Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 78

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 78
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 | $             | 9,502,226 |     | $                 | 6,893,426 |     | $                            | 6,515,368 |     | $                                              | (283,795 | ) | $                          |       — |     | $                                            | (4,294,882 | ) | $                                     | — |     | $                                               | 498,510 |     | $      | 5,044,001 |
| Other NEOs 
 (Average)  | $             | 5,232,404 |     | $                 | 4,045,543 |     | $                            | 3,164,952 |     | $                                              | (19,921  | ) | $                          | 611,547 |     | $                                            | (2,181,938 | ) | $                                     | — |     | $                                               | 182,352 |     | $      | 2,943,853 |

(4) Reflects the cumulative TSR of the Company and the NAREIT Equity Index for the year ended December 31, 2020, the two years ended December 31, 2021, the three years ended December 31, 2022, the four years ended December 31, 2023, and the five years ended December 31, 2024 assuming a $100 investment at the closing price on December 31, 2018 and the reinvestment of all dividends.

(5) Amounts in thousands.

(6) Refer to Appendix A for information regarding Core FFO , including a reconciliation to GAAP diluted earnings.

Share Price Volatility Impact On CAP.The SEC definition of CAP includes changes over the reporting year in the value of unvested equity awards that still remain subject to forfeiture at the end of the year. The fair values of our performance options, as calculated in accordance with the SEC definition, are very sensitive to changes in stock price, and during periods of significant share volatility the fair values of these awards can change dramatically from year to year. During these periods of volatility, the CAP for the reporting year can be significantly different (higher or lower) than the SCT total pay for that year.

For example, in 2021, our share price increased 62% for the year (one of the biggest one-year changes in our history) and 64% from our March 2020 award grant dates. This historic share

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