Life Storage 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 22, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
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		46,632,703
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
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		46,632,703

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment in storage facilities:
Land	$ 826,917	$ 794,729
Building, equipment, and construction in progress	3,648,239	3,604,210
Real estate investment property, at cost, total	4,475,156	4,398,939
Less: accumulated depreciation	(729,296)	(704,681)
Investment in storage facilities, net	3,745,860	3,694,258
Cash and cash equivalents	8,875	13,560
Accounts receivable	9,327	7,805
Receivable from unconsolidated joint ventures	1,807	1,006
Investment in unconsolidated joint ventures	135,342	145,911
Prepaid expenses	10,213	7,251
Trade name	16,500	16,500
Other assets	30,879	5,921
Total Assets	3,958,803	3,892,212
Liabilities
Line of credit	177,000	91,000
Term notes, net	1,611,344	1,610,820
Accounts payable and accrued liabilities	77,513	87,446
Deferred revenue	9,907	9,191
Mortgages payable	12,204	12,302
Total Liabilities	1,887,968	1,810,759
Noncontrolling redeemable Operating Partnership Units at redemption value	23,944	23,716
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 46,632,703 shares outstanding at March 31, 2019 (46,617,441 at December 31, 2018)	466	466
Additional paid-in capital	2,373,553	2,372,157
Dividends in excess of net income	(320,482)	(308,011)
Accumulated other comprehensive loss	(6,646)	(6,875)
Total Shareholders’ Equity	2,046,891	2,057,737
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,046,891	2,057,737
Total Liabilities and Shareholders' Equity/ Partners' Capital	3,958,803	3,892,212
Life Storage LP [Member]
Investment in storage facilities:
Land	826,917	794,729
Building, equipment, and construction in progress	3,648,239	3,604,210
Real estate investment property, at cost, total	4,475,156	4,398,939
Less: accumulated depreciation	(729,296)	(704,681)
Investment in storage facilities, net	3,745,860	3,694,258
Cash and cash equivalents	8,875	13,560
Accounts receivable	9,327	7,805
Receivable from unconsolidated joint ventures	1,807	1,006
Investment in unconsolidated joint ventures	135,342	145,911
Prepaid expenses	10,213	7,251
Trade name	16,500	16,500
Other assets	30,879	5,921
Total Assets	3,958,803	3,892,212
Liabilities
Line of credit	177,000	91,000
Term notes, net	1,611,344	1,610,820
Accounts payable and accrued liabilities	77,513	87,446
Deferred revenue	9,907	9,191
Mortgages payable	12,204	12,302
Total Liabilities	1,887,968	1,810,759
Limited partners’ redeemable capital interest at redemption value (248,966 units outstanding at March 31, 2019 and December 31, 2018)	23,944	23,716
Shareholders' Equity/ Partners' Capital
General partner (468,816 and 468,663 units outstanding at March 31, 2019 and December 31, 2018, respectively)	20,710	20,816
Limited partners (46,163,887 and 46,148,778 units outstanding at March 31, 2019 and December 31, 2018, respectively)	2,032,827	2,043,796
Accumulated other comprehensive loss	(6,646)	(6,875)
Total Controlling Partners’ Capital	2,046,891	2,057,737
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,046,891	2,057,737
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 3,958,803	$ 3,892,212

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	46,632,703	46,617,441
Life Storage LP [Member]
Limited partners’ redeemable capital interest, units outstanding	248,966	248,966
General partner, units outstanding	468,816	468,663
Limited partner, units outstanding	46,163,887	46,148,778

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental income	$ 124,146	$ 121,624
Other operating income	12,376	11,470
Total operating revenues	136,522	133,094
Expenses
Property operations and maintenance	31,161	30,449
Real estate taxes	16,092	15,419
General and administrative	12,337	12,044
Payments for rent	141	141
Depreciation and amortization	26,227	24,764
Total operating expenses	85,958	82,817
Gain on sale of real estate	1,076
Income from operations	51,640	50,277
Other income (expenses)
Interest expense	(17,819)	(17,204)
Interest income	5	4
Equity in income of joint ventures	811	972
Net income	34,637	34,049
Net income attributable to noncontrolling interest in the Operating Partnership	(183)	(160)
Net loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Net income attributable to common shareholders/unitholders	$ 34,454	$ 33,889
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.74	$ 0.73
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.74	$ 0.73
Common shares/units used in basic earnings per share/unit calculation	46,564,846	46,452,492
Common shares/units used in diluted earnings per share/unit calculation	46,636,700	46,536,672
Dividends/distributions declared per common share/unit	$ 1	$ 1
Life Storage LP [Member]
Revenues
Rental income	$ 124,146	$ 121,624
Other operating income	12,376	11,470
Total operating revenues	136,522	133,094
Expenses
Property operations and maintenance	31,161	30,449
Real estate taxes	16,092	15,419
General and administrative	12,337	12,044
Payments for rent	141	141
Depreciation and amortization	26,227	24,764
Total operating expenses	85,958	82,817
Gain on sale of real estate	1,076
Income from operations	51,640	50,277
Other income (expenses)
Interest expense	(17,819)	(17,204)
Interest income	5	4
Equity in income of joint ventures	811	972
Net income	34,637	34,049
Net income attributable to noncontrolling interest in the Operating Partnership	(183)	(160)
Net loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Net income attributable to common shareholders/unitholders	$ 34,454	$ 33,889
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.74	$ 0.73
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.74	$ 0.73
Common shares/units used in basic earnings per share/unit calculation	46,564,846	46,452,492
Common shares/units used in diluted earnings per share/unit calculation	46,636,700	46,536,672
Dividends/distributions declared per common share/unit	$ 1	$ 1
Net income attributable to general partner	$ 346	$ 340
Net income attributable to limited partners	$ 34,108	$ 33,549

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 34,637	$ 34,049
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	277
Total comprehensive income	34,866	34,326
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(184)	(161)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Comprehensive income attributable to common shareholders/unitholders	34,682	34,165
Life Storage LP [Member]
Net income	34,637	34,049
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	277
Total comprehensive income	34,866	34,326
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(184)	(161)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Comprehensive income attributable to common shareholders/unitholders	$ 34,682	$ 34,165

