Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 3

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 3
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, and F-34 of our 2024 Annual Report on Form 10-K filed on February 24, 2025, for information regarding NOI, including a reconciliation to GAAP net income. Refer to Appendix A for information regarding Core FFO per share, including a reconciliation to GAAP diluted earnings per share.

#### 2| Public Storage | 2025 Proxy Statement

#### 2024 Highlights
2024 COMPENSATION HIGHLIGHTS

In 2024, the Company continued its focus on improving customer and employee experiences while delivering record performance for shareholders, further positioning the Company to create long-term growth and increased shareholder value. The Company believes that 2024 executive compensation was aligned with the Company’s strong performance.

The following is a summary of the Compensation and Human Capital (CHC) Committee’s decisions with respect to the key components of the 2024 compensation program for our NEOs:

Base Salaries. The CHC Committee increased base salaries for 2024 for our Chief Financial and Investment Officer and our Chief Administrative Officer in light of their performance, increased roles and responsibilities, and market benchmarking.

2024 Annual Cash Incentives. The 2024 annual cash incentive program was based on two criteria: (i) Core FFO growth (60% weighting), and (ii) individual management goals for each named executive officer (40% weighting) based on the Company’s strategic objectives, including, among other things, goals related to the Company’s ongoing digital transformation efforts, continued portfolio growth, expanding the Company’s ancillary businesses, and strong employee engagement and succession planning. Each goal, including specific performance measures, was set by the CHC Committee at the start of the year. Based on the Company’s Core FFO growth and management’s performance against strategic goals, the CHC Committee awarded our NEOs their 2024 annual cash incentive on average at 83% of target.

Multi-Year Performance-Based RSUs/LTIP Units. For 2024, the CHC Committee continued its practice of granting performance-based equity awards subject to a three-year performance period in the form of either restricted share units (RSUs) or, at the executive’s option, units of profits interest (LTIP Units) in the Company’s operating partnership, Public Storage OP, L.P. (the Operating Partnership). Each of our NEOs elected to receive this component of their compensation in the form of LTIP Units. The 2024 performance-based LTIP Units (March 2024–March 2027 performance period