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Public Storage logoPublic Storage PSA

Public Storage said on July 25, 2024 that its Board of Trustees increased the board to 12 trustees and appointed Maria R. Hawthorne to the board, effective immediately. Her initial term expires at the 2025 annual meeting of shareholders.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Period of report Summary published (UTC)

Key points

AI summary

  1. Public Storage said on July 25, 2024 that its Board of Trustees increased the board to 12 trustees and appointed Maria R. Hawthorne to the board, effective immediately. Her initial term expires at the 2025 annual meeting of shareholders.

  2. The company said the board appointed Hawthorne to the Audit Committee and determined that she is independent under New York Stock Exchange rules, meets the heightened independence requirements for audit committee members, and qualifies as an audit committee financial expert.

  3. The company said it granted Hawthorne an initial equity award of 9,806 AO LTIP Units, valued at $540,000 based on a Black-Scholes valuation. Her compensation is consistent with that of the company's other non-employee trustees, and the company plans to enter into an indemnification agreement with her.

  4. The company said Hawthorne has more than 35 years of real estate industry experience. She served as President and Chief Executive Officer of PS Business Parks after joining the company in 1988 and retired in September 2020. She has served on the Essex Property Trust board since March 2020.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Public Storage Expands Board to 12 Trustees and Appoints New Trustee

Public Storage said on July 25, 2024 that its Board of Trustees increased the board to 12 trustees and appointed Maria R. Hawthorne to the board, effective immediately. Her initial term expires at the 2025 annual meeting of shareholders.

Source · Based on the filing body and exhibits

Audit Committee Appointment and Independence Determination

The company said the board appointed Hawthorne to the Audit Committee and determined that she is independent under New York Stock Exchange rules, meets the heightened independence requirements for audit committee members, and qualifies as an audit committee financial expert.

Source · Based on the filing body and exhibits

Initial Equity Award of 9,806 AO LTIP Units

The company said it granted Hawthorne an initial equity award of 9,806 AO LTIP Units, valued at $540,000 based on a Black-Scholes valuation. Her compensation is consistent with that of the company's other non-employee trustees, and the company plans to enter into an indemnification agreement with her.

Source · Based on the filing body and exhibits

Former PS Business Parks CEO, More Than 35 Years of Real Estate Experience

The company said Hawthorne has more than 35 years of real estate industry experience. She served as President and Chief Executive Officer of PS Business Parks after joining the company in 1988 and retired in September 2020. She has served on the Essex Property Trust board since March 2020.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.