Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 57

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 57
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 Company’s common shares on the grant date. The approved dollar values shown here differ from the grant date fair values reported in the Summary Compensation Table, which were calculated in accordance with FASB ASC Topic 718 using a Monte Carlo simulation that assesses the probability of satisfying the relative market performance hurdles over the remainder of the performance period and will fluctuate in value throughout the performance period depending upon the Company’s relative performance.

To further align this component of NEO compensation with long-term shareholder value creation, the CHC Committee again implemented an extended vesting period for any awards that are earned upon satisfaction of the performance metrics. Three-fifths of any multi-year performance-based option / AO LTIP Unit or RSU / LTIP Unit award will vest upon achievement of the performance targets at the conclusion of the three-year performance period, with the remaining vesting ratably over the next two years.

#### Public Storage | 2025 Proxy Statement |55
Proposal 2: Approve Executive Compensation

2024 EARNED INCENTIVE COMPENSATION

The following is a summary of the incentive compensation earned by our NEOs for 2024. The CHC Committee believes that these awards reasonably reward our NEOs for exemplary performance through a year of operational stabilization across the self-storage industry, appropriately recognize management’s contributions to the successes the Company achieved in 2024, and are consistent with the Company’s pay-for-performance compensation philosophy.

2024 Annual Cash Incentives.As described above, the 2024 annual cash incentive program was based 60% on achievement of Core FFO growth targets, and 40% on achievement of predetermined strategic management goals.

With respect to the Core FFO growth metric, in 2024 the Company achieved year-over-year Core FFO growth of -1.3%, below the Company’s budget. As a result of Core FFO growth being lower than the budget, the CHC Committee approved the 2024 annual cash incentive award attributable to Core FFO at 75% of target.

| 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