Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 64

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 64
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 awards subject to the above performance and vesting conditions: Mr. Russell—$1,410,000 of AO LTIP Units and $4,230,000 of LTIP Units; Mr. Boyle—$850,000 of AO LTIP Units and $2,550,000 of LTIP Units; Ms. Johnson—$635,000 of AO LTIP Units and $1,905,000 of LTIP Units; Mr. Sambar—$600,000 of AO LTIP Units and $1,800,000 of LTIP Units; and Mr. Vitan—$324,000 of AO LTIP Units and $972,000 of LTIP Units |

#### 62| Public Storage | 2025 Proxy Statement
Proposal 2: Approve Executive Compensation

TAX DEDUCTIBILITY OF EXECUTIVE COMPENSATION—SECTION 162(m)

The CHC Committee considers the tax deductibility of compensation as one factor when considering executive compensation program alternatives. Due to its tax status as a REIT, the Company must generally distribute its taxable income to shareholders. To the extent that compensation is not deductible, taxable income will be higher and so distributions to shareholders may be higher than they would be otherwise.

The CHC Committee has in the past approved and has reserved the right in the future to approve compensation that does not qualify for deductibility in circumstances it deems in the Company’s best interests.

Section 162(m) imposes a $1,000,000 per person limit on the annual tax deduction for compensation paid to the Company’s current CEO, CFO, and certain other executive officers, and certain former executive officers.

#### Public Storage | 2025 Proxy Statement |63
Proposal 2: Approve Executive Compensation

COMPENSATION and Human Capital COMMITTEE REPORT

The CHC Committee of the Board of Trustees of Public Storage has reviewed and discussed with management the foregoing Compensation Discussion and Analysis. Based on this review and discussion, the CHC Committee recommended to the Board of Trustees that the Compensation Discussion and Analysis be included in this proxy statement and in the Annual Report on Form 10-K of Public Storage for the year ended December 31, 2024.

The following independent trustees, who comprise the CHC Committee, provide this report:

The Compensation and Human Capital Committee

Avedick B. Poladian (Chair)

Rebecca Owen

Shankh S. Mitra

Ronald P. Spogli

Paul S. Williams

#### 64| Public Storage | 2025