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income	$ 34,637,000	$ 34,049,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,227,000	24,764,000
Amortization of debt issuance costs and bond discount	903,000	891,000
Gain on sale of real estate	(1,076,000)
Equity in income of joint ventures	(811,000)	(972,000)
Distributions from unconsolidated joint ventures	2,404,000	2,037,000
Non-vested stock earned	1,396,000	1,495,000
Stock option expense	0	4,000
Deferred income taxes	(175,000)	148,000
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(1,520,000)	45,000
Prepaid expenses	(3,106,000)	(10,578,000)
(Advances to) receipts from joint ventures	(801,000)	497,000
Accounts payable and other liabilities	(23,825,000)	(23,749,000)
Deferred revenue	634,000	973,000
Net cash provided by operating activities	34,887,000	29,604,000
Investing Activities
Acquisition of storage facilities, net of cash acquired	(55,132,000)
Improvements, equipment additions, and construction in progress	(12,036,000)	(8,755,000)
Investment in unconsolidated joint ventures	(1,792,000)	(706,000)
Property deposits	(6,000,000)	29,000
Net cash used in investing activities	(74,960,000)	(9,432,000)
Financing Activities
Proceeds from line of credit	107,000,000	68,000,000
Repayments of line of credit	(21,000,000)	(43,000,000)
Dividends paid - common stock	(46,631,000)	(46,121,000)
Distributions to noncontrolling interest holders	(249,000)	(217,000)
Mortgage principal payments	(98,000)	(93,000)
Net cash provided by (used in) financing activities	39,022,000	(21,431,000)
Net decrease in cash and restricted cash	(1,051,000)	(1,259,000)
Cash and restricted cash at beginning of period	14,065,000	9,459,000
Cash and restricted cash at end of period	13,014,000	8,200,000
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	19,642,000	19,140,000
Cash paid for income taxes, net of refunds	346,000	322,000
Life Storage LP [Member]
Operating Activities
Net income	34,637,000	34,049,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,227,000	24,764,000
Amortization of debt issuance costs and bond discount	903,000	891,000
Gain on sale of real estate	(1,076,000)
Equity in income of joint ventures	(811,000)	(972,000)
Distributions from unconsolidated joint ventures	2,404,000	2,037,000
Non-vested stock earned	1,396,000	1,495,000
Stock option expense		4,000
Deferred income taxes	(175,000)	148,000
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(1,520,000)	45,000
Prepaid expenses	(3,106,000)	(10,578,000)
(Advances to) receipts from joint ventures	(801,000)	497,000
Accounts payable and other liabilities	(23,825,000)	(23,749,000)
Deferred revenue	634,000	973,000
Net cash provided by operating activities	34,887,000	29,604,000
Investing Activities
Acquisition of storage facilities, net of cash acquired	(55,132,000)
Improvements, equipment additions, and construction in progress	(12,036,000)	(8,755,000)
Investment in unconsolidated joint ventures	(1,792,000)	(706,000)
Property deposits	(6,000,000)	29,000
Net cash used in investing activities	(74,960,000)	(9,432,000)
Financing Activities
Proceeds from line of credit	107,000,000	68,000,000
Repayments of line of credit	(21,000,000)	(43,000,000)
Distributions to unitholders	(46,631,000)	(46,121,000)
Distributions to noncontrolling interest holders	(249,000)	(217,000)
Mortgage principal payments	(98,000)	(93,000)
Net cash provided by (used in) financing activities	39,022,000	(21,431,000)
Net decrease in cash and restricted cash	(1,051,000)	(1,259,000)
Cash and restricted cash at beginning of period	14,065,000	9,459,000
Cash and restricted cash at end of period	13,014,000	8,200,000
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	19,642,000	19,140,000
Cash paid for income taxes, net of refunds	$ 346,000	$ 322,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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 three month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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 99.5% ownership interest therein as of March 31, 2019. 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 March 31, 2019, we had an ownership interest in, and/or managed 780 self-storage properties in 28 states and Ontario, Canada. Among our 780 self-storage properties are 114 properties that we manage for unconsolidated joint ventures (see Note 10) and 103 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 (an entity owned 60% by Life Storage Solutions, LLC), and all other wholly owned subsidiaries. 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 interest 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. At March 31, 2019 and December 31, 2018, there were 248,966 noncontrolling redeemable Operating Partnership Units outstanding. These unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The Operating Partnership is obligated to redeem each of these limited partnership units in the Operating Partnership 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 these 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). The offset to the adjustment to the carrying amount of the noncontrolling interests 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, noncontrolling interests are reflected at redemption value at March 31, 2019 and December 31, 2018, equal to the number of 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. The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Ended March 31, 2019 Beginning balance $ 23,716 Net income attributable to noncontrolling interest in the Operating Partnership 183 Distributions (249 ) Adjustment to redemption value 294 Ending balance $ 23,944 The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” (dollars in thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Rental income $ 124,146 $ 121,624 Management and acquisition fee income 3,086 2,395 Revenues related to tenant reinsurance 5,815 5,717 Other 3,475 3,358 Total operating revenues $ 136,522 $ 133,094 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 three months ended March 31, 2019, approximately 21% 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	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [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. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period. The Company did not record any compensation expense related to stock options during the three months ended March 31, 2019. For the three months ended March 31, 2018, the Company recorded compensation expense (included in general and administrative expense) of $4,000 related to stock options. For the three months ended March 31, 2019 and 2018, the Company recorded compensation expense of $1,396,000 and $1,495,000, respectively, related to amortization of non-vested stock grants and performance-based awards. No stock options were exercised by employees and directors during the three months ended March 31, 2019 and 2018. During the three months ended March 31, 2019 and 2018, 16,821 and 36,191 shares of non-vested stock, respectively, vested. During the three months ended March 31, 2019, the Company issued 1,000 shares of non-vested stock to employees which vest over five years. The per-share fair market value on the date of grant of the non-vested stock issued during the three months ended March 31, 2019 was $99.10, resulting in an aggregate fair value of $99,100. In September 2018, the Company announced that then current Chief Executive Officer, David Rogers, would be retiring effective March 1, 2019. In conjunction with this announcement, the vesting periods of certain restricted stock awards and performance-based awards previously granted to Mr. Rogers were accelerated to reflect his March 1, 2019 retirement date. As a result of this change, an additional $0.4 million of compensation expense was recorded during the three months ended March 31, 2019.

Cash and Restricted Cash

Cash and Restricted Cash	3 Months Ended
	Mar. 31, 2019
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 entered into mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program which became effective April 1, 2019 (see Note 17). 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) Mar. 31, 2019 Dec. 31, 2018 Mar. 31, 2018 Cash $ 8,875 $ 13,560 $ 7,778 Restricted cash 4,139 505 422 Total cash and restricted cash 13,014 14,065 8,200

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019: (dollars in thousands) Cost: Beginning balance $ 4,398,939 Acquisition of storage facilities 66,086 Improvements and equipment additions 10,937 Net increase in construction in progress 996 Dispositions (1,802 ) Ending balance $ 4,475,156 Accumulated Depreciation: Beginning balance $ 704,681 Additions during the period 25,851 Dispositions (1,236 ) Ending balance $ 729,296 The Company acquired two self-storage facilities during the three months ended March 31, 2019. 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 2019 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number of Properties Date of Acquisition Purchase Price Cash Paid Carrying Value of Noncontrolling Interest in Joint Venture Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements In-Place Customers Leases Closing Costs Expensed NY 1 1/16/2019 $ 57,169 $ 46,402 $ 10,715 $ — $ 52 $ 30,029 $ 26,863 $ 277 $ — FL 1 3/8/2019 9,302 9,222 — — 80 1,817 7,377 108 — Total acquired in 2019 2 $ 66,471 $ 55,624 $ 10,715 $ — $ 132 $ 31,846 $ 34,240 $ 385 — The facility purchased in New York was acquired as the result of the Company’s acquisition of the remaining 60% ownership interest in Review Avenue Partners, LLC (“RAP”). Prior to this acquisition, RAP was a joint venture between the Company and an otherwise unrelated third-party which had been accounted for by the Company using the equity method of accounting (see Note 10 for additional information on RAP). The purchase price for this acquisition includes the carrying value of the Company’s equity investment in RAP of $10.7 million at the time of the acquisition. The facility acquired in Florida was purchased from an unrelated third-party. The $55.6 million of cash paid for the facilities acquired in 2019 includes $0.2 million of deposits that were paid in 2018, when one of these facilities was originally under contract. In addition to the Company’s equity investment in RAP at carrying value, non-cash investing activities during 2019 include the assumption of net other liabilities totaling $132,000. 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) Mar. 31, 2019 Dec. 31, 2018 In-place customer leases $ 76,099 $ 75,715 Accumulated amortization (75,089 ) (74,744 ) Net carrying value at the end of period 1,010 971 Amortization expense related to in-place customer leases was $0.3 million for the three months ended March 31, 2019. The Company did not record any amortization expense during the three months ended March 31, 2018 as all in-place customer leases were fully amortized at the beginning of the period. Change in Useful Life Estimates As part of the Company’s capital improvement efforts during 2017, 2018 and 2019, buildings at certain self-storage facilities were identified for replacement. 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 $0.7 million and $0.3 million during the three month periods ended March 31, 2019 and 2018, respectively. The Company estimates that the change in estimated useful lives of buildings identified for replacement as of March 31, 2019 will have minimal additional impact on depreciation expense during the remainder of 2019. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by approximately $0.02 and $0.01 for the three month periods ended March 31, 2019 and 2018, respectively.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	3 Months Ended
	Mar. 31, 2019
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) Mar. 31, 2019 Dec. 31, 2018 Revolving line of credit borrowings $ 177,000 $ 91,000 Term note due June 4, 2020 100,000 100,000 Term note due August 5, 2021 100,000 100,000 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 Total term note principal balance outstanding $ 1,625,000 $ 1,625,000 Less: unamortized debt issuance costs (9,390 ) (9,778 ) Less: unamortized senior term note discount (4,266 ) (4,402 ) Term notes payable $ 1,611,344 $ 1,610,820 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 a term note in the principal amount of $100 million with a maturity date of June 4, 2020. 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 March 31, 2019 the margin is 0.95%), interest on the term note at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2019 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 March 31, 2019 the facility fee is 0.15%). The interest rate on the Company’s revolving credit facility at March 31, 2019 was approximately 3.45% (3.47% at December 31, 2018) and the interest rate on the term note at March 31, 2019 was approximately 3.50% (3.52% at December 31, 2018). At March 31, 2019 there was $322.7 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 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. The 2027 Senior Notes are fully and unconditionally guaranteed by the Parent Company. 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. The 2026 Senior Notes are fully and unconditionally guaranteed by the Parent Company. 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 indenture under which 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 March 31, 2019, 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. In 2011, the Company entered into a $100 million term note maturing August 5, 2021 bearing interest at a fixed rate of 5.54%. The interest rate on the term note increases to 7.29% if the notes are not rated by at least one rating agency, the credit rating on the notes is downgraded 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 March 31, 2019, 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 March 31, 2019, 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 March 31, 2019 and December 31, 2018. Amortization expense related to these deferred debt issuance costs was $0.5 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively, and is included in interest expense in the consolidated statements of operations.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2019 and December 31, 2018 consist of the following: (dollars in thousands) Mar. 31, 2019 Dec. 31, 2018 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.5 million, principal and interest paid monthly (effective interest rate 5.17%) $ 2,849 $ 2,863 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.4 million, principal and interest paid monthly (effective interest rate 4.25%) 4,004 4,028 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.9 million, principal and interest paid monthly (effective interest rate 5.50%) 3,853 3,871 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.32%) 1,498 1,540 Total mortgages payable $ 12,204 $ 12,302 The table below summarizes the Company’s debt obligations at March 31, 2019. 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 these 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) 2019 2020 2021 2022 2023 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (3.45% at March 31, 2019) — — — — $ 177,000 — $ 177,000 $ 177,000 Notes Payable: Term note - variable rate LIBOR + 1.00% (3.50% at March 31, 2019) — $ 100,000 — — — — $ 100,000 $ 100,000 Term note - fixed rate 5.54% — — $ 100,000 — — — $ 100,000 $ 104,916 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 181,489 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 586,050 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 438,803 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 188,614 Mortgage note - fixed rate 4.98% $ 42 $ 59 $ 2,748 — — — $ 2,849 $ 2,903 Mortgage note - fixed rate 4.065% $ 72 $ 99 $ 104 $ 108 $ 3,621 — $ 4,004 $ 4,034 Mortgage note - fixed rate 5.26% $ 53 $ 74 $ 78 $ 83 $ 3,565 — $ 3,853 $ 4,079 Mortgage note - fixed rate 5.99% $ 128 $ 181 $ 192 $ 203 $ 216 $ 578 $ 1,498 $ 1,607 Total $ 295 $ 100,413 $ 103,122 $ 394 $ 184,402 $ 1,425,578 $ 1,814,204

