XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Share-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Expense | We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020).
|  |  |  |  | For Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  |  | (Amounts in thousands)
Self-storage cost of operations |  |  |  |  | $ | 17,950 |  |  | $ | 20,544 |  |  | $ | 14,904 |
Ancillary cost of operations |  |  |  |  | 888 |  |  | 1,561 |  |  | — |
General and administrative |  |  |  |  | 37,865 |  |  | 37,760 |  |  | 18,586 |
Total |  |  |  |  | $ | 56,703 |  |  | $ | 59,865 |  |  | $ | 33,490 |
Share-Based Payment Arrangement, Option, Activity | Additional information with respect to stock options during 2022, 2021, and 2020 is as follows:
| Service-Based |  | Performance-Based |  | Total
| Number of Options |  | Weighted Average Exercise Price per Share |  | Number of Options |  | Weighted Average Exercise Price per Share |  | Number of Options |  | Weighted Average Exercise Price per Share
Options outstanding January 1, 2020 | 2,339,667 |  |  | $ | 204.53 |  |  | — |  |  | $ | — |  |  | 2,339,667 |  |  | $ | 204.53 |
Granted | 70,000 |  |  | 200.61 |  |  | 770,000 |  |  | 228.94 |  |  | 840,000 |  |  | 226.58 |
Exercised | (71,500) |  |  | (175.16) |  |  | — |  |  | — |  |  | (71,500) |  |  | (175.16) |
Cancelled | (107,000) |  |  | (220.33) |  |  | (40,000) |  |  | (228.94) |  |  | (147,000) |  |  | (222.67) |
Options outstanding December 31, 2020 | 2,231,167 |  |  | $ | 204.60 |  |  | 730,000 |  |  | $ | 228.94 |  |  | 2,961,167 |  |  | $ | 210.59 |
Granted (a) | 140,000 |  |  | 248.54 |  |  | 420,000 |  |  | 229.53 |  |  | 560,000 |  |  | 234.29 |
Exercised | (471,216) |  |  | (203.30) |  |  | — |  |  | — |  |  | (471,216) |  |  | (203.30) |
Cancelled | — |  |  | — |  |  | (10,000) |  |  | (228.94) |  |  | (10,000) |  |  | (228.94) |
Options outstanding December 31, 2021 | 1,899,951 |  |  | $ | 208.16 |  |  | 1,140,000 |  |  | $ | 229.16 |  |  | 3,039,951 |  |  | $ | 216.04 |
Granted (b) | 65,000 |  |  | 398.97 |  |  | 138,933 |  |  | 299.88 |  |  | 203,933 |  |  | 331.46 |
Special dividend adjustment (c) | 62,512 |  |  | N/A |  | 41,836 |  |  | N/A |  | 104,348 |  |  | N/A
Exercised | (173,422) |  |  | (189.95) |  |  | (10,327) |  |  | (221.68) |  |  | (183,749) |  |  | (191.74) |
Cancelled | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Options outstanding December 31, 2022 (d) | 1,854,041 |  |  | $ | 209.53 |  |  | 1,310,442 |  |  | $ | 229.39 |  |  | 3,164,483 |  |  | $ | 217.75 |
Options exercisable at December 31, 2022 (d) | 1,617,555 |  |  | $ | 200.87 |  |  | 10,327 |  |  | $ | 221.68 |  |  | 1,627,882 |  |  | $ | 201.00 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
| 2022 |  | 2021 |  | 2020
Aggregate exercise date intrinsic value of options exercised during the year (in 000's) | $ | 27,210 |  | $ | 44,613 |  | $ | 3,433
Average assumptions used in valuing options with the Black-Scholes method: |  |  |  |  |
Expected life of options in years | 6 |  | 5 |  | 5
Risk-free interest rate | 2.9% |  | 0.8% |  | 0.4%
Expected volatility, based upon historical volatility | 22.9% |  | 24.1% |  | 21.6%
Expected dividend yield | 2.0% |  | 2.9% |  | 3.8%
Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: |  |  |  |  |
Expected life of options in years | 7 |  | 5 |  |
Risk-free interest rate | 1.8% |  | 0.9% |  |
Expected volatility, based upon historical volatility | 22.6% |  | 26.5% |  |
Expected dividend yield | 2.3% |  | 2.9% |  |
Average estimated value of options granted during the year | $ | 87.57 |  | $ | 62.66 |  | $ | 17.79
(a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021. (c) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. (d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022.
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):
| Service-Based |  | Performance-Based |  | Total
| Number of Restricted Share Units |  | Weighted-Average Grant-Date Fair Value |  | Number of Restricted Share Units |  | Weighted-Average Grant-Date Fair Value |  | Number of Restricted Share Units |  | Weighted-Average Grant-Date Fair Value
Restricted share units outstanding January 1, 2020 | 619,150 |  |  | $ | 213.29 |  |  | — |  |  | $ | — |  |  | 619,150 |  |  | $ | 213.29 |
Granted | 110,755 |  |  | 222.27 |  |  | — |  |  | — |  |  | 110,755 |  |  | 222.27 |
Vested | (140,089) |  |  | (200.88) |  |  | — |  |  | — |  |  | (140,089) |  |  | (200.88) |
Forfeited | (37,028) |  |  | (215.08) |  |  | — |  |  | — |  |  | (37,028) |  |  | (215.08) |
Restricted share units outstanding December 31, 2020 | 552,788 |  |  | $ | 218.11 |  |  | — |  |  | $ | — |  |  | 552,788 |  |  | $ | 218.11 |
Granted (a) | 143,068 |  |  | 336.06 |  |  | 46,250 |  |  | 275.12 |  |  | 189,318 |  |  | 321.17 |
Vested | (138,420) |  |  | (216.63) |  |  | — |  |  | — |  |  | (138,420) |  |  | (216.63) |
Forfeited | (32,864) |  |  | (221.32) |  |  | — |  |  | — |  |  | (32,864) |  |  | (221.32) |
Restricted share units outstanding December 31, 2021 | 524,572 |  |  | $ | 249.90 |  |  | 46,250 |  |  | $ | 275.12 |  |  | 570,822 |  |  | $ | 251.95 |
Granted | 51,575 |  |  | 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) |
Restricted share units outstanding December 31, 2022 | 407,812 |  |  | $ | 258.34 |  |  | 68,235 |  |  | $ | 336.33 |  |  | 476,047 |  |  | $ | 269.52 |
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions |
| 2022 |  | 2021 |  | 2020
Amounts for the year (in 000's, except number of shares): |  |  |  |  |
Fair value of vested shares on vesting date | $ | 47,244 |  |  | $ | 37,430 |  |  | $ | 31,076 |
Cash paid for taxes upon vesting in lieu of issuing common shares | $ | 16,827 |  |  | $ | 13,069 |  |  | $ | 10,518 |
Common shares issued upon vesting | 99,009 |  |  | 81,325 |  |  | 91,627 |
Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method: |  |  |  |  |
Time from the valuation date to the end of the performance period | 3 |  |  |  |
Risk-free interest rate | 1.6% |  |  |  |
Expected volatility, based upon historical volatility | 26.5% |  |  |  |
Expected dividend yield | 2.3% |  |  |  |
Average estimated value of restricted share units granted during the year | $ | 465.11 |  |  |  |  |
(a)Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.

X
- Definition Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions + References No definition available. + Details
Name: | psa_ScheduleOfShareBasedPaymentAwardRestrictedStockUnitsValuationAssumptionsTableTextBlock
Namespace Prefix: | psa_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration