Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 54

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 54
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 the Company on October 14, 2024 and did not receive a time-based option / AO LTIP Unit award for 2024.

(2)The target values reflect the dollar value of awards the CHC Committee approved in February 2024. In accordance with this approval, the approved dollar value of time-based options / AO LTIP Units was converted into a number of options using a Black-Scholes model.

Multi-Year Performance-Based Equity Awards.For the remaining 80% of each of our NEOs’ 2024 equity awards, the CHC Committee granted a combination of multi-year performance-based options (constituting 20%) and multi-year performance-based RSUs (constituting 60%) or, at the option of each NEO, multi-year performance-based AO LTIP Units and multi-year performance-based LTIP Units, respectively. For 2024, each NEO elected to receive AO LTIP Units and LTIP Units.

All awards are subject to a three-year (March 5, 2024 to March 4, 2027) performance period and are based entirely on the Company’s total shareholder return from share price appreciation and dividends (TSR) over the performance period relative to the TSR of the self-storage peers and of the S&P 500 Equity REITs, excluding office and mall REITs and including U-Haul.

For each award (options / AO LTIP Units and RSUs / LTIP Units), the CHC Committee weighted the award 70% based on the Company’s TSR over the performance period as compared against the weighted average TSR of the Equity REITs in the S&P 500, excluding office and mall REITs and including U-Haul, and 30% based on the Company’s TSR over the performance period as compared to the weighted average TSR of the Company’s direct self-storage peers (currently, Extra Space, CubeSmart, and National Storage). Each award is subject to a minimum performance threshold below which no award would ultimately be earned. The approved performance targets and award levels are as follows:

| Three-Year Performance Period                                           |     |                             |     | Three-Year Performance Period                   |     |                             |
| 70% TSR vs. S&P 500 Equity REITs (excl. office and malls, incl. U-Haul) 
 Weighted Average                                                        |     | Award                       
 (as a Percentage of Target) |     | 30% TSR vs. Self-Storage Peers (EXR, CUBE, NSA)