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. DERIVATIVE FINANCIAL INSTRUMENTS Interest rate swaps have been used to adjust the proportion of total debt that is subject to variable interest rates. The interest rate swaps required the Company to pay an amount equal to a specific fixed rate of interest times a notional principal amount and to receive in return an amount equal to a variable rate of interest times the same notional amount. The notional amounts were not exchanged. Forward starting interest rate swaps have also been used by the Company to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. No other cash payments are made unless the contract is terminated prior to its maturity, in which case the contract would likely be settled for an amount equal to its fair value. The Company enters into interest rate swaps with a number of major financial institutions to minimize counterparty credit risk. The Company’s interest rate swaps qualified and were designated as hedges of the amount of future cash flows related to interest payments on variable rate debt. Therefore, interest rate swaps are recorded in the consolidated balance sheets at fair value and the related gains or losses are deferred in shareholders’ equity or partners’ capital as Accumulated Other Comprehensive Loss (“AOCL”). These deferred gains and losses are recognized in interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. In the third quarter of 2018, the Company’s last remaining interest rate swaps on $100 million of the Company’s variable rate debt expired and were settled by the Company. As a result, no gains or losses related to interest rate swaps are included in AOCL at March 31, 2019. There are no interest rate swaps held by the Company at March 31, 2019. 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. 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 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. During the three months ended March 31, 2018 the net reclassification from AOCL to interest expense was ($30,000) based on payments received under the swap agreements. There was no such reclassification in 2019 as the Company did not have any interest rate swaps outstanding during the three months ended March 31, 2019. Payments received under the interest rate swap agreements have been reclassified to interest expense as settlements occurred. The changes in AOCL for the three months ended March 31, 2019 and 2018 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Accumulated other comprehensive loss beginning of period $ (6,875 ) $ (7,587 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 196 Unrealized gain from changes in the fair value of the effective portion of the interest rate swaps — 81 Amount included in other comprehensive income 229 277 Accumulated other comprehensive loss end of period $ (6,646 ) $ (7,310 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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 Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. The are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of March 31, 2019 and December 31, 2018.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2019
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 Properties at Mar. 31, 2019 Company common ownership interest at Mar. 31, 2019 Carrying value of investment at Mar. 31, 2019 Carrying value of investment at Dec. 31, 2018 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20% $84.9 million $85.8 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 30 15% $13.4 million $13.4 million 191 III Life Storage Holdings LLC (“191 III”) 3 6 20% $9.3 million $9.3 million Life Storage-SERS Storage LLC (“SERS”) 4 3 20% $3.4 million $3.5 million Life Storage-HIERS Storage LLC (“HIERS”) 5 12 20% $9.3 million $9.3 million Iskalo Office Holdings, LLC (“Iskalo”) 6 N/A 49% ($0.4 million) ($0.4 million) Urban Box Coralway Storage, LLC (“Urban Box”) 7 1 85% $4.3 million $4.4 million SNL/Orix 1200 McDonald Ave., LLC (“McDonald”) 8 1 5% $2.8 million $2.8 million SNL Orix Merrick, LLC (“Merrick”) 9 1 5% $2.5 million $2.5 million N 32nd Street Self Storage, LLC (“N32”) 10 1 46% $1.2 million $1.2 million NYX Don Mills Storage LP ("Don Mills") 11 1* 17% $1.0 million $1.0 million NYX Sheridan Storage LP ("Sheridan") 12 1* 38.3% $0.7 million $0.7 million NYX Appleby Storage LP ("Appleby") 13 1* 37.5% $1.0 million $1.0 million Bluebird Sanford Storage LP ("Sanford") 14 1 20.5% $0.3 million N/A Bluebird Ingram Storage LP ("Ingram") 15 1 46.3% $1.3 million N/A *Property in development stage 1 2 3 4 5 6 7 8 McDonald owns a self-storage facility in New York. McDonald has entered into a non-reco urse mortgage loan with $ 11.6 million of principal outstanding at March 31, 2019 . 9 10 11 Don Mills is developing a self-storage facility in Ontario, Canada which is expected to be completed in 2020. 12 13 Appleby is developing a self-storage facility in Ontario, Canada which is expected to be completed by 2021. 14 15 Ingram owns a self-storage facility in Ontario, Canada and has entered into a non-recourse mortgage loan with $17.6 million of principal outstanding at March 31, 2019. The Company entered into the Ingram joint venture during 2019 and contributed $1.3 million of common capital to Ingram during 2019 as the Company’s share of the initial capital investment in the joint venture. Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that none of the joint ventures are a variable interest entity (“VIE”) in accordance with ASC 810, “ Consolidation In the first quarter of 2019, the Company acquired the remaining 60% ownership interest in RAP for cash payment of $46.4 million which included the payoff of a $30.0 million mortgage loan previously entered into by RAP and $0.7 million of transfer taxes. RAP had historically been accounted for by the Company using the equity method of accounting. As a result of this transaction, the Company now owns 100% of RAP and has consolidated RAP in accordance with ASC 810, “ Consolidation” 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. The Company earns management and/or call center fees ranging from 5% to 7% of joint venture gross revenues as property manager of the self-storage facilities owned by HHF, HHF II, 191 III, SERS, HIERS, Urban Box, McDonald, Merrick, N32, Sanford and Ingram. The Company also earned management and/or call center fees as property manager of the self-storage facility owned by RAP prior to the Company’s acquisition of the remaining 60% ownership interest in RAP discussed above. These fees, which are included in other operating income in the consolidated statements of operations, totaled $2.1 million and $1.9 million for the three months ended March 31, 2019 and 2018, respectively. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Sovran HHF $ 829 $ 689 Sovran HHF II 413 368 191 III (14 ) 18 SERS (46 ) 62 HIERS 20 — RAP (280 ) (216 ) Merrick (5 ) (16 ) McDonald (13 ) — Urban Box (125 ) — N32 (21 ) — Iskalo 53 67 $ 811 $ 972 A summary of the combined unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2019 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,158,144 Investment in office building, net 4,573 Other assets 20,759 Total Assets $ 1,183,476 Due to the Company $ 1,807 Mortgages payable 516,061 Other liabilities 11,018 Total Liabilities $ 528,886 Unaffiliated partners’ equity 519,642 Company equity 134,948 Total Partners’ Equity 654,590 Total Liabilities and Partners’ Equity $ 1,183,476 Income Statement Data: Total revenues $ 30,915 Property operating expenses (9,832 ) Administrative, management and call center fees (2,470 ) Depreciation and amortization of customer list (6,823 ) Amortization of financing fees (231 ) Income tax expense (79 ) Interest expense (5,945 ) Net income $ 5,535 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 for future acquisitions of properties and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
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 three 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 $0.4 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively, which are included in general and administrative expenses in the consolidated statements of operations. At March 31, 2019 and 2018, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of March 31, 2019 and 2018, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable at March 31, 2019 and December 31, 2018 are classified within accounts payable and accrued liabilities in the consolidated balance sheets. Prepaid income taxes at March 31, 2019 and December 31, 2018 are classified within prepaid expenses, while the net deferred tax assets of our taxable REIT subsidiaries at March 31, 2019 and December 31, 2018 are classified within other assets in the consolidated balance sheets. As of March 31, 2019, the Company’s taxable REIT subsidiaries have prepaid taxes of $0.1 million, deferred tax assets totaling $2.4 million, and a deferred tax liability of $1.7 million. As of December 31, 2018, the Company’s taxable REIT subsidiaries have prepaid taxes of $0.1 million, deferred tax assets of $2.1 million and a deferred tax liability of $1.6 million. The tax years 2015-2018 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	3 Months Ended
	Mar. 31, 2019
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 The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. Earnings Per Share (in thousands except per share data) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net income attributable to common shareholders $ 34,454 $ 33,889 Denominator: Denominator for basic earnings per share – weighted average shares 46,565 46,452 Effect of Dilutive Securities: Stock options and non-vested stock 72 85 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,637 46,537 Basic earnings per common share attributable to common shareholders $ 0.74 $ 0.73 Diluted earnings per common share attributable to common shareholders $ 0.74 $ 0.73 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 Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net income attributable to common unitholders $ 34,454 $ 33,889 Denominator: Denominator for basic earnings per unit – weighted average units 46,565 46,452 Effect of Dilutive Securities: Stock options and non-vested stock 72 85 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,637 46,537 Basic earnings per common unit attributable to common unitholders $ 0.74 $ 0.73 Diluted earnings per common unit attributable to common unitholders $ 0.74 $ 0.73 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 73,770 unvested restricted shares for the three months ended March 31, 2019, and 11,000 stock options and 118,062 unvested restricted shares for the three months ended March 31, 2018, because their effect would be antidilutive.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2018 $ 466 $ 2,372,157 $ (308,011 ) $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock — 1,396 — — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (294 ) — (294 ) Net income attributable to common shareholders — — 34,454 — 34,454 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,631 ) — (46,631 ) Balance March 31, 2019 $ 466 $ 2,373,553 $ (320,482 ) $ (6,646 ) $ 2,046,891 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2018 : (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2017 $ 466 $ 2,363,171 $ (327,727 ) $ (7,587 ) $ 2,028,323 Forfeiture of non-vested stock (1 ) 1 — — — Earned portion of non-vested stock — 1,495 — — 1,495 Stock option expense — 4 — — 4 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 1,470 — 1,470 Net income attributable to common shareholders — — 33,889 — 33,889 Amortization of terminated hedge included in AOCL — — — 229 229 Change in fair value of derivatives, net of reclassifications — — — 48 48 Dividends — — (46,121 ) — (46,121 ) Balance March 31, 2018 $ 465 $ 2,364,671 $ (338,489 ) $ (7,310 ) $ 2,019,337 On June 14, 2018, the Company entered into a continuous equity offering program with Wells Fargo Securities, LLC, Jeffries LLC, SunTrust Robinson Humphrey, Inc., HSBC Securities (USA) Inc., BB&T Capital Markets, a division of BB&T Securities, LLC and BTIG, LLC, pursuant to which the Company may sell up to $300 million in aggregate offering price of shares of the Company’s common 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 continue 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 2019 and 2018, the Company did not issue any shares of common stock under this equity program. 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 not repurchase any outstanding common shares under the Buyback Program during the three months ended March 31, 2019 or the three months ended March 31, 2018. 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 not issue any shares under the Dividend Reinvestment Plan during the three months ended March 31, 2019 and 2018.

