Life Storage 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		82,021,172
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Entity File Number	1-13820
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	16-1194043
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		82,021,172
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-24071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1481551
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment in storage facilities:
Land	$ 1,078,022	$ 951,813
Building, equipment, and construction in progress	5,165,247	4,378,510
Real estate investment property, at cost, total	6,243,269	5,330,323
Less: accumulated depreciation	(970,924)	(873,178)
Investment in storage facilities, net	5,272,345	4,457,145
Cash and cash equivalents	136,157	54,400
Accounts receivable	15,845	15,464
Receivable from unconsolidated joint ventures	589	1,064
Investment in unconsolidated joint ventures	161,834	143,042
Prepaid expenses	11,740	8,326
Trade name	16,500	16,500
Other assets	46,407	31,907
Total Assets	5,661,417	4,727,848
Liabilities
Line of credit	0	0
Term notes, net	2,157,418	2,155,457
Accounts payable and accrued liabilities	128,824	112,654
Deferred revenue	24,925	17,416
Mortgages payable	37,220	37,777
Total Liabilities	2,348,387	2,323,304
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 200,000,000 shares authorized, 82,017,283 shares outstanding at September 30, 2021 (74,211,920 at December 31, 2020)	820	495
Additional paid-in capital	3,482,742	2,671,311
Dividends in excess of net income	(297,230)	(288,667)
Accumulated other comprehensive loss	(4,354)	(5,041)
Total Shareholders’ Equity	3,181,978	2,378,098
Total Liabilities and Shareholders' Equity/ Partners' Capital	5,661,417	4,727,848
Preferred Redeemable Stock [Member]
Liabilities
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	90,241	0
Redeemable Common Stock Member
Liabilities
Noncontrolling redeemable Common Operating Partnership Units at redemption value	40,811	26,446
Life Storage LP [Member]
Investment in storage facilities:
Land	1,078,022	951,813
Building, equipment, and construction in progress	5,165,247	4,378,510
Real estate investment property, at cost, total	6,243,269	5,330,323
Less: accumulated depreciation	(970,924)	(873,178)
Investment in storage facilities, net	5,272,345	4,457,145
Cash and cash equivalents	136,157	54,400
Accounts receivable	15,845	15,464
Receivable from unconsolidated joint ventures	589	1,064
Investment in unconsolidated joint ventures	161,834	143,042
Prepaid expenses	11,740	8,326
Trade name	16,500	16,500
Other assets	46,407	31,907
Total Assets	5,661,417	4,727,848
Liabilities
Line of credit	0	0
Term notes, net	2,157,418	2,155,457
Accounts payable and accrued liabilities	128,824	112,654
Deferred revenue	24,925	17,416
Mortgages payable	37,220	37,777
Total Liabilities	2,348,387	2,323,304
Shareholders' Equity/ Partners' Capital
General partner (100,000 and 745,461 units outstanding at September 30, 2021 and December 31, 2020, respectively)	33,130	24,045
Limited partners (1,000,000 and 73,466,459 units outstanding at September 30, 2021 and December 31, 2020, respectively)	3,153,202	2,359,094
Accumulated other comprehensive loss	(4,354)	(5,041)
Total Partners’ Capital	3,181,978	2,378,098
Total Liabilities and Shareholders' Equity/ Partners' Capital	5,661,417	4,727,848
Life Storage LP [Member] | Preferred Redeemable Stock [Member]
Liabilities
Limited partners redeemable capital interest at redemption value	90,241	0
Life Storage LP [Member] | Redeemable Common Stock Member
Liabilities
Limited partners redeemable capital interest at redemption value	$ 40,811	$ 26,446

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares outstanding	82,017,283	74,211,920
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	344,531	334,149
General partner, units outstanding	859,529	745,461
Limited partners, units outstanding	81,157,754	73,466,459
Life Storage LP [Member] | Preferred Redeemable Stock [Member]
Limited partners' redeemable capital interest, units outstanding	3,590,603	0
Life Storage LP [Member] | Redeemable Common Stock Member
Limited partners' redeemable capital interest, units outstanding	344,531	334,149

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental income	$ 182,937	$ 135,965	$ 496,316	$ 393,701
Other operating income	25,319	20,345	71,090	56,565
Total operating revenues	208,256	156,310	567,406	450,266
Expenses
Property operations and maintenance	42,638	36,199	119,953	101,297
Real estate taxes	21,397	17,729	61,794	52,751
General and administrative	16,141	13,369	45,407	38,498
Depreciation and amortization	37,158	33,018	106,287	90,335
Total operating expenses	117,334	100,315	333,441	282,881
Gain on sale of real estate	0	0	0	302
Income from operations	90,922	55,995	233,965	167,687
Other income (expenses)
Interest expense	(21,350)	(20,544)	(62,470)	(61,056)
Interest and dividend income	2	8	787	14
Equity in income of joint ventures	1,477	1,829	4,126	3,915
Net income	71,051	37,288	176,408	110,560
Net income attributable to common shareholders/unitholders	$ 70,274	$ 37,095	$ 175,172	$ 109,984
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.89	$ 0.52	$ 2.27	$ 1.56
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.89	$ 0.52	$ 2.27	$ 1.56
Common shares/units used in basic earnings per share/unit calculation	78,961,434	70,835,763	77,135,429	70,372,985
Common shares/units used in diluted earnings per share/unit calculation	79,179,816	70,949,859	77,303,339	70,478,471
Dividends/distributions declared per common share/unit	$ 0.74	$ 0.71	$ 2.22	$ 2.14
Preferred Redeemable Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interests in the Operating Partnership	$ (476)	$ 0	$ (476)	$ 0
Common Redeemable Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interests in the Operating Partnership	(301)	(193)	(760)	(576)
Life Storage LP [Member]
Revenues
Rental income	182,937	135,965	496,316	393,701
Other operating income	25,319	20,345	71,090	56,565
Total operating revenues	208,256	156,310	567,406	450,266
Expenses
Property operations and maintenance	42,638	36,199	119,953	101,297
Real estate taxes	21,397	17,729	61,794	52,751
General and administrative	16,141	13,369	45,407	38,498
Depreciation and amortization	37,158	33,018	106,287	90,335
Total operating expenses	117,334	100,315	333,441	282,881
Gain on sale of real estate	0	0	0	302
Income from operations	(90,922)	55,995	(233,965)	167,687
Other income (expenses)
Interest expense	(21,350)	(20,544)	(62,470)	(61,056)
Interest and dividend income	2	8	787	14
Equity in income of joint ventures	1,477	1,829	4,126	3,915
Net income	71,051	37,288	176,408	110,560
Net income attributable to common shareholders/unitholders	$ 70,274	$ 37,095	$ 175,172	$ 109,984
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.89	$ 0.52	$ 2.27	$ 1.56
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.89	$ 0.52	$ 2.27	$ 1.56
Common shares/units used in basic earnings per share/unit calculation	78,961,434	70,835,763	77,135,429	70,372,985
Common shares/units used in diluted earnings per share/unit calculation	79,179,816	70,949,859	77,303,339	70,478,471
Dividends/distributions declared per common share/unit	$ 0.74	$ 0.71	$ 2.22	$ 2.14
Net income attributable to general partner	$ 711	$ 373	$ 1,764	$ 1,106
Net income attributable to limited partners	69,563	36,722	173,408	108,878
Life Storage LP [Member] | Preferred Redeemable Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interests in the Operating Partnership	(476)	0	(476)	0
Life Storage LP [Member] | Common Redeemable Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interests in the Operating Partnership	$ (301)	$ (193)	$ (760)	$ (576)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 71,051	$ 37,288	$ 176,408	$ 110,560
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	230	687	688
Total comprehensive income	71,280	37,518	177,095	111,248
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	778	194	1,239	580
Comprehensive income attributable to common shareholders/unitholders	70,502	37,324	175,856	110,668
Life Storage LP [Member]
Net income	71,051	37,288	176,408	110,560
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	230	687	688
Total comprehensive income	71,280	37,518	177,095	111,248
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(778)	(194)	(1,239)	(580)
Comprehensive income attributable to common shareholders/unitholders	$ 70,502	$ 37,324	$ 175,856	$ 110,668

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net income	$ 176,408	$ 110,560
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	106,287	90,335
Amortization of debt issuance costs and bond discount	3,185	3,033
Gain on sale of real estate	0	(302)
Equity in income of joint ventures	(4,126)	(3,915)
Distributions from unconsolidated joint ventures	10,359	9,246
Non-vested stock earned	4,603	3,380
Deferred income taxes	(43)	1,266
Other	(236)	(178)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(271)	(1,562)
Prepaid expenses	(3,562)	(2,710)
Receipts from (advances to) joint ventures	475	(2,254)
Accounts payable and other liabilities	10,402	1,396
Deferred revenue	4,614	3,421
Net cash provided by operating activities	308,095	211,716
Investing Activities
Acquisition of storage facilities, net of cash acquired	(773,859)	(417,930)
Improvements, equipment additions, and construction in progress	(54,310)	(37,622)
Return of investment in unconsolidated joint ventures	36,911	28,008
Investment in unconsolidated joint ventures	(57,397)	(21,862)
Loans to unconsolidated subsidiaries	0	(35,850)
Loan payments received from unconsolidated subsidiaries	0	35,850
Property deposits	(11,914)	(129)
Net cash used in investing activities	(860,569)	(449,535)
Financing Activities
Net proceeds from sale of common stock partnership units	807,185	155,614
Proceeds from line of credit	459,000	285,000
Repayments of line of credit	(459,000)	(350,000)
Proceeds from term notes, net of discount	0	398,096
Debt issuance costs	(88)	(3,480)
Dividends paid - common stock	(170,666)	(150,357)
Distributions to noncontrolling interest holders	(740)	(785)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests	0	(2,000)
Redemption of Operating Partnership Units	(256)	(265)
Mortgage principal payments	(364)	(306)
Net cash provided by financing activities	635,071	331,517
Net decrease in cash and restricted cash	82,597	93,698
Cash and restricted cash at beginning of period	58,771	21,556
Cash and restricted cash at end of period	141,368	115,254
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	56,359	57,816
Cash paid for income taxes, net of refunds	940	859
Life Storage LP [Member]
Operating Activities
Net income	176,408	110,560
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	106,287	90,335
Amortization of debt issuance costs and bond discount	3,185	3,033
Gain on sale of real estate	0	(302)
Equity in income of joint ventures	(4,126)	(3,915)
Distributions from unconsolidated joint ventures	10,359	9,246
Non-vested stock earned	4,603	3,380
Deferred income taxes	(43)	1,266
Other	(236)	(178)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(271)	(1,562)
Prepaid expenses	(3,562)	(2,710)
Receipts from (advances to) joint ventures	475	(2,254)
Accounts payable and other liabilities	10,402	1,396
Deferred revenue	4,614	3,421
Net cash provided by operating activities	308,095	211,716
Investing Activities
Acquisition of storage facilities, net of cash acquired	(773,859)	(417,930)
Improvements, equipment additions, and construction in progress	(54,310)	(37,622)
Return of investment in unconsolidated joint ventures	36,911	28,008
Investment in unconsolidated joint ventures	(57,397)	(21,862)
Loans to unconsolidated subsidiaries	0	(35,850)
Loan payments received from unconsolidated subsidiaries	0	35,850
Property deposits	(11,914)	(129)
Net cash used in investing activities	(860,569)	(449,535)
Financing Activities
Net proceeds from sale of common stock partnership units	807,185	155,614
Proceeds from line of credit	459,000	285,000
Repayments of line of credit	(459,000)	(350,000)
Proceeds from term notes, net of discount	0	398,096
Debt issuance costs	(88)	(3,480)
Distributions to unitholders	(170,666)	(150,357)
Distributions to noncontrolling interest holders	(740)	(785)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests	0	(2,000)
Redemption of Operating Partnership Units	(256)	(265)
Mortgage principal payments	(364)	(306)
Net cash provided by financing activities	635,071	331,517
Net decrease in cash and restricted cash	82,597	93,698
Cash and restricted cash at beginning of period	58,771	21,556
Cash and restricted cash at end of period	141,368	115,254
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	56,359	57,816
Cash paid for income taxes, net of refunds	$ 940	$ 859

