Public Storage appoints Shankh Mitra, David Neithercut and Paul Williams to its Board as Independent Trustees

– USA, CA –  Public Storage (NYSE: PSA) today announced the appointment of Shankh Mitra, David Neithercut, and Paul Williams to its Board as Independent Trustees, effective January 1, 2021.

  • Shankh Mitra is CEO, Chief Investment Officer, and director of Welltower Inc.
  • David Neithercut is former President and CEO and current Board member of Equity Residential.
  • Paul Williams is President of the National Association of Corporate Directors (NACD) Chicago Chapter.

The Company also announced that three current Trustees, Uri Harkham, Wayne Hughes, and Daniel Staton, have decided to retire from the Board effective December 31, 2020.

“We are pleased to welcome Shankh, David, and Paul to the Board,” said Ronald Havner, Jr., Board Chairman. “With deep real estate investing experience, corporate governance expertise, and proven track records as public company leaders and board members, they will bring valuable perspectives and skillsets that complement those of our current Trustees. Further, these highly-qualified new Trustees bring diverse backgrounds and experiences, and they have a demonstrated focus on sustainable value-creation, which will support the Board’s and management’s strategy to promote the long-term resilience of our business and enhance shareholder value. I would like to thank our Nominating/Corporate Governance Committee for its continued work and diligence, and I am confident these new Trustees are the right additions to our Board. I would also like to thank Uri, Wayne, and Dan for their years of service as Trustees of Public Storage. Over the past two decades, these retiring Trustees have helped shepherd Public Storage to truly extraordinary growth while maintaining financial discipline and an incredibly strong balance sheet. We wish them all the best in their future endeavors.”

“The Public Storage Board continuously reviews our Board composition to ensure that we are aligned with the interests of our stakeholders, and today’s announcement follows engagement and input from our shareholders,” added Mr. Havner. “With the addition of Shankh, David, and Paul, the Company has added five independent directors in the past 18 months. We will continue to take actions that we believe will enable the successful execution of our strategy to deliver long-term value for our shareholders, customers, and employees.”

“The Board and management team remain focused on our key strategic initiatives, enabling us to build on our strong foundation and drive innovation across our platform,” said CEO, Joe Russell. “I look forward to working with Shankh, David, Paul, and the entire Board to achieve these objectives as we continue to create long-term value for Public Storage shareholders.”

About Shankh Mitra

Mr. Mitra is the CEO and Chief Investment Officer of Welltower Inc. and serves on its Board of Directors. Since joining Welltower in 2016, he has also served as SVP, Finance, SVP, Investments, EEVP, Vice-Chairman, and COO before assuming his current role.

Before joining Welltower, Mr. Mitra was a Portfolio Manager, Real Estate Securities, at Millennium Management, where he managed an accomplished team of investment professionals responsible for bottom-up underwriting of commercial real estate companies and portfolios, security selection, quantitative portfolio, and risk management. He also held Senior Analyst positions at Citadel Investment Group and Fidelity Investments after beginning his career at PricewaterhouseCoopers.

Mr. Mitra said, “Public Storage has built a nationally recognized brand and unmatched scale in the self-storage industry. In today’s environment, innovation and efficiency are more important than ever, and I strongly believe Public Storage is well-positioned to leverage these competitive advantages to capture the opportunities ahead. I look forward to bringing my expertise to the Board to help advance Public Storage’s strategic initiatives and drive value for its shareholders, employees, and loyal customers.”

Mr. Mitra received an M.B.A. from Columbia Business School specializing in Applied Value Investing and a bachelor’s degree in Engineering from Jadavpur University.

About David Neithercut

Mr. Neithercut served as CEO of Equity Residential from January 2006 until his retirement in December 2018 and President of the Company from May 2005 to September 2018. He was EVP, Corporate Strategy of the Company from January 2004 to May 2005, and EVP and CFO from February 1995 to August 2004. Before joining Equity Residential, Mr. Neithercut served as SVP of Finance for Equity Group Investments.

He serves on the MBA Real Estate Program Advisory Board at Columbia University and as a trustee of Americold Realty Trust (NYSE: COLD). Mr. Neithercut is a former Chairman and member of the Advisory Board of Governors of the National Association of Real Estate Investment Trusts (Nareit) and formerly served on the Policy Advisory Board of the Joint Center for Housing Studies at Harvard University.

Mr. Neithercut said, “I have long respected Public Storage’s leadership in both the self-storage sector and real estate generally. As a veteran of the REIT space, I recognize the strength of Public Storage’s business and financial foundation, as well as the talent of the management team and Board. I am excited to work alongside my fellow Trustees to further the Company’s focus on long-term resilience and execute on its strategic growth initiatives.”

Mr. Neithercut received an M.B.A. from the Columbia University Graduate School of Business.

About Paul Williams

Mr. Williams is a seasoned public and private company director with extensive corporate governance expertise and currently serves as President of the National Association of Corporate Directors (NACD) Chicago Chapter. He is the retired VP, Chief Legal Officer, and Corporate Secretary of Cardinal Health, Inc. and served as Managing Director of Allegis Partners and as a Partner and Managing Director of Major, Lindsey & Africa, LLC, an executive recruiting firm, from 2005 until his retirement in 2018.

Mr. Williams has served as a member of the board of directors of Compass Minerals International, Inc. (NYSE: CMP) since 2009 and has served on the board of directors of several funds in the American Funds mutual fund family (part of Capital Group) since early 2020. Mr. Williams previously served on the boards of directors of State Auto Financial Corporation, Bob Evans Farms, Inc., and Essendant, Inc. (fka United Stationers Inc.). Mr. Williams is a member of the Economic Club of Chicago.

Mr. Williams said, “It is a privilege to be appointed to Public Storage’s Board of Trustees, and I’m excited by the opportunity to build on the Company’s long history of success. In addition to a strong brand and deep customer loyalty, Public Storage has a demonstrated commitment to empowering its employees and creating a diverse and inclusive workplace. Today’s appointments underscore the Company’s commitment to continually enhancing its corporate governance, and I’m honored to contribute my skills and experience to furthering Public Storage’s winning culture as a driver of value creation.”

Mr. Williams received an undergraduate degree, cum laude, from Harvard University and a J.D. from Yale Law School.

About Public Storage

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. Our headquarters are located in Glendale, California.

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