Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 51

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 51
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 environments throughout the year, and existing competitive conditions. Based on these factors, the CHC Committee determined that a threshold of -3% and a target level of 0% to 1% growth would be appropriately challenging for the Company to achieve and would result in the delivery of substantial shareholder value.

In addition to Core FFO growth, the CHC Committee continued to utilize a strategic management goals component to the annual cash incentive program, amounting to 40% of each targeted award. The CHC Committee assigned each executive a series of specific goals—including goals tied to specific business performance metrics and key results—customized to his or her responsible functional area and linked to the Company’s strategic objectives for 2024. The CHC Committee believes this component emphasizes the importance of the contributions of the executive team as a group to the successful execution of the Company’s strategic plan.

#### Public Storage | 2025 Proxy Statement |51
Proposal 2: Approve Executive Compensation

The Company’s strategic objectives for 2024 included the following:

| 2024 Strategic Objectives*                                                                                                                                                  |
| •Deliver strong shareholder results                                                                                                                                         
 •Increase capital allocation through development, growing the Public Storage® brand, and energy efficiency                                                                  
 •Succession planning, drive employee readiness for critical roles in the Company, and reduce employee turnover                                                              
 •Enhance the customer experience and optimize the Company’s operating model, including through automation and implementation of customer driven demand staffing             
 •Continue the digital transformation of the Company’s business and operations, implement a new financial and accounting reporting system, and enhance data science modeling 
 •Grow the Company’s ancillary operations, including tenant reinsurance                                                                                                      
 •Enhance the Company’s enterprise risk management program and corporate governance processes                                                                                
 •Expand the use of data analytics and risk-based processes to enhance the Company’s internal audit function                                                                 
 •Improve the Company’s sustainability profile                                                                                                                               |

* Each strategic objective includes goals tied to specific business performance metrics and key results.

The following table sets forth the 2024 target cash incentive awards for each of our NEOs other than Mr. Sambar, who joined the Company in October 2024 and did not participate in our 2024 annual cash incentive program:

| Executive              |     | 2024 Target    
 Cash Incentive 
 Award          |   |           |
|:-----------------------|:----|:---------------|:--|----------:|
| Joseph D. Russell, Jr. |     |                | $ | 2,000,000