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 . Share and per share amounts and unit and per unit amounts as of and for the periods ending September 30, 2020 and December 31, 2020 have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	2. ORGANIZATION The Parent Company operates as a self-administered and self-managed real estate investment trust (a “REIT”) that owns and operates self-storage properties. All of the Parent Company’s assets are owned by, and all its operations are conducted through, the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership and, through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 98.6 % ownership interest therein as of September 30, 2021, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership. At September 30, 2021, we had an ownership interest in and/or managed 1,016 self-storage properties in 34 states. Among our 1,016 self-storage properties are 102 properties that we manage for unconsolidated joint ventures (see Note 10) and 255 properties that we manage and in which we have no ownership interest. We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. Prior to July 2, 2020, the Company owned 60 % of Warehouse Anywhere LLC. On July 2, 2020, the Company acquired the remaining ownership interest in Warehouse Anywhere LLC. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but over which we have significant influence are accounted for using the equity method. Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interests at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. There were 344,531 and 334,149 common noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2021 and December 31, 2020, respectively, and 3,590,603 and 0 preferred noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2021 and December 31, 2020, respectively. On August 19, 2021, the Company issued 3,590,603 preferred noncontrolling redeemable Operating Partnership Units in connection with the acquisition of certain self-storage facilities. The preferred noncontrolling redeemable Operating Partnership Units rank senior to all other partnership interests with respect to distributions and liquidation. The common unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The preferred unitholders are entitled to receive a fixed priority return of 4.5 % and the preferred noncontrolling redeemable Operating Partnership Units are convertible at the option of the unitholders after the earlier of (i) the first anniversary of the date of issuance, (ii) the date of death of an initial holder who is a natural person or (iii) the sale, lease or conveyance of all or substantially all of the assets of the Operating Partnership, into common noncontrolling redeemable Operating Partnership Units. Upon any such conversion, each preferred noncontrolling redeemable Operating Partnership Unit being converted shall be convertible into a number of common Operating Partnership Units equal to the quotient of (i) the stated value of the preferred noncontrolling redeemable Operating Partnership Units being converted (such stated value being $ 25.00 per preferred noncontrolling redeemable Operating Partnership Unit) plus any accrued and unpaid distributions, divided by (ii) the average closing price of the Parent Company's common stock over the 90 consecutive trading days ending the trading day preceding the date of conversion. The Operating Partnership is obligated to redeem each of the common noncontrolling redeemable Operating Partnership Units at the request of the holder thereof for cash equal to the fair market value of a share of the Parent Company’s common stock based on a 10-day average of the daily market price, at the time of such redemption, provided that the Company, at its option, may elect to acquire any such Unit presented for redemption for one common share or cash . The Company accounts for the noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. The application of the ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount) for the common noncontrolling redeemable Operating Partnership Units. The offset to the adjustment to the carrying amount of the common noncontrolling redeemable Operating Partnership Units is reflected in the Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, common noncontrolling redeemable Operating Partnership Units are reflected at redemption value at September 30, 2021 and December 31, 2020, equal to the number of common noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates. ASC Topic 480-10-S99 requires the preferred noncontrolling redeemable Operating Partnership Units to be valued at fair value as of the date of issuance and to continue to be recorded at the value determined at initial measurement plus any accrued distributions. The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Nine Months Beginning balance $ 26,446 Net income attributable to noncontrolling common interests 760 Issuance of units 1,500 Redemption of units ( 224 ) Distributions ( 740 ) Adjustment to redemption value 13,069 Ending balance $ 40,811 , the Operating Partnership issued 12,882 common noncontrolling redeemable Operating Partnership Units with a fair value of $ 1.5 million as part of the consideration paid to acquire certain self-storage properties. The fair value of these units on the date of issuance was determined based upon the fair market value of the Company’s common stock on that date. The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Nine Months Beginning balance $ — Net income attributable to noncontrolling preferred interests 476 Issuance of units 89,765 Ending balance $ 90,241 The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Rental income $ 182,937 $ 135,965 $ 496,316 $ 393,701 Management and acquisition fee income 5,360 4,518 16,091 13,107 Revenues related to tenant reinsurance 15,485 11,616 41,810 32,508 Other 4,474 4,211 13,189 10,950 Total operating revenues $ 208,256 $ 156,310 $ 567,406 $ 450,266 Management and acquisition fee income and revenues related to tenant reinsurance are included in other operating income in the consolidated statements of operations. During the nine months ended September 30, 2021, approximately 18 % and 13 % of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	3. STOCK BASED COMPENSATION The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “ Compensation - Stock Compensation. ” The Company recognizes compensation cost in its financial statements for all share-based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period. For the three months ended September 30, 2021 and 2020, the Company recorded compensation expense of $ 1,683,000 and $ 1,107,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. For the nine months ended September 30, 2021 and 2020, the Company recorded compensation expense of $ 4,603,000 and $ 3,380,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. No stock options were exercised by employees or directors during the three and nine months ended September 30, 2021 and 2020. During the three months ended September 30, 2021 and 2020, 563 and 379 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2021 and 2020, 29,913 and 17,775 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2021, the Company issued 36,666 shares of non-vested stock to employees and directors which vest over periods ranging from one to five years . The per-share fair market value on the date of grant of the non-vested stock issued during the nine months ended September 30, 2021 ranged from $ 84.06 to $ 123.32 , resulting in an aggregate fair value of $ 3.7 million. During the nine months ended September 30, 2021, the Company granted performance-based awards that entitle recipients to earn up to 19,500 shares of Company stock if certain performance criteria are achieved over a three-year period. The Company estimated the aggregate fair value of the awards on the grant date to be $ 0.8 million. In September 2021, the Company announced that current Chief Operating Officer, Edward Killeen, would be retiring effective December 31, 2021. In conjunction with this announcement, the vesting periods of certain restricted stock awards previously granted to Mr. Killeen were accelerated to reflect his December 31, 2021 retirement date. As a result of this change, an additional $ 0.2 million of compensation expense was recorded during the three and nine months ended September 30, 2021 and additional compensation expense of $ 0.5 million is expected to be recorded during the three months ended December 31, 2021.

Cash and Restricted Cash

Cash and Restricted Cash	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash and Restricted Cash	4. CASH AND RESTRICTED CASH Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) September 30, December 31, September 30, Cash $ 136,157 $ 54,400 $ 110,247 Restricted cash 5,211 4,371 5,007 Total cash and restricted cash $ 141,368 $ 58,771 $ 115,254

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investment in Storage Facilities and Intangible Assets	5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the nine months ended September 30, 2021: (dollars in thousands) Cost: Beginning balance $ 5,330,323 Acquisition of storage facilities 858,781 Improvements and equipment additions 33,125 Net increase in construction in progress 21,501 Dispositions ( 461 ) Ending balance $ 6,243,269 Accumulated Depreciation: Beginning balance $ 873,178 Additions during the period 97,951 Dispositions ( 205 ) Ending balance $ 970,924 The Company acquired 62 self-storage facilities during the nine months ended September 30, 2021. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The purchase prices of the facilities acquired in 2021 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number Date of Purchase Cash Value of Operating Partnership Units Issued Net Other Land Building, In-Place SC 1 1/4/2021 $ 8,070 $ 8,042 $ — $ 28 $ 812 $ 7,153 $ 105 CA 1 1/21/2021 18,287 18,251 — 36 1,322 16,830 135 NY 1 3/4/2021 47,947 47,933 — 14 10,591 37,020 336 FL 8 3/11/2021 85,156 84,586 — 570 13,381 70,538 1,237 AZ 3 3/24/2021 67,089 66,890 — 199 7,129 59,320 632 WA 2 3/25/2021 39,666 39,495 — 171 6,166 33,037 443 FL 1 5/3/2021 16,545 16,497 — 48 1,658 14,739 148 NJ 5 5/12/2021 90,944 90,710 — 234 11,557 78,116 1,271 NC 2 6/1/2021 26,942 26,793 — 149 2,209 24,395 338 TX 4 6/10/2021 44,563 43,952 — 611 9,163 34,746 654 FL 1 6/16/2021 14,344 14,235 — 109 2,601 11,526 217 FL, NH 3 6/22/2021 59,618 59,257 — 361 19,101 39,752 765 NC 1 6/23/2021 14,539 14,468 — 71 657 13,695 187 NH 2 7/29/2021 22,315 22,311 — 4 6,271 15,743 301 FL 1 8/17/2021 14,846 14,740 — 106 2,884 11,789 173 AL, CO, FL, GA, KY, OH, OK, SC, TX 22 8/19/2021 229,982 137,188 91,265 1,529 23,173 203,682 3,127 AZ 1 8/25/2021 17,190 17,187 — 3 1,034 15,974 182 GA 3 9/1/2021 51,707 51,375 — 332 5,570 45,447 690 Total acquired in 2021 62 $ 869,750 $ 773,910 $ 91,265 $ 4,575 $ 125,279 $ 733,502 $ 10,941 The facility purchased in New York in the first quarter of 2021 was acquired from SNL Orix Merrick (“Merrick”), an unconsolidated joint venture in which the Company holds a 5 % ownership interest. In accordance with ASC Topic 970, “ Real Estate – General, ” ("ASC 970") the Company recorded its equity in the profit from the sale of this self-storage facility as a reduction in the respective purchase price allocated to land and depreciable fixed assets. In addition to the $ 47.9 million cash payment for the self-storage facility acquired from Merrick, the Company also recognized $ 0.8 million as a return on the Company’s investment in Merrick as discussed further in Note 10. The three facilities purchased in Georgia in September 2021 were acquired from Life Storage-SERS Storage LLC ("SERS"), an unconsolidated joint venture in which the Company holds a 20 % ownership interest. In accordance with ASC 970, the Company recorded its equity in the profit from the sale of these self-storage facilities as a reduction in the respective purchase price allocated to land and depreciable fixed assets. In addition to the $ 51.7 million cash payment for the self-storage facilities acquired from SERS, the Company also recognized $ 8.3 million as a return on the Company’s investment in SERS as discussed further in Note 10. Non-cash investing activities during the nine months ended September 30, 2021 include the issuance of $ 89.8 million in preferred Operating Partnership Units valued based upon a stated/liquidation value agreed upon at the time of acquisition, the issuance of $ 1.5 million in common Operating Partnership Units valued based on the average closing price of the Parent Company's common stock over the 30 consecutive trading days ending 2 trading days before the closing, and the assumption of net other liabilities totaling $ 4.6 million. The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method. In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) September 30, December 31, In-place customer leases $ 97,804 $ 86,863 Accumulated amortization ( 89,805 ) ( 81,455 ) Net carrying value at the end of period $ 7,999 $ 5,408 Amortization expense related to in-place customer leases was $ 3.6 million and $ 8.4 million for the three and nine months ended September 30, 2021, respectively, and $ 1.1 million and $ 3.8 million for the three and nine months ended September 30, 2020, respectively, and is included in depreciation and amortization expense on the consolidated statements of operations. Change in Useful Life Estimates As part of the Company’s capital improvement efforts, buildings at certain self-storage facilities were identified for replacement during 2019, 2020, and 2021. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in an increase in depreciation expense of approximately $ 2.5 million during the nine months ended September 30, 2021 and approximately $ 4.4 million during both the three and nine months ended September 30, 2020. Such facilities identified for replacement had minimal impact on depreciation expense during the three months ended September 30, 2021. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of September 30, 2021 will have a minimal impact on depreciation expense during the remainder of 2021. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by approximately $ 0.03 for the nine months ended September 30, 2021 and by $ 0.06 for both the three and nine months ended September 30, 2020.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Unsecured Line of Credit and Term Notes	6. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) September 30, December 31, Revolving line of credit borrowings $ — $ — Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Total term note principal balance outstanding 2,175,000 2,175,000 Less: unamortized debt issuance costs ( 11,563 ) ( 12,833 ) Less: unamortized senior term note discount ( 6,019 ) ( 6,710 ) Term notes payable $ 2,157,418 $ 2,155,457 The Company’s unsecured amended credit agreement includes a revolving credit facility with a limit of $ 500 million with a maturity date of March 10, 2023 , and initially included a term note in the principal amount of $ 100 million with a maturity date of June 4, 2020 which has since been repaid. Such credit agreement provides for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at September 30, 2021 the margin is 0.95 %), interest on any term notes at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at September 30, 2021 the margin is 1.00 %), and requires an annual facility fee on the revolving credit facility which varies based upon the Company’s credit rating (at September 30, 2021 the facility fee is 0.15 %). The interest rate on the Company’s revolving credit facility at September 30, 2021 was approximately 1.04 % ( 1.09 % at December 31, 2020) and the interest rate on any term notes at September 30, 2021 was approximately 1.09 % ( 1.14 % at December 31, 2020). At September 30, 2021 there was $ 499.9 million available on the unsecured line of credit. The Company has the option under this credit facility to increase the total aggregate borrowing capacity of the facilities to $ 900 million. On September 23, 2020, the Operating Partnership issued $ 400 million in aggregate principal amount of 2.200 % unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476 % discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $ 1.9 million and underwriting and other offering expenses of $ 3.5 million, totaled $ 394.6 million. On June 3, 2019, the Operating Partnership issued $ 350 million in aggregate principal amount of 4.000 % unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524 % discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $ 1.8 million and underwriting discount and other offering expenses of $ 3.1 million, totaled $ 345.1 million. On December 7, 2017, the Operating Partnership issued $ 450 million in aggregate principal amount of 3.875 % unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477 % discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $ 2.1 million and underwriting discount and other offering expenses of $ 4.0 million, totaled $ 443.9 million. On June 20, 2016, the Operating Partnership issued $ 600 million in aggregate principal amount of 3.50 % unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553 % discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $ 3.3 million and underwriting discount and other offering expenses of $ 5.5 million, totaled $ 591.2 million. The 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60 % and an interest coverage ratio of more than 1.5 :1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40 % after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150 % of the unsecured indebtedness of the Company and its consolidated subsidiaries. At September 30, 2021, the Company was in compliance with such covenants. On July 21, 2016, the Company entered into a $ 200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67 %. On April 8, 2014, the Company entered into a $ 175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533 %. The interest rate on the term note increases to 6.283 % if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At September 30, 2021, the Company was in compliance with such covenants. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at September 30, 2021, the entire availability on the line of credit could be drawn without violating our debt covenants. The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control. Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at September 30, 2021 and December 31, 2020. Amortization expense related to deferred debt issuance costs was $ 0.6 million for each of the three months ended September 30, 2021 and 2020 and $ 1.8 million for each of the nine months ended September 30, 2021 and 2020 , and is included in interest expense in the consolidated statements of operations.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at September 30, 2021 and December 31, 2020 consist of the following: (dollars in thousands) September 30, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.1 4.33 %) $ 3,755 $ 3,832 5.26 % mortgage note due November 1, 2023 , secured by one 7.7 5.59 %) 3,670 3,728 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 54.4 million, principal and interest paid monthly 3.20 %) 22,491 22,684 4.44 % mortgage note due July 6, 2025 , secured by one 13.5 million, principal and interest paid monthly 4.51 %) 6,257 6,343 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.4 6.45 %) 1,047 1,190 Total mortgages payable $ 37,220 $ 37,777 The table below summarizes the Company’s debt obligations at September 30, 2021 . The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as such debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2021 2022 2023 2024 2025 Thereafter Total Fair Line of credit - variable rate 0.95 % ( 1.04 % at $ — $ — $ — $ — $ — $ — $ — $ — Notes Payable: Term note - fixed rate 4.533 % — — — 175,000 — — 175,000 192,518 Term note - fixed rate 3.50 % — — — — — 600,000 600,000 656,688 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 497,718 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 217,353 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 398,184 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 389,246 Mortgage note - fixed rate 4.065 % 27 108 3,620 — — — 3,755 3,870 Mortgage note - fixed rate 5.26 % 20 83 3,567 — — — 3,670 3,914 Mortgage notes - fixed rate 4.4625 % — — — 22,491 — — 22,491 23,261 Mortgage note - fixed rate 4.44 % 33 125 130 136 5,833 — 6,257 6,731 Mortgage note - fixed rate 5.99 % 49 203 216 229 244 106 1,047 1,140 Total $ 129 $ 519 $ 7,533 $ 197,856 $ 6,077 $ 2,000,106 $ 2,212,220

