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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2014
F-27
2014
2013
2012
Number of
Grant Date
Number of
Grant Date
Number of
Grant Date
Restricted
Aggregate
Restricted
Aggregate
Restricted
Aggregate
Share Units
Fair Value
Share Units
Fair Value
Share Units
Fair Value
Restricted share units outstanding
January 1,
636,329
$
77,284
642,647
$
67,473
701,499
$
66,514
Granted
339,607
59,009
197,675
30,774
159,133
21,721
Vested
(166,905)
(18,456)
(154,535)
(15,657)
(151,775)
(14,507)
Forfeited
(57,983)
(6,963)
(49,458)
(5,306)
(66,210)
(6,255)
Restricted share units outstanding
December 31,
751,048
$
110,874
636,329
$
77,284
642,647
$
67,473
2014
2013
2012
Amounts for the year (in 000's,
except number of shares):
Fair value of vested shares on vesting
date
$
27,591
$
23,551
$
20,783
Cash paid upon vesting lieu of common
shares issued
$
11,449
$
8,067
$
7,657
Common shares issued upon vesting
98,846
101,706
95,925
Restricted share unit expense
$
25,159
$
23,919
$
20,227
See also “net income per common share” in Note 2 for further discussion regarding the impact of
RSUs and stock options on our net income per common and income allocated to common shareholders.
11. Segment Information
Our reportable segments reflect the significant components of our operations that are evaluated
separately by our chief operating decision maker (“CODM”) and have discrete financial information available.
We organize our segments based primarily upon the nature of the underlying products and services, and
whether the operation is located in the U.S. or outside the U.S. In making resource allocation decisions, our
CODM considers the net income from continuing operations of each reportable segment included in the tables
below, excluding the impact of depreciation and amortization, gains or losses on disposition of real estate
facilities, and asset impairment charges. The amounts for each reportable segment included in the tables below
are in conformity with GAAP and our significant accounting policies as denoted in Note 2. Ancillary revenues
and expenses, interest and other income (other than from Shurgard Europe), interest expense, general and
administrative expense and gains and losses on the early repayment of debt are not allocable to any of our
reportable segments. Our CODM does not consider the book value of assets in making resource allocation
decisions.
Following is the description of and basis for presentation for each of our segments.
Domestic Self-Storage Segment
The Domestic Self-Storage Segment includes the operations of the 2,238 self-storage facilities owned
by the Company and the Subsidiaries, as well as our equity share of the Other Investments. For all periods
presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and
accrued and other liabilities are associated with the Domestic Self-Storage Segment.