Schwartz is the founder, CEO, and Chairman with deep self-storage industry expertise spanning over 30 years; the 3-year TSR gap versus the peer median is -10.3 percentage points, well below the 35-percentage-point threshold required to trigger an AGAINST vote for a company with low-positive absolute returns, and no other disqualifying flags apply.

Johnson joined the board in February 2026, which is within the 24-month new-director exemption window, so the TSR underperformance trigger does not apply to him; his extensive self-storage investment experience provides clear relevant expertise.

Perry has served since January 2016 and brings over 50 years of real estate financial and advisory experience including CPA and MAI credentials; the 3-year TSR gap of -10.3 percentage points versus the peer median does not meet the 35-percentage-point threshold needed to trigger an AGAINST vote, and meeting attendance was at least 75%.

Morris has served since January 2016 and provides more than 35 years of financial and management experience across multiple international organisations; the TSR underperformance gap does not breach the policy trigger threshold, and no other disqualifying factors are present.

Mueller has served since October 2013, chairs the Audit Committee, and is designated as the audit committee financial expert — a CPA with over 35 years of financial management experience; the TSR gap does not trigger a negative vote and all other policy screens pass.

Gotcheva joined the board in July 2025, which is within the 24-month new-director exemption window, so the TSR trigger does not apply; she brings over 25 years of institutional real estate and private equity investment experience from CPP Investments.