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. DERIVATIVE FINANCIAL INSTRUMENTS In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. These interest rate swaps qualify and have been designated as hedges of the amount of future cash flows related to interest payments on this fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for approximately $ 9.2 million. The $ 9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Such amortization is included in amortization of debt issuance costs and bond discount in the consolidated statements of cash flows. The changes in AOCL for the three and nine months ended September 30, 2021 and 2020 are summarized as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Accumulated other comprehensive loss beginning $ ( 4,583 ) $ ( 5,500 ) $ ( 5,041 ) $ ( 5,958 ) Realized loss reclassified from accumulated other 229 230 687 688 Accumulated other comprehensive loss end of period $ ( 4,354 ) $ ( 5,270 ) $ ( 4,354 ) $ ( 5,270 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. FAIR VALUE MEASUREMENTS The Company applies the provisions of ASC Topic 820 “ Fair Value Measurements and Disclosures ” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 .

Investment in Joint Ventures

Investment in Joint Ventures	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	10. INVESTMENT IN JOINT VENTURES A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20 % $ 58.9 million $ 60.5 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15 % ($ 4.7 million) $ 27.3 million Life Storage-SERS Storage LLC (“SERS”) 3 — 20 % — $ 3.0 million Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.9 million $ 14.3 million 191 V Life Storage Holdings LLC ("191 V") 4 17 20 % $ 27.8 million — Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.4 million) ($ 2.5 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 14.7 million $ 16.7 million Life Storage Virtus, LLC ("Virtus") 6 1 20 % $ 1.3 million $ 1.5 million SNL Orix Merrick, LLC ("Merrick") 7 — 5 % — $ 2.5 million SNL/Orix 1200 McDonald Ave., LLC ("McDonald") 8 1 86% $ 30.0 million $ 2.7 million Joint ventures with properties in development stage 9 6 Various $ 10.6 million $ 9.1 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $ 4.6 million $ 5.4 million 1 In September 2020, the Company acquired 17 self-storage facilities and related assets from Sovran HHF for total consideration of $ 175.2 million, which is net of the Company’s share of Sovran HHF’s gain resulting from the transaction. In connection with this transaction, non-recourse loans with principal balances totaling $ 34.0 million were settled. Also in September 2020, Sovran HHF sold four self-storage facilities to an unrelated third-party for total consideration of $ 42.3 million, resulting in a gain on sale of $ 2.1 million. As of September 30, 2021 , the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $ 1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. 2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $ 120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $ 35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $ 12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $ 69.1 million in existing nonrecourse mortgage debt and entered into $ 110 million of new nonrecourse mortgage debt which matures in 2029 . As a result of the net proceeds from these transactions, the Company received a distribution of $ 31.6 million from Sovran HHF II on April 1, 2021 which is included in return of investment in unconsolidated joint ventures on the consolidated statement of cash flows at September 30, 2021. 3 In September 2021, the Company acquired three self-storage facilities and related assets from SERS for total consideration of $ 51.7 million which is net of the Company’s share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. See Note 5 for additional information regarding this transaction. As SERS no longer operates any self-storage facilities subsequent to the sale of the three self-storage facilities to the Company, the Company received a distribution of $ 2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022. 4 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $ 320 million, at which time 191 V entered into $ 184 million of nonrecourse mortgage debt which matures in 2026 . During 2021, the Company contributed $ 28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 1.1 million and $ 0.9 million during the nine months ended September 30, 2021 and 2020, respectively. 6 In February 2020, the Company executed a joint venture agreement, Life Storage Virtus, LLC, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During the first quarter of 2020, Virtus acquired a self-storage facility for a total of $ 21.7 million. In connection with this acquisition, Virtus entered into $ 14.0 million of non-recourse mortgage debt. During 2020, the Company contributed $ 1.7 million to Virtus as the Company’s share of the initial capital investment in the joint venture. 7 In March 2021, the Company acquired a self-storage facility and related assets from Merrick for total consideration of $ 47.9 million which is net of the Company’s share of Merrick’s gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by Merrick were settled. 8 In September 2021, the Company made an additional investment of $ 27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5 % to 86 %. 9 The Company has entered into six separate joint ventures, two of which are developing self-storage facilities in Ontario, Canada, three of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tucson, AZ, market. The Company has contributed an aggregate total of $ 10.6 million as its share of capital to these joint ventures. Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that none of the joint ventures at September 30, 2021 are a variable interest entity (“VIE”) in accordance with ASC 810, “ Consolidation .” The Company used the voting model under ASC 810 to determine whether or not to consolidate the joint ventures. Based upon each member’s substantive participation rights over the activities as stipulated in the joint venture agreements, none of the joint ventures evaluated under the voting model are consolidated by the Company. Due to the Company’s significant influence over the operations of each of the joint ventures, all above joint ventures are accounted for under the equity method of accounting. The carrying values of the Company’s investments in joint ventures are assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on any of the Company’s investments in joint ventures. As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $ 2.3 million and $ 2.2 million for the three months ended September 30, 2021 and 2020, respectively, and $ 5.9 million and $ 6.7 million for the nine months ended September 30, 2021 and 2020, respectively. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Sovran HHF $ 846 $ 1,320 $ 2,247 $ 3,103 Sovran HHF II 435 642 1,157 1,543 Other unconsolidated joint ventures 196 ( 133 ) 722 ( 731 ) $ 1,477 $ 1,829 $ 4,126 $ 3,915 The Company does not guarantee the debt of any of its equity method investees. We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company recorded federal and state income tax expense of $ 0.7 million and $ 1.0 million for the three months ended September 30, 2021 and 2020, respectively, and $ 1.9 million and $ 2.6 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At September 30, 2021 and 2020 , there were no material unrecognized tax benefits, and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of September 30, 2021, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $ 0.4 million and a deferred tax liability of $ 1.7 million. As of December 31, 2020 , the Company’s taxable REIT subsidiaries had deferred tax assets of $ 0.4 million and a deferred tax liability of $ 1.7 million. The tax years 2017 - 2020 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35 % to a flat 21 % rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	12. EARNINGS PER SHARE AND EARNINGS PER UNIT The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “ Earnings Per Share .” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Three Months Nine Months Nine Months Numerator: Net income attributable to common shareholders $ 70,274 $ 37,095 $ 175,172 $ 109,984 Denominator: Denominator for basic earnings per share – weighted 78,961 70,836 77,135 70,373 Effect of Dilutive Securities: Stock options and non-vested stock 219 114 168 105 Denominator for diluted earnings per share – adjusted 79,180 70,950 77,303 70,478 Basic earnings per common share attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Diluted earnings per common share attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Nine Months Nine Months Numerator: Net income attributable to common unitholders $ 70,274 $ 37,095 $ 175,172 $ 109,984 Denominator: Denominator for basic earnings per unit – weighted 78,961 70,836 77,135 70,373 Effect of Dilutive Securities: Stock options and non-vested stock 219 114 168 105 Denominator for diluted earnings per unit – adjusted 79,180 70,950 77,303 70,478 Basic earnings per common unit attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Diluted earnings per common unit attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 111,260 unvested restricted shares for the three months ended September 30, 2021, and 92,123 unvested restricted shares for the three months ended September 30, 2020, because their effect would be antidilutive. Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 136,710 unvested restricted shares for the nine months ended September 30, 2021, and 102,714 unvested restricted shares for the nine months ended September 30, 2020 , because their effect would be antidilutive. Additionally, not included in the effective of dilutive securities above for both earning per share and earnings per unit for the three and nine months ended September 30, 2021 is the effect of 3,590,603 preferred noncontrolling redeemable Operating Partnership Units as such Units are not redeemable at September 30, 2021.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	13. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2021: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2020 $ 495 $ 2,671,311 $ ( 288,667 ) $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 ( 252 ) — — — Carrying value less than redemption value on — ( 4 ) — — ( 4 ) Adjustment to redemption value on — — ( 2,358 ) — ( 2,358 ) Net income attributable to common — — 47,383 — 47,383 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 55,840 ) — ( 55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ ( 299,482 ) $ ( 4,812 ) $ 2,549,490 Net proceeds from issuance of common stock 16 148,309 — — 148,325 Earned portion of non-vested stock — 1,467 — — 1,467 Carrying value less than redemption value on — ( 13 ) — — ( 13 ) Adjustment to redemption value on — — ( 7,142 ) — ( 7,142 ) Net income attributable to common — — 57,516 — 57,516 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 56,873 ) — ( 56,873 ) Balance June 30, 2021 $ 781 $ 3,002,782 $ ( 305,981 ) $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of common stock 39 478,292 — — 478,331 Earned portion of non-vested stock — 1,683 — — 1,683 Carrying value less than redemption value on — ( 15 ) — — ( 15 ) Adjustment to redemption value on — — ( 3,570 ) — ( 3,570 ) Net income attributable to common — — 70,274 — 70,274 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 57,953 ) — ( 57,953 ) Balance September 30, 2021 $ 820 $ 3,482,742 $ ( 297,230 ) $ ( 4,354 ) $ 3,181,978 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2020: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2019 $ 467 $ 2,376,723 $ ( 238,338 ) $ ( 5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 49,969 ) — ( 49,969 ) Balance March 31, 2020 $ 469 $ 2,399,311 $ ( 246,332 ) $ ( 5,729 ) $ 2,147,719 Earned portion of non-vested stock — 1,071 — — 1,071 Adjustment to redemption value on — — ( 2,609 ) — ( 2,609 ) Net income attributable to common shareholders — — 36,457 — 36,457 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 50,186 ) — ( 50,186 ) Balance June 30, 2020 $ 469 $ 2,400,382 $ ( 262,670 ) $ ( 5,500 ) $ 2,132,681 Net proceeds from issuance of common stock 13 134,213 — — 134,226 Earned portion of non-vested stock — 1,107 — — 1,107 Adjustment to redemption value on — — ( 2,948 ) — ( 2,948 ) Purchases of equity in consolidated subsidiary — ( 2,300 ) — — ( 2,300 ) Net income attributable to common shareholders — — 37,095 — 37,095 Amortization of terminated hedge included in — — — 230 230 Dividends — — ( 50,203 ) — ( 50,203 ) Balance September 30, 2020 $ 482 $ 2,533,402 $ ( 278,726 ) $ ( 5,270 ) $ 2,249,888 On June 14, 2018, the Company entered into a continuous equity offering program (“2018 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $ 300 million in aggregate offering price of shares of the Company’s common stock. The 2018 Equity Program was replaced on December 29, 2020, when the Company entered into a continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $ 500 million in aggregate offering price of shares of the Company’s common stock. The 2020 Equity Program was replaced on June 15, 2021 when the Company entered into a new continuous equity offering program ("2021 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $ 500 million in aggregate offering price of shares of the Company's stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. During the nine-month period ended September 30, 2021, the Company issued 4,838,200 shares of common stock under the 2020 Equity Program and the 2021 Equity Program at a weighted average issue price of $ 95.80 per share, generating net proceeds of $ 458.2 million after deducting $ 4.6 million of sales commissions paid to the sales agents, as well as other expenses of $ 0.7 million. The Company used such proceeds primarily to fund a portion of the acquisition of the 62 storage facilities during the nine months ended September 30, 2021. During the nine months ended September 30, 2020, the Company issued 2,213,924 shares of common stock under the 2018 Equity Program at a weighted average issue price of $ 71.09 per share, generating net proceeds of $ 155.8 million after deducting $ 1.6 million of sales commissions paid to the sales agents, as well as other expenses of $ 0.2 million. The Company used such proceeds to fund a portion of the acquisition of the 31 storage facilities during the nine months ended September 30, 2020. On September 16, 2021, the Company completed the public offering of 2,875,000 shares of the Company's common stock at $ 122.30 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $ 348.8 million. The Company used the net proceeds from the offering to repay amounts outstanding under the Company's revolving credit facility, to fund acquisitions, and for general corporate purposes. On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $ 200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did no t repurchase any outstanding common shares under the Buyback Program during the nine months ended September 30, 2021 or during the nine months ended September 30, 2020. In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did no t issue any shares under the Dividend Reinvestment Plan during the nine months ended September 30, 2021 and 2020. On January 4, 2021, the Company announced a three-for-two stock split of the Company’s common stock, to be made in the form of a 50 % stock dividend. Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned. These additional shares were distributed on January 27, 2021, with cash distributed in lieu of fractional shares based on the closing price on the record date.