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2019: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2018 $ 20,816 $ 2,043,796 $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock 14 1,382 — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — (294 ) — (294 ) Net income attributable to common unitholders 347 34,107 — 34,454 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,162 ) — (46,631 ) Balance March 31, 2019 $ 20,710 $ 2,032,827 $ (6,646 ) $ 2,046,891 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2018: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2017 $ 20,478 $ 2,015,432 $ (7,587 ) $ 2,028,323 Forfeiture of non-vested stock 1 (1 ) — — Earned portion of non-vested stock 15 1,480 — 1,495 Stock option expense 4 4 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units 1,470 1,470 Net income attributable to common unitholders 340 33,549 33,889 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Change in fair value of derivatives, net of reclassifications — — 48 48 Distributions (463 ) (45,658 ) — (46,121 ) Balance March 31, 2018 $ 20,373 $ 2,006,274 $ (7,310 ) $ 2,019,337

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) Leases” Two of the leases for real estate at which the Company operates self-storage facilities include unilateral options for the Company to extend the terms of these leases. However, those extension periods are not included in the terms of the respective leases under ASC 842 due to the Company’s inability to assert that it is reasonably certain to exercise those options based primarily on the length of time before such options would be exercised. One of the Company’s leases of a self-storage facility also provides the Company with the option to purchase the property under lease for $13.3 million. Future lease payments which are based on changes to the consumer price index and future common area maintenance charges related to corporate office space leases have been excluded from the future minimum noncancelable lease payments for the respective leases due to their variable nature. The Company has made the following accounting policy elections and practical expedient elections provided for in ASC 842: • The package of practical expedients in ASC 842-10-65-1(f) which, if elected, stipulates that for all leases existing at the date of application (1) an entity need not reassess whether any expired or existing contracts contain leases; (2) an entity need not reassess the lease classification for any expired or existing leases; and (3) an entity need not reassess initial direct costs for any existing leases. • The practical expedient in ASC 842-10-65-1(g) which, if elected, stipulates that an entity may use hindsight at the date of initial application in determining the lease term and in assessing impairment of the entity’s right to use assets. • The practical expedient in ASC 842-10-65-1(gg) which, if elected, stipulates that an entity need not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under ASC 842. • The practical expedient in ASC 842-10-15-37 which, if elected, allows a lessee to choose not to separate nonlease components from lease components and instead account for each separate lease component and the nonlease components associated with that lease component as a single lease component. • The practical expedient in ASC 842-10-15-42A which, if elected, allows a lessor to choose not to separate nonlease components from lease components and, instead, to account for each separate lease component and the nonlease components associated with that lease component as a single lease component if the nonlease components otherwise would be accounted for under ASC 606, “Revenue from Contracts with Customers,” and both (1) the timing and pattern of transfer for the lease component and nonlease component(s) associated with the lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease in accordance with ASC 842-10-25 paragraphs 2 and 3. • The option in ASC 842-20-25-2 for a lessee to elect, as an accounting policy, not to apply the recognition requirements in ASC 842 to short-term leases and, instead, to recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Leases are considered short-term when they have a term of less than one year. • The Company has elected to define the term “major part,” as referenced in ASC 842-10-25-2 related to the remaining economic life of an asset, as being 75% or more of the remaining economic life of the asset • The Company has elected to define the term “substantially all,” as referenced in ASC 842-10-25-2 related to the fair value of an asset, as being 90% or more of the fair value of the underlying asset • The Company has elected to define the term “at or near the end,” as referenced in ASC 842-10-25-2 related to a lease commencement date, as being a date that falls within the last 25% of the total economic life of the underlying asset Expenses related to operating leases totaled $0.6 million for the three months ended March 31, 2019. At March 31, 2019, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 10.7 years and 5.3%, respectively. At March 31, 2019, the Company has no finance leases and we have approximately $19.9 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2019 $ 1,968 2020 2,287 2021 2,109 2022 2,109 2023 1,593 Thereafter 9,798 Total $ 19,864 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at March 31, 2019 is the result of the impact of the discount rate on future minimum lease payments. In August 2018, the FASB Issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitment and Contingencies	16. COMMITMENT AND CONTINGENCIES At March 31, 2019, the Company was under contract to acquire 16 self-storage facilities for an aggregate purchase price of $177.7 million. Three of these 16 self-storage facilities were acquired by the Company subsequent to March 31, 2019 for a purchase price of $33.0 million. The purchase of the remaining 13 facilities is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At March 31, 2019, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $31.2 million under these contracts in 2019 and 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS Commencing April 1, 2019, the Company launched a tenant self-storage insurance program whereby a captive wholly-owned subsidiary of the Company reinsures certain risks relating to property stored by its tenants. In connection with this new program, the Company’s prior arrangement with a third-party insurer was terminated. The change in tenant insurance programs is not expected to have a significant impact on the Company’s consolidated net income. However, the Company does expect an increase to both tenant reinsurance revenues and related expenses as a result of the differences in the accounting for the two programs. On April 2, 2019, the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on April 26, 2019 to shareholders of record on April 16, 2019. The total dividend paid amounted to $46.6 million. As discussed in Note 16, on April 30, 2019, the Company acquired three self-storage facilities for a purchase price of $33.0 million.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) Leases” Two of the leases for real estate at which the Company operates self-storage facilities include unilateral options for the Company to extend the terms of these leases. However, those extension periods are not included in the terms of the respective leases under ASC 842 due to the Company’s inability to assert that it is reasonably certain to exercise those options based primarily on the length of time before such options would be exercised. One of the Company’s leases of a self-storage facility also provides the Company with the option to purchase the property under lease for $13.3 million. Future lease payments which are based on changes to the consumer price index and future common area maintenance charges related to corporate office space leases have been excluded from the future minimum noncancelable lease payments for the respective leases due to their variable nature. The Company has made the following accounting policy elections and practical expedient elections provided for in ASC 842: • The package of practical expedients in ASC 842-10-65-1(f) which, if elected, stipulates that for all leases existing at the date of application (1) an entity need not reassess whether any expired or existing contracts contain leases; (2) an entity need not reassess the lease classification for any expired or existing leases; and (3) an entity need not reassess initial direct costs for any existing leases. • The practical expedient in ASC 842-10-65-1(g) which, if elected, stipulates that an entity may use hindsight at the date of initial application in determining the lease term and in assessing impairment of the entity’s right to use assets. • The practical expedient in ASC 842-10-65-1(gg) which, if elected, stipulates that an entity need not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under ASC 842. • The practical expedient in ASC 842-10-15-37 which, if elected, allows a lessee to choose not to separate nonlease components from lease components and instead account for each separate lease component and the nonlease components associated with that lease component as a single lease component. • The practical expedient in ASC 842-10-15-42A which, if elected, allows a lessor to choose not to separate nonlease components from lease components and, instead, to account for each separate lease component and the nonlease components associated with that lease component as a single lease component if the nonlease components otherwise would be accounted for under ASC 606, “Revenue from Contracts with Customers,” and both (1) the timing and pattern of transfer for the lease component and nonlease component(s) associated with the lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease in accordance with ASC 842-10-25 paragraphs 2 and 3. • The option in ASC 842-20-25-2 for a lessee to elect, as an accounting policy, not to apply the recognition requirements in ASC 842 to short-term leases and, instead, to recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Leases are considered short-term when they have a term of less than one year. • The Company has elected to define the term “major part,” as referenced in ASC 842-10-25-2 related to the remaining economic life of an asset, as being 75% or more of the remaining economic life of the asset • The Company has elected to define the term “substantially all,” as referenced in ASC 842-10-25-2 related to the fair value of an asset, as being 90% or more of the fair value of the underlying asset • The Company has elected to define the term “at or near the end,” as referenced in ASC 842-10-25-2 related to a lease commencement date, as being a date that falls within the last 25% of the total economic life of the underlying asset Expenses related to operating leases totaled $0.6 million for the three months ended March 31, 2019. At March 31, 2019, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 10.7 years and 5.3%, respectively. At March 31, 2019, the Company has no finance leases and we have approximately $19.9 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2019 $ 1,968 2020 2,287 2021 2,109 2022 2,109 2023 1,593 Thereafter 9,798 Total $ 19,864 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at March 31, 2019 is the result of the impact of the discount rate on future minimum lease payments. In August 2018, the FASB Issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Reconciliation of Noncontrolling Interests	The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Ended March 31, 2019 Beginning balance $ 23,716 Net income attributable to noncontrolling interest in the Operating Partnership 183 Distributions (249 ) Adjustment to redemption value 294 Ending balance $ 23,944
Summary of Disaggregated Revenues	The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” (dollars in thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Rental income $ 124,146 $ 121,624 Management and acquisition fee income 3,086 2,395 Revenues related to tenant reinsurance 5,815 5,717 Other 3,475 3,358 Total operating revenues $ 136,522 $ 133,094

