Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 63

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 63
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 the 2025 compensation program aligns our NEOs’ interests with those of our shareholders by incentivizing our executives to create sustainable long-term value.

The following summarizes the incentive components of our 2025 compensation program:

Annual Cash Incentive Program. The annual cash incentive program will continue to be based on a combination of financial performance metrics and management strategic goals linked to business performance metrics and key results. For 2025, there will be two financial performance metrics—Core FFO growth will continue to be weighted 60% and net asset value (NAV) growth (a new metric for 2025) will be weighted 10%. The management strategic goals component will be weighted 30% (compared to 40% in 2024).

Equity Awards. The equity award program again will consist of three components, with each NEO being granted (i) 20% of his or her total equity award in time-based stock options, (ii) 20% of his or her total equity award in performance-based stock options, and (iii) 60% of his or her total award in performance-based RSUs.

The CHC Committee allowed each NEO to elect to receive any or all 2025 stock option awards and performance-based stock option awards in the form of AO LTIP Unit awards with equivalent terms and 2025 performance-based RSU awards in the form of LTIP Unit awards with equivalent terms. Each NEO has elected to receive his or her total 2025 equity award in AO LTIP Units and LTIP Units.

For the performance-based awards, all awards will be based on a three year (March 2025 – March 2028) performance period tied to the Company’s relative TSR performance as compared to both the S&P 500 REITs, excluding office and malls (weighted 70%) and self-storage REIT competitors (weighted 30%).

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

This equity program is substantially identical to the 2024 program and is illustrated below.

#### Public Storage | 2025 Proxy Statement |61
Proposal 2: Approve Executive Compensation

The following summarizes the key elements of our 2025 compensation program:

| Compensation Type |                     |                               |                                          | Pay Element                                                                                                                                     |                                                                                                                                                                                                                                                 | 2025 Executive Compensation Plan Design                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Fixed   Pay       |                     | CashCompensation              |                                          | BaseSalary                                                                                                                                      |                                                                                                                                                                                                                                                 |