Board of Trustees and Committee Composition

Mr. Woolley has served as our independent Chairman since May 2020 and as a trustee of the company since November 2012. He is the founder and former CEO of Extra Space Storage, Inc. (NYSE: EXR), a self-storage real estate investment trust, where he currently serves as its Chairman. Mr. Woolley has developed and constructed over 18,000 apartment units and 600 single-family homes and acquired and managed an addition 15,000 apartment units. He is also the founder of several companies in the retail, electronics, food manufacturing, airline and natural resources industries. Mr. Woolley received a B.A. in Physics from Brigham Young University and an M.B.A. and Ph.D. in Business Administration from Stanford University, Graduate School of Business.

Mr. Benham has served as a trustee of the company since March 2016 when he was appointed to the Board in connection with the company’s merger with American Residential Properties, Inc. He is Chairman of the Nominating and Corporate Governance Committee and a member of the Human Capital and Compensation Committee. Mr. Benham is the President and Chief Executive Officer of DNB Advisors, LLC, a restaurant industry consulting firm, and served as President and Chief Executive Officer of Arby's Restaurant Group, Inc. from 2004 to 2006. From 1989 until 2003, he was Chief Financial Officer and, from 1997 until 2003, served on the Board of Directors, of RTM Restaurant Group, Inc., an Arby's franchisee. Until its liquidation in 2019, as a director of CNL Healthcare Properties II, Inc., a non-traded public real estate investment trust. He formerly served as a director of American Residential Properties, Inc. until its acquisition in 2016, as Chairman of the Board and Executive Chair of Bob Evans Farms, Inc. until its acquisition in 2018, as a director of the Global Income Trust, a non-traded public real estate investment trust, until its acquisition in 2015, a director of Sonic Corp. (NASDAQ: SONC) until 2014, and a director of O’Charley’s Inc. until its acquisition in 2012. Mr. Benham is also a member of the Board of Advisors/Managers of Quiznos, Border Partners and United Pacific Oil, which are privately held companies. He received a B.A. in Accounting from the University of West Florida.

Mr. Corrigan has served as a trustee of the company since October 2012. Previously, he served as our Chief Investment Officer from 2012 until his retirement in May 2022, Chief Operating Officer from 2012 to 2019 and Chief Operating Officer of American Homes 4 Rent Advisor, LLC, our former manager, from 2011 to 2013. From 2006 to 2011, Mr. Corrigan was the Chief Executive Officer of A & H Property and Investments, a full-service leasing and property management company in Los Angeles County with a portfolio of residential, retail, industrial and office properties, where he was responsible for acquisitions, dispositions, development, financing and management operations. From 1998 to 2004, Mr. Corrigan served as Chief Financial Officer of PS Business Parks Inc. (NYSE: PSB), a publicly-traded REIT specializing in office and industrial properties throughout the United States. Prior to his tenure at PS Business Parks, Mr. Corrigan was a partner in the accounting firm of LaRue, Corrigan & McCormick, where he was responsible for the audit and consulting practice of that firm. Mr. Corrigan began his career at Arthur Young and Company (now a part of Ernst & Young LLP) and served as Vice President and Controller of Storage Equities, Inc. (a predecessor entity to Public Storage). Mr. Corrigan earned a B.S. in Accounting from Loyola Marymount University.

Mr. Goldberg has served as a trustee of the company since May 2019. Mr. Goldberg served as the company’s Executive Vice President from October 2012 until his retirement in May 2019. Mr. Goldberg held the same position with our former manager from 2011 until the Management Internalization. Since 2006, Mr. Goldberg has been a co-manager of ACE, and since 2006 he has served as a legal consultant and senior counsel for Public Storage. From 1991 until 2005, Mr. Goldberg held various legal positions with Public Storage, including Senior Vice President and General Counsel. In such capacity, Mr. Goldberg was responsible for all Public Storage securities, real estate and property management activities and was involved in capital raising, real estate acquisition, corporate reorganization and property management transactions. From 1974 until 1991, Mr. Goldberg was an associate and a partner in the law firm of Agnew, Miller & Carlson and a partner with the law firm of Sachs & Phelps and with the law firm of Hufstedler, Miller, Carlson & Beardsley. Mr. Goldberg earned an A.B. in History and Social Studies from Boston University and a Juris Doctorate from the University of California, Berkeley (Boalt School of Law) and is a member of the California State Bar.

Ms. Gustavson has served as a trustee of the company since August 2016. Ms. Gustavson previously served as our Chairman from May 2019 to May 2020 and as a member of the Human Capital and Compensation Committee from May 2021 to May 2022. She is also a real estate investor and philanthropist and has been a member of the Public Storage Board since November 2008. She was previously employed by Public Storage from 1983 to 2003, serving most recently as Senior Vice President – Administration. During the past six years, Ms. Gustavson has been supervising her personal business investments and engaged in charitable activities. Ms. Gustavson also serves on the Board of Trustees of the William Lawrence and Blanche Hughes Foundation and the Board of Trustees of the University of Southern California. Ms. Gustavson is our largest individual shareholder and a member of the family of B. Wayne Hughes (the Hughes Family) that collectively owns approximately 25% of the Company’s outstanding common shares and units of its operating partnership.

