Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 66

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 66
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 Johnson, $3,809,721; and Mr. Vitan, $1,944,272. For Mr. Sambar, who joined the Company on October 14, 2024, the 2024 awards include a make-whole new hire award of fully vested common shares with a grant date fair value of $2,446,189 and a make whole new hire award of time-vesting LTIP Units with a grant date fair value of $4,892,038. For further discussion regarding the assumptions used in this valuation, refer to Note 11 to the Company’s audited financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K.

The amounts in this column reflect the aggregate grant date fair value of multi-year performance-based option / AO LTIP Unit awards for each year and, for 2024, also include the aggregate grant date fair value of time based AO LTIP Unit awards, in each case calculated in accordance with FASB ASC Topic 718. The grant date fair value calculations for each performance-based award are based on a Monte Carlo simulation model that assesses the probability of satisfying the relative market performance hurdles over the remainder of the performance period, as well as a Black-Scholes valuation. The grant date fair value calculations for each time-based award are based on a Black-Scholes valuation. The value of the 2024 performance-based AO LTIP Unit awards as of the grant date assuming achievement at the highest level of performance conditions are as follows: Mr. Russell, $2,820,026; Mr. Boyle, $1,699,998; Ms. Johnson, $1,269,972; and Mr. Vitan, $647,970. The value of the 2024 time-based AO LTIP Unit awards as of the grant date are as follows: Mr. Russell, $1,410,002; Mr. Boyle, $850,008; Ms. Johnson, $635,014; and Mr. Vitan, $324,018 For further discussion regarding the assumptions used in this valuation, refer to Note 11 to the Company’s audited financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K.

The amounts shown in this column reflect annual cash incentive awards for NEOs that are based on pre-established performance targets set early in the year. In February 2025, the CHC Committee approved