Life Storage 10-Q 6 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 27, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		48,597,483
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Entity File Number	1-13820
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	16-1194043
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		48,597,483
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-24071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1481551
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment in storage facilities:
Land	$ 937,030	$ 884,235
Building, equipment, and construction in progress	4,263,222	3,865,238
Real estate investment property, at cost, total	5,200,252	4,749,473
Less: accumulated depreciation	(842,592)	(756,333)
Investment in storage facilities, net	4,357,660	3,993,140
Cash and cash equivalents	110,247	17,458
Accounts receivable	13,970	12,218
Receivable from unconsolidated joint ventures	3,223	1,302
Investment in unconsolidated joint ventures	143,633	154,984
Prepaid expenses	10,601	7,771
Trade name	16,500	16,500
Other assets	33,221	29,591
Total Assets	4,689,055	4,232,964
Liabilities
Line of credit		65,000
Term notes, net	2,254,783	1,858,271
Accounts payable and accrued liabilities	107,980	103,942
Deferred revenue	16,204	11,699
Mortgages payable	34,352	34,851
Total Liabilities	2,413,319	2,073,763
Noncontrolling redeemable Operating Partnership Units at redemption value	25,848	26,307
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 48,199,008 shares outstanding at September 30, 2020 (46,675,933 at December 31, 2019)	482	467
Additional paid-in capital	2,533,402	2,376,723
Dividends in excess of net income	(278,726)	(238,338)
Accumulated other comprehensive loss	(5,270)	(5,958)
Total Shareholders’ Equity	2,249,888	2,132,894
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,249,888	2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	4,689,055	4,232,964
Life Storage LP [Member]
Investment in storage facilities:
Land	937,030	884,235
Building, equipment, and construction in progress	4,263,222	3,865,238
Real estate investment property, at cost, total	5,200,252	4,749,473
Less: accumulated depreciation	(842,592)	(756,333)
Investment in storage facilities, net	4,357,660	3,993,140
Cash and cash equivalents	110,247	17,458
Accounts receivable	13,970	12,218
Receivable from unconsolidated joint ventures	3,223	1,302
Investment in unconsolidated joint ventures	143,633	154,984
Prepaid expenses	10,601	7,771
Trade name	16,500	16,500
Other assets	33,221	29,591
Total Assets	4,689,055	4,232,964
Liabilities
Line of credit		65,000
Term notes, net	2,254,783	1,858,271
Accounts payable and accrued liabilities	107,980	103,942
Deferred revenue	16,204	11,699
Mortgages payable	34,352	34,851
Total Liabilities	2,413,319	2,073,763
Limited partners’ redeemable capital interest at redemption value (243,966 and 246,466units outstanding at September 30, 2020 and December 31, 2019, respectively)	25,848	26,307
Shareholders' Equity/ Partners' Capital
General partner (484,429 and 469,225 units outstanding at September 30, 2020 and December 31, 2019, respectively)	22,759	21,594
Limited partners (47,714,579 and 46,206,708 units outstanding at September 30, 2020and December 31, 2019, respectively)	2,232,399	2,117,258
Accumulated other comprehensive loss	(5,270)	(5,958)
Total Controlling Partners’ Capital	2,249,888	2,132,894
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,249,888	2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 4,689,055	$ 4,232,964

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	48,199,008	46,675,933
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	243,966	246,466
General partner, units outstanding	484,429	469,225
Limited partners, units outstanding	47,714,579	46,206,708

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental income	$ 135,965	$ 128,565	$ 393,701	$ 381,625
Other operating income	20,345	17,069	56,565	45,561
Total operating revenues	156,310	145,634	450,266	427,186
Expenses
Property operations and maintenance	36,199	32,215	101,297	96,809
Real estate taxes	17,729	16,116	52,751	48,427
General and administrative	13,369	11,554	38,498	34,401
Payments for rent		75		358
Depreciation and amortization	33,018	26,854	90,335	79,239
Total operating expenses	100,315	86,814	282,881	259,234
Gain on sale of storage facilities		100,222		100,222
Gain on sale of real estate			302	1,076
Income from operations	55,995	159,042	167,687	269,250
Other income (expenses)
Interest expense	(20,544)	(19,760)	(61,056)	(56,339)
Interest income	8	289	14	340
Equity in income of joint ventures	1,829	1,175	3,915	3,095
Net income	37,288	140,746	110,560	216,346
Net income attributable to noncontrolling interest in the Operating Partnership	(193)	(744)	(576)	(1,148)
Net income attributable to common shareholders/unitholders	$ 37,095	$ 140,002	$ 109,984	$ 215,198
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.78	$ 3	$ 2.34	$ 4.62
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.78	$ 2.99	$ 2.34	$ 4.61
Common shares/units used in basic earnings per share/unit calculation	47,223,842	46,586,030	46,915,323	46,577,704
Common shares/units used in diluted earnings per share/unit calculation	47,299,906	46,657,105	46,985,647	46,641,673
Dividends/distributions declared per common share/unit	$ 1.07	$ 1	$ 3.21	$ 3
Life Storage LP [Member]
Revenues
Rental income	$ 135,965	$ 128,565	$ 393,701	$ 381,625
Other operating income	20,345	17,069	56,565	45,561
Total operating revenues	156,310	145,634	450,266	427,186
Expenses
Property operations and maintenance	36,199	32,215	101,297	96,809
Real estate taxes	17,729	16,116	52,751	48,427
General and administrative	13,369	11,554	38,498	34,401
Payments for rent		75		358
Depreciation and amortization	33,018	26,854	90,335	79,239
Total operating expenses	100,315	86,814	282,881	259,234
Gain on sale of storage facilities		100,222		100,222
Gain on sale of real estate			302	1,076
Income from operations	55,995	159,042	167,687	269,250
Other income (expenses)
Interest expense	(20,544)	(19,760)	(61,056)	(56,339)
Interest income	8	289	14	340
Equity in income of joint ventures	1,829	1,175	3,915	3,095
Net income	37,288	140,746	110,560	216,346
Net income attributable to noncontrolling interest in the Operating Partnership	(193)	(744)	(576)	(1,148)
Net loss attributable to noncontrolling interest in consolidated subsidiary	0	0	0	0
Net income attributable to common shareholders/unitholders	$ 37,095	$ 140,002	$ 109,984	$ 215,198
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.78	$ 3	$ 2.34	$ 4.62
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.78	$ 2.99	$ 2.34	$ 4.61
Common shares/units used in basic earnings per share/unit calculation	47,223,842	46,586,030	46,915,323	46,577,704
Common shares/units used in diluted earnings per share/unit calculation	47,299,906	46,657,105	46,985,647	46,641,673
Dividends/distributions declared per common share/unit	$ 1.07	$ 1	$ 3.21	$ 3
Net income attributable to general partner	$ 373	$ 1,408	$ 1,106	$ 2,163
Net income attributable to limited partners	$ 36,722	$ 138,594	$ 108,878	$ 213,035

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income	$ 37,288	$ 140,746	$ 110,560	$ 216,346
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	230	229	688	687
Total comprehensive income	37,518	140,975	111,248	217,033
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(194)	(745)	(580)	(1,152)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0	0	0
Comprehensive income attributable to common shareholders/unitholders	37,324	140,230	110,668	215,881
Life Storage LP [Member]
Net income	37,288	140,746	110,560	216,346
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	230	229	688	687
Total comprehensive income	37,518	140,975	111,248	217,033
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(194)	(745)	(580)	(1,152)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0	0	0
Comprehensive income attributable to common shareholders/unitholders	$ 37,324	$ 140,230	$ 110,668	$ 215,881

