Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 4

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 4
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) are based on the Company’s relative Total Shareholder Return (TSR) performance as compared to both self-storage REIT competitors (weighted 30%) and the S&P 500 REITs, excluding office and malls and including U-Haul (weighted 70%).

Multi-year Performance-Based Options/AO LTIP Units. The CHC Committee also continued its practice of granting either performance-based stock options or, at the executive’s option, appreciation-only (AO) LTIP Units, in each case subject to a three-year performance period. Each of our NEOs elected to receive this component of their compensation in the form of AO LTIP Units. As with the 2024 performance-based LTIP Units, the 2024 performance-based AO LTIP Units (March 2024–March 2027 performance period) are based on the Company’s relative TSR performance as compared to both self-storage REIT competitors (weighted 30%) and the S&P 500 REITs, excluding office and malls and including U-Haul (weighted 70%).

The CHC Committee believes that the foregoing 2024 compensation decisions, which we discuss in more detail in the Compensation Discussion and Analysis section, beginning on page40of this proxy statement, strike the appropriate balance between rewarding management for their performance, incentivizing our leaders to continue creating long-term value, and attracting and retaining strong executives in a competitive labor market.

#### Public Storage | 2025 Proxy Statement |3

#### 2024 Highlights
Corporate Responsibility and SUSTAINABILITY

Overview and Alignment with Company Strategy

We recognize the importance of operating in a responsible and sustainable manner that aligns with the Company’s long-term strategy and promotes the best interests of our Company and its stakeholders. For over 50 years, the Company’s corporate strategy has centered on one core philosophy: generate growth and create value by operating our properties and the Company for the long term.

Through this strategy, we have achieved:

a high-integrity company culture;

the most recognized brand in the self-storage industry;

a growth-enabling balance sheet;

an efficient and resilient operating platform that produces strong free cash flow;

a geographically diversified property portfolio with a light environmental footprint;

a diverse, inclusive, and engaged employee base with strong connections with our communities;

a comprehensive and focused risk management program; and

significant growth and sustainable value creation for our stakeholders.

We keep long-term sustainable growth and value creation for our stakeholders at the forefront of our strategy and operations, and we regularly communicate our ongoing efforts to mitigate the risks we