Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 146

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 146
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IP units for payout adjustments based on Total Shareholder Return for awards granted in 2022. (e)214,996 common shares were issued upon the exercise of stock options. 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the year ended December 31, 2024.

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PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

202420232022Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's)$85,833$35,662$27,210Average assumptions used in valuing options and AO LTIP units with the Black-Scholes method:Expected life of options in years666Risk-free interest rate4.2%3.5%2.9%Expected volatility, based upon historical volatility24.4%24.4%22.9%Expected dividend yield4.3%4.2%2.0%Average assumptions used in valuing options and AO LTIP units with market conditions with the Monte-Carlo simulation method:Expected life of options in years777Risk-free interest rate4.1%3.5%1.8%Expected volatility, based upon historical volatility24.1%23.8%22.6%Expected dividend yield4.3%4.1%2.3%Average estimated value of options and AO LTIP units granted during the year$51.33$56.86$87.57Trustee Deferral Program

Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, or fully-vested DSUs to be settled at a specified future date. Unrestricted common shares and/or DSUs will be granted to the non-management trustee on the last day of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the applicable closing price of our common shares on such date. During 2024, we granted 1,836 DSUs and 434 unrestricted common shares. During 2024, 871 previously granted DSUs were settled in common shares. A total of 11,734 DSUs were outstanding at December 31, 2024 (10,769 at December 31, 2023). 

F-31

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31