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Activities
Net income	$ 37,288	$ 140,746	$ 110,560	$ 216,346
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,018	26,854	90,335	79,239
Amortization of debt issuance costs and bond discount			3,033	2,873
Gain on sale of storage facilities		(100,222)		(100,222)
Gain on sale of real estate			(302)	(1,076)
Equity in income of joint ventures	(1,829)	(1,175)	(3,915)	(3,095)
Distributions from unconsolidated joint ventures			9,246	7,419
Non-vested stock earned			3,380	3,284
Deferred income taxes			1,266	429
Other			(178)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable			(1,562)	(3,132)
Prepaid expenses			(2,710)	(2,296)
Advances to joint ventures			(2,254)	(118)
Accounts payable and other liabilities			1,396	(968)
Deferred revenue			3,421	1,311
Net cash provided by operating activities			211,716	199,994
Investing Activities
Acquisition of storage facilities, net of cash acquired			(417,930)	(354,712)
Improvements, equipment additions, and construction in progress			(37,622)	(63,645)
Net proceeds from the sale of real estate				207,568
Return of investment in unconsolidated joint ventures			28,008
Investment in unconsolidated joint ventures			(21,862)	(19,347)
Loans to unconsolidated subsidiaries			(35,850)
Loan payments received from unconsolidated subsidiaries			35,850
Property deposits			(129)	(767)
Net cash used in investing activities			(449,535)	(230,903)
Financing Activities
Net proceeds from sale of common stock\partnership units			155,614	375
Proceeds from line of credit			285,000	225,000
Repayments of line of credit			(350,000)	(291,000)
Proceeds from term notes, net of discount			398,096	348,166
Repayment of term notes				(100,000)
Debt issuance costs			(3,480)	(3,099)
Dividends paid - common stock			(150,357)	(139,914)
Distributions to noncontrolling interest holders			(785)	(745)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests			(2,000)
Redemption of Operating Partnership Units			(265)	(145)
Mortgage principal payments			(306)	(293)
Net cash provided by financing activities			331,517	38,345
Net increase in cash and restricted cash			93,698	7,436
Cash and restricted cash at beginning of period			21,556	14,065	$ 14,065
Cash and restricted cash at end of period	115,254	21,501	115,254	21,501	21,556
Supplemental cash flow information
Cash paid for interest, net of interest capitalized			57,816	52,267
Cash paid for income taxes, net of refunds			859	1,485
Life Storage LP [Member]
Operating Activities
Net income	37,288	140,746	110,560	216,346
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,018	26,854	90,335	79,239
Amortization of debt issuance costs and bond discount			3,033	2,873
Gain on sale of storage facilities		(100,222)		(100,222)
Gain on sale of real estate			(302)	(1,076)
Equity in income of joint ventures	(1,829)	(1,175)	(3,915)	(3,095)
Distributions from unconsolidated joint ventures			9,246	7,419
Non-vested stock earned			3,380	3,284
Deferred income taxes			1,266	429
Other			(178)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable			(1,562)	(3,132)
Prepaid expenses			(2,710)	(2,296)
Advances to joint ventures			(2,254)	(118)
Accounts payable and other liabilities			1,396	(968)
Deferred revenue			3,421	1,311
Net cash provided by operating activities			211,716	199,994
Investing Activities
Acquisition of storage facilities, net of cash acquired			(417,930)	(354,712)
Improvements, equipment additions, and construction in progress			(37,622)	(63,645)
Net proceeds from the sale of real estate				207,568
Return of investment in unconsolidated joint ventures			28,008
Investment in unconsolidated joint ventures			(21,862)	(19,347)
Loans to unconsolidated subsidiaries			(35,850)
Loan payments received from unconsolidated subsidiaries			35,850
Property deposits			(129)	(767)
Net cash used in investing activities			(449,535)	(230,903)
Financing Activities
Net proceeds from sale of common stock\partnership units			155,614	375
Proceeds from line of credit			285,000	225,000
Repayments of line of credit			(350,000)	(291,000)
Proceeds from term notes, net of discount			398,096	348,166
Repayment of term notes				(100,000)
Debt issuance costs			(3,480)	(3,099)
Distributions to unitholders			(150,357)	(139,914)
Distributions to noncontrolling interest holders			(785)	(745)
Payments to acquire equity in consolidated subsidiary from noncontrolling interests			(2,000)
Redemption of Operating Partnership Units			(265)	(145)
Mortgage principal payments			(306)	(293)
Net cash provided by financing activities			331,517	38,345
Net increase in cash and restricted cash			93,698	7,436
Cash and restricted cash at beginning of period			21,556	14,065	14,065
Cash and restricted cash at end of period	$ 115,254	$ 21,501	115,254	21,501	$ 21,556
Supplemental cash flow information
Cash paid for interest, net of interest capitalized			57,816	52,267
Cash paid for income taxes, net of refunds			$ 859	$ 1,485

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

Organization

Organization	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership. At September 30, 2020, we had an ownership interest in and/or managed 905 self-storage properties in 30 states and Ontario, Canada. Among our 905 self-storage properties are 93 properties that we manage for unconsolidated joint ventures (see Note 10) and 224 properties that we manage and in which we have no ownership interest. We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. Prior to July 2, 2020, the Company owned 60% of Warehouse Anywhere LLC. On July 2, 2020, the Company acquired the remaining ownership interest in Warehouse Anywhere LLC for cash payment of $2.0 million along with potential for the sellers to receive additional future payment based on the 2023 results of Warehouse Anywhere LLC. At the date of acquisition and at September 30, 2020, the Company estimates this potential future payment to be approximately $0.3 million based on the projected 2023 results of Warehouse Anywhere LLC. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but over which we have significant influence are accounted for using the equity method. Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital 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. There were 243,966 and 246,466 noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 and December 31, 2019, 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) Nine Months Ended September 30, 2020 Beginning balance $ 26,307 Net income attributable to noncontrolling interest in the Operating Partnership 576 Redemption of units (265 ) Distributions (785 ) Adjustment to redemption value 15 Ending balance $ 25,848 The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” (dollars in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Rental income $ 135,965 $ 128,565 $ 393,701 $ 381,625 Management and acquisition fee income 4,518 3,809 13,107 10,156 Revenues related to tenant reinsurance 11,616 9,170 32,508 23,948 Other 4,211 4,090 10,950 11,457 Total operating revenues $ 156,310 $ 145,634 $ 450,266 $ 427,186 Management and acquisition fee income and revenues related to tenant reinsurance are included in other operating income in the consolidated statements of operations. During the nine months ended September 30, 2020, approximately 19% and 13% of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively. 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 program, the Company’s prior arrangement with a third-party insurer was terminated. The change in tenant insurance programs resulted in an increase to both tenant reinsurance revenues and related expenses for the nine months ended September 30, 2020 as compared to the nine months ended September 30, 2019 as a result of the differences in the accounting for the two programs.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2020
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. For the three months ended September 30, 2020 and 2019, the Company recorded compensation expense of $1,107,000 and $955,000, respectively, related to amortization of non-vested stock grants and performance-based awards. For the nine months ended September 30, 2020 and 2019, the Company recorded compensation expense of $3,380,000 and $3,284,000, respectively, related to amortization of non-vested stock grants and performance-based awards. No stock options were exercised by employees or directors during the three and nine months ended September 30, 2020 and 2019. During the three months ended September 30, 2020 and 2019, 379 and 375 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2020 and 2019, 17,775 and 23,948 shares of non-vested stock, respectively, vested. issued during the nine months ended September 30, 2020 ranged from $87.59 to $108.20 , resulting in an aggregate fair value of $ 1.5 million . During the nine months ended September 30, 2020, the Company granted performance-based awards that entitle recipients to earn up to 7,294 shares of Company stock if certain performance criteria are achieved over a three-year

Cash and Restricted Cash

Cash and Restricted Cash	9 Months Ended
	Sep. 30, 2020
Cash And Cash Equivalents [Abstract]
Cash and Restricted Cash	4. CASH AND RESTRICTED CASH Restricted cash represents amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Cash $ 110,247 $ 17,458 $ 16,371 Restricted cash 5,007 4,098 5,130 Total cash and restricted cash $ 115,254 $ 21,556 $ 21,501