Partners' Capital

Partners' Capital	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2020 $ 24,045 $ 2,359,094 $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership Units 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed ( 1 ) ( 3 ) — ( 4 ) Adjustment to redemption value on noncontrolling — ( 2,358 ) — ( 2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 561 ) ( 55,279 ) — ( 55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ ( 4,812 ) $ 2,549,490 Net proceeds from issuance of Operating Partnership Units 1,483 146,842 — 148,325 Earned portion of non-vested stock 15 1,452 — 1,467 Carrying value less than redemption value on redeemed ( 1 ) ( 12 ) — ( 13 ) Adjustment to redemption value on noncontrolling — ( 7,142 ) — ( 7,142 ) Net income attributable to common unitholders 578 56,938 — 57,516 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 572 ) ( 56,301 ) — ( 56,873 ) Balance June 30, 2021 $ 27,287 $ 2,670,295 $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of Operating Partnership Units 4,783 473,548 — 478,331 Earned portion of non-vested stock 17 1,666 — 1,683 Issuance of common Operating Partnership Units 15 ( 15 ) — — Issuance of preferred Operating Partnership Units 898 ( 898 ) — — Carrying value less than redemption value on redeemed ( 1 ) ( 14 ) — ( 15 ) Adjustment to redemption value on noncontrolling — ( 3,570 ) — ( 3,570 ) Net income attributable to common unitholders 711 69,563 — 70,274 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 582 ) ( 57,371 ) — ( 57,953 ) Balance September 30, 2021 $ 33,130 $ 3,153,202 $ ( 4,354 ) $ 3,181,978 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2020: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2019 $ 21,594 $ 2,117,258 $ ( 5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 502 ) ( 49,467 ) — ( 49,969 ) Balance March 31, 2020 $ 21,683 $ 2,131,765 $ ( 5,729 ) $ 2,147,719 Earned portion of non-vested stock 11 1,060 — 1,071 Adjustment to redemption value on noncontrolling — ( 2,609 ) — ( 2,609 ) Net income attributable to common unitholders 366 36,091 — 36,457 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 504 ) ( 49,682 ) — ( 50,186 ) Balance June 30, 2020 $ 21,558 $ 2,116,623 $ ( 5,500 ) $ 2,132,681 Net proceeds from issuance of Operating Partnership Units 1,342 132,884 — 134,226 Earned portion of non-vested stock 12 1,095 — 1,107 Adjustment to redemption value on noncontrolling — ( 2,948 ) — ( 2,948 ) Purchases of equity in consolidated subsidiary from ( 23 ) ( 2,277 ) — ( 2,300 ) Net income attributable to common unitholders 373 36,722 — 37,095 Amortization of terminated hedge included in AOCL 2 ( 2 ) 230 230 Distributions ( 505 ) ( 49,698 ) — ( 50,203 ) Balance September 30, 2020 $ 22,759 $ 2,232,399 $ ( 5,270 ) $ 2,249,888

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management is evaluating the impact that the adoption of ASU 2020-06 will have on the Company, including, but not limited to, the accounting for the Company’s noncontrolling redeemable Operating Partnership Units.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	16. COMMITMENT AND CONTINGENCIES The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of warehousing and corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of September 30, 2021. At September 30, 2021 and December 31, 2020 , the Company’s aggregate right-of-use assets total $ 19.9 million and $ 20.3 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at September 30, 2021 and December 31, 2020 total $ 19.4 million and $ 19.9 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet. Expenses related to operating leases totaled $ 0.6 million and $ 0.5 million for the three months ended September 30, 2021 and 2020 , respectively, and $ 1.8 million and $ 1.6 million for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021 , the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 10.5 years and 4.57 %, respectively. At September 30, 2021 , the Company has approximately $ 25.0 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2021 $ 516 2022 2,657 2023 2,663 2024 2,584 2025 2,402 Thereafter 14,181 Total $ 25,003 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at September 30, 2021 is the result of the impact of the discount rate on future minimum lease payments. On September 28, 2021, the Company entered into an underwriting agreement with multiple underwriters relating to the public offering by the Operating Partnership of $ 600 million aggregate principal amount of 2.400 % unsecured senior notes due October 15, 2031 (the "2031 Senior Notes"). The 2031 Senior Notes were issued at 0.917 % discount to par value on October 7, 2021. Interest on the 2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, beginning April 15, 2022 . Proceeds received upon issuance, net of discount to par of $ 5.5 million, and underwriting discount and other offering expenses of $ 5.1 million, totaled $ 589.4 million. At September 30, 2021 , the Company was under contract to acquire 33 self-storage facilities for an aggregate purchase price of $ 548.9 million. At September 30, 2021 , the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $ 51.4 million under these contracts in 2021 and 2022.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On October 1, 2021 , the Company declared a quarterly dividend of $ 0.86 per common share. The dividend was paid on October 26, 2021 to shareholders of record on October 13, 2021 . The total dividend paid amounted to $ 70.5 million. In addition to the 33 self-storage facilities under contract at September 30, 2021, subsequent to September 30, 2021, the Company entered into contracts to acquire an additional 20 self-storage facilities for an aggregate purchase price of $ 322.4 million. The Company acquired 13 facilities subsequent to September 30, 2021 for an aggregate purchase price of $ 234.5 million. The purchases of the remaining 40 self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. In connection with the acquisition of certain of the self-storage facilities subsequent to September 30, 2021, the Company issued a total of 304,585 common noncontrolling redeemable Operating Partnership Units.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management is evaluating the impact that the adoption of ASU 2020-06 will have on the Company, including, but not limited to, the accounting for the Company’s noncontrolling redeemable Operating Partnership Units.

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Reconciliation of Noncontrolling redeemable common capital Interests	The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Nine Months Beginning balance $ 26,446 Net income attributable to noncontrolling common interests 760 Issuance of units 1,500 Redemption of units ( 224 ) Distributions ( 740 ) Adjustment to redemption value 13,069 Ending balance $ 40,811
Summary of Preferred NonControlling redeemable preferred capital operating partenership	The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Nine Months Beginning balance $ — Net income attributable to noncontrolling preferred interests 476 Issuance of units 89,765 Ending balance $ 90,241
Summary of Disaggregated Revenues	The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Rental income $ 182,937 $ 135,965 $ 496,316 $ 393,701 Management and acquisition fee income 5,360 4,518 16,091 13,107 Revenues related to tenant reinsurance 15,485 11,616 41,810 32,508 Other 4,474 4,211 13,189 10,950 Total operating revenues $ 208,256 $ 156,310 $ 567,406 $ 450,266

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2021
Cash and Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Restricted Cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) September 30, December 31, September 30, Cash $ 136,157 $ 54,400 $ 110,247 Restricted cash 5,211 4,371 5,007 Total cash and restricted cash $ 141,368 $ 58,771 $ 115,254

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the nine months ended September 30, 2021: (dollars in thousands) Cost: Beginning balance $ 5,330,323 Acquisition of storage facilities 858,781 Improvements and equipment additions 33,125 Net increase in construction in progress 21,501 Dispositions ( 461 ) Ending balance $ 6,243,269 Accumulated Depreciation: Beginning balance $ 873,178 Additions during the period 97,951 Dispositions ( 205 ) Ending balance $ 970,924
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2021 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number Date of Purchase Cash Value of Operating Partnership Units Issued Net Other Land Building, In-Place SC 1 1/4/2021 $ 8,070 $ 8,042 $ — $ 28 $ 812 $ 7,153 $ 105 CA 1 1/21/2021 18,287 18,251 — 36 1,322 16,830 135 NY 1 3/4/2021 47,947 47,933 — 14 10,591 37,020 336 FL 8 3/11/2021 85,156 84,586 — 570 13,381 70,538 1,237 AZ 3 3/24/2021 67,089 66,890 — 199 7,129 59,320 632 WA 2 3/25/2021 39,666 39,495 — 171 6,166 33,037 443 FL 1 5/3/2021 16,545 16,497 — 48 1,658 14,739 148 NJ 5 5/12/2021 90,944 90,710 — 234 11,557 78,116 1,271 NC 2 6/1/2021 26,942 26,793 — 149 2,209 24,395 338 TX 4 6/10/2021 44,563 43,952 — 611 9,163 34,746 654 FL 1 6/16/2021 14,344 14,235 — 109 2,601 11,526 217 FL, NH 3 6/22/2021 59,618 59,257 — 361 19,101 39,752 765 NC 1 6/23/2021 14,539 14,468 — 71 657 13,695 187 NH 2 7/29/2021 22,315 22,311 — 4 6,271 15,743 301 FL 1 8/17/2021 14,846 14,740 — 106 2,884 11,789 173 AL, CO, FL, GA, KY, OH, OK, SC, TX 22 8/19/2021 229,982 137,188 91,265 1,529 23,173 203,682 3,127 AZ 1 8/25/2021 17,190 17,187 — 3 1,034 15,974 182 GA 3 9/1/2021 51,707 51,375 — 332 5,570 45,447 690 Total acquired in 2021 62 $ 869,750 $ 773,910 $ 91,265 $ 4,575 $ 125,279 $ 733,502 $ 10,941
Schedule of In-place Customer Leases	In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) September 30, December 31, In-place customer leases $ 97,804 $ 86,863 Accumulated amortization ( 89,805 ) ( 81,455 ) Net carrying value at the end of period $ 7,999 $ 5,408

