Noncontrolling Interests |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Noncontrolling Interest [Abstract] | |
| Noncontrolling Interests | 9. Noncontrolling Interests There are noncontrolling interests related to subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At June 30, 2025, certain of these subsidiaries have issued 470,398 partnership units to third-parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares. Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 12 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At June 30, 2025, approximately 0.20% of the partnership interests of PSA OP, representing 342,833 vested LTIP units, were not owned by the Company. There were no outstanding OP Units not owned by the Company at June 30, 2025. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.
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