Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 31

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 31
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 or common share equivalents equal in value to 50% of the net after-tax shares or units received upon any stock option exercise, upon the vesting of any RSUs, or upon conversion of any vested LTIP Units of the Operating Partnership into common units (OP Units) of the Operating Partnership, until the applicable ownership target is achieved. Once a trustee or executive officer comes into compliance with the security ownership guidelines, he or she will not be considered to fall out of compliance solely due to a drop in the price of the Company’s common shares, provided that in such event the trustee or executive officer must retain common shares or common share equivalents equal in value to 50% of the net after-tax shares or units received upon any stock option exercise, upon the vesting of any RSUs, or upon conversion of any vested LTIP Units into OP Units until compliance is reestablished and any subsequent sale or redemption does not cause his or her ownership level to fall below the applicable ownership guideline at that time.

Only the following are counted for determining compliance with these guidelines:

common shares (a) directly owned by the non-management trustee or executive officer, (b) owned jointly by him/her and his/her spouse, or (c) owned by his/her spouse or beneficially for his/her children or in the PS 401(k) Profit Sharing Plan (the 401(k) Plan); and

common share equivalents comprising (a) vested DSUs held by the non-management trustee; (b) vested RSUs subject to deferred delivery held by the non-management trustee or executive officer; or (c) OP Units and earned LTIP Units.

The values of unvested RSUs, unearned LTIP Units subject to performance conditions, AO LTIP Units (prior to conversion to LTIP Units) of the Operating Partnership, and unexercised stock options are not counted for determining compliance with these guidelines.

#### 32| Public Storage | 2025 Proxy Statement

#### Corporate Governance
The following table shows the share ownership of our executive officers under the security ownership guidelines as of March 3, 2025:

| Executive              |     | Ownership Requirement |           |     | Qualifying Securities(1) 
 Directly-Owned Shares    |        |     | Directly-Owned LTIP Units |           |     | Value of Securities(2) |            |     | Excess/ (Shortfall) to Guideline |            |
|:-----------------------|:----|:----------------------|----------:|:----|:-------------------------