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Borrowings Outstanding on Unsecured Line of Credit and Term Notes	Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) September 30, December 31, Revolving line of credit borrowings $ — $ — Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Total term note principal balance outstanding 2,175,000 2,175,000 Less: unamortized debt issuance costs ( 11,563 ) ( 12,833 ) Less: unamortized senior term note discount ( 6,019 ) ( 6,710 ) Term notes payable $ 2,157,418 $ 2,155,457

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at September 30, 2021 and December 31, 2020 consist of the following: (dollars in thousands) September 30, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.1 4.33 %) $ 3,755 $ 3,832 5.26 % mortgage note due November 1, 2023 , secured by one 7.7 5.59 %) 3,670 3,728 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 54.4 million, principal and interest paid monthly 3.20 %) 22,491 22,684 4.44 % mortgage note due July 6, 2025 , secured by one 13.5 million, principal and interest paid monthly 4.51 %) 6,257 6,343 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.4 6.45 %) 1,047 1,190 Total mortgages payable $ 37,220 $ 37,777
Summary of Debt Obligations and Interest Rate Derivatives	Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2021 2022 2023 2024 2025 Thereafter Total Fair Line of credit - variable rate 0.95 % ( 1.04 % at $ — $ — $ — $ — $ — $ — $ — $ — Notes Payable: Term note - fixed rate 4.533 % — — — 175,000 — — 175,000 192,518 Term note - fixed rate 3.50 % — — — — — 600,000 600,000 656,688 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 497,718 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 217,353 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 398,184 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 389,246 Mortgage note - fixed rate 4.065 % 27 108 3,620 — — — 3,755 3,870 Mortgage note - fixed rate 5.26 % 20 83 3,567 — — — 3,670 3,914 Mortgage notes - fixed rate 4.4625 % — — — 22,491 — — 22,491 23,261 Mortgage note - fixed rate 4.44 % 33 125 130 136 5,833 — 6,257 6,731 Mortgage note - fixed rate 5.99 % 49 203 216 229 244 106 1,047 1,140 Total $ 129 $ 519 $ 7,533 $ 197,856 $ 6,077 $ 2,000,106 $ 2,212,220

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three and nine months ended September 30, 2021 and 2020 are summarized as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Accumulated other comprehensive loss beginning $ ( 4,583 ) $ ( 5,500 ) $ ( 5,041 ) $ ( 5,958 ) Realized loss reclassified from accumulated other 229 230 687 688 Accumulated other comprehensive loss end of period $ ( 4,354 ) $ ( 5,270 ) $ ( 4,354 ) $ ( 5,270 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Company's Unconsolidated Joint Ventures	A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20 % $ 58.9 million $ 60.5 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15 % ($ 4.7 million) $ 27.3 million Life Storage-SERS Storage LLC (“SERS”) 3 — 20 % — $ 3.0 million Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.9 million $ 14.3 million 191 V Life Storage Holdings LLC ("191 V") 4 17 20 % $ 27.8 million — Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.4 million) ($ 2.5 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 14.7 million $ 16.7 million Life Storage Virtus, LLC ("Virtus") 6 1 20 % $ 1.3 million $ 1.5 million SNL Orix Merrick, LLC ("Merrick") 7 — 5 % — $ 2.5 million SNL/Orix 1200 McDonald Ave., LLC ("McDonald") 8 1 86% $ 30.0 million $ 2.7 million Joint ventures with properties in development stage 9 6 Various $ 10.6 million $ 9.1 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $ 4.6 million $ 5.4 million 1 In September 2020, the Company acquired 17 self-storage facilities and related assets from Sovran HHF for total consideration of $ 175.2 million, which is net of the Company’s share of Sovran HHF’s gain resulting from the transaction. In connection with this transaction, non-recourse loans with principal balances totaling $ 34.0 million were settled. Also in September 2020, Sovran HHF sold four self-storage facilities to an unrelated third-party for total consideration of $ 42.3 million, resulting in a gain on sale of $ 2.1 million. As of September 30, 2021 , the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $ 1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. 2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $ 120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $ 35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $ 12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $ 69.1 million in existing nonrecourse mortgage debt and entered into $ 110 million of new nonrecourse mortgage debt which matures in 2029 . As a result of the net proceeds from these transactions, the Company received a distribution of $ 31.6 million from Sovran HHF II on April 1, 2021 which is included in return of investment in unconsolidated joint ventures on the consolidated statement of cash flows at September 30, 2021. 3 In September 2021, the Company acquired three self-storage facilities and related assets from SERS for total consideration of $ 51.7 million which is net of the Company’s share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. See Note 5 for additional information regarding this transaction. As SERS no longer operates any self-storage facilities subsequent to the sale of the three self-storage facilities to the Company, the Company received a distribution of $ 2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022. 4 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $ 320 million, at which time 191 V entered into $ 184 million of nonrecourse mortgage debt which matures in 2026 . During 2021, the Company contributed $ 28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 1.1 million and $ 0.9 million during the nine months ended September 30, 2021 and 2020, respectively. 6 In February 2020, the Company executed a joint venture agreement, Life Storage Virtus, LLC, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During the first quarter of 2020, Virtus acquired a self-storage facility for a total of $ 21.7 million. In connection with this acquisition, Virtus entered into $ 14.0 million of non-recourse mortgage debt. During 2020, the Company contributed $ 1.7 million to Virtus as the Company’s share of the initial capital investment in the joint venture. 7 In March 2021, the Company acquired a self-storage facility and related assets from Merrick for total consideration of $ 47.9 million which is net of the Company’s share of Merrick’s gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by Merrick were settled. 8 In September 2021, the Company made an additional investment of $ 27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5 % to 86 %. 9 The Company has entered into six separate joint ventures, two of which are developing self-storage facilities in Ontario, Canada, three of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tucson, AZ, market. The Company has contributed an aggregate total of $ 10.6 million as its share of capital to these joint ventures.
Company's Share of Unconsolidated Joint Ventures' Income (Loss)	The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Sovran HHF $ 846 $ 1,320 $ 2,247 $ 3,103 Sovran HHF II 435 642 1,157 1,543 Other unconsolidated joint ventures 196 ( 133 ) 722 ( 731 ) $ 1,477 $ 1,829 $ 4,126 $ 3,915

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Three Months Nine Months Nine Months Numerator: Net income attributable to common shareholders $ 70,274 $ 37,095 $ 175,172 $ 109,984 Denominator: Denominator for basic earnings per share – weighted 78,961 70,836 77,135 70,373 Effect of Dilutive Securities: Stock options and non-vested stock 219 114 168 105 Denominator for diluted earnings per share – adjusted 79,180 70,950 77,303 70,478 Basic earnings per common share attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Diluted earnings per common share attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Nine Months Nine Months Numerator: Net income attributable to common unitholders $ 70,274 $ 37,095 $ 175,172 $ 109,984 Denominator: Denominator for basic earnings per unit – weighted 78,961 70,836 77,135 70,373 Effect of Dilutive Securities: Stock options and non-vested stock 219 114 168 105 Denominator for diluted earnings per unit – adjusted 79,180 70,950 77,303 70,478 Basic earnings per common unit attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56 Diluted earnings per common unit attributable to $ 0.89 $ 0.52 $ 2.27 $ 1.56

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Reconciliation of Changes in Parent Company's Total Shareholders' Equity	The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2021: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2020 $ 495 $ 2,671,311 $ ( 288,667 ) $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 ( 252 ) — — — Carrying value less than redemption value on — ( 4 ) — — ( 4 ) Adjustment to redemption value on — — ( 2,358 ) — ( 2,358 ) Net income attributable to common — — 47,383 — 47,383 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 55,840 ) — ( 55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ ( 299,482 ) $ ( 4,812 ) $ 2,549,490 Net proceeds from issuance of common stock 16 148,309 — — 148,325 Earned portion of non-vested stock — 1,467 — — 1,467 Carrying value less than redemption value on — ( 13 ) — — ( 13 ) Adjustment to redemption value on — — ( 7,142 ) — ( 7,142 ) Net income attributable to common — — 57,516 — 57,516 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 56,873 ) — ( 56,873 ) Balance June 30, 2021 $ 781 $ 3,002,782 $ ( 305,981 ) $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of common stock 39 478,292 — — 478,331 Earned portion of non-vested stock — 1,683 — — 1,683 Carrying value less than redemption value on — ( 15 ) — — ( 15 ) Adjustment to redemption value on — — ( 3,570 ) — ( 3,570 ) Net income attributable to common — — 70,274 — 70,274 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 57,953 ) — ( 57,953 ) Balance September 30, 2021 $ 820 $ 3,482,742 $ ( 297,230 ) $ ( 4,354 ) $ 3,181,978 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2020: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2019 $ 467 $ 2,376,723 $ ( 238,338 ) $ ( 5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 49,969 ) — ( 49,969 ) Balance March 31, 2020 $ 469 $ 2,399,311 $ ( 246,332 ) $ ( 5,729 ) $ 2,147,719 Earned portion of non-vested stock — 1,071 — — 1,071 Adjustment to redemption value on — — ( 2,609 ) — ( 2,609 ) Net income attributable to common shareholders — — 36,457 — 36,457 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 50,186 ) — ( 50,186 ) Balance June 30, 2020 $ 469 $ 2,400,382 $ ( 262,670 ) $ ( 5,500 ) $ 2,132,681 Net proceeds from issuance of common stock 13 134,213 — — 134,226 Earned portion of non-vested stock — 1,107 — — 1,107 Adjustment to redemption value on — — ( 2,948 ) — ( 2,948 ) Purchases of equity in consolidated subsidiary — ( 2,300 ) — — ( 2,300 ) Net income attributable to common shareholders — — 37,095 — 37,095 Amortization of terminated hedge included in — — — 230 230 Dividends — — ( 50,203 ) — ( 50,203 ) Balance September 30, 2020 $ 482 $ 2,533,402 $ ( 278,726 ) $ ( 5,270 ) $ 2,249,888

Partners' Capital (Tables)

Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2021: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2020 $ 24,045 $ 2,359,094 $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership Units 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed ( 1 ) ( 3 ) — ( 4 ) Adjustment to redemption value on noncontrolling — ( 2,358 ) — ( 2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 561 ) ( 55,279 ) — ( 55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ ( 4,812 ) $ 2,549,490 Net proceeds from issuance of Operating Partnership Units 1,483 146,842 — 148,325 Earned portion of non-vested stock 15 1,452 — 1,467 Carrying value less than redemption value on redeemed ( 1 ) ( 12 ) — ( 13 ) Adjustment to redemption value on noncontrolling — ( 7,142 ) — ( 7,142 ) Net income attributable to common unitholders 578 56,938 — 57,516 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 572 ) ( 56,301 ) — ( 56,873 ) Balance June 30, 2021 $ 27,287 $ 2,670,295 $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of Operating Partnership Units 4,783 473,548 — 478,331 Earned portion of non-vested stock 17 1,666 — 1,683 Issuance of common Operating Partnership Units 15 ( 15 ) — — Issuance of preferred Operating Partnership Units 898 ( 898 ) — — Carrying value less than redemption value on redeemed ( 1 ) ( 14 ) — ( 15 ) Adjustment to redemption value on noncontrolling — ( 3,570 ) — ( 3,570 ) Net income attributable to common unitholders 711 69,563 — 70,274 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 582 ) ( 57,371 ) — ( 57,953 ) Balance September 30, 2021 $ 33,130 $ 3,153,202 $ ( 4,354 ) $ 3,181,978 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2020: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2019 $ 21,594 $ 2,117,258 $ ( 5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 502 ) ( 49,467 ) — ( 49,969 ) Balance March 31, 2020 $ 21,683 $ 2,131,765 $ ( 5,729 ) $ 2,147,719 Earned portion of non-vested stock 11 1,060 — 1,071 Adjustment to redemption value on noncontrolling — ( 2,609 ) — ( 2,609 ) Net income attributable to common unitholders 366 36,091 — 36,457 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 504 ) ( 49,682 ) — ( 50,186 ) Balance June 30, 2020 $ 21,558 $ 2,116,623 $ ( 5,500 ) $ 2,132,681 Net proceeds from issuance of Operating Partnership Units 1,342 132,884 — 134,226 Earned portion of non-vested stock 12 1,095 — 1,107 Adjustment to redemption value on noncontrolling — ( 2,948 ) — ( 2,948 ) Purchases of equity in consolidated subsidiary from ( 23 ) ( 2,277 ) — ( 2,300 ) Net income attributable to common unitholders 373 36,722 — 37,095 Amortization of terminated hedge included in AOCL 2 ( 2 ) 230 230 Distributions ( 505 ) ( 49,698 ) — ( 50,203 ) Balance September 30, 2020 $ 22,759 $ 2,232,399 $ ( 5,270 ) $ 2,249,888

