Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 46

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 46
---
 to engage and terminate any compensation consultant to assist in the evaluation of trustee or executive compensation, and has the sole authority to approve the fees (up to $50,000) and other terms of retention of such compensation consultants.

In 2024, the CHC Committee engaged Ferguson as its independent compensation consultant to assist with its review of compensation for the senior management team. Ferguson advised the CHC Committee on a variety of subjects, including peer group benchmarking, compensation plan design and trends, pay-for-performance analytics, and other compensation topics. While Ferguson provided data and analyses and made recommendations for the compensation program, the CHC Committee made all decisions regarding the compensation of the NEOs.

The CHC Committee annually reviews the composition of our peer group to ensure that each company’s relevant attributes remain comparable to ours. We are one of the largest REITs, ranking ninth among U.S. REITs based on total capitalization and seventh based on equity market capitalization as of December 31, 2024. The CHC Committee believes it is appropriate to focus on companies within the real estate sector, including REITs, as well as other respected companies from other industries with similarly large market capitalization and asset, operational, and employee footprints. These are representative companies that face many of the same strategic and operational considerations we do and against which we compete for executive talent:

| Rationale for Inclusion                                                   |     | Companies Included                                                                                                                                                                                  |
| S&P 500 Self-Storage REITs (n=1)                                          |     | Extra Space                                                                                                                                                                                         |
| Non-S&P 500 Self-Storage REITs (n=1)                                      |     | CubeSmart                                                                                                                                                                                           |
| S&P 500 Equity REITs with at least 1,000 employees (n=12)                 |     | American Tower, AvalonBay, Crown Castle, Digital Realty, Equinix, Equity Residential, Invitation Homes, Mid-America Apartment Communities, SBA Communications, Simon Property, Sun Communities, UDR |
| Other S&P 500 Equity REITs (n=3)                                          |     | Realty Income, Ventas, Welltower                                                                                                                                                                    |
| Non-REITs with relevant asset, operational, and employee footprints (n=4) |     | Phillips 66, Valero Energy, Ross Stores, Yum Brands                                                                                                                                                 |

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

For 2024, our peer group