Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 55

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 55
---
 
 Weighted Average                                |     | Award                       
 (as a Percentage of Target) |
| <60%                                                                    |     | 0%                          |     | <80%                                            |     | 0%                          |
| 60% – <80%                                                              |     | 25%                         |     | 80% – <90%                                      |     | 25%                         |
| 80% – <100%                                                             |     | 75%                         |     | 90% – <100%                                     |     | 75%                         |
| 100% – <120%                                                            |     | 100%                        |     | 100% – <106%                                    |     | 100%                        |
| 120% – <140%                                                            |     | 125%                        |     | 106% – <116%                                    |     | 125%                        |
| 140% – 160%                                                             |     | 150%                        |     | 116% – 125%                                     |     | 150%                        |
| >160%                                                                   |     | 200%                        |     | >125%                                           |     | 200%                        |

In setting these relative TSR performance levels, the CHC Committee considered the Company’s historical relative TSR performance as compared to both the S&P 500 Equity

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

REITs, excluding office and malls and including U-Haul, and the self-storage peers. The CHC Committee determined that, for the S&P 500 Equity REITs, a threshold of 60% relative TSR performance and a target level of 100% to 120% would be appropriately challenging for the Company to achieve given broader performance variability across this group, and, for the direct self-storage peers, a threshold of 80% relative TSR performance and a target level of 100% to 106% would be appropriately challenging for the Company to achieve given the Company’s historical TSR out-performance compared to this group. Additionally, given the limited number of self-storage peers and the potential impact of consolidation among the peers, the CHC Committee designated that an additional one-third of the 30% weighting will transition to the S&P 500 Equity REITs upon the acquisition of a self-storage peer. The CHC Committee believes that these performance awards would result in strong alignment between the interests of our NEOs and our shareholders’ recognition of