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2019
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) Mar. 31, 2019 Dec. 31, 2018 Mar. 31, 2018 Cash $ 8,875 $ 13,560 $ 7,778 Restricted cash 4,139 505 422 Total cash and restricted cash 13,014 14,065 8,200

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the three months ended March 31, 2019: (dollars in thousands) Cost: Beginning balance $ 4,398,939 Acquisition of storage facilities 66,086 Improvements and equipment additions 10,937 Net increase in construction in progress 996 Dispositions (1,802 ) Ending balance $ 4,475,156 Accumulated Depreciation: Beginning balance $ 704,681 Additions during the period 25,851 Dispositions (1,236 ) Ending balance $ 729,296
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2019 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number of Properties Date of Acquisition Purchase Price Cash Paid Carrying Value of Noncontrolling Interest in Joint Venture Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements In-Place Customers Leases Closing Costs Expensed NY 1 1/16/2019 $ 57,169 $ 46,402 $ 10,715 $ — $ 52 $ 30,029 $ 26,863 $ 277 $ — FL 1 3/8/2019 9,302 9,222 — — 80 1,817 7,377 108 — Total acquired in 2019 2 $ 66,471 $ 55,624 $ 10,715 $ — $ 132 $ 31,846 $ 34,240 $ 385 —
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) Mar. 31, 2019 Dec. 31, 2018 In-place customer leases $ 76,099 $ 75,715 Accumulated amortization (75,089 ) (74,744 ) Net carrying value at the end of period 1,010 971

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	3 Months Ended
	Mar. 31, 2019
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) Mar. 31, 2019 Dec. 31, 2018 Revolving line of credit borrowings $ 177,000 $ 91,000 Term note due June 4, 2020 100,000 100,000 Term note due August 5, 2021 100,000 100,000 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 Total term note principal balance outstanding $ 1,625,000 $ 1,625,000 Less: unamortized debt issuance costs (9,390 ) (9,778 ) Less: unamortized senior term note discount (4,266 ) (4,402 ) Term notes payable $ 1,611,344 $ 1,610,820

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at March 31, 2019 and December 31, 2018 consist of the following: (dollars in thousands) Mar. 31, 2019 Dec. 31, 2018 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.5 million, principal and interest paid monthly (effective interest rate 5.17%) $ 2,849 $ 2,863 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.4 million, principal and interest paid monthly (effective interest rate 4.25%) 4,004 4,028 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.9 million, principal and interest paid monthly (effective interest rate 5.50%) 3,853 3,871 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.32%) 1,498 1,540 Total mortgages payable $ 12,204 $ 12,302
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) 2019 2020 2021 2022 2023 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (3.45% at March 31, 2019) — — — — $ 177,000 — $ 177,000 $ 177,000 Notes Payable: Term note - variable rate LIBOR + 1.00% (3.50% at March 31, 2019) — $ 100,000 — — — — $ 100,000 $ 100,000 Term note - fixed rate 5.54% — — $ 100,000 — — — $ 100,000 $ 104,916 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 181,489 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 586,050 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 438,803 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 188,614 Mortgage note - fixed rate 4.98% $ 42 $ 59 $ 2,748 — — — $ 2,849 $ 2,903 Mortgage note - fixed rate 4.065% $ 72 $ 99 $ 104 $ 108 $ 3,621 — $ 4,004 $ 4,034 Mortgage note - fixed rate 5.26% $ 53 $ 74 $ 78 $ 83 $ 3,565 — $ 3,853 $ 4,079 Mortgage note - fixed rate 5.99% $ 128 $ 181 $ 192 $ 203 $ 216 $ 578 $ 1,498 $ 1,607 Total $ 295 $ 100,413 $ 103,122 $ 394 $ 184,402 $ 1,425,578 $ 1,814,204

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three months ended March 31, 2019 and 2018 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Accumulated other comprehensive loss beginning of period $ (6,875 ) $ (7,587 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 196 Unrealized gain from changes in the fair value of the effective portion of the interest rate swaps — 81 Amount included in other comprehensive income 229 277 Accumulated other comprehensive loss end of period $ (6,646 ) $ (7,310 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2019
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 Properties at Mar. 31, 2019 Company common ownership interest at Mar. 31, 2019 Carrying value of investment at Mar. 31, 2019 Carrying value of investment at Dec. 31, 2018 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20% $84.9 million $85.8 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 30 15% $13.4 million $13.4 million 191 III Life Storage Holdings LLC (“191 III”) 3 6 20% $9.3 million $9.3 million Life Storage-SERS Storage LLC (“SERS”) 4 3 20% $3.4 million $3.5 million Life Storage-HIERS Storage LLC (“HIERS”) 5 12 20% $9.3 million $9.3 million Iskalo Office Holdings, LLC (“Iskalo”) 6 N/A 49% ($0.4 million) ($0.4 million) Urban Box Coralway Storage, LLC (“Urban Box”) 7 1 85% $4.3 million $4.4 million SNL/Orix 1200 McDonald Ave., LLC (“McDonald”) 8 1 5% $2.8 million $2.8 million SNL Orix Merrick, LLC (“Merrick”) 9 1 5% $2.5 million $2.5 million N 32nd Street Self Storage, LLC (“N32”) 10 1 46% $1.2 million $1.2 million NYX Don Mills Storage LP ("Don Mills") 11 1* 17% $1.0 million $1.0 million NYX Sheridan Storage LP ("Sheridan") 12 1* 38.3% $0.7 million $0.7 million NYX Appleby Storage LP ("Appleby") 13 1* 37.5% $1.0 million $1.0 million Bluebird Sanford Storage LP ("Sanford") 14 1 20.5% $0.3 million N/A Bluebird Ingram Storage LP ("Ingram") 15 1 46.3% $1.3 million N/A *Property in development stage 1 2 3 4 5 6 7 8 McDonald owns a self-storage facility in New York. McDonald has entered into a non-reco urse mortgage loan with $ 11.6 million of principal outstanding at March 31, 2019 . 9 10 11 Don Mills is developing a self-storage facility in Ontario, Canada which is expected to be completed in 2020. 12 13 Appleby is developing a self-storage facility in Ontario, Canada which is expected to be completed by 2021. 14 15 Ingram owns a self-storage facility in Ontario, Canada and has entered into a non-recourse mortgage loan with $17.6 million of principal outstanding at March 31, 2019. The Company entered into the Ingram joint venture during 2019 and contributed $1.3 million of common capital to Ingram during 2019 as the Company’s share of the initial capital investment in the joint venture.
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) Venture Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Sovran HHF $ 829 $ 689 Sovran HHF II 413 368 191 III (14 ) 18 SERS (46 ) 62 HIERS 20 — RAP (280 ) (216 ) Merrick (5 ) (16 ) McDonald (13 ) — Urban Box (125 ) — N32 (21 ) — Iskalo 53 67 $ 811 $ 972
Summary of Unconsolidated Joint Ventures' Financial Statements	A summary of the combined unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2019 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,158,144 Investment in office building, net 4,573 Other assets 20,759 Total Assets $ 1,183,476 Due to the Company $ 1,807 Mortgages payable 516,061 Other liabilities 11,018 Total Liabilities $ 528,886 Unaffiliated partners’ equity 519,642 Company equity 134,948 Total Partners’ Equity 654,590 Total Liabilities and Partners’ Equity $ 1,183,476 Income Statement Data: Total revenues $ 30,915 Property operating expenses (9,832 ) Administrative, management and call center fees (2,470 ) Depreciation and amortization of customer list (6,823 ) Amortization of financing fees (231 ) Income tax expense (79 ) Interest expense (5,945 ) Net income $ 5,535