Mr. Hart has served as a trustee of the company since November 2012 and is Chairman of the Human Capital and Compensation Committee and a member of the Nominating and Corporate Governance Committee. He previously served as Lead Independent Trustee. Mr. Hart served as President and Chief Operating Officer of Hilton Hotels Corporation, or Hilton, a global hospitality company, from May 2004 until the buyout of Hilton by a private equity firm in October 2007. He also served as Executive Vice President and Chief Financial Officer of Hilton from 1996 to 2004. Prior to joining Hilton, Mr. Hart served as the Senior Vice President and Treasurer of the Walt Disney Company, Executive Vice President and Chief Financial Officer for Host Marriott Corp., Senior Vice President and Treasurer for Marriott Corporation and Vice President, Corporate Lending, for Bankers Trust Company. Mr. Hart currently serves on the board of directors of American Airlines Group, Inc. (NASDAQ:AAL) and Air Lease Corporation (NYSE:AL). Mr. Hart was also a director of US Airways Group, Inc. until it merged with American Airlines, Inc. in December 2013 and was a director of B. Riley Financial, Inc. until November 2015. Mr. Hart received a B.A. in Economics and Sociology from Vanderbilt University and an M.B.A. in Finance and Marketing from Columbia University.

Mr. Kropp has served as a trustee of the company since November 2012 and is Chairman of the Audit Committee. From 2009 until his retirement in 2019, Mr. Kropp was employed by SLKW Investments LLC, a family investment office and Microproperties LLC, an investor and asset manager of net leased properties. Since 1998, Mr. Kropp has served as a director of PS Business Parks Inc. (NYSE: PSB) and is member of its Compensation Committee and its Nominating/Corporate Governance Committee. Kropp is also a director of FS KKR Capital Corporation and Chair of its Valuation Committee (since 2018, following the merger of Corporate Capital Trust into FS Investment Company) and FS KKR Capital Corporation II since 2019 following the merger of Corporate Capital Trust 2 with FS Investment Company 2, 3 and 4. Mr. Kropp earned a B.B.A. in Finance from St. Francis College. He was licensed as a CPA while at Arthur Young and Company (now a part of Ernst & Young LLP). He is a Board Leadership Fellow for the National Association of Corporate Directors.

Ms. Kerrick has served as a trustee of the company since September 2020 and is a member of the Audit Committee and the Human Capital and Compensation Committee. Until recently, she served as the West Region Market Leader and Managing Partner of the Los Angeles office of Deloitte, one of the world's largest professional services organizations. In this capacity, Ms. Kerrick helped drive strategy, client and business growth, and strategic positioning across the 13-office West Region and the Los Angeles office. She has extensive leadership experience as a trusted advisor to Fortune 500 senior executives, corporate boards and audit committees across a broad set of industries, including real estate investment trusts (REITs) and publicly traded homebuilders and developers.

Ms. Kerrick also has had deep experience in governance roles within Deloitte. She served on Deloitte's Board Council and Strategic Investment Committee in which she oversaw various acquisitions and investments. Ms. Kerrick also served two terms on Deloitte's Nominating Committee, which is responsible for CEO and board director selection. Ms. Kerrick also serves on the boards of HydraFacial and LDF Growth Corp.

As a community leader, Ms. Kerrick has held a number of senior governance roles in prominent professional and community organizations. She served as the 2018 Board Chair of the Los Angeles Chamber of Commerce; board member of Los Angeles Sports and Entertainment Commission; and on the Bid Committees that secured the 2022 Super Bowl and the 2028 Olympic Summer Games for Los Angeles. Ms. Kerrick received her B.S. degree in accountancy from Northern Arizona University.

Mr. Singelyn has served as our Chief Executive and a Trustee since the inception of the company in October 2012. Mr. Singelyn served as the Chief Executive Officer of AH LLC, our former manager, from its inception in June 2011 until its acquisition by the Company in June 2013. From 2003 through April 2013, Mr. Singelyn was Chairman and President of Public Storage Canada, a real estate company previously listed on the Toronto Stock Exchange, where he built an independent management team after cancelling its management arrangement with Public Storage in the US. The new management team is responsible for the operations of the company, including building an operations team and installing accounting and operating computer systems. In 2010, Mr. Singelyn facilitated the restructuring of the ownership entity resulting in the company “going private”. In 2005, Mr. Singelyn, along with Mr. Hughes and his family, founded American Commercial Equities (“ACE”), a private real estate company specializing in the acquisition and management of retail property. From 1989 through 2003, Mr. Singelyn served as the Treasurer for Public Storage (NYSE: PSA). Mr. Singelyn is a director of the William Lawrence and Blanche Hughes Foundation, a non-profit organization dedicated to research of pediatric cancer, is a trustee of the Board of Trustees of the Philanthropic Foundation at California State Polytechnic University and is also a member of the Dean’s Advisory Council to the College of Business at the California State Polytechnic University. Mr. Singelyn earned a Bachelor of Science in Accounting and a Bachelor of Science in Computer Information Systems from California State Polytechnic University.