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Undiscounted Future Minimum Lease Payments	The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2021 $ 516 2022 2,657 2023 2,663 2024 2,584 2025 2,402 Thereafter 14,181 Total $ 25,003

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021
Life Storage LP [Member]
Schedule Of Significant Accounting Policies [Line Items]
Stock distribution terms	Share and per share amounts and unit and per unit amounts as of and for the periods ending September 30, 2020 and December 31, 2020 have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)PropertyState$ / sharesshares	Dec. 31, 2020shares	Jun. 30, 2020
Organization [Line Items]
Number of self-storage properties owned and managed | Property	1,016
Number of states in which self-storage properties owned and managed | State	34
Number of properties managed under joint ventures | Property	102
Number of properties managed with no ownership | Property	255
Fixed priority return on Preferred unitholders, Percentage	4.50%
Noncontrolling limited partnership unit redemption value	one common share or cash
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	18.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	13.00%
Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	344,531	334,149
Common noncontrolling redeemable units, issued | shares	12,882
Fair value of common noncontrolling redeemable units | $	$ 1.5
Redeemable Preferred Stock [Member]
Organization [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 25
Redeemable Preferred Stock [Member] | Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	3,590,603	0
Life Storage LP [Member]
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership	98.60%
Warehouse Anywhere LLC [Member]
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership			60.00%

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Adjustment to redemption value	$ 3,570	$ 7,142	$ 2,358	$ 2,948	$ 2,609	$ (5,542)
Redeemable Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning Balance			$ 26,446				$ 26,446
Net income attributable to noncontrolling interest in the Operating Partnership							760
Issuance of Units							1,500
Redemption of units							(224)
Distributions							(740)
Adjustment to redemption value							13,069
Ending balance	$ 40,811						$ 40,811

Organization - Summary of Rec_2

Organization - Summary of Reconciliation of Preferred Noncontrolling Redeemable Operating Units (Details) - Preferred Redeemable Stock [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, beginning balance			$ 0
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	$ 476	$ 0	476	$ 0
Issuance of Units			89,765
Noncontrolling interest, ending balance	$ 90,241		$ 90,241

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Rental income	$ 182,937	$ 135,965	$ 496,316	$ 393,701
Operating revenues other than rental income	25,319	20,345	71,090	56,565
Total operating revenues	208,256	156,310	567,406	450,266
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	5,360	4,518	16,091	13,107
Revenues Related to Tenant Reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	15,485	11,616	41,810	32,508
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,474	$ 4,211	$ 13,189	$ 10,950

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards				$ 4,603,000,000	$ 3,380,000,000
Stock options exercised by employees and directors		0	0	0	0
Number of shares of non-vested stock that vested		563	379	29,913	17,775
Share-based Payment Arrangement, Expense		$ 200,000		$ 200,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards		$ 1,683,000,000	$ 1,107,000,000
Stock option plan, share based compensation, vesting period (in years)				3 years
Aggregate fair value				$ 800,000
Shares granted under performance plan				19,500
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 500
Employees and Directors [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued				36,666
Aggregate fair value				$ 3,700,000
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)				1 year
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value				$ 84.06
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)				5 years
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value				$ 123.32

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash	$ 136,157	$ 54,400	$ 110,247
Restricted cash	5,211	4,371	5,007
Total cash and restricted cash	$ 141,368	$ 58,771	$ 115,254	$ 21,556

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Cost:
Beginning balance	$ 5,330,323
Acquisition of storage facilities	858,781
Improvements and equipment additions	33,125
Net increase in construction in progress	21,501
Dispositions	(461)
Ending balance	6,243,269
Accumulated Depreciation:
Beginning balance	873,178
Additions during the period	97,951
Dispositions	(205)
Ending balance	$ 970,924

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2021USD ($)Propertyd$ / shares	Sep. 30, 2020USD ($)Property$ / shares
Investment Holdings [Line Items]
Number of storage facilities acquired | Property				62	31
Cash payment for property acquisition				$ 773,910
Received return on investment				10,359	$ 9,246
Net other liabilities assumed				$ (4,600)
Amortization period for in-place customer leases on a straight-line basis				12 months
Increase in depreciation expense due to facility replacement			$ 4,400	$ 2,500	$ 4,400
Issuance of Operating Partnership Units				$ 91,265
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares			$ 0.06	$ 0.03	$ 0.06
Common stock threshold consecutive trading days | d				30
Common stock threshold trading days | d				2
Depreciation and Amortization Expense [Member]
Investment Holdings [Line Items]
Amortization expense related to in-place customer leases	$ 3,600		$ 1,100	$ 8,400	$ 3,800
Common Stock [Member]
Investment Holdings [Line Items]
Issuance of Operating Partnership Units				1,500
Preferred Stock [Member]
Investment Holdings [Line Items]
Issuance of Operating Partnership Units				$ 89,800
SNL Orix Merrick [Member]
Investment Holdings [Line Items]
Company common ownership interest		5.00%
Cash payment for property acquisition		$ 47,900
Received return on investment		$ 800
Life Storage-SERS Storage LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property				3
Company common ownership interest	20.00%			20.00%
Cash payment for property acquisition				$ 51,700
Received return on investment				$ 8,300

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)Property	Sep. 30, 2020Property
Investment Holdings [Line Items]
Number of Properties | Property	62	31
Purchase Price	$ 869,750
Consideration paid, Cash Paid	773,910
Consideration paid, Value of Operating Partnership Units Issued	91,265
Consideration paid, Net Other Liabilities (Assets) Assumed	(4,575)
Acquisition Date Fair Value, In-Place Customer Leases	10,941
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	125,279
Acquisition Date Fair Value, In-Place Customer Leases	$ 733,502
SC [Member] | Asset Acquired on 1/4/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 4, 2021
Purchase Price	$ 8,070
Consideration paid, Cash Paid	8,042
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(28)
Acquisition Date Fair Value, In-Place Customer Leases	105
SC [Member] | Asset Acquired on 1/4/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	812
SC [Member] | Asset Acquired on 1/4/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 7,153
CA [Member] | Asset Acquired on 1/21/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 21, 2021
Purchase Price	$ 18,287
Consideration paid, Cash Paid	18,251
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(36)
Acquisition Date Fair Value, In-Place Customer Leases	135
CA [Member] | Asset Acquired on 1/21/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,322
CA [Member] | Asset Acquired on 1/21/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 16,830
NY [Member] | Asset Acquired on 3/4/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 4, 2021
Purchase Price	$ 47,947
Consideration paid, Cash Paid	47,933
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(14)
Acquisition Date Fair Value, In-Place Customer Leases	336
NY [Member] | Asset Acquired on 3/4/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	10,591
NY [Member] | Asset Acquired on 3/4/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 37,020
Florida [Member] | Asset Acquired on 3/11/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	8
Date of Acquisition	Mar. 11, 2021
Purchase Price	$ 85,156
Consideration paid, Cash Paid	84,586
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(570)
Acquisition Date Fair Value, In-Place Customer Leases	1,237
Florida [Member] | Asset Acquired on 3/11/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	13,381
Florida [Member] | Asset Acquired on 3/11/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 70,538
Florida [Member] | Asset Acquired On 5/3/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 3, 2021
Purchase Price	$ 16,545
Consideration paid, Cash Paid	16,497
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(48)
Acquisition Date Fair Value, In-Place Customer Leases	148
Florida [Member] | Asset Acquired On 5/3/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,658
Florida [Member] | Asset Acquired On 5/3/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 14,739
Florida [Member] | Asset Acquired On 6/16/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jun. 16, 2021
Purchase Price	$ 14,344
Consideration paid, Cash Paid	14,235
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(109)
Acquisition Date Fair Value, In-Place Customer Leases	217
Florida [Member] | Asset Acquired On 6/16/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	2,601
Florida [Member] | Asset Acquired On 6/16/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 11,526
Florida [Member] | Asset Acquired On 8/17/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 17, 2021
Purchase Price	$ 14,846
Consideration paid, Cash Paid	14,740
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(106)
Acquisition Date Fair Value, In-Place Customer Leases	173
Florida [Member] | Asset Acquired On 8/17/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	2,884
Florida [Member] | Asset Acquired On 8/17/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 11,789
AZ [Member] | Asset Acquired on 3/24/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Mar. 24, 2021
Purchase Price	$ 67,089
Consideration paid, Cash Paid	66,890
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(199)
Acquisition Date Fair Value, In-Place Customer Leases	632
AZ [Member] | Asset Acquired on 3/24/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	7,129
AZ [Member] | Asset Acquired on 3/24/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 59,320
AZ [Member] | Asset Acquired On 8/25/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 25, 2021
Purchase Price	$ 17,190
Consideration paid, Cash Paid	17,187
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(3)
Acquisition Date Fair Value, In-Place Customer Leases	182
AZ [Member] | Asset Acquired On 8/25/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,034
AZ [Member] | Asset Acquired On 8/25/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,974
WA [Member] | Asset Acquired on 3/25/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Mar. 25, 2021
Purchase Price	$ 39,666
Consideration paid, Cash Paid	39,495
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(171)
Acquisition Date Fair Value, In-Place Customer Leases	443
WA [Member] | Asset Acquired on 3/25/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	6,166
WA [Member] | Asset Acquired on 3/25/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 33,037
NJ [Member] | Asset Acquired On 5/12/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	5
Date of Acquisition	May 12, 2021
Purchase Price	$ 90,944
Consideration paid, Cash Paid	90,710
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(234)
Acquisition Date Fair Value, In-Place Customer Leases	1,271
NJ [Member] | Asset Acquired On 5/12/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	11,557
NJ [Member] | Asset Acquired On 5/12/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 78,116
NC [Member] | Asset Acquired On 6/1/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Jun. 1, 2021
Purchase Price	$ 26,942
Consideration paid, Cash Paid	26,793
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(149)
Acquisition Date Fair Value, In-Place Customer Leases	338
NC [Member] | Asset Acquired On 6/1/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	2,209
NC [Member] | Asset Acquired On 6/1/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 24,395
NC [Member] | Asset Acquired On 6/23/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jun. 23, 2021
Purchase Price	$ 14,539
Consideration paid, Cash Paid	14,468
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(71)
Acquisition Date Fair Value, In-Place Customer Leases	187
NC [Member] | Asset Acquired On 6/23/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	657
NC [Member] | Asset Acquired On 6/23/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 13,695
TX [Member] | Asset Acquired On 6/10/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	4
Date of Acquisition	Jun. 10, 2021
Purchase Price	$ 44,563
Consideration paid, Cash Paid	43,952
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(611)
Acquisition Date Fair Value, In-Place Customer Leases	654
TX [Member] | Asset Acquired On 6/10/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	9,163
TX [Member] | Asset Acquired On 6/10/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 34,746
FL And NH [Member] | Asset Acquired On 6/22/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Jun. 22, 2021
Purchase Price	$ 59,618
Consideration paid, Cash Paid	59,257
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(361)
Acquisition Date Fair Value, In-Place Customer Leases	765
FL And NH [Member] | Asset Acquired On 6/22/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	19,101
FL And NH [Member] | Asset Acquired On 6/22/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 39,752
NH [Member] | Asset Acquired On 7/29/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Jul. 29, 2021
Purchase Price	$ 22,315
Consideration paid, Cash Paid	22,311
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(4)
Acquisition Date Fair Value, In-Place Customer Leases	301
NH [Member] | Asset Acquired On 7/29/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	6,271
NH [Member] | Asset Acquired On 7/29/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,743
AL, CO, FL, GA, KY, OH, OK, SC and TX [Member] | Asset Acquired On 8/19/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	22
Date of Acquisition	Aug. 19, 2021
Purchase Price	$ 229,982
Consideration paid, Cash Paid	137,188
Consideration paid, Value of Operating Partnership Units Issued	91,265
Consideration paid, Net Other Liabilities (Assets) Assumed	(1,529)
Acquisition Date Fair Value, In-Place Customer Leases	3,127
AL, CO, FL, GA, KY, OH, OK, SC and TX [Member] | Asset Acquired On 8/19/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	23,173
AL, CO, FL, GA, KY, OH, OK, SC and TX [Member] | Asset Acquired On 8/19/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 203,682
GA [Member] | Asset Acquired On 9/1/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Sep. 1, 2021
Purchase Price	$ 51,707
Consideration paid, Cash Paid	51,375
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(332)
Acquisition Date Fair Value, In-Place Customer Leases	690
GA [Member] | Asset Acquired On 9/1/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	5,570
GA [Member] | Asset Acquired On 9/1/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 45,447