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Investment in Storage Facilities and Intangible Assets	5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the nine months ended September 30, 2020: (dollars in thousands) Cost: Beginning balance $ 4,749,473 Acquisition of storage facilities 413,022 Improvements and equipment additions 43,888 Net decrease in construction in progress (5,884 ) Dispositions (247 ) Ending balance $ 5,200,252 Accumulated Depreciation: Beginning balance $ 756,333 Additions during the period 86,424 Dispositions (165 ) Ending balance $ 842,592 The Company acquired 31 self-storage facilities during the nine months ended September 30, 2020. 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 2020 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 Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements Construction in Progress In-Place Customers Leases CA 6 3/9/2020 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675 FL, GA, NJ, OH, PA, TX 25 9/29/2020 295,310 293,726 — 1,584 32,555 257,844 — 4,911 Total acquired in 2020 31 $ 419,608 $ 417,930 $ — $ 1,678 $ 52,862 $ 359,578 $ 582 $ 6,586 The six facilities purchased in the first quarter of 2020 were acquired from 191 III Life Storage Holdings LLC (“191 III”), an unconsolidated joint venture in which the Company holds a 20% ownership interest. Seventeen of the 25 facilities purchased in the third quarter of 2020 were acquired from Sovran HHF Storage Holdings LLC (“Sovran HHF”) and eight of the 25 facilities purchased in the third quarter of 2020 were acquired from Sovran HHF Storage Holdings II LLC (“Sovran HHF II”), unconsolidated joint ventures in which the Company holds 20% and 15% ownership interests, respectively. In accordance with ASC Topic 970, “ Real Estate – General, respective purchase price allocated to land and depreciable fixed assets. In addition to the $ million cash payment for the six self-storage facilities acquired from 191 III , the Company also recogniz ed $ 8.4 million as a return on the Company’s investment in 191 III as discussed further in Note 10. In addition to the $ 293.7 million cash payments combined for the 25 self-storage facilities acquired from Sovran HHF and Sovran HHF II, the Company also recognize d $ 32.7 million as a return on the Company’s investment in Sovran HHF and Sovran HHF II as discussed further in Note 10. Non-cash investing activities during the nine months ended September 30, 2020 include the assumption of net other liabilities totaling $1.7 million. The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method. In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 In-place customer leases $ 85,327 $ 78,741 Accumulated amortization (79,642 ) (75,832 ) Net carrying value at the end of period $ 5,685 $ 2,909 Amortization expense related to in-place customer leases was $1.1 million and $3.8 million for the three and nine months ended September 30, 2020, respectively, and $0.8 million and $1.7 million for the three and nine months ended September 30, 2019, respectively. Change in Useful Life Estimates As part of the Company’s capital improvement efforts during 2018, 2019, and 2020, 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 $4.4 million during both the three and nine months ended September 30, 2020 and $0.3 million and $1.1 million during the three and nine months ended September 30, 2019, respectively. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of September 30, 2020 will result an increase in depreciation expense of approximately $1.1 million during the remainder of 2020 and an additional $1.1 million during the first quarter of 2021. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by approximately $0.09 for both the three and nine months ended September 30, 2020 and by less than $0.01 and by approximately $0.02 for the three and nine months ended September 30, 2019, respectively.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Unsecured Line of Credit and Term Notes	6. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 Revolving line of credit borrowings $ — $ 65,000 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 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 — Total term note principal balance outstanding $ 2,275,000 $ 1,875,000 Less: unamortized debt issuance costs (13,277 ) (11,146 ) Less: unamortized senior term note discount (6,940 ) (5,583 ) Term notes payable $ 2,254,783 $ 1,858,271 The Company’s unsecured amended credit agreement includes a revolving credit facility with a limit of $500 million with a maturity date of March 10, 2023 and initially included a term note in the principal amount of $100 million. Such credit agreement provides for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at September 30, 2020 the margin is 0.95%), interest on term notes at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at September 30, 2020 the margin is 1.00%), and requires an annual facility fee on the revolving credit facility which varies based upon the Company’s credit rating (at September 30, 2020 the facility fee is 0.15%). The interest rate on the Company’s revolving credit facility at September 30, 2020 was approximately 1.13% (2.75% at December 31, 2019) and the interest rate on any term notes at September 30, 2020 was approximately 1.18% (2.80% at December 31, 2019). The $100 million principal on the term note was paid off in 2019 in conjunction with the issuance of the 2029 Senior Notes which are discussed further below. At September 30, 2020 there was $499.9 million available on the unsecured line of credit. The Company has the option under this credit facility to increase the total aggregate borrowing capacity of the facilities to $900 million. On September 23, 2020, the Operating Partnership issued $400 million in aggregate principal amount of 2.200% unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476% discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2021. Proceeds received upon issuance, net of discount to par of $1.9 million and underwriting and other offering expenses of $3.5 million, totaled $394.6 million. On June 3, 2019, the Operating Partnership issued $350 million in aggregate principal amount of 4.000% unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524% discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $1.8 million and underwriting discount and other offering expenses of $3.1 million, totaled $345.1 million. On December 7, 2017, the Operating Partnership issued $450 million in aggregate principal amount of 3.875% unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477% discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $2.1 million and underwriting discount and other offering expenses of $4.0 million, totaled $443.9 million. On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million. The 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. At September 30, 2020, 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. On October 9, 2020, the Company paid off this $100 million term note in addition to making a make-whole payment of $4.0 million required as a result of paying off the term note prior to its maturity. The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At September 30, 2020, the Company was in compliance with such covenants. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at September 30, 2020, the entire availability on the line of credit could be drawn without violating our debt covenants. The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control. Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at September 30, 2020 and December 31, 2019. Amortization expense related to deferred debt issuance costs was $0.6 million for each of the three months ended September 30, 2020 and 2019, and $1.8 million and $1.7 million for the nine months ended September 30, 2020 and 2019, respectively, and is included in interest expense in the consolidated statements of operations.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at September 30, 2020 and December 31, 2019 consist of the following: (dollars in thousands) September 30, 2020 December 31, 2019 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.3 million, principal and interest paid monthly (effective interest rate 5.26%) $ 2,763 $ 2,807 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.2 million, principal and interest paid monthly (effective interest rate 4.34%) 3,858 3,932 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 5.61%) 3,747 3,800 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $55.0 million, principal and interest paid monthly (effective interest rate 3.19%) 22,749 22,942 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 6.38%) 1,235 1,370 Total mortgages payable $ 34,352 $ 34,851 The table below summarizes the Company’s debt obligations at September 30, 2020 . The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as such debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2020 2021 2022 2023 2024 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.13% at September 30, 2020) — — — — — — $ — $ — Notes Payable: Term note - fixed rate 5.54% — $ 100,000 — — — — $ 100,000 $ 104,332 Term note - fixed rate 4.533% — — — — $ 175,000 — $ 175,000 $ 197,640 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 674,845 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 514,557 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 224,265 Term note - fixed rate 4.00% — — — — — $ 350,000 $ 350,000 $ 399,957 Term note - fixed rate 2.20% — — — — — $ 400,000 $ 400,000 $ 398,566 Mortgage note - fixed rate 4.98% $ 15 $ 2,748 — — — — $ 2,763 $ 2,769 Mortgage note - fixed rate 4.065% $ 26 $ 104 $ 108 $ 3,620 — — $ 3,858 $ 3,826 Mortgage note - fixed rate 5.26% $ 19 $ 78 $ 83 $ 3,567 — — $ 3,747 $ 3,839 Mortgage notes - fixed rate 4.4625% — — — — $ 22,749 — $ 22,749 $ 21,619 Mortgage note - fixed rate 5.99% $ 46 $ 192 $ 203 $ 216 $ 229 $ 349 $ 1,235 $ 1,286 Total $ 106 $ 103,122 $ 394 $ 7,403 $ 197,978 $ 2,000,349 $ 2,309,352

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. DERIVATIVE FINANCIAL INSTRUMENTS In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. These interest rate swaps qualify and have been designated as hedges of the amount of future cash flows related to interest payments on this fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for approximately $9.2 million. The $9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year The changes in AOCL for the three and nine months ended September 30, 2020 and 2019 are summarized as follows: (dollars in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Accumulated other comprehensive loss beginning of period $ (5,500 ) $ (6,417 ) $ (5,958 ) $ (6,875 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 230 229 688 687 Accumulated other comprehensive loss end of period $ (5,270 ) $ (6,188 ) $ (5,270 ) $ (6,188 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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. There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of September 30, 2020 and December 31, 2019.

Investment in Joint Ventures

Investment in Joint Ventures	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 Company common ownership interest at September 30, 2020 Carrying value of investment at September 30, 2020 Carrying value of investment at December 31, 2019 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20% $61.3 million $83.1 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15% $27.3 million $13.9 million 191 III Life Storage Holdings LLC (“191 III”) 3 — 20% — $8.9 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.0 million $3.2 million Life Storage-HIERS Storage LLC (“HIERS”) 4 17 20% $14.4 million $14.9 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49% ($0.3 million) ($0.4 million) Bluebird Sanford Storage LP ("Sanford") 6 1 15% $0.3 million $0.3 million Bluebird Ingram Storage LP ("Ingram") 7 1 15% $1.1 million $1.2 million Life Storage Spacemax, LLC ("Spacemax") 8 6 40% $16.8 million $16.1 million Life Storage Virtus, LLC ("Virtus") 9 1 20% $1.5 million — Joint ventures with properties in development stage 10 5 Various $6.4 million $3.1 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $10.0 million $10.3 million 1 2 3 4 In November 2019, HIERS acquired five self-storage facilities for a total of $ 56.3 million. In connection with the acquisition of these self-storage facilities, HIERS entered into $ 27.6 million of mortgage debt which is secured by the self-storage facilities acquired. During 2019, the Company contributed $ 5.7 million as is its share of capital to fund the acquisition of these five self-storage facilities . 5 6 7 8 In August 2019, the Company executed a joint venture agreement, Life Storage Spacemax, LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. During 2019, Spacemax acquired six self-storage facilities for a total of $82.7 million. In connection with this acquisition, Spacemax entered into $42.0 million of non-recourse mortgage debt. During 2019, the Company contributed $16.3 million to Spacemax as the Company’s share of the initial capital investment in the joint venture. 9 10 Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that only one of the joint ventures is a variable interest entity (“VIE”) 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. As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $2.2 million and $2.2 million for the three months ended September 30, 2020 and 2019, respectively, and $6.7 million and $6.4 million for the nine months ended September 30, 2020 and 2019, respectively. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Sovran HHF $ 1,320 $ 934 $ 3,103 $ 2,643 Sovran HHF II 642 474 1,543 1,364 Other unconsolidated joint ventures (133 ) (233 ) (731 ) (912 ) $ 1,829 $ 1,175 $ 3,915 $ 3,095 A summary of the combined unconsolidated joint ventures’ financial statements as of and for the nine months ended September 30, 2020 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,083,191 Investment in office building, net 4,109 Other assets 68,834 Total Assets $ 1,156,134 Due to the Company $ 3,223 Mortgages payable 525,713 Other liabilities 24,761 Total Liabilities $ 553,697 Unaffiliated partners’ equity 459,105 Company equity 143,332 Total Partners’ Equity 602,437 Total Liabilities and Partners’ Equity $ 1,156,134 Income Statement Data: Total revenues $ 99,902 Property operating expenses (31,102 ) Administrative, management and call center fees (5,547 ) Gain on disposal of self-storage facilities 217,607 Depreciation and amortization of customer list (23,383 ) Amortization of financing fees (590 ) Income tax expense (235 ) Interest expense (17,638 ) Net income $ 239,014 The Company does not guarantee the debt of any of its equity method investees. We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company recorded federal and state income tax expense of $1.0 million and $0.5 million for the three months ended September 30, 2020 and 2019, respectively. The Company recorded federal and state income tax expense of $2.6 million and $1.7 million for the nine months ended September 30, 2020 and 2019, respectively. These income tax expenses are included in general and administrative expenses in the consolidated statements of operations. At September 30, 2020 and 2019, 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 September 30, 2020 and 2019, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expense. As of September 30, 2020, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $0.3 million and a deferred tax liability of $2.4 million. As of December 31, 2019, the Company’s taxable REIT subsidiaries have deferred tax assets of $1.6 million and a deferred tax liability of $2.4 million. The tax years 2016-2019 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35% to a flat 21% rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	9 Months Ended
	Sep. 30, 2020
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 Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Numerator: Net income attributable to common shareholders $ 37,095 $ 140,002 $ 109,984 $ 215,198 Net income attributable to unvested restricted shares (66 ) (272 ) (65 ) (136 ) Net income attributable to outstanding common shares $ 37,029 $ 139,730 $ 109,919 $ 215,062 Denominator: Denominator for basic earnings per share – weighted average shares 47,224 46,586 46,915 46,578 Effect of Dilutive Securities: Stock options and non-vested stock 76 71 71 64 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 47,300 46,657 46,986 46,642 Basic earnings per common share attributable to common shareholders $ 0.78 $ 3.00 $ 2.34 $ 4.62 Diluted earnings per common share attributable to common shareholders $ 0.78 $ 2.99 $ 2.34 $ 4.61 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 September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Numerator: Net income attributable to common unitholders $ 37,095 $ 140,002 $ 109,984 $ 215,198 Net income attributable to unvested restricted units (66 ) (272 ) (65 ) (136 ) Net income attributable to outstanding units $ 37,029 $ 139,730 $ 109,919 $ 215,062 Denominator: Denominator for basic earnings per unit – weighted average units 47,224 46,586 46,915 46,578 Effect of Dilutive Securities: Stock options and non-vested stock 76 71 71 64 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 47,300 46,657 46,986 46,642 Basic earnings per common unit attributable to common unitholders $ 0.78 $ 3.00 $ 2.34 $ 4.62 Diluted earnings per common unit attributable to common unitholders $ 0.78 $ 2.99 $ 2.34 $ 4.61 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 92,123 unvested restricted shares for the three months ended September 30, 2020, and 73,816 unvested restricted shares for the three months ended September 30, 2019, because their effect would be antidilutive. Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 102,714 unvested restricted shares for the nine months ended September 30, 2020, and 76,565 unvested restricted shares for the nine months ended September 30, 2019, because their effect would be antidilutive.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholders' Equity	13. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2020: (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, 2019 $ 467 $ 2,376,723 $ (238,338 ) $ (5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (49,969 ) — (49,969 ) Balance March 31, 2020 469 2,399,311 (246,332 ) (5,729 ) 2,147,719 Earned portion of non-vested stock — 1,071 — — 1,071 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,609 ) — (2,609 ) Net income attributable to common shareholders — — 36,457 — 36,457 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (50,186 ) — (50,186 ) Balance June 30, 2020 469 2,400,382 (262,670 ) (5,500 ) 2,132,681 Net proceeds from issuance of common stock 13 134,213 — — 134,226 Earned portion of non-vested stock — 1,107 — — 1,107 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,948 ) — (2,948 ) Purchases of equity in consolidated subsidiary from noncontrolling interests — (2,300 ) — — (2,300 ) Net income attributable to common shareholders — — 37,095 — 37,095 Amortization of terminated hedge included in AOCL — — — 230 230 Dividends — — (50,203 ) — (50,203 ) Balance September 30, 2020 $ 482 $ 2,533,402 $ (278,726 ) $ (5,270 ) $ 2,249,888 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 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 Issuance of non-vested stock 1 — — — 1 Earned portion of non-vested stock — 839 — — 839 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (150 ) — (150 ) Net income attributable to common shareholders — — 40,742 — 40,742 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,632 ) — (46,632 ) Balance June 30, 2019 467 2,374,392 (326,522 ) (6,417 ) 2,041,920 Exercise of stock options — 469 — — 469 Earned portion of non-vested stock — 955 — — 955 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (1,606 ) — (1,606 ) Net income attributable to common shareholders — — 140,002 — 140,002 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,651 ) — (46,651 ) Balance September 30, 2019 $ 467 $ 2,375,816 $ (234,777 ) $ (6,188 ) $ 2,135,318 On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with multiple sales agents, 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 offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. During the nine-month period ended September 30, 2020, the Company issued 1,475,949 shares of common stock under the Equity Program at a weighted average issue price of $106.64 per share, generating net proceeds of $155.8 million after deducting $1.6 million of sales commissions paid to the sales agents, as well as other expenses of $0.2 million. The Company used such proceeds primarily to fund a portion of the acquisition of the 31 storage facilities during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, the Company did not issue any shares of common stock under the 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 nine months ended September 30, 2020 or during 2019. 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 nine months ended September 30, 2020 and 2019.

