Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 50

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 50
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 metric at 60% for 2024 (increased from 50% for 2023) and the achievement of predefined strategic management goals metric at 40% for 2024 (decreased from 50% for 2023) to further align the compensation of our NEOs with the Company’s overall financial performance.

The CHC Committee selected growth in Core FFO as the Company performance metric because Core FFO, a widely-accepted measure of a REIT’s earnings, is a strong indicator of management’s operational effectiveness and a foundational metric for measuring the Company’s execution of its long-term strategy.

Core FFO for these purposes was defined as the Company’s funds from operations excluding the impact of (i) foreign currency exchange gains and losses, (ii) charges related to the redemption of preferred securities, and (iii) certain other non-cash and/or nonrecurring income or expense items primarily representing the impact of loss contingencies and resolutions, casualties, due diligence costs incurred in pursuit of strategic transactions, unrealized gain on private equity investments, reorganization costs, acquisition integration costs, amortization of acquired non real estate-related intangibles, a cash and stock hiring bonus for a new senior executive, and our equity share of tax effect of a change in tax status, unrealized gain on derivatives, merger transaction costs, and senior executive severance from our equity investees.

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

The CHC Committee approved the following 2024 performance targets and award levels:

| Core FFO Growth Achieved |     | Award                       
 (as a Percentage of Target) |
| <-3%                     |     | 25%                         |
| -3% – <-2%               |     | 50%                         |
| -2% – <-1%               |     | 75%                         |
| -1% – <0%                |     | 85%                         |
| 0% – <1%                 |     | 100%                        |
| 1% – <2%                 |     | 115%                        |
| 2% – 3%                  |     | 125%                        |
| >3%                      |     | 150%                        |

In setting the Core FFO growth targets for 2024, the CHC Committee considered a number of factors, including the Company’s 2024 strategy and financial forecasts, including expectations for the general economic and interest rate