Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 144

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 144
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 options were awarded where vesting is dependent upon meeting certain market conditions over the three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. During 2024, we issued AO LTIP units in substitution for these stock options. As of December 31, 2024, these targets were met at 130% achievement. The stock options and AO LTIP units outstanding at December 31, 2024 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $172.5 million and remaining average contractual lives of approximately five years. Total compensation cost related to nonvested AO LTIP units and stock options that have not yet been recognized is $10.2 million and are expected to be recognized as compensation cost over approximately two years on average. Exercisable stock options and convertible AO LTIP units have an aggregate intrinsic value of approximately $143.4 million at December 31, 2024 and remaining average contractual lives of approximately four years.

F-29

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

Additional information with respect to stock options and AO LTIP units during 2024, 2023, and 2022 is as follows:Service-BasedPerformance-Based (a)TotalNumber of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per AwardAwards outstanding January 1,  20221,899,951 $208.16 1,140,000 $229.16 3,039,951 $216.04 Granted65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (b)62,512 N/A41,836 N/A104,348 N/AExercised(173,422)(189.95)(10,327)(221.68)(183,749)(191.74)Awards outstanding December 31, 20221,854,041 $209.53 1,310,442 $229.39 3,164,483 $217.75 Granted (c)60,000 286.81 180,425 265.46 240