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Abstract]
In-place customer leases	$ 97,804	$ 86,863
Accumulated amortization	(89,805)	(81,455)
Net carrying value at the end of period	$ 7,999	$ 5,408

Unsecured Line of Credit and _3

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 0	$ 0
Total term note principal balance outstanding	2,175,000	2,175,000
Less: unamortized debt issuance costs	(11,563)	(12,833)
Less: unamortized senior term note discount	(6,019)	(6,710)
Term notes payable	2,157,418	2,155,457
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	600,000	600,000
Senior Term Note Due December 15, 2027 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	450,000	450,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	200,000	200,000
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	350,000	350,000
Senior Term Note Due October 15, 2030 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 400,000	$ 400,000

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Sep. 23, 2020	Jun. 03, 2019	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amount available on unsecured revolving line of credit							$ 499,900,000		$ 499,900,000
Unamortized senior term note discount							$ 6,019,000		6,019,000		$ 6,710,000
Underwriting discount and other offering expenses									88,000	$ 3,480,000
Amortization expense related to deferred debt issuance costs									$ 3,185,000	3,033,000
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage									60.00%
Indenture covenant percentage on unencumbered assets									150.00%
Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio on debt									1.50%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage									40.00%
Term Note [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate							1.09%		1.09%		1.14%
Term Note [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread over LIBOR									1.00%
Senior Term Note Due October 15, 2030 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 400,000,000
Debt instrument,maturity date	Oct. 15, 2030
Debt instrument stated interest rate	2.20%
Debt instrument percentage discount to par	0.476%
Debt instrument, interest payable description									Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15.
Unamortized senior term note discount	$ 1,900,000
Underwriting discount and other offering expenses	3,500,000
Proceeds from senior notes, net	$ 394,600,000
Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 350,000,000
Debt instrument,maturity date		Jun. 15, 2029
Debt instrument stated interest rate		4.00%
Debt instrument percentage discount to par		0.524%
Debt instrument, interest payable description									Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount		$ 1,800,000
Underwriting discount and other offering expenses		3,100,000
Proceeds from senior notes, net		$ 345,100,000
Senior Term Note Due December 15, 2027 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount			$ 450,000,000
Debt instrument,maturity date			Dec. 15, 2027
Debt instrument stated interest rate			3.875%
Debt instrument percentage discount to par			0.477%
Debt instrument, interest payable description									Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount			$ 2,100,000
Underwriting discount and other offering expenses			4,000,000
Proceeds from senior notes, net			$ 443,900,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount					$ 600,000,000
Debt instrument,maturity date					Jul. 1, 2026
Debt instrument stated interest rate					3.50%
Debt instrument percentage discount to par					0.553%
Debt instrument, interest payable description									Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1.
Unamortized senior term note discount					$ 3,300,000
Underwriting discount and other offering expenses					5,500,000
Proceeds from senior notes, net					$ 591,200,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date				Jul. 21, 2028
Debt instrument stated interest rate				3.67%
Additional secured term note				$ 200,000
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date						Apr. 8, 2024
Debt instrument stated interest rate						4.533%
Additional secured term note						$ 175,000,000
Term Note Due April 8, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate						6.283%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs							$ 600,000	$ 600,000	$ 1,800,000	$ 1,800,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit limit							$ 500,000,000		$ 500,000,000
Line of credit facility, expiration date									Mar. 10, 2023
Facility fee									0.15%
Interest rate, line of credit facility							1.04%		1.04%		1.09%
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread over LIBOR									0.95%
Revolving Credit Facility [Member] | Term Note [Member]
Debt Instrument [Line Items]
Revolving credit limit							$ 900,000,000		$ 900,000,000
Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount							$ 100,000,000		$ 100,000,000
Debt instrument,maturity date									Jun. 4, 2020

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages payable	$ 37,220	$ 37,777
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,755	3,832
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,670	3,728
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,491	22,684
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Mortgages payable	6,257	6,343
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,047	$ 1,190

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)Facility
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.1
Effective interest rate	4.33%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.7
Effective interest rate	5.59%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 6, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 54.4
Effective interest rate	3.20%
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage note due date	Jul. 6, 2025
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 13.5
Effective interest rate	4.51%
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 1, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.4
Effective interest rate	6.45%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Payables due 2021	$ 129
Payables due 2022	519
Payables due 2023	7,533
Payables due 2024	197,856
Payables due 2025	6,077
Payables due Thereafter	2,000,106
Debt obligations	2,212,220
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	192,518
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	656,688
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	497,718
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	217,353
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	398,184
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	389,246
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2021	27
Payables due 2022	108
Payables due 2023	3,620
Debt obligations	3,755
Term note, fair value	3,870
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2021	20
Payables due 2022	83
Payables due 2023	3,567
Debt obligations	3,670
Term note, fair value	3,914
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,491
Debt obligations	22,491
Term note, fair value	23,261
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Payables due 2021	33
Payables due 2022	125
Payables due 2023	130
Payables due 2024	136
Payables due 2025	5,833
Debt obligations	6,257
Term note, fair value	6,731
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2021	49
Payables due 2022	203
Payables due 2023	216
Payables due 2024	229
Payables due 2025	244
Payables due Thereafter	106
Debt obligations	1,047
Term note, fair value	$ 1,140

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2021
Line of credit - variable rate LIBOR + 0.95% (1.00% at September 30, 2021) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.04%
Basis spread over LIBOR	0.95%
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Interest rate	4.533%
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Interest rate	3.875%
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Interest rate	2.20%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9.2
Amortized period on interest expense	10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 229	$ 230	$ 687	$ 688
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	(4,583)	(5,500)	(5,041)	(5,958)
Accumulated other comprehensive loss end of period	$ (4,354)	$ (5,270)	$ (4,354)	$ (5,270)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Investment in Joint Ventures -

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail) $ in Thousands	Sep. 30, 2021USD ($)Property	Dec. 31, 2020USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	36
Company common ownership interest	20.00%
Carrying value of investment	$ 58,900	$ 60,500
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15.00%
Carrying value of investment	$ (4,700)	27,300
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	20.00%
Carrying value of investment		3,000
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 13,900	14,300
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 27,800	0
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (2,400)	(2,500)
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40.00%
Carrying value of investment	$ 14,700	16,700
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	20.00%
Carrying value of investment	$ 1,300	1,500
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	0
Company common ownership interest	5.00%
Carrying value of investment	$ 0	2,500
SNL Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	86.00%
Carrying value of investment	$ 30,000	2,700
SNL Orix 1200 McDonald Ave., LLC [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	5.00%
SNL Orix 1200 McDonald Ave., LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	86.00%
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest
Carrying value of investment	$ 10,600	9,100
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest
Carrying value of investment	$ 4,600	$ 5,400

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands	Apr. 01, 2021USD ($)	Sep. 30, 2021USD ($)Property	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)Property	Jun. 30, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)Property	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)Property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property								62	31
Distributions from unconsolidated joint ventures								$ 10,359	$ 9,246
Cash payment for property acquisition								773,859	417,930
Mortgages payable		$ 37,220						37,220		$ 37,777
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs		$ 1,700						$ 1,700
Total consideration acquired				$ 175,200
Settlement of principal balances with non-recourse loans				34,000
Gain on sale of storage facilities				2,100
Company common ownership interest		20.00%						20.00%
Sovran HHF Storage Holdings LLC [Member] | Third Party [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired				$ 42,300
Sovran HHF Storage Holdings LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property				17
Number Of Properties Sold | Property				4
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired				$ 120,200
Cash has been placed into escrow until non-recourse loans				35,800					35,800
Contribution of company to joint venture as share in capital				$ 12,700
Company common ownership interest		15.00%						15.00%
Mortgage debt paid off	$ 69,100
Mortgage debt maturity year	2029
Distributions from unconsolidated joint ventures	$ 31,600
Mortgages payable	$ 110,000
Sovran HHF Storage Holdings II LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property				8
SERS LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property		3
Total consideration acquired		$ 51,700
Distributions from unconsolidated joint ventures		$ 2,800
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital							$ 28,700
Company common ownership interest		20.00%						20.00%
Mortgage debt maturity year							2026
Mortgages payable					$ 184,000		$ 184,000
191 V Life Storage Holdings, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property							17
Total consideration acquired					$ 320,000
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest		49.00%						49.00%
Rent paid during the period								$ 1,100	$ 900
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital										$ 1,700
Company common ownership interest		20.00%						20.00%
Life Storage Virtus, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired						$ 21,700
Mortgages payable						$ 14,000
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired			$ 47,900
SNL Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital		$ 27,300
Company common ownership interest		86.00%						86.00%
SNL Orix 1200 McDonald Ave., LLC [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest		5.00%						5.00%
SNL Orix 1200 McDonald Ave., LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest		86.00%						86.00%
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest
Number Of joint ventures | Property								6
Joint Ventures with Properties in Development Stage [Member] | Ontario, Canada [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property		2						2
Joint Ventures with Properties in Development Stage [Member] | NY [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property		3						3
Joint Ventures with Properties in Development Stage [Member] | Tucson, AZ [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property		1						1
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired								$ 10,600

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2.3	$ 2.2	$ 5.9	$ 6.7

Investment in Joint Ventures _4

Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 1,477	$ 1,829	$ 4,126	$ 3,915
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	846	1,320	2,247	3,103
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	435	642	1,157	1,543
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 196	$ (133)	$ 722	$ (731)

Investment in Joint Ventures _5

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 5,272,345		$ 5,272,345				$ 4,457,145
Other assets	46,407		46,407				31,907
Total Assets	5,661,417		5,661,417				4,727,848
Mortgages payable	37,220		37,220				37,777
Total Liabilities	2,348,387		2,348,387				2,323,304
Company equity	3,181,978	$ 2,249,888	3,181,978	$ 2,249,888	$ 2,692,999	$ 2,549,490	2,378,098	$ 2,132,681	$ 2,147,719	$ 2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	5,661,417		5,661,417				$ 4,727,848
Total revenues	208,256	156,310	567,406	450,266
Depreciation and amortization of customer list	(37,158)	(33,018)	(106,287)	(90,335)
Amortization of financing fees			(3,185)	(3,033)
Interest expense	(21,350)	(20,544)	(62,470)	(61,056)
Net income	$ 71,051	$ 37,288	$ 176,408	$ 110,560

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2017	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0	0	0
Deferred tax assets	400		400			$ 400
Deferred tax liability	1,700		$ 1,700			$ 1,700
Corporate income tax rate			21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2017
Tax Year 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2020
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	$ 700	$ 1,000	$ 1,900	$ 2,600

