Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 81

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 81
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 NEOs (each as set forth in the table above), to (i) our cumulative TSR and the cumulative TSR of the constituent companies in the NAREIT Equity Index, (ii) our GAAP net income, and (iii) our Core FFO per share (in each case as set forth in the table above).

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

Financial Performance Measures.The most important financial performance measures used by the Company in setting pay-for-performance compensation for the most recently completed year are described in the table below. The manner in which these measures, together with certain non-financial performance measures, determine the amounts of incentive compensation paid to our NEOs is described above in the “Compensation Discussion and Analysis” section of this proxy statement.

| Significant Financial Performance Measures                           |
| Core FFO Per Share Growth                                            |
| TSR Performance (versus the TSR of the S&P 500 Equity REITs)         |
| TSR Performance (versus the Company’s Self-Storage REIT Competitors) |

<div align='center'>The Board recommends a voteFORapproval

of the compensation of our NEOs

as described in this proxy statement.</div>

#### Public Storage | 2025 Proxy Statement |77

#### Share Ownership of Trustees and Management
SHARE OWNERSHIP OF TRUSTEES AND MANAGEMENT

The following table sets forth information as of March 3, 2025 concerning the beneficial ownership of common shares by each of our trustees and NEOs and all trustees and executive officers as a group. Except as otherwise indicated and subject to applicable community property and similar statutes, each trustee and executive officer has sole voting and investment power over his or her shares.

|                                                             |     |                                 |            |     |    |     | Subject to Rights to Acquire Within 60 Days |        |     |                  |           |     |               |         |     |                     |            |     |            |      |   |
| Name                                                        |     | Directly Owned Common Shares(1) |            |     |    |     | Stock Options, RSUs, and DSUs(2)            |        |     | AO LTIP Units(3) |           |     | LTIP Units(4) |         |     | Total Common Shares 
 Beneficially        
 Owned(5)            |            |     | Percent of 
 Class(5)   |      |   |
| Trustees                                                    |     |                                 |            |