Partners' Capital

Partners' Capital	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2020: (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, 2019 $ 21,594 $ 2,117,258 $ (5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (502 ) (49,467 ) — (49,969 ) Balance March 31, 2020 21,683 2,131,765 (5,729 ) 2,147,719 Earned portion of non-vested stock 11 1,060 — 1,071 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,609 ) — (2,609 ) Net income attributable to common unitholders 366 36,091 — 36,457 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (504 ) (49,682 ) — (50,186 ) Balance June 30, 2020 21,558 2,116,623 (5,500 ) 2,132,681 Net proceeds from issuance of Operating Partnership Units 1,342 132,884 — 134,226 Earned portion of non-vested stock 12 1,095 — 1,107 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,948 ) — (2,948 ) Purchases of equity in consolidated subsidiary from noncontrolling interests (23 ) (2,277 ) — (2,300 ) Net income attributable to common unitholders 373 36,722 — 37,095 Amortization of terminated hedge included in AOCL 2 (2 ) 230 230 Distributions (505 ) (49,698 ) — (50,203 ) Balance September 30, 2020 $ 22,759 $ 2,232,399 $ (5,270 ) $ 2,249,888 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Earned portion of non-vested stock 9 831 — 840 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (150 ) — (150 ) Net income attributable to common unitholders 409 40,333 — 40,742 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,163 ) — (46,632 ) Balance June 30, 2019 20,661 2,027,676 (6,417 ) 2,041,920 Exercise of stock options 4 465 — 469 Earned portion of non-vested stock 10 945 — 955 Carrying value less than redemption value on redeemed noncontrolling interest (1 ) 1 — — Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (1,606 ) — (1,606 ) Net income attributable to common unitholders 1,408 138,594 — 140,002 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,182 ) — (46,651 ) Balance September 30, 2019 $ 21,615 $ 2,119,891 $ (6,188 ) $ 2,135,318

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326) 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	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitment and Contingencies	16. COMMITMENT AND CONTINGENCIES The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of September 30, 2020. At September 30, 2020 and December 31, 2019, the Company’s aggregate right-of-use assets total $20.6 million and $20.2 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at September 30, 2020 and December 31, 2019 total $20.2 million and $19.9 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet. Expenses related to operating leases totaled $0.5 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively, and $1.6 million and $1.9 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 11.7 years and 4.66%, respectively. At September 30, 2020, the Company has approximately $26.6 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2020 $ 449 2021 2,388 2022 2,388 2023 2,388 2024 2,374 Thereafter 16,583 Total $ 26,570 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at September 30, 2020 is the result of the impact of the discount rate on future minimum lease payments. At September 30, 2020, the Company was under contract to acquire three self-storage facilities for an aggregate purchase price of $37.9 million. On November 5, 2020, the Company completed the acquisition of one of these self-storage facilities for a purchase price of $13.7 million. The purchases of the remaining two facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At March 31, 2020, the Company was under contract to sell one of its self-storage facilities for $19.0 million. The sale of this self-storage facility did not occur and the Company is no longer under contract to sell this self-storage facility at September 30, 2020. At September 30, 2020, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $16.0 million under these contracts in 2020 and 2021.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On October 1, 2020, the Company declared a quarterly dividend of $1.07 per common share. The dividend was paid on October 26, 2020 to shareholders of record on October 13, 2020. The total dividend paid amounted to $52.0 million. As further discussed in Note 6, the Company paid off a $100 million term note on October 9, 2020. Subsequent to September 30, 2020, the Company entered into contracts to acquire five self-storage facilities for an aggregate purchase price of $59.6 million. The purchases of these facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. As discussed in Note 16, on November 5, 2020, the Company acquired a self-storage facility for a purchase price of $13.7 million.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326) 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)	9 Months Ended
	Sep. 30, 2020
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) Nine Months Ended September 30, 2020 Beginning balance $ 26,307 Net income attributable to noncontrolling interest in the Operating Partnership 576 Redemption of units (265 ) Distributions (785 ) Adjustment to redemption value 15 Ending balance $ 25,848
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 September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Rental income $ 135,965 $ 128,565 $ 393,701 $ 381,625 Management and acquisition fee income 4,518 3,809 13,107 10,156 Revenues related to tenant reinsurance 11,616 9,170 32,508 23,948 Other 4,211 4,090 10,950 11,457 Total operating revenues $ 156,310 $ 145,634 $ 450,266 $ 427,186

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2020
Cash And Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Restricted Cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2019 Cash $ 110,247 $ 17,458 $ 16,371 Restricted cash 5,007 4,098 5,130 Total cash and restricted cash $ 115,254 $ 21,556 $ 21,501

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the nine months ended September 30, 2020: (dollars in thousands) Cost: Beginning balance $ 4,749,473 Acquisition of storage facilities 413,022 Improvements and equipment additions 43,888 Net decrease in construction in progress (5,884 ) Dispositions (247 ) Ending balance $ 5,200,252 Accumulated Depreciation: Beginning balance $ 756,333 Additions during the period 86,424 Dispositions (165 ) Ending balance $ 842,592
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2020 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 Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements Construction in Progress In-Place Customers Leases CA 6 3/9/2020 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675 FL, GA, NJ, OH, PA, TX 25 9/29/2020 295,310 293,726 — 1,584 32,555 257,844 — 4,911 Total acquired in 2020 31 $ 419,608 $ 417,930 $ — $ 1,678 $ 52,862 $ 359,578 $ 582 $ 6,586
Schedule of In-place Customer Leases	In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 In-place customer leases $ 85,327 $ 78,741 Accumulated amortization (79,642 ) (75,832 ) Net carrying value at the end of period $ 5,685 $ 2,909

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowings Outstanding on Unsecured Line of Credit and Term Notes	Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 Revolving line of credit borrowings $ — $ 65,000 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 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 — Total term note principal balance outstanding $ 2,275,000 $ 1,875,000 Less: unamortized debt issuance costs (13,277 ) (11,146 ) Less: unamortized senior term note discount (6,940 ) (5,583 ) Term notes payable $ 2,254,783 $ 1,858,271