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income attributable to common shareholders/unitholders	$ 70,274	$ 57,516	$ 47,383	$ 37,095	$ 36,457	$ 36,433	$ 175,172	$ 109,984
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	78,961,434			70,835,763			77,135,429	70,372,985
Effect of Dilutive Securities:
Stock options and non-vested stock	219,000			114,000			168,000	105,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	79,179,816			70,949,859			77,303,339	70,478,471
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.89			$ 0.52			$ 2.27	$ 1.56
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.89			$ 0.52			$ 2.27	$ 1.56
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 70,274	$ 57,516	$ 47,383	$ 37,095	$ 36,457	$ 36,433	$ 175,172	$ 109,984
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	78,961,434			70,835,763			77,135,429	70,372,985
Effect of Dilutive Securities:
Stock options and non-vested stock	219,000			114,000			168,000	105,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	79,179,816			70,949,859			77,303,339	70,478,471
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.89			$ 0.52			$ 2.27	$ 1.56
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.89			$ 0.52			$ 2.27	$ 1.56

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Preferred Redeemable Stock [Member] | Subsidiary Issuer [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units of redeemable noncontrolling interest in operating partnership	3,590,603		3,590,603
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	111,260	92,123	136,710	102,714

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Beginning Balance	$ 2,692,999	$ 2,549,490	$ 2,378,098	$ 2,132,681	$ 2,147,719	$ 2,132,894	$ 2,378,098	$ 2,132,894
Net proceeds from issuance of common stock	478,331	148,325	180,529	134,226		21,466
Earned portion of non-vested stock	1,683	1,467	1,453	1,107	1,071	1,124
Stock dividend			0
Carrying value less than redemption value on redeemed noncontrolling interest	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(3,570)	(7,142)	(2,358)	(2,948)	(2,609)	5,542
Purchases of equity in consolidated subsidiary from noncontrolling interests				(2,300)
Net income attributable to common shareholders	70,274	57,516	47,383	37,095	36,457	36,433	175,172	109,984
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Dividends	(57,953)	(56,873)	(55,840)	(50,203)	(50,186)	(49,969)
Ending Balance	3,181,978	2,692,999	2,549,490	2,249,888	2,132,681	2,147,719	3,181,978	2,249,888
Common Stock Shares [Member]
Beginning Balance	781	765	495	469	469	467	495	467
Net proceeds from issuance of common stock	39	16	18	13		2
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend			252
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	820	781	765	482	469	469	820	482
Additional Paid-in Capital [Member]
Beginning Balance	3,002,782	2,853,019	2,671,311	2,400,382	2,399,311	2,376,723	2,671,311	2,376,723
Net proceeds from issuance of common stock	478,292	148,309	180,511	134,213		21,464
Earned portion of non-vested stock	1,683	1,467	1,453	1,107	1,071	1,124
Stock dividend			(252)
Carrying value less than redemption value on redeemed noncontrolling interest	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				(2,300)
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	3,482,742	3,002,782	2,853,019	2,533,402	2,400,382	2,399,311	3,482,742	2,533,402
Dividends in Excess of Net Income [Member]
Beginning Balance	(305,981)	(299,482)	(288,667)	(262,670)	(246,332)	(238,338)	(288,667)	(238,338)
Net proceeds from issuance of common stock	0	0	0	0		0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend			0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(3,570)	(7,142)	(2,358)	(2,948)	(2,609)	5,542
Purchases of equity in consolidated subsidiary from noncontrolling interests				0
Net income attributable to common shareholders	70,274	57,516	47,383	37,095	36,457	36,433
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	(57,953)	(56,873)	(55,840)	(50,203)	(50,186)	(49,969)
Ending Balance	(297,230)	(305,981)	(299,482)	(278,726)	(262,670)	(246,332)	(297,230)	(278,726)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(4,583)	(4,812)	(5,041)	(5,500)	(5,729)	(5,958)	(5,041)	(5,958)
Net proceeds from issuance of common stock	0	0	0	0		0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend			0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Dividends	0	0	0	0	0	0
Ending Balance	$ (4,354)	$ (4,583)	$ (4,812)	$ (5,270)	$ (5,500)	$ (5,729)	$ (4,354)	$ (5,270)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Sep. 16, 2021USD ($)$ / sharesshares	Jan. 15, 2021	Jan. 04, 2021	Sep. 30, 2021USD ($)Property$ / sharesshares	Sep. 30, 2020USD ($)Property$ / sharesshares	Jun. 30, 2021USD ($)	Dec. 31, 2020$ / shares	Jun. 14, 2018USD ($)	Aug. 02, 2017USD ($)
Stockholders Equity [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.01			$ 0.01
Number of storage facilities acquired | Property				62	31
Buyback Program, authorized repurchase amount									$ 200,000,000
Stock repurchased during period, shares | shares				0	0
Shares issued under dividend reinvestment plan | shares				0	0
Description of stock split of common stock			three-for-two
Stock dividend payable percentage of common stock			50.00%
Description of additional share received		Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned.
IPO [Member]
Stockholders Equity [Line Items]
Common Stock, Shares, Issued | shares	2,875,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 122.30
Financing and Stock Issuance Costs	$ 348,800,000
2018 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program								$ 300,000,000
Common stock shares issued under equity offering program | shares					2,213,924
Weighted average issue price | $ / shares					$ 71.09
Proceeds from issuance of common stock					$ 155,800,000
Sales commissions paid					1,600,000
Other expenses					$ 200,000
2020 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program								$ 500,000,000
Common stock shares issued under equity offering program | shares				4,838,200
Weighted average issue price | $ / shares				$ 95.80
Proceeds from issuance of common stock				$ 458,200,000
Sales commissions paid				4,600,000
Other expenses				$ 700,000
2021 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program						$ 500,000,000
Common stock shares issued under equity offering program | shares				4,838,200

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Partners Capital [Line Items]
Earned portion of non-vested stock	$ 1,683	$ 1,467	$ 1,453	$ 1,107	$ 1,071	$ 1,124
Carrying value less than redemption value on redeemed noncontrolling interest	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(3,570)	(7,142)	(2,358)	(2,948)	(2,609)	5,542
Purchases of equity in consolidated subsidiary from noncontrolling interests				(2,300)
Net income attributable to common shareholders/unitholders	70,274	57,516	47,383	37,095	36,457	36,433	$ 175,172	$ 109,984
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,692,999	2,549,490	2,378,098	2,132,681	2,147,719	2,132,894	2,378,098	2,132,894
Net proceeds from issuance of Operating Partnership Units	478,331	148,325	180,529	134,226		21,466
Earned portion of non-vested stock	1,683	1,467	1,453	1,107	1,071	1,124
Issuance of common Operating Partnership Units	0
Issuance of preferred Operating Partnership Units	0
Carrying value less than redemption value on redeemed noncontrolling interest	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(3,570)	(7,142)	(2,358)	(2,948)	(2,609)	5,542
Purchases of equity in consolidated subsidiary from noncontrolling interests				(2,300)
Net income attributable to common shareholders/unitholders	70,274	57,516	47,383	37,095	36,457	36,433	175,172	109,984
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Distributions	(57,953)	(56,873)	(55,840)	(50,203)	(50,186)	(49,969)
Ending balance of total controlling partners’ capital	3,181,978	2,692,999	2,549,490	2,249,888	2,132,681	2,147,719	3,181,978	2,249,888
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	27,287	25,782	24,045	21,558	21,683	21,594	24,045	21,594
Net proceeds from issuance of Operating Partnership Units	4,783	1,483	1,807	1,342		212
Earned portion of non-vested stock	17	15	14	12	11	11
Issuance of common Operating Partnership Units	15
Issuance of preferred Operating Partnership Units	898
Carrying value less than redemption value on redeemed noncontrolling interest	(1)	(1)	(1)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				(23)
Net income attributable to common shareholders/unitholders	711	578	476	373	366	366
Amortization of terminated hedge included in AOCL	2	2	2	2	2	2
Distributions	(582)	(572)	(561)	(505)	(504)	(502)
Ending balance of total controlling partners’ capital	33,130	27,287	25,782	22,759	21,558	21,683	33,130	22,759
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,670,295	2,528,520	2,359,094	2,116,623	2,131,765	2,117,258	2,359,094	2,117,258
Net proceeds from issuance of Operating Partnership Units	473,548	146,842	178,722	132,884		21,254
Earned portion of non-vested stock	1,666	1,452	1,439	1,095	1,060	1,113
Issuance of common Operating Partnership Units	(15)
Issuance of preferred Operating Partnership Units	(898)
Carrying value less than redemption value on redeemed noncontrolling interest	(14)	(12)	(3)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(3,570)	(7,142)	(2,358)	(2,948)	(2,609)	5,542
Purchases of equity in consolidated subsidiary from noncontrolling interests				(2,277)
Net income attributable to common shareholders/unitholders	69,563	56,938	46,907	36,722	36,091	36,067
Amortization of terminated hedge included in AOCL	(2)	(2)	(2)	(2)	(2)	(2)
Distributions	(57,371)	(56,301)	(55,279)	(49,698)	(49,682)	(49,467)
Ending balance of total controlling partners’ capital	3,153,202	2,670,295	2,528,520	2,232,399	2,116,623	2,131,765	3,153,202	2,232,399
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Earned portion of non-vested stock	0	0	0	0	0	0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(4,583)	(4,812)	(5,041)	(5,500)	(5,729)	(5,958)	(5,041)	(5,958)
Net proceeds from issuance of Operating Partnership Units	0	0	0	0		0
Earned portion of non-vested stock	0	0	0	0	0	0
Issuance of common Operating Partnership Units	0
Issuance of preferred Operating Partnership Units	0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0	0	0	0	0
Purchases of equity in consolidated subsidiary from noncontrolling interests				0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	230	229	229
Distributions	0	0	0	0	0	0
Ending balance of total controlling partners’ capital	$ (4,354)	$ (4,583)	$ (4,812)	$ (5,270)	$ (5,500)	$ (5,729)	$ (4,354)	$ (5,270)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail)	Oct. 07, 2021	Sep. 28, 2021USD ($)	Oct. 31, 2021Property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)Property	Dec. 31, 2020USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets				$ 19,900,000		$ 19,900,000		$ 20,300,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]				us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember
Operating lease liabilities				$ 19,400,000		$ 19,400,000		$ 19,900,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]				us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses				$ 600,000	$ 500,000	$ 1,800,000	$ 1,600,000
Weighted average remaining lease term				10 years 6 months		10 years 6 months
Weighted average discount rate				4.57%		4.57%
Operating lease commitments				$ 25,003,000		$ 25,003,000
Number of storage facilities acquired | Property						62	31
Purchase Price						$ 869,750,000
Expansion and enhancement contracts						51,400,000
Unamortized senior term note discount				$ 6,019,000		6,019,000		$ 6,710,000
Underwriting discount and other offering expenses						$ 88,000	$ 3,480,000
Senior Term Note Due October Fourteen Two Thousand Thirty One [Member] | Unsecured Senior Notes [Member]
Commitment And Contingencies [Line Items]
Debt instrument principal amount		$ 600,000,000
Debt instrument,maturity date		Oct. 15, 2031
Debt instrument stated interest rate		2.40%
Debt instrument percentage discount to par	0.917%
Debt instrument, interest payable description						Interest on the 2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, beginning April 15, 2022
Unamortized senior term note discount		$ 5,500,000
Underwriting discount and other offering expenses		5,100,000
Proceeds from senior notes, net		$ 589,400
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired						$ 548,900
Number of storage facilities acquired | Property						33
Self-storage Facilities [Member] | Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Number of storage facilities acquired | Property			13

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 516
2022	2,657
2023	2,663
2024	2,584
2025	2,402
Thereafter	14,181
Total	$ 25,003

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions	Oct. 01, 2021USD ($)$ / sharesshares	Oct. 31, 2021USD ($)Property	Sep. 30, 2021USD ($)Property	Sep. 30, 2020Property
Subsequent Event [Line Items]
Number of storage facilities acquired			62	31
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired			33
Acquisition Contract [Member]
Subsequent Event [Line Items]
Additional number of storage facilities acquired			20
Total consideration acquired | $			$ 322.4
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date	Oct. 1, 2021
Dividend per common share | $ / shares	$ 0.86
Dividend paid, date	Oct. 26, 2021
Dividend record, date	Oct. 13, 2021
Dividend paid | $	$ 70.5
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired		13
Additional number of storage facilities acquired		40
Total consideration acquired | $		$ 234.5
Non controlling redeemable operating partnership units | shares	304,585