Mr. Swann has served as a trustee of the company since August 2020 and is a member of the Audit Committee and Nominating and Corporate Governance Committee. He currently serves as a director for Athene Holding Ltd. (NYSE: ATH) and Evoqua Water Technologies (NYSE: AQUA). Mr. Swann has served on the boards of Fluor Corporation (NYSE: FLR), Caesars Entertainment Corp. (NASDAQ: CZR), Hershey Entertainment and Resorts, H.J. Heinz (NASDAQ: KHC), the PGA of America and American Homes 4 Rent (NYSE: AMH). Mr. Swann is also president of Swann, Inc., a marketing and consulting firm that he founded in 1976.

Prior to his extensive public company board experience, Mr. Swann played nine seasons for the Pittsburgh Steelers and was elected to the Pro Football Hall of Fame in 2001. Additionally, he served as an on-air sports broadcaster for the American Broadcast Company (ABC-TV) for nearly 30 years. Mr. Swann also previously served as Chairman of the national board of Big Brothers Big Sisters of America. President George W. Bush appointed Mr. Swann as the Chairman of the President’s Council on Fitness, Sports and Nutrition, where he served from 2002 to 2005. He earned a B.A. in Public Relations from the University of Southern California.

Ms. Webb has served as a trustee of the company since January 2019 and is a member of the Human Capital and Compensation Committee and the Nominating and Corporate Governance Committee. She is the Founder of Kestrel Corporate Advisors. Previously, she was Managing Director of Tennenbaum Capital Partners and TCP Capital Corp. from 2010 to 2013. Ms. Webb was a member of the corporate executive team at Ticketmaster Entertainment as corporate Senior Vice President and Chief Communications & Investor Relations Officer from 2008 to 2010. From 1988 to 2008, she held various positions at The Walt Disney Company, including as corporate Senior Vice President of Investor Relations & Shareholder Services and as Executive Director for The Walt Disney Company Foundation. Her early career was in investment banking. Ms. Webb currently serves on the Boards of Directors of Wynn Resorts (NASDAQ: WYNN), ABM Industries (NYSE: ABM) and AppFolio (NASDAQ: APPF). She previously served on the board of directors of Jack in the Box Inc. (NASDAQ: JACK) from 2008 to 2014, nonprofit PetSmart Charities, Inc. from 2014 to 2016, and as the Co-Chair of nonprofit Women Corporate Directors (WCD), Los Angeles/Orange County Chapter from 2017 to 2020. Ms. Webb earned a B.A. with honors from Smith College and an M.B.A. from Harvard.

Ms. Webb is qualified to serve as a trustee of the company due to her knowledge of investment banking, extensive experience as a senior finance and investor relations executive, her involvement in real estate-related and digital companies, and her service as a public company director.

Mr. Willoughby has served as a trustee of the company since January 2019 and is a member of the Audit Committee and the Nominating and Corporate Governance Committee. Mr. Willoughby is the Chief Investment Officer of TIFF Investment Management where he is responsible for allocating capital on behalf of over 600 non-profit institutions for whom TIFF manages capital. Before joining TIFF in 2015, Mr. Willoughby spent four years as the Chief Investment Officer of The Alaska Permanent Fund. Previously, he was co-managing partner at Ironbound Capital Management and spent nine years with Merrill Lynch Investment Managers, LP as CIO Private Investors Group, head of research for Equity Funds and as Senior Portfolio Manager for the Merrill Lynch Real Estate Fund. He is a CFA charterholder and serves on the board of the Sustainability Accounting Standards Board (SASB) Foundation, which supports the development of accounting standards that help investors understand which sustainability factors can have a material impact on the future financial performance of individual public companies. Mr. Willoughby received a B.A. from Pomona College and an M.B.A. in Finance from Columbia University.

Matthew R. Zaist has served as a trustee of the company since February 2020 and is a member of the Audit Committee and the Human Capital and Compensation Committee. Mr. Zaist currently serves as the President and Chief Executive Officer of The New Home Company. Mr. Zaist was President and Chief Executive Officer and a member of the Board of William Lyon Homes from 2016 until the company was acquired in 2020 by Taylor Morrison Home Corporation. Mr. Zaist joined William Lyon Homes in 2000 and from 2013 to 2015 served as its President and Chief Operating Officer and served as President and Co-Chief Executive Officer from 2015 to 2016. William Lyon Homes (formerly NYSE: WLH) and its subsidiaries, designed, constructed, marketed and sold single-family homes in California, Arizona, Nevada, Colorado, Washington, Oregon and Texas. Mr. Zaist holds a B.S. from Rensselaer Polytechnic Institute in Troy, New York and is a member of the Executive Committee for the University of Southern California’s Lusk Center for Real Estate.