Public Storage said the Board of Trustees appointed Christopher Sambar, its Chief Operating Officer, as an executive officer to serve as principal operating officer, effective immediately, on October 30, 2024.

1. 01

   Public Storage said the Board of Trustees appointed Christopher Sambar, its Chief Operating Officer, as an executive officer to serve as principal operating officer, effective immediately, on October 30, 2024.

2. 02

   The company said Mr. Sambar, age 51, joined the company on October 14, 2024, and had worked at AT&T Communications since 2002, most recently as President, AT&T Network, where he led about 27,000 employees.

3. 03

   Public Storage said Mr. Sambar will receive an initial annual base salary of $800,000 and a make-whole new hire cash bonus of $1,000,000, and will be granted make-whole new hire equity awards of fully vested common shares worth $2,500,000 and time-vesting LTIP Units worth $5,000,000.

4. 04

   The company said the LTIP Unit award will vest in 3 equal annual installments after the grant date, and that Mr. Sambar may be eligible for annual cash incentive awards and annual equity awards starting in 2025.

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