Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 47

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 47
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onBay Communities, Inc. (NYSE: AVB)             |     | Multifamily          |     |                | $ |  39,542 |
| SBA Communications Corporation (Nasdaq: SBAC)       |     | Communications       |     |                | $ |  37,731 |
| Equity Residential (NYSE: EQR)                      |     | Multifamily          |     |                | $ |  36,503 |
| Invitation Homes Inc. (NYSE: INVH)                  |     | Single Family        |     |                | $ |  27,881 |
| Sun Communities, Inc. (NYSE: SUI)                   |     | Manufactured Homes   |     |                | $ |  24,213 |
| Mid-America Apartment Communities, Inc. (NYSE: MAA) |     | Multifamily          |     |                | $ |  23,643 |
| UDR, Inc. (NYSE: UDR)                               |     | Multifamily          |     |                | $ |  21,479 |
| CubeSmart (NYSE: CUBE)                              |     | Self-Storage         |     |                | $ |  12,944 |

Source: S&P Capital IQ, year to date as of December 31, 2024. Phillips 66, Ross Stores, Inc., Yum! Brands, Inc., and Valero Energy Corporation reflect Total Enterprise Value as of December 31, 2024.

* Denotes peers outside of the real estate sector with relevant asset, operational, and employee footprints.

The CHC Committee evaluates our peer group annually and may make adjustments or refinements to this peer group based on new or changed circumstances, including the relevant size or operations of our peers relative to ours. In November 2023, the CHC Committee worked with Ferguson to update the peer set in preparation for setting 2024 compensation.

#### Public Storage | 2025 Proxy Statement |47
Proposal 2: Approve Executive Compensation

Our peer group previously included Boston Properties, Domino’s Pizza, Prologis, and Weyerhaeuser, which were removed in November 2023 in favor of the addition of Invitation Homes, Mid-America Apartment Communities, Phillips 66, Ross Stores, Sun Communities, UDR, and Valero. These changes in peer group composition are reflected in the graphic and peer group table above.

OUR 2024 NEO COMPENSATION PROGRAM

The