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. Earnings Per Share (in thousands except per share data) Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net income attributable to common shareholders $ 34,454 $ 33,889 Denominator: Denominator for basic earnings per share – weighted average shares 46,565 46,452 Effect of Dilutive Securities: Stock options and non-vested stock 72 85 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,637 46,537 Basic earnings per common share attributable to common shareholders $ 0.74 $ 0.73 Diluted earnings per common share attributable to common shareholders $ 0.74 $ 0.73 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 Ended March 31, 2019 Three Months Ended March 31, 2018 Numerator: Net income attributable to common unitholders $ 34,454 $ 33,889 Denominator: Denominator for basic earnings per unit – weighted average units 46,565 46,452 Effect of Dilutive Securities: Stock options and non-vested stock 72 85 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,637 46,537 Basic earnings per common unit attributable to common unitholders $ 0.74 $ 0.73 Diluted earnings per common unit attributable to common unitholders $ 0.74 $ 0.73

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
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 three months ended March 31, 2019: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2018 $ 466 $ 2,372,157 $ (308,011 ) $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock — 1,396 — — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (294 ) — (294 ) Net income attributable to common shareholders — — 34,454 — 34,454 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,631 ) — (46,631 ) Balance March 31, 2019 $ 466 $ 2,373,553 $ (320,482 ) $ (6,646 ) $ 2,046,891 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2018 : (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2017 $ 466 $ 2,363,171 $ (327,727 ) $ (7,587 ) $ 2,028,323 Forfeiture of non-vested stock (1 ) 1 — — — Earned portion of non-vested stock — 1,495 — — 1,495 Stock option expense — 4 — — 4 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 1,470 — 1,470 Net income attributable to common shareholders — — 33,889 — 33,889 Amortization of terminated hedge included in AOCL — — — 229 229 Change in fair value of derivatives, net of reclassifications — — — 48 48 Dividends — — (46,121 ) — (46,121 ) Balance March 31, 2018 $ 465 $ 2,364,671 $ (338,489 ) $ (7,310 ) $ 2,019,337

Partners' Capital (Tables)

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2019: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2018 $ 20,816 $ 2,043,796 $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock 14 1,382 — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — (294 ) — (294 ) Net income attributable to common unitholders 347 34,107 — 34,454 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,162 ) — (46,631 ) Balance March 31, 2019 $ 20,710 $ 2,032,827 $ (6,646 ) $ 2,046,891 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2018: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2017 $ 20,478 $ 2,015,432 $ (7,587 ) $ 2,028,323 Forfeiture of non-vested stock 1 (1 ) — — Earned portion of non-vested stock 15 1,480 — 1,495 Stock option expense 4 4 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units 1,470 1,470 Net income attributable to common unitholders 340 33,549 33,889 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Change in fair value of derivatives, net of reclassifications — — 48 48 Distributions (463 ) (45,658 ) — (46,121 ) Balance March 31, 2018 $ 20,373 $ 2,006,274 $ (7,310 ) $ 2,019,337

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Changes And Error Corrections [Abstract]
Summary of Undiscounted Future Minimum Lease Payments	The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2019 $ 1,968 2020 2,287 2021 2,109 2022 2,109 2023 1,593 Thereafter 9,798 Total $ 19,864

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019PropertyStateshares	Dec. 31, 2018shares
Organization [Line Items]
Number of self-storage properties owned and managed	780
Number of states in which self-storage properties owned and managed | State	28
Number of properties managed under joint ventures	114
Number of properties managed with no ownership	103
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	21.00%
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	248,966	248,966
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	99.50%
Warehouse Anywhere LLC [Member] | Life Storage Solutions, 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
	Mar. 31, 2019	Mar. 31, 2018
Redeemable Noncontrolling Interest Equity Fair Value [Abstract]
Noncontrolling interest, beginning balance	$ 23,716
Net income attributable to noncontrolling interest in the Operating Partnership	183	$ 160
Distributions	(249)
Adjustment to redemption value	294	$ (1,470)
Noncontrolling interest, ending balance	$ 23,944

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Rental income	$ 124,146	$ 121,624
Operating revenues other than rental income	12,376	11,470
Total operating revenues	136,522	133,094
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	3,086	2,395
Revenues Related to Tenant Reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	5,815	5,717
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 3,475	$ 3,358

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 0	$ 4,000
Amortization of non-vested stock grants and performance-based awards	$ 1,396,000	$ 1,495,000
Stock options exercised by employees and directors	0	0
Number of shares of non-vested stock that vested	16,821	36,191
Employees [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	5 years
Shares of non-vested stock issued	1,000
Fair market value of the non-vested stock on the date of grant	$ 99.10
Aggregate fair value	$ 99,100
Chief Executive Officer, David Rogers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 400,000

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 8,875	$ 13,560	$ 7,778
Restricted cash	4,139	505	422
Total cash and restricted cash	$ 13,014	$ 14,065	$ 8,200	$ 9,459

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Cost:
Beginning balance	$ 4,398,939
Acquisition of storage facilities	66,086
Improvements and equipment additions	10,937
Net increase in construction in progress	996
Dispositions	(1,802)
Ending balance	4,475,156
Accumulated Depreciation:
Beginning balance	704,681
Additions during the period	25,851
Dispositions	(1,236)
Ending balance	$ 729,296

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)Property$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Investment Holdings [Line Items]
Number of storage facilities acquired | Property	2
Payments to acquire businesses and interest in affiliates	$ 10,715,000
Consideration paid, Cash Paid	$ 55,624,000
Deposits paid at the time of contract				$ 200,000
Amortization period for in-place customer leases on a straight-line basis	12 months
Amortization expense related to in-place customer leases	$ 300,000	$ 0
Increase in depreciation expense due to facility replacement	$ 700,000	$ 300,000
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares	$ 0.02	$ 0.01
Scenario, Forecast [Member]
Investment Holdings [Line Items]
Net other liabilities assumed			$ 132,000
Review Avenue Partners, LLC [Member]
Investment Holdings [Line Items]
Equity method investment ownership percentage acquired	60.00%
Payments to acquire businesses and interest in affiliates	$ 10,700,000

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)Property
Investment Holdings [Line Items]
Number of Properties | Property	2
Purchase Price	$ 66,471
Consideration paid, Cash Paid	55,624
Consideration paid, Carrying Value of Noncontrolling Interest in Joint Venture	10,715
Consideration paid, Net Other Liabilities (Assets) Assumed	132
Acquisition Date Fair Value, In-Place Customer Leases	385
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	31,846
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 34,240
NY [Member] | Asset Acquired on 1/16/2019 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 16, 2019
Purchase Price	$ 57,169
Consideration paid, Cash Paid	46,402
Consideration paid, Carrying Value of Noncontrolling Interest in Joint Venture	10,715
Consideration paid, Net Other Liabilities (Assets) Assumed	52
Acquisition Date Fair Value, In-Place Customer Leases	277
NY [Member] | Asset Acquired on 1/16/2019 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	30,029
NY [Member] | Asset Acquired on 1/16/2019 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 26,863
Florida [Member] | Asset Acquired on 3/8/2019 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 8, 2019
Purchase Price	$ 9,302
Consideration paid, Cash Paid	9,222
Consideration paid, Net Other Liabilities (Assets) Assumed	80
Acquisition Date Fair Value, In-Place Customer Leases	108
Florida [Member] | Asset Acquired on 3/8/2019 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,817
Florida [Member] | Asset Acquired on 3/8/2019 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 7,377

