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 .