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at September 30, 2020 and December 31, 2019 consist of the following: (dollars in thousands) September 30, 2020 December 31, 2019 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.3 million, principal and interest paid monthly (effective interest rate 5.26%) $ 2,763 $ 2,807 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.2 million, principal and interest paid monthly (effective interest rate 4.34%) 3,858 3,932 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 5.61%) 3,747 3,800 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $55.0 million, principal and interest paid monthly (effective interest rate 3.19%) 22,749 22,942 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 6.38%) 1,235 1,370 Total mortgages payable $ 34,352 $ 34,851
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) 2020 2021 2022 2023 2024 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.13% at September 30, 2020) — — — — — — $ — $ — Notes Payable: Term note - fixed rate 5.54% — $ 100,000 — — — — $ 100,000 $ 104,332 Term note - fixed rate 4.533% — — — — $ 175,000 — $ 175,000 $ 197,640 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 674,845 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 514,557 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 224,265 Term note - fixed rate 4.00% — — — — — $ 350,000 $ 350,000 $ 399,957 Term note - fixed rate 2.20% — — — — — $ 400,000 $ 400,000 $ 398,566 Mortgage note - fixed rate 4.98% $ 15 $ 2,748 — — — — $ 2,763 $ 2,769 Mortgage note - fixed rate 4.065% $ 26 $ 104 $ 108 $ 3,620 — — $ 3,858 $ 3,826 Mortgage note - fixed rate 5.26% $ 19 $ 78 $ 83 $ 3,567 — — $ 3,747 $ 3,839 Mortgage notes - fixed rate 4.4625% — — — — $ 22,749 — $ 22,749 $ 21,619 Mortgage note - fixed rate 5.99% $ 46 $ 192 $ 203 $ 216 $ 229 $ 349 $ 1,235 $ 1,286 Total $ 106 $ 103,122 $ 394 $ 7,403 $ 197,978 $ 2,000,349 $ 2,309,352

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three and nine months ended September 30, 2020 and 2019 are summarized as follows: (dollars in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Accumulated other comprehensive loss beginning of period $ (5,500 ) $ (6,417 ) $ (5,958 ) $ (6,875 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 230 229 688 687 Accumulated other comprehensive loss end of period $ (5,270 ) $ (6,188 ) $ (5,270 ) $ (6,188 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 Company common ownership interest at September 30, 2020 Carrying value of investment at September 30, 2020 Carrying value of investment at December 31, 2019 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20% $61.3 million $83.1 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15% $27.3 million $13.9 million 191 III Life Storage Holdings LLC (“191 III”) 3 — 20% — $8.9 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.0 million $3.2 million Life Storage-HIERS Storage LLC (“HIERS”) 4 17 20% $14.4 million $14.9 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49% ($0.3 million) ($0.4 million) Bluebird Sanford Storage LP ("Sanford") 6 1 15% $0.3 million $0.3 million Bluebird Ingram Storage LP ("Ingram") 7 1 15% $1.1 million $1.2 million Life Storage Spacemax, LLC ("Spacemax") 8 6 40% $16.8 million $16.1 million Life Storage Virtus, LLC ("Virtus") 9 1 20% $1.5 million — Joint ventures with properties in development stage 10 5 Various $6.4 million $3.1 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $10.0 million $10.3 million 1 2 3 4 In November 2019, HIERS acquired five self-storage facilities for a total of $ 56.3 million. In connection with the acquisition of these self-storage facilities, HIERS entered into $ 27.6 million of mortgage debt which is secured by the self-storage facilities acquired. During 2019, the Company contributed $ 5.7 million as is its share of capital to fund the acquisition of these five self-storage facilities . 5 6 7 8 In August 2019, the Company executed a joint venture agreement, Life Storage Spacemax, LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. During 2019, Spacemax acquired six self-storage facilities for a total of $82.7 million. In connection with this acquisition, Spacemax entered into $42.0 million of non-recourse mortgage debt. During 2019, the Company contributed $16.3 million to Spacemax as the Company’s share of the initial capital investment in the joint venture. 9 10
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 September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Sovran HHF $ 1,320 $ 934 $ 3,103 $ 2,643 Sovran HHF II 642 474 1,543 1,364 Other unconsolidated joint ventures (133 ) (233 ) (731 ) (912 ) $ 1,829 $ 1,175 $ 3,915 $ 3,095
Summary of Unconsolidated Joint Ventures' Financial Statements	A summary of the combined unconsolidated joint ventures’ financial statements as of and for the nine months ended September 30, 2020 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,083,191 Investment in office building, net 4,109 Other assets 68,834 Total Assets $ 1,156,134 Due to the Company $ 3,223 Mortgages payable 525,713 Other liabilities 24,761 Total Liabilities $ 553,697 Unaffiliated partners’ equity 459,105 Company equity 143,332 Total Partners’ Equity 602,437 Total Liabilities and Partners’ Equity $ 1,156,134 Income Statement Data: Total revenues $ 99,902 Property operating expenses (31,102 ) Administrative, management and call center fees (5,547 ) Gain on disposal of self-storage facilities 217,607 Depreciation and amortization of customer list (23,383 ) Amortization of financing fees (590 ) Income tax expense (235 ) Interest expense (17,638 ) Net income $ 239,014

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Numerator: Net income attributable to common shareholders $ 37,095 $ 140,002 $ 109,984 $ 215,198 Net income attributable to unvested restricted shares (66 ) (272 ) (65 ) (136 ) Net income attributable to outstanding common shares $ 37,029 $ 139,730 $ 109,919 $ 215,062 Denominator: Denominator for basic earnings per share – weighted average shares 47,224 46,586 46,915 46,578 Effect of Dilutive Securities: Stock options and non-vested stock 76 71 71 64 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 47,300 46,657 46,986 46,642 Basic earnings per common share attributable to common shareholders $ 0.78 $ 3.00 $ 2.34 $ 4.62 Diluted earnings per common share attributable to common shareholders $ 0.78 $ 2.99 $ 2.34 $ 4.61 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 September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Numerator: Net income attributable to common unitholders $ 37,095 $ 140,002 $ 109,984 $ 215,198 Net income attributable to unvested restricted units (66 ) (272 ) (65 ) (136 ) Net income attributable to outstanding units $ 37,029 $ 139,730 $ 109,919 $ 215,062 Denominator: Denominator for basic earnings per unit – weighted average units 47,224 46,586 46,915 46,578 Effect of Dilutive Securities: Stock options and non-vested stock 76 71 71 64 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 47,300 46,657 46,986 46,642 Basic earnings per common unit attributable to common unitholders $ 0.78 $ 3.00 $ 2.34 $ 4.62 Diluted earnings per common unit attributable to common unitholders $ 0.78 $ 2.99 $ 2.34 $ 4.61

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Reconciliation of Changes in Parent Company's Total Shareholders' Equity	The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 2020: (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, 2019 $ 467 $ 2,376,723 $ (238,338 ) $ (5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (49,969 ) — (49,969 ) Balance March 31, 2020 469 2,399,311 (246,332 ) (5,729 ) 2,147,719 Earned portion of non-vested stock — 1,071 — — 1,071 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,609 ) — (2,609 ) Net income attributable to common shareholders — — 36,457 — 36,457 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (50,186 ) — (50,186 ) Balance June 30, 2020 469 2,400,382 (262,670 ) (5,500 ) 2,132,681 Net proceeds from issuance of common stock 13 134,213 — — 134,226 Earned portion of non-vested stock — 1,107 — — 1,107 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,948 ) — (2,948 ) Purchases of equity in consolidated subsidiary from noncontrolling interests — (2,300 ) — — (2,300 ) Net income attributable to common shareholders — — 37,095 — 37,095 Amortization of terminated hedge included in AOCL — — — 230 230 Dividends — — (50,203 ) — (50,203 ) Balance September 30, 2020 $ 482 $ 2,533,402 $ (278,726 ) $ (5,270 ) $ 2,249,888 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 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 Issuance of non-vested stock 1 — — — 1 Earned portion of non-vested stock — 839 — — 839 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (150 ) — (150 ) Net income attributable to common shareholders — — 40,742 — 40,742 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,632 ) — (46,632 ) Balance June 30, 2019 467 2,374,392 (326,522 ) (6,417 ) 2,041,920 Exercise of stock options — 469 — — 469 Earned portion of non-vested stock — 955 — — 955 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (1,606 ) — (1,606 ) Net income attributable to common shareholders — — 140,002 — 140,002 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,651 ) — (46,651 ) Balance September 30, 2019 $ 467 $ 2,375,816 $ (234,777 ) $ (6,188 ) $ 2,135,318

Partners' Capital (Tables)

Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 2020: (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, 2019 $ 21,594 $ 2,117,258 $ (5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (502 ) (49,467 ) — (49,969 ) Balance March 31, 2020 21,683 2,131,765 (5,729 ) 2,147,719 Earned portion of non-vested stock 11 1,060 — 1,071 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,609 ) — (2,609 ) Net income attributable to common unitholders 366 36,091 — 36,457 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (504 ) (49,682 ) — (50,186 ) Balance June 30, 2020 21,558 2,116,623 (5,500 ) 2,132,681 Net proceeds from issuance of Operating Partnership Units 1,342 132,884 — 134,226 Earned portion of non-vested stock 12 1,095 — 1,107 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,948 ) — (2,948 ) Purchases of equity in consolidated subsidiary from noncontrolling interests (23 ) (2,277 ) — (2,300 ) Net income attributable to common unitholders 373 36,722 — 37,095 Amortization of terminated hedge included in AOCL 2 (2 ) 230 230 Distributions (505 ) (49,698 ) — (50,203 ) Balance September 30, 2020 $ 22,759 $ 2,232,399 $ (5,270 ) $ 2,249,888 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Earned portion of non-vested stock 9 831 — 840 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (150 ) — (150 ) Net income attributable to common unitholders 409 40,333 — 40,742 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,163 ) — (46,632 ) Balance June 30, 2019 20,661 2,027,676 (6,417 ) 2,041,920 Exercise of stock options 4 465 — 469 Earned portion of non-vested stock 10 945 — 955 Carrying value less than redemption value on redeemed noncontrolling interest (1 ) 1 — — Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (1,606 ) — (1,606 ) Net income attributable to common unitholders 1,408 138,594 — 140,002 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,182 ) — (46,651 ) Balance September 30, 2019 $ 21,615 $ 2,119,891 $ (6,188 ) $ 2,135,318

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Undiscounted Future Minimum Lease Payments	The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2020 $ 449 2021 2,388 2022 2,388 2023 2,388 2024 2,374 Thereafter 16,583 Total $ 26,570

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Thousands	Jul. 02, 2020USD ($)	Sep. 30, 2020USD ($)PropertyStateshares	Sep. 30, 2019USD ($)	Jun. 30, 2020	Dec. 31, 2019shares
Organization [Line Items]
Number of self-storage properties owned and managed | Property		905
Number of states in which self-storage properties owned and managed | State		30
Number of properties managed under joint ventures | Property		93
Number of properties managed with no ownership | Property		224
Cash payment for property acquisition		$ 417,930	$ 354,712
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		19.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage		13.00%
Life Storage LP [Member]
Organization [Line Items]
Cash payment for property acquisition		$ 417,930	$ 354,712
Units of redeemable noncontrolling interest in operating partnership | shares		243,966			246,466
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]
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership				60.00%
Cash payment for property acquisition	$ 2,000
Estimated potential future payment		$ 300

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Redeemable Noncontrolling Interest Equity Fair Value [Abstract]
Noncontrolling interest, beginning balance			$ 26,307				$ 26,307
Net income attributable to noncontrolling interest in the Operating Partnership	$ 193			$ 744			576	$ 1,148
Redemption of units							(265)
Distributions							(785)
Adjustment to redemption value	2,948	$ 2,609	$ (5,542)	$ 1,606	$ 150	$ 294	15
Noncontrolling interest, ending balance	$ 25,848						$ 25,848

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Rental income	$ 135,965	$ 128,565	$ 393,701	$ 381,625
Operating revenues other than rental income	20,345	17,069	56,565	45,561
Total operating revenues	156,310	145,634	450,266	427,186
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	4,518	3,809	13,107	10,156
Revenues Related to Tenant Reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	11,616	9,170	32,508	23,948
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,211	$ 4,090	$ 10,950	$ 11,457

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,107,000	$ 955,000	$ 3,380,000	$ 3,284,000
Stock options exercised by employees and directors	0	0	0	0
Number of shares of non-vested stock that vested	379	375	17,775	23,948
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			3 years
Aggregate fair value			$ 400,000
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under performance plan			7,294
Employees and Directors [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued			16,415
Aggregate fair value			$ 1,500,000
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			1 year
Fair market value of the non-vested stock on the date of grant			$ 87.59
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			5 years
Fair market value of the non-vested stock on the date of grant			$ 108.20

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash	$ 110,247	$ 17,458	$ 16,371
Restricted cash	5,007	4,098	5,130
Total cash and restricted cash	$ 115,254	$ 21,556	$ 21,501	$ 14,065

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Cost:
Beginning balance	$ 4,749,473
Acquisition of storage facilities	413,022
Improvements and equipment additions	43,888
Net decrease in construction in progress	(5,884)
Dispositions	(247)
Ending balance	5,200,252
Accumulated Depreciation:
Beginning balance	756,333
Additions during the period	86,424
Dispositions	(165)
Ending balance	$ 842,592

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)Property$ / shares	Mar. 31, 2020USD ($)Property	Sep. 30, 2019USD ($)$ / shares	Sep. 30, 2020USD ($)Property$ / shares	Sep. 30, 2019USD ($)$ / shares
Investment Holdings [Line Items]
Number of storage facilities acquired | Property					31
Cash payment for property acquisition					$ 417,930
Received return on investment					9,246	$ 7,419
Net other liabilities assumed					$ 1,700
Amortization period for in-place customer leases on a straight-line basis					12 months
Amortization expense related to in-place customer leases		$ 1,100		$ 800	$ 3,800	1,700
Increase in depreciation expense due to facility replacement		4,400		$ 300	4,400	$ 1,100
Estimate increase in depreciation expense due to facility replacement during remainder of 2020		$ 1,100			$ 1,100
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares		$ 0.09			$ 0.09	$ 0.02
Maximum [Member]
Investment Holdings [Line Items]
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares				$ 0.01
Forecast [Member]
Investment Holdings [Line Items]
Estimate increase in depreciation expense due to facility replacement	$ 1,100
191 III Life Storage Holdings LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property			6
Company common ownership interest			20.00%
Cash payment for property acquisition			$ 124,200
Received return on investment			$ 8,400
Sovran HHF Storage Holdings LLC and Sovran HHF Storage Holdings II LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property		25
Cash payment for property acquisition		$ 293,700
Received return on investment		$ 32,700
Sovran HHF Storage Holdings LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property		17
Company common ownership interest		20.00%			20.00%
Sovran HHF Storage Holdings II LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property		8
Company common ownership interest		15.00%			15.00%

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)Property
Investment Holdings [Line Items]
Number of Properties | Property	31
Purchase Price	$ 419,608
Consideration paid, Cash Paid	417,930
Consideration paid, Net Other Liabilities (Assets) Assumed	1,678
Acquisition Date Fair Value, In-Place Customer Leases	6,586
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	52,862
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	359,578
Construction in Progress [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 582
CA [Member] | Asset Acquired on 3/9/2020 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	6
Date of Acquisition	Mar. 9, 2020
Purchase Price	$ 124,298
Consideration paid, Cash Paid	124,204
Consideration paid, Net Other Liabilities (Assets) Assumed	94
Acquisition Date Fair Value, In-Place Customer Leases	1,675
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	20,307
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	101,734
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Construction in Progress [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 582
FL, GA, NJ, OH, PA, TX [Member]
Investment Holdings [Line Items]
Number of Properties | Property	25
Date of Acquisition	Sep. 29, 2020
Purchase Price	$ 295,310
Consideration paid, Cash Paid	293,726
Consideration paid, Net Other Liabilities (Assets) Assumed	1,584
Acquisition Date Fair Value, In-Place Customer Leases	4,911
FL, GA, NJ, OH, PA, TX [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	32,555
FL, GA, NJ, OH, PA, TX [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 257,844

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
In-place customer leases	$ 85,327	$ 78,741
Accumulated amortization	(79,642)	(75,832)
Net carrying value at the end of period	$ 5,685	$ 2,909

Unsecured Line of Credit and _3

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Revolving line of credit borrowings		$ 65,000
Total term note principal balance outstanding	$ 2,275,000	1,875,000
Less: unamortized debt issuance costs	(13,277)	(11,146)
Less: unamortized senior term note discount	(6,940)	(5,583)
Term notes payable	2,254,783	1,858,271
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
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	350,000	$ 350,000
Senior Term Note Due October 15, 2030 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 400,000

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)

Oct. 09, 2020

Sep. 23, 2020

Jun. 03, 2019

Dec. 07, 2017

Jul. 21, 2016

Jun. 20, 2016

Apr. 08, 2014

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Dec. 31, 2011

Dec. 31, 2019

Debt Instrument [Line Items]

Amount available on unsecured revolving line of credit

$ 499,900,000

$ 499,900,000

Unamortized senior term note discount

6,940,000

6,940,000

$ 5,583,000

Underwriting discount and other offering expenses

3,480,000

$ 3,099,000

Amortization expense related to deferred debt issuance costs

$ 3,033,000

2,873,000

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 October 15, 2030 [Member] | Unsecured Senior Notes [Member]

Debt Instrument [Line Items]

Debt instrument principal amount

$ 400,000,000

Debt instrument,maturity date

Oct. 15, 2030

Debt instrument stated interest rate

2.20%

Debt instrument percentage discount to par

0.476%

Debt instrument, interest payable description

Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2021

Unamortized senior term note discount

$ 1,900,000

Underwriting discount and other offering expenses

3,500,000

Proceeds from senior notes, net

$ 394,600,000

Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]

Debt Instrument [Line Items]

Debt instrument principal amount

$ 350,000,000

Debt instrument,maturity date

Jun. 15, 2029

Debt instrument stated interest rate

4.00%

Debt instrument percentage discount to par

0.524%

Debt instrument, interest payable description

Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.

Unamortized senior term note discount

$ 1,800,000

Underwriting discount and other offering expenses

3,100,000

Proceeds from senior notes, net

$ 345,100,000

Senior Term Note Due December 15, 2027 [Member] | Unsecured Senior Notes [Member]

Debt Instrument [Line Items]

Debt instrument principal amount

$ 450,000,000

Debt instrument,maturity date

Dec. 15, 2027

Debt instrument stated interest rate

3.875%

Debt instrument percentage discount to par

0.477%

Debt instrument, interest payable description

Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.