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
In-place customer leases	$ 76,099	$ 75,715
Accumulated amortization	(75,089)	(74,744)
Net carrying value at the end of period	$ 1,010	$ 971

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	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 177,000	$ 91,000
Total term note principal balance outstanding	1,625,000	1,625,000
Less: unamortized debt issuance costs	(9,390)	(9,778)
Less: unamortized senior term note discount	(4,266)	(4,402)
Term notes payable	1,611,344	1,610,820
Term Note Due June 4, 2020 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	100,000	100,000
Term Note Due August 5, 2021 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	100,000	100,000
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

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2011	Dec. 31, 2018
Debt Instrument [Line Items]
Amount available on unsecured revolving line of credit					$ 322,700,000
Unamortized senior term note discount					4,266,000			$ 4,402,000
Amortization expense related to deferred debt issuance costs					$ 903,000	$ 891,000
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					150.00%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage					40.00%
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		$ 200,000,000
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%
Term Note Due August 5, 2021 [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration date							Aug. 5, 2021
Debt instrument stated interest rate							5.54%
Additional secured term note							$ 100,000,000
Term Note Due August 5, 2021 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate							7.29%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs					$ 500,000	$ 500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit limit					$ 500,000,000
Line of credit facility, expiration date					Mar. 10, 2023
Basis spread over LIBOR					0.95%
Facility fee					0.15%
Interest rate, line of credit facility					3.45%			3.47%
Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount					$ 100,000,000
Debt instrument,maturity date					Jun. 4, 2020
Basis spread over LIBOR					1.00%
Debt instrument variable interest rate					3.50%			3.52%
Revolving Credit Facility [Member] | Term Note [Member]
Debt Instrument [Line Items]
Revolving credit limit					$ 900,000,000

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgages payable	$ 12,204	$ 12,302
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,849	2,863
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	4,004	4,028
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,853	3,871
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,498	$ 1,540

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Facility
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
Mortgage note due date	Jan. 1, 2021
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 9.5
Effective interest rate	5.17%
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 | $	$ 7.4
Effective interest rate	4.25%
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 | $	$ 7.9
Effective interest rate	5.50%
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	6.32%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Payables due 2019	$ 295
Payables due 2020	100,413
Payables due 2021	103,122
Payables due 2022	394
Payables due 2023	184,402
Payables due Thereafter	1,425,578
Debt obligations	1,814,204
Line of credit - variable rate LIBOR + 0.95% (3.45% at March 31, 2019) [Member]
Debt Instrument [Line Items]
Payables due 2023	177,000
Debt obligations	177,000
Debt instrument, fair value	177,000
Term note - variable rate LIBOR+1.00% (3.50% at March 31, 2019) [Member]
Debt Instrument [Line Items]
Payables due 2020	100,000
Debt obligations	100,000
Term note, fair value	100,000
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Payables due 2021	100,000
Debt obligations	100,000
Term note, fair value	104,916
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	175,000
Debt obligations	175,000
Term note, fair value	181,489
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	586,050
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	438,803
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	188,614
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2019	42
Payables due 2020	59
Payables due 2021	2,748
Debt obligations	2,849
Debt instrument, fair value	2,903
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2019	72
Payables due 2020	99
Payables due 2021	104
Payables due 2022	108
Payables due 2023	3,621
Debt obligations	4,004
Debt instrument, fair value	4,034
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2019	53
Payables due 2020	74
Payables due 2021	78
Payables due 2022	83
Payables due 2023	3,565
Debt obligations	3,853
Debt instrument, fair value	4,079
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2019	128
Payables due 2020	181
Payables due 2021	192
Payables due 2022	203
Payables due 2023	216
Payables due Thereafter	578
Debt obligations	1,498
Debt instrument, fair value	$ 1,607

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2019
Line of credit - variable rate LIBOR + 0.95% (3.45% at March 31, 2019) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	3.45%
Basis spread over LIBOR	0.95%
Term note - variable rate LIBOR+1.00% (3.50% at March 31, 2019) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	3.50%
Basis spread over LIBOR	1.00%
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Interest rate	5.54%
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%
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
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 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Instrument	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Derivative [Line Items]
Realized (gain) loss on derivatives net of accumulated other comprehensive loss to interest expense	$ 229,000	$ 196,000
Number of interest rate swaps held | Instrument	0
Interest Expense [Member]
Derivative [Line Items]
Realized (gain) loss on derivatives net of accumulated other comprehensive loss to interest expense		$ (30,000)
Senior Term Note Due July 1, 2026 [Member]
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9,200,000
Amortized period on interest expense	10 years
Interest Rate Swaps Settled in 2018 [Member]
Derivative [Line Items]
Derivative notional amount			$ 100,000,000
Realized (gain) loss on derivatives net of accumulated other comprehensive loss to interest expense	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	$ 2,057,737
Realized loss reclassified from accumulated other comprehensive loss to interest expense	229	$ 196
Unrealized gain from changes in the fair value of the effective portion of the interest rate swaps		81
Amount included in other comprehensive income	229	277
Accumulated other comprehensive loss end of period	2,046,891
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	(6,875)	(7,587)
Accumulated other comprehensive loss end of period	$ (6,646)	$ (7,310)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2019	Dec. 31, 2018
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 Millions	Mar. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	57
Company common ownership interest	20.00%
Carrying value of investment	$ 84.9	$ 85.8
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	30
Company common ownership interest	15.00%
Carrying value of investment	$ 13.4	13.4
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	20.00%
Carrying value of investment	$ 9.3	9.3
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	3
Company common ownership interest	20.00%
Carrying value of investment	$ 3.4	3.5
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	12
Company common ownership interest	20.00%
Carrying value of investment	$ 9.3	9.3
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (0.4)	(0.4)
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	85.00%
Carrying value of investment	$ 4.3	4.4
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	5.00%
Carrying value of investment	$ 2.8	2.8
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	5.00%
Carrying value of investment	$ 2.5	2.5
N 32nd Street Self Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	46.00%
Carrying value of investment	$ 1.2	1.2
NYX Don Mills Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	17.00%
Carrying value of investment	$ 1	1
NYX Sheridan Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	38.30%
Carrying value of investment	$ 0.7	0.7
NYX Appleby Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	37.50%
Carrying value of investment	$ 1	$ 1
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	20.50%
Carrying value of investment	$ 0.3
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	46.30%
Carrying value of investment	$ 1.3

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Property	Mar. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures | $	$ 2,404,000	$ 2,037,000
Number of storage facilities acquired	2
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 219,600,000
Distributions from unconsolidated joint ventures | $	1,700,000
Excess of investment over net asset due to capitalization of acquisition related costs | $	$ 1,700,000
Sovran HHF Storage Holdings LLC [Member] | Arizona [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	11
Sovran HHF Storage Holdings LLC [Member] | Colorado [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	4
Sovran HHF Storage Holdings LLC [Member] | Florida [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	3
Sovran HHF Storage Holdings LLC [Member] | Georgia [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Sovran HHF Storage Holdings LLC [Member] | Kentucky [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	2
Sovran HHF Storage Holdings LLC [Member] | Nevada [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	5
Sovran HHF Storage Holdings LLC [Member] | New Jersey [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	2
Sovran HHF Storage Holdings LLC [Member] | Ohio [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	6
Sovran HHF Storage Holdings LLC [Member] | Pennsylvania [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Sovran HHF Storage Holdings LLC [Member] | Tennessee [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	2
Sovran HHF Storage Holdings LLC [Member] | Texas [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	20
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 87,800,000
Distributions from unconsolidated joint ventures | $	$ 500,000
Sovran HHF Storage Holdings II LLC [Member] | New Jersey [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	17
Sovran HHF Storage Holdings II LLC [Member] | Pennsylvania [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	3
Sovran HHF Storage Holdings II LLC [Member] | Texas [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	10
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures | $	$ 100,000
Contribution of company to joint venture as share in capital | $	100,000
191 III Life Storage Holdings LLC [Member] | California [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 57,200,000
191 III Life Storage Holdings LLC [Member] | California [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired	6
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital | $	$ 0
Life Storage-SERS Storage LLC [Member] | Georgia [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 22,000,000
Life Storage-SERS Storage LLC [Member] | Georgia [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired	3
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 45,400,000
Distributions from unconsolidated joint ventures | $	$ 100,000
Life Storage-HIERS Storage LLC [Member] | Arizona [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	2
Life Storage-HIERS Storage LLC [Member] | Florida [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Life Storage-HIERS Storage LLC [Member] | Texas [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	7
Life Storage-HIERS Storage LLC [Member] | North Carolina [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Life Storage-HIERS Storage LLC [Member] | VIRGINIA
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Rent paid during the period | $	$ 300,000	$ 300,000
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	6,700,000
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 11,600,000
SNL/Orix 1200 McDonald Ave., LLC [Member] | New York [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	$ 12,300,000
SNL Orix Merrick, LLC [Member] | New York [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
N 32nd Street Self Storage, LLC [Member] | Arizona [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities	1
Non-recourse mortgage loan principal outstanding | $	$ 6,300,000
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	3,200,000
Bluebird Sanford Storage LP [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital | $	300,000
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Non-recourse mortgage loan principal outstanding | $	17,600,000
Bluebird Ingram Storage LP [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital | $	$ 1,300,000

