent Trustee +$25,000 .

Performance Compensation (Director)

Grant Date	Instrument	Number/Target	Fair Value	Vesting	Performance Metrics
May 7, 2024	Annual option grant or AO LTIP Units (director election)	3,600 (standard annual award)	$180,031	Vests in full on 1st anniversary	None (time-based only)
As of 12/31/2024	AO LTIP Units outstanding	24,089 total (15,434 vested; 8,655 unvested)	—	Per award terms	None (director awards are time-based)

Notes:

Directors can elect options or AO LTIP Units with equivalent terms; one-time onboarding award (not applicable to Ms. Gustavson in 2024) and annual awards follow time-based vesting; deferral options via DSUs and other forms available under the Trustee Deferral Program .

Other Directorships & Interlocks

Public company boards: American Homes 4 Rent (AMH). No disclosed interlocks between Ms. Gustavson and PSA’s competitors/suppliers/customers via shared directorships in the PSA proxy .

Expertise & Qualifications

Real estate investor and long-tenured PSA insider (prior SVP Administration), providing company-specific expertise and owner alignment through significant share ownership; public company board experience (AMH) and non-profit governance roles (USC; foundation) .

Equity Ownership

Holder	Directly Owned Common Shares	Stock Options/RSUs/DSUs (within 60 days)	AO LTIP Units	LTIP Units	Total Beneficial Ownership	% of Shares Outstanding
Tamara Hughes Gustavson	17,276,108	—	24,089	—	17,300,197	9.9%

Breakdown/notes:

Includes 11,348 shares held jointly with B. Wayne Hughes, Jr.; 1,300 shares held by spouse; 5,500 jointly with spouse; 295,000 and 2,975,000 shares held by LLCs where she is member/manager .
Pledging/hedging: Company’s policy prohibits hedging; pledging discouraged. No disclosure of Ms. Gustavson pledging PSA stock; policy notes margin accounts for two other trustees, not for Ms. Gustavson .

Related-Party Exposure (Potential Conflicts)

Canadian self-storage facilities: Ms. Gustavson holds <0.1% equity and is a manager of an LLC owning 66 self-storage facilities in Canada operating under the Public Storage brand via a royalty-free, non-exclusive license established in 1993. PSA does not pay or receive royalties related to this license; however, PSA subsidiaries reinsure certain customer loss risks at these facilities and received approximately $2.2 million of net premiums in 2024. PSA holds a right of first refusal to acquire these facilities or ownership entities (subject to limitations) .
Largest individual shareholder: Her 9.9% stake can exert significant influence; disclosed in beneficial ownership and biography sections .

Governance Assessment

Positives: Independent status; strong “skin in the game” with 9.9% ownership; satisfactory attendance; no hedging; robust board-wide governance safeguards (separate Chair/CEO, independent committees, clawback, ownership guidelines) .
Considerations/Red flags to monitor:
- Related-party link via Canadian facilities—no royalties but reinsurance premiums flowed to PSA ($2.2 million in 2024). Audit/NGS committees oversee related party matters; continued transparency warranted .
- Concentrated ownership could present influence risks alongside alignment benefits; balanced by independent board structure .
- No committee assignments limit her role in direct oversight of audit/compensation/governance processes; however, board service and ownership alignment remain significant .

Overall, Ms. Gustavson’s substantial ownership aligns her interests with shareholders and provides owner-operator perspective; disclosures mitigate—but do not eliminate—potential conflicts from family-related Canadian operations. Continued oversight of related-party exposures and clarity on any future transactions remain important to investor confidence .