Unamortized senior term note discount

$ 2,100,000

Underwriting discount and other offering expenses

4,000,000

Proceeds from senior notes, net

$ 443,900,000

Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]

Debt Instrument [Line Items]

Debt instrument principal amount

$ 600,000,000

Debt instrument,maturity date

Jul. 1, 2026

Debt instrument stated interest rate

3.50%

Debt instrument percentage discount to par

0.553%

Debt instrument, interest payable description

Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1.

Unamortized senior term note discount

$ 3,300,000

Underwriting discount and other offering expenses

5,500,000

Proceeds from senior notes, net

$ 591,200,000

Term Note Due July 21, 2028 [Member]

Debt Instrument [Line Items]

Debt instrument,maturity date

Jul. 21, 2028

Debt instrument stated interest rate

3.67%

Additional secured term note

$ 200,000,000

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]

Debt instrument,maturity 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] | Subsequent Event [Member]

Debt Instrument [Line Items]

Repayments of term debt

$ 100,000,000

Debt instrument whole payment required as a result of paying off term note prior to its maturity

$ 4,000,000

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

600,000

$ 600,000

$ 1,800,000

$ 1,700,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Revolving credit limit

$ 500,000,000

$ 500,000,000

Line of credit facility, expiration date

Mar. 10, 2023

Basis spread over LIBOR

0.95%

Facility fee

0.15%

Interest rate, line of credit facility

1.13%

1.13%

2.75%

Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member]

Debt Instrument [Line Items]

Debt instrument principal amount

$ 100,000,000

$ 100,000,000

Basis spread over LIBOR

1.00%

Debt instrument variable interest rate

1.18%

1.18%

2.80%

Principal amount paid off

$ 100,000,000

Revolving Credit Facility [Member] | Term Note [Member]

Debt Instrument [Line Items]

Revolving credit limit

$ 900,000,000

$ 900,000,000

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages payable	$ 34,352	$ 34,851
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,763	2,807
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,858	3,932
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,747	3,800
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,749	22,942
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,235	$ 1,370

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)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 | $	$ 9.3
Effective interest rate	5.26%
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 | $	$ 7.2
Effective interest rate	4.34%
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	5.61%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 6, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 55
Effective interest rate	3.19%
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	6.38%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Payables due 2020	$ 106
Payables due 2021	103,122
Payables due 2022	394
Payables due 2023	7,403
Payables due 2024	197,978
Payables due Thereafter	2,000,349
Debt obligations	2,309,352
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Payables due 2021	100,000
Debt obligations	100,000
Term note, fair value	104,332
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	197,640
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	674,845
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	514,557
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	224,265
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	399,957
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	398,566
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2020	15
Payables due 2021	2,748
Debt obligations	2,763
Debt instrument, fair value	2,769
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2020	26
Payables due 2021	104
Payables due 2022	108
Payables due 2023	3,620
Debt obligations	3,858
Debt instrument, fair value	3,826
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2020	19
Payables due 2021	78
Payables due 2022	83
Payables due 2023	3,567
Debt obligations	3,747
Debt instrument, fair value	3,839
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,749
Debt obligations	22,749
Debt instrument, fair value	21,619
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2020	46
Payables due 2021	192
Payables due 2022	203
Payables due 2023	216
Payables due 2024	229
Payables due Thereafter	349
Debt obligations	1,235
Debt instrument, fair value	$ 1,286

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2020
Line of credit - variable rate LIBOR + 0.95% (1.13% at September 30, 2020) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.13%
Basis spread over LIBOR	0.95%
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%
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Interest rate	2.20%
Mortgage Note - Fixed Rate 4.98% [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 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9.2
Amortized period on interest expense	10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period			$ 2,132,894
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 230	$ 229	688	$ 687
Accumulated other comprehensive loss end of period	2,249,888		2,249,888
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	(5,500)	(6,417)	(5,958)	(6,875)
Accumulated other comprehensive loss end of period	$ (5,270)	$ (6,188)	$ (5,270)	$ (6,188)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
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	9 Months Ended
	Sep. 30, 2020USD ($)Property	Dec. 31, 2019USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	36
Company common ownership interest	20.00%
Carrying value of investment	$ 61.3	$ 83.1
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15.00%
Carrying value of investment	$ 27.3	13.9
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	20.00%
Carrying value of investment		8.9
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	3.2
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 14.4	14.9
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (0.3)	(0.4)
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	15.00%
Carrying value of investment	$ 0.3	0.3
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	15.00%
Carrying value of investment	$ 1.1	1.2
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40.00%
Carrying value of investment	$ 16.8	16.1
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	20.00%
Carrying value of investment	$ 1.5
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	5
Company common ownership interest	Various
Carrying value of investment	$ 6.4	3.1
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	Various
Carrying value of investment	$ 10	$ 10.3

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)Property	Mar. 31, 2020USD ($)Property	Nov. 30, 2019USD ($)Property	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)Property
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property						31
Gain on sale of storage facilities					$ 100,222		$ 100,222
Distributions from unconsolidated joint ventures						$ 9,246	7,419
Cash payment for property acquisition						417,930	354,712
Mortgages payable	$ 34,352					$ 34,352		$ 34,851
Ontario, Canada [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	2					2
New York City [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	3					3
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs	$ 1,700					$ 1,700
Total consideration acquired	175,200
Settlement of principal balances with non-recourse loans	34,000
Gain on sale of storage facilities	$ 2,100
Sovran HHF Storage Holdings LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property	17
Sovran HHF Storage Holdings LLC [Member] | Storage Facilities [Member] | Third Party [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired	$ 42,300
Number of properties sold | Property	4
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired	$ 120,200
Cash has been placed into escrow until non-recourse loans	35,800					35,800
Contribution of company to joint venture as share in capital	$ 12,700
Sovran HHF Storage Holdings II LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property	8
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition		$ 124,200
Distributions from unconsolidated joint ventures		$ 8,400
191 III Life Storage Holdings LLC [Member] | Storage Facilities [Member] | California [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property		6
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital								$ 5,700
Life Storage-HIERS Storage LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property			5					5
Cash payment for property acquisition			$ 56,300
Mortgages payable			$ 27,600
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Rent paid during the period						900	$ 900
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital								$ 300
Bluebird Sanford Storage LP [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Cash payment for property acquisition								4,900
Mortgages payable								3,200
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital								1,300
Bluebird Ingram Storage LP [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Cash payment for property acquisition								20,700
Mortgages payable								17,600
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital								16,300
Life Storage Spacemax, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Cash payment for property acquisition								82,700
Mortgages payable								$ 42,000
Number of self-storage facilities | Property								6
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital						$ 1,700
Life Storage Virtus, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Cash payment for property acquisition				$ 21,700
Mortgages payable		$ 14,000		$ 14,000
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property						5
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital						$ 6,400

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2.2	$ 2.2	$ 6.7	$ 6.4

Investment in Joint Ventures _4

Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 1,829	$ 1,175	$ 3,915	$ 3,095
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	1,320	934	3,103	2,643
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	642	474	1,543	1,364
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (133)	$ (233)	$ (731)	$ (912)

Investment in Joint Ventures _5

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 4,357,660		$ 4,357,660				$ 3,993,140
Other assets	33,221		33,221				29,591
Total Assets	4,689,055		4,689,055				4,232,964
Mortgages payable	34,352		34,352				34,851
Total Liabilities	2,413,319		2,413,319				2,073,763
Unaffiliated partners’ equity	0		0				0
Company equity	2,249,888	$ 2,135,318	2,249,888	$ 2,135,318	$ 2,132,681	$ 2,147,719	2,132,894	$ 2,041,920	$ 2,046,891	$ 2,057,737
Total Equity	2,249,888		2,249,888				2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	4,689,055		4,689,055				$ 4,232,964
Total revenues	156,310	145,634	450,266	427,186
Depreciation and amortization of customer list	(33,018)	(26,854)	(90,335)	(79,239)
Amortization of financing fees			(3,033)	(2,873)
Interest expense	(20,544)	(19,760)	(61,056)	(56,339)
Net income	37,288	$ 140,746	110,560	$ 216,346
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	1,083,191		1,083,191
Investment in office building, net	4,109		4,109
Other assets	68,834		68,834
Total Assets	1,156,134		1,156,134
Due to the Company	3,223		3,223
Mortgages payable	525,713		525,713
Other liabilities	24,761		24,761
Total Liabilities	553,697		553,697
Unaffiliated partners’ equity	459,105		459,105
Company equity	143,332		143,332
Total Equity	602,437		602,437
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 1,156,134		1,156,134
Total revenues			99,902
Property operating expenses			(31,102)
Administrative, management and call center fees			(5,547)
Gain on disposal of self-storage facilities			217,607
Depreciation and amortization of customer list			(23,383)
Amortization of financing fees			(590)
Income tax expense			(235)
Interest expense			(17,638)
Net income			$ 239,014

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2017	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0	0	0
Deferred tax assets	300,000		300,000			$ 1,600,000
Deferred tax liability	2,400,000		$ 2,400,000			$ 2,400,000
Corporate income tax rate			21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2016
Tax Year 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination			2019
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	$ 1,000,000	$ 500,000	$ 2,600,000	$ 1,700,000