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cash payments for property acquisition	$ 55,132
Payments to acquire businesses and interest in affiliates	$ 10,715
Review Avenue Partners, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired	100.00%
Review Avenue Partners, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage acquired	60.00%
Cash payments for property acquisition	$ 46,400
Payoff of mortgage loan	30,000
Payments of transfer tax	700
Payments to acquire businesses and interest in affiliates	10,700
Sovran HHF, Sovran HHF II, 191 III, SERS, HIERS, Urban Box, McDonald, Merrick, N32, Sanford and Ingram [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2,100	$ 1,900
Sovran HHF, Sovran HHF II, 191 III, SERS, HIERS, Urban Box, McDonald, Merrick, N32, Sanford and Ingram [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	5.00%
Sovran HHF, Sovran HHF II, 191 III, SERS, HIERS, Urban Box, McDonald, Merrick, N32, Sanford and Ingram [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	7.00%

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
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 811	$ 972
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	829	689
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	413	368
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(14)	18
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(46)	62
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	20
Review Avenue Partners LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(280)	(216)
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(5)	(16)
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(13)
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(125)
N 32nd Street Self Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(21)
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 53	$ 67

Investment in Joint Ventures _5

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 3,745,860		$ 3,694,258
Other assets	30,879		5,921
Total Assets	3,958,803		3,892,212
Mortgages payable	12,204		12,302
Total Liabilities	1,887,968		1,810,759
Unaffiliated partners’ equity	0		0
Company equity	2,046,891	$ 2,019,337	2,057,737	$ 2,028,323
Total Equity	2,046,891		$ 2,057,737
Depreciation and amortization of customer list	(26,227)	(24,764)
Amortization of financing fees	(903)	(891)
Interest expense	(17,819)	$ (17,204)
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	1,158,144
Investment in office building, net	4,573
Other assets	20,759
Total Assets	1,183,476
Due to the Company	1,807
Mortgages payable	516,061
Other liabilities	11,018
Total Liabilities	528,886
Unaffiliated partners’ equity	519,642
Company equity	134,948
Total Equity	654,590
Total Liabilities and Partners’ Equity	1,183,476
Total revenues	30,915
Property operating expenses	(9,832)
Administrative, management and call center fees	(2,470)
Depreciation and amortization of customer list	(6,823)
Amortization of financing fees	(231)
Income tax expense	(79)
Interest expense	(5,945)
Net income	$ 5,535

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0
Prepaid taxes	100,000			$ 100,000
Deferred tax assets	2,400,000			2,100,000
Deferred tax liability	$ 1,700,000			$ 1,600,000
Corporate income tax rate	21.00%		35.00%
Tax Year 2013 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2015
Tax Year 2018 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2018
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	$ 400,000	$ 500,000

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
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income attributable to common shareholders/unitholders	$ 34,454	$ 33,889
Denominator:
Denominator for basic earnings per share/unit – weighted average shares/units	46,564,846	46,452,492
Effect of Dilutive Securities:
Stock options and non-vested stock	72,000	85,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,636,700	46,536,672
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.74	$ 0.73
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.74	$ 0.73
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 34,454	$ 33,889
Denominator:
Denominator for basic earnings per share/unit – weighted average shares/units	46,564,846	46,452,492
Effect of Dilutive Securities:
Stock options and non-vested stock	72,000	85,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,636,700	46,536,672
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.74	$ 0.73
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.74	$ 0.73

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	73,770	118,062
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities		11,000

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Beginning Balance	$ 2,057,737	$ 2,028,323
Earned portion of non-vested stock	1,396	1,495
Stock option expense		4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(294)	1,470
Net income attributable to common shareholders	34,454	33,889
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Dividends	(46,631)	(46,121)
Ending Balance	2,046,891	2,019,337
Common Stock Shares [Member]
Beginning Balance	466	466
Forfeiture of non-vested stock		(1)
Ending Balance	466	465
Additional Paid-in Capital [Member]
Beginning Balance	2,372,157	2,363,171
Forfeiture of non-vested stock		1
Earned portion of non-vested stock	1,396	1,495
Stock option expense		4
Ending Balance	2,373,553	2,364,671
Dividends in Excess of Net Income [Member]
Beginning Balance	(308,011)	(327,727)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(294)	1,470
Net income attributable to common shareholders	34,454	33,889
Dividends	(46,631)	(46,121)
Ending Balance	(320,482)	(338,489)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(6,875)	(7,587)
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Ending Balance	$ (6,646)	$ (7,310)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jun. 14, 2018	Aug. 02, 2017
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program				$ 300,000,000
Buyback Program, authorized repurchase amount					$ 200,000,000
Stock repurchased during period, shares	0	0
Equity Program [Member]
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program	0		0

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Partners Capital [Line Items]
Earned portion of non-vested stock	$ 1,396	$ 1,495
Stock option expense		4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	294	(1,470)
Net income attributable to common shareholders/unitholders	34,454	33,889
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,057,737	2,028,323
Earned portion of non-vested stock	1,396	1,495
Stock option expense		4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(294)	1,470
Net income attributable to common shareholders/unitholders	34,454	33,889
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Distributions	(46,631)	(46,121)
Ending balance of total controlling partners’ capital	2,046,891	2,019,337
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	20,816	20,478
Forfeiture Of Non Vested Stock		1
Earned portion of non-vested stock	14	15
Net income attributable to common shareholders/unitholders	347	340
Amortization of terminated hedge included in AOCL	2	2
Distributions	(469)	(463)
Ending balance of total controlling partners’ capital	20,710	20,373
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,043,796	2,015,432
Forfeiture Of Non Vested Stock		(1)
Earned portion of non-vested stock	1,382	1,480
Stock option expense		4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(294)	1,470
Net income attributable to common shareholders/unitholders	34,107	33,549
Amortization of terminated hedge included in AOCL	(2)	(2)
Distributions	(46,162)	(45,658)
Ending balance of total controlling partners’ capital	2,032,827	2,006,274
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(6,875)	(7,587)
Amortization of terminated hedge included in AOCL	229	229
Change in fair value of derivatives, net of reclassifications		48
Ending balance of total controlling partners’ capital	$ (6,646)	$ (7,310)

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Property	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of leased real estate properties under extension options, operates for self-storage facilities | Property	2
Number of leased properties under purchase options | Property	1
Option to purchase property under lease	$ 13,300,000
Operating lease expenses	$ 600,000
Weighted average remaining lease term	10 years 8 months 12 days
Weighted average discount rate	5.30%
Finance Lease, Liability	$ 0
Operating lease commitments	19,864,000
ASU 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets and related lease liabilities		$ 16,000,000
Operating lease, aggregate right-of-use assets	$ 15,500,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember
Operating lease liabilities	$ 15,300,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Minimum [Member] | ASU 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of remaining economic life of asset to define the lease term, major part	75.00%
Percentage of fair value of underlying asset to define the lease term, substantially all	90.00%
Minimum [Member] | Revenue [Member] | Product Concentration [Member] | Revenue From Rental Products [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	90.00%
Maximum [Member] | ASU 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of total economic life of underlying asset to define the lease term, at or near the end	25.00%

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Accounting Changes And Error Corrections [Abstract]
2019	$ 1,968
2020	2,287
2021	2,109
2022	2,109
2023	1,593
Thereafter	9,798
Total	$ 19,864

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands	Apr. 30, 2019USD ($)Property	Mar. 31, 2019USD ($)PropertyFacility
Commitment And Contingencies [Line Items]
Number of storage facilities to be acquired | Property		16
Aggregate purchase price of business to be acquired		$ 177,700
Number of storage facilities acquired | Property		2
Cash payments for property acquisition		$ 55,132
Number of remaining facilities to be purchased | Facility		13
Expansion and enhancement contracts		$ 31,200
Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Number of storage facilities acquired | Property	3
Cash payments for property acquisition	$ 33,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 30, 2019USD ($)Property	Apr. 26, 2019USD ($)	Apr. 02, 2019$ / shares	Mar. 31, 2019USD ($)Property
Subsequent Event [Line Items]
Number of storage facilities acquired | Property				2
Cash payments for property acquisition				$ 55,132
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property	3
Cash payments for property acquisition	$ 33,000
Dividend declared, date			Apr. 2, 2019
Dividend per common share | $ / shares			$ 1
Dividend paid, date			Apr. 26, 2019
Dividend record, date			Apr. 16, 2019
Dividend paid		$ 46,600