Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 94

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 94
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| Common shares subject to outstanding LTIP Units                      |     |                     |   309,659 |
| Common shares subject to outstanding AO LTIP Units                   |     |                     | 2,114,775 |
| Common shares available for grant under the 2021 Plan                |     |                     |   888,736 |
| Common shares available for grant under other equity incentive plans |     |                     |         — |

A total of 175,417,465 common shares were issued and outstanding as of the record date of March 3, 2025. The closing price of our common shares was $311.04 per share as of the record date.

We Manage Our Equity Award Use Carefully

We manage our overhang by limiting the number of equity awards granted annually. The CHC Committee monitors our annual burn rate, overhang, and equity expense to ensure that we maximize shareholder value by granting only the number of equity awards necessary to attract, reward, and retain key personnel, consultants, and advisors. The size of our share reserve request is reasonable and, if approved, is projected to result in an overhang of no more than 4.0% as of May 7, 2025, inclusive of any unvested awards and awards currently remaining available under the 2021 Plan.

#### Public Storage | 2025 Proxy Statement |89
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

The average rate at which we grant equity awards is well below the “burn rate” benchmark that Institutional Shareholder Services (ISS) has set for our industry. The following table sets forth information relating to our historical burn rate under the 2021 Plan over the last three years:

|                                                                                | 2024 |             |   |     | 2023 |             |   |     | 2022 |             |   |     | Average |             |   |
| Shares underlying options and performance-based options granted(1)             |      |       3,600 |   |     |      |     240,425 |   |     |      |     308,281 |   |     |         |     184,102 |   |
| Shares underlying RSUs and performance-based RSUs granted(1)                   |      |      72,605 |   |     |      |     115,185 |   |     |      |      73,560 |   |     |         |      87,117 |