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						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income attributable to common shareholders/unitholders	$ 37,095	$ 36,457	$ 36,433	$ 140,002	$ 40,742	$ 34,454	$ 109,984	$ 215,198
Net income attributable to unvested restricted shares	(66)			(272)			(65)	(136)
Net income attributable to outstanding common shares	$ 37,029			$ 139,730			$ 109,919	$ 215,062
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	47,223,842			46,586,030			46,915,323	46,577,704
Effect of Dilutive Securities:
Stock options and non-vested stock	76,000			71,000			71,000	64,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	47,299,906			46,657,105			46,985,647	46,641,673
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78			$ 3			$ 2.34	$ 4.62
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78			$ 2.99			$ 2.34	$ 4.61
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 37,095	$ 36,457	$ 36,433	$ 140,002	$ 40,742	$ 34,454	$ 109,984	$ 215,198
Net income attributable to unvested restricted shares	(66)			(272)			(65)	(136)
Net income attributable to outstanding common shares	$ 37,029			$ 139,730			$ 109,919	$ 215,062
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	47,223,842			46,586,030			46,915,323	46,577,704
Effect of Dilutive Securities:
Stock options and non-vested stock	76,000			71,000			71,000	64,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	47,299,906			46,657,105			46,985,647	46,641,673
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78			$ 3			$ 2.34	$ 4.62
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78			$ 2.99			$ 2.34	$ 4.61

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	92,123	73,816	102,714	76,565

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Beginning Balance	$ 2,132,681	$ 2,147,719	$ 2,132,894	$ 2,041,920	$ 2,046,891	$ 2,057,737	$ 2,132,894	$ 2,057,737
Issuance of non-vested stock					1
Exercise of stock options				469
Net proceeds from issuance of common stock	134,226		21,466
Earned portion of non-vested stock	1,107	1,071	1,124	955	839	1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(2,948)	(2,609)	5,542	(1,606)	(150)	(294)	(15)
Purchases of equity in consolidated subsidiary from noncontrolling interests	(2,300)
Net income attributable to common shareholders	37,095	36,457	36,433	140,002	40,742	34,454	109,984	215,198
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Dividends	(50,203)	(50,186)	(49,969)	(46,651)	(46,632)	(46,631)
Ending Balance	2,249,888	2,132,681	2,147,719	2,135,318	2,041,920	2,046,891	2,249,888	2,135,318
Common Stock Shares [Member]
Beginning Balance	469	469	467	467	466	466	467	466
Issuance of non-vested stock					1
Net proceeds from issuance of common stock	13		2
Ending Balance	482	469	469	467	467	466	482	467
Additional Paid-in Capital [Member]
Beginning Balance	2,400,382	2,399,311	2,376,723	2,374,392	2,373,553	2,372,157	2,376,723	2,372,157
Exercise of stock options				469
Net proceeds from issuance of common stock	134,213		21,464
Earned portion of non-vested stock	1,107	1,071	1,124	955	839	1,396
Purchases of equity in consolidated subsidiary from noncontrolling interests	(2,300)
Ending Balance	2,533,402	2,400,382	2,399,311	2,375,816	2,374,392	2,373,553	2,533,402	2,375,816
Dividends in Excess of Net Income [Member]
Beginning Balance	(262,670)	(246,332)	(238,338)	(326,522)	(320,482)	(308,011)	(238,338)	(308,011)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(2,948)	(2,609)	5,542	(1,606)	(150)	(294)
Net income attributable to common shareholders	37,095	36,457	36,433	140,002	40,742	34,454
Dividends	(50,203)	(50,186)	(49,969)	(46,651)	(46,632)	(46,631)
Ending Balance	(278,726)	(262,670)	(246,332)	(234,777)	(326,522)	(320,482)	(278,726)	(234,777)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(5,500)	(5,729)	(5,958)	(6,417)	(6,646)	(6,875)	(5,958)	(6,875)
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Ending Balance	$ (5,270)	$ (5,500)	$ (5,729)	$ (6,188)	$ (6,417)	$ (6,646)	$ (5,270)	$ (6,188)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)Property$ / sharesshares	Sep. 30, 2019shares	Dec. 31, 2019shares	Jun. 14, 2018USD ($)	Aug. 02, 2017USD ($)
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program				$ 300,000,000
Number of storage facilities acquired | Property	31
Buyback Program, authorized repurchase amount					$ 200,000,000
Stock repurchased during period, shares | shares	0		0
Shares issued under Dividend Reinvestment Plan | shares	0	0
Equity Program [Member]
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program | shares	1,475,949	0
Weighted average issue price | $ / shares	$ 106.64
Proceeds from issuance of common stock	$ 155,800,000
Sales commissions paid	1,600,000
Other expenses	$ 200,000

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Partners Capital [Line Items]
Exercise of stock options				$ 469
Earned portion of non-vested stock	$ 1,107	$ 1,071	$ 1,124	955	$ 839	$ 1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	2,948	2,609	(5,542)	1,606	150	294	$ 15
Purchases of equity in consolidated subsidiary from noncontrolling interests							(265)
Net income attributable to common shareholders/unitholders	37,095	36,457	36,433	140,002	40,742	34,454	109,984	$ 215,198
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,132,681	2,147,719	2,132,894	2,041,920	2,046,891	2,057,737	2,132,894	2,057,737
Exercise of stock options				469
Net proceeds from issuance of Operating Partnership Units	134,226		21,466
Earned portion of non-vested stock	1,107	1,071	1,124	955	840	1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(2,948)	(2,609)	5,542	(1,606)	(150)	(294)
Purchases of equity in consolidated subsidiary from noncontrolling interests	(2,300)
Net income attributable to common shareholders/unitholders	37,095	36,457	36,433	140,002	40,742	34,454	109,984	215,198
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Distributions	(50,203)	(50,186)	(49,969)	(46,651)	(46,632)	(46,631)
Ending balance of total controlling partners’ capital	2,249,888	2,132,681	2,147,719	2,135,318	2,041,920	2,046,891	2,249,888	2,135,318
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	21,558	21,683	21,594	20,661	20,710	20,816	21,594	20,816
Exercise of stock options				4
Net proceeds from issuance of Operating Partnership Units	1,342		212
Earned portion of non-vested stock	12	11	11	10	9	14
Carrying value less than redemption value on redeemed noncontrolling interest				(1)
Purchases of equity in consolidated subsidiary from noncontrolling interests	(23)
Net income attributable to common shareholders/unitholders	373	366	366	1,408	409	347
Amortization of terminated hedge included in AOCL	2	2	2	2	2	2
Distributions	(505)	(504)	(502)	(469)	(469)	(469)
Ending balance of total controlling partners’ capital	22,759	21,558	21,683	21,615	20,661	20,710	22,759	21,615
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,116,623	2,131,765	2,117,258	2,027,676	2,032,827	2,043,796	2,117,258	2,043,796
Exercise of stock options				465
Net proceeds from issuance of Operating Partnership Units	132,884		21,254
Earned portion of non-vested stock	1,095	1,060	1,113	945	831	1,382
Carrying value less than redemption value on redeemed noncontrolling interest				1
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(2,948)	(2,609)	5,542	(1,606)	(150)	(294)
Purchases of equity in consolidated subsidiary from noncontrolling interests	(2,277)
Net income attributable to common shareholders/unitholders	36,722	36,091	36,067	138,594	40,333	34,107
Amortization of terminated hedge included in AOCL	(2)	(2)	(2)	(2)	(2)	(2)
Distributions	(49,698)	(49,682)	(49,467)	(46,182)	(46,163)	(46,162)
Ending balance of total controlling partners’ capital	2,232,399	2,116,623	2,131,765	2,119,891	2,027,676	2,032,827	2,232,399	2,119,891
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(5,500)	(5,729)	(5,958)	(6,417)	(6,646)	(6,875)	(5,958)	(6,875)
Amortization of terminated hedge included in AOCL	230	229	229	229	229	229
Ending balance of total controlling partners’ capital	$ (5,270)	$ (5,500)	$ (5,729)	$ (6,188)	$ (6,417)	$ (6,646)	$ (5,270)	$ (6,188)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands	Nov. 06, 2020Property	Nov. 05, 2020USD ($)Property	Sep. 30, 2020USD ($)Property	Mar. 31, 2020USD ($)Property	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets			$ 20,600		$ 20,600		$ 20,600		$ 20,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember
Operating lease liabilities			$ 20,200		$ 20,200		$ 20,200		$ 19,900
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses					$ 500	$ 600	$ 1,600	$ 1,900
Weighted average remaining lease term			11 years 8 months 12 days		11 years 8 months 12 days		11 years 8 months 12 days
Weighted average discount rate			4.66%		4.66%		4.66%
Operating lease commitments			$ 26,570		$ 26,570		$ 26,570
Number of storage facilities acquired | Property							31
Expansion and enhancement contracts			16,000
Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Number of storage facilities acquired | Property	5
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired			$ 37,900
Number of storage facilities acquired | Property			3
Number of storage facilities to be sold | Property				1
Sale price of storage facilities				$ 19,000
Self-storage Facilities [Member] | Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired		$ 13,700
Number of storage facilities acquired | Property		1

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 449
2021	2,388
2022	2,388
2023	2,388
2024	2,374
Thereafter	16,583
Total	$ 26,570

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	Nov. 06, 2020USD ($)Property	Nov. 05, 2020USD ($)Property	Oct. 26, 2020USD ($)	Oct. 09, 2020USD ($)	Oct. 01, 2020$ / shares	Sep. 30, 2020Property	Sep. 30, 2020USD ($)Property
Subsequent Event [Line Items]
Number of storage facilities acquired | Property							31
Aggregate purchase price							$ 419,608
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property						3
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date					Oct. 1, 2020
Dividend per common share | $ / shares					$ 1.07
Dividend paid, date					Oct. 26, 2020
Dividend record, date					Oct. 13, 2020
Dividend paid			$ 52,000
Number of storage facilities acquired | Property	5
Aggregate purchase price	$ 59,600
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property		1
Aggregate purchase price		$ 13,700
Subsequent Event [Member] | Term Note Due August 5, 2021 [Member]
Subsequent Event [Line Items]
Repayments of term debt				$ 100,000