Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 141

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 141
---
 at December 31, 2024.During 2023, 37,211 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These RSUs require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target RSUs originally granted. During 2024, we issued LTIP units in substitution for these outstanding RSUs. During 2022, 21,985 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a 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 LTIP units in substitution for these RSUs. As of December 31, 2024, these targets were met at 130% achievement.Remaining compensation cost related to RSUs and LTIP units outstanding at December 31, 2024 totals approximately $68.6 million and is expected to be recognized over the next three years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):

F-27

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

Service-BasedPerformance-Based (a)TotalNumber of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair ValueUnvested awards outstanding January 1, 2022524,572 $249.90 46,250 $275.12 570,822 $251.95 Granted51,575 293.43 21,985 465.11 73,560 344.74 Vested(146,138)(240.71)— — (146,138)(240.71)Forfeited(22,197)(256.50)— — (22,197)(256.50)Unvested awards outstanding December 31, 2022407,812 $258.34 68,235 $336.33 476,047 $269.52