Extra Space Storage (EXR) 10-K 28 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 21,458,986,411
Entity Common Stock, Shares Outstanding		134,152,540
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be issued in connection with the registrant’s annual stockholders’ meeting to be held in 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001289490
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Salt Lake City, Utah
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Real estate assets, net	$ 8,834,649	$ 7,893,802
Real estate assets - operating lease right-of-use assets	227,949	252,172
Investments in unconsolidated real estate entities	457,326	397,444
Investments in debt securities and notes receivable	719,187	593,810
Cash and cash equivalents	71,126	109,124
Restricted cash	5,068	18,885
Other assets, net	159,172	130,611
Total assets	10,474,477	9,395,848
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,320,755	2,283,454
Unsecured term loans, net	1,741,926	1,194,383
Unsecured senior notes, net	2,360,066	1,319,466
Revolving lines of credit	535,000	949,000
Operating lease liabilities	233,356	263,485
Cash distributions in unconsolidated real estate ventures	63,582	47,126
Accounts payable and accrued expenses	142,285	130,012
Other liabilities	291,531	272,798
Total liabilities	6,688,501	6,459,724
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 133,922,305 and 131,357,961 shares issued and outstanding at December 31, 2021 and 2020, respectively	1,339	1,314
Additional paid-in capital	3,285,948	3,000,458
Accumulated other comprehensive loss	(42,546)	(99,093)
Accumulated deficit	(128,245)	(354,900)
Total Extra Space Storage Inc. stockholders' equity	3,116,496	2,547,779
Noncontrolling interest represented by Preferred Operating Partnership units, net	259,110	172,052
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	410,370	216,293
Total noncontrolling interests and equity	3,785,976	2,936,124
Total liabilities, noncontrolling interests and equity	$ 10,474,477	$ 9,395,848

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	133,922,305	131,357,961
Common stock, outstanding (in shares)	133,922,305	131,357,961

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Property rental	$ 1,340,990	$ 1,157,522	$ 1,130,177
Tenant reinsurance	170,108	146,561	128,387
Management fees and other income	66,264	52,129	49,890
Total revenues	1,577,362	1,356,212	1,308,454
Expenses:
Property operations	368,608	360,615	336,050
Tenant reinsurance	29,488	26,494	29,376
General and administrative	102,194	96,594	89,418
Depreciation and amortization	241,879	224,444	219,857
Total expenses	742,169	708,147	674,701
Gain on real estate transactions	140,760	18,075	1,205
Income from operations	975,953	666,140	634,958
Interest expense	(166,183)	(168,626)	(186,526)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	(3,675)	(4,742)
Interest income	49,703	15,192	7,467
Income before equity in earnings and dividend income from unconsolidated real estate ventures and income tax expense	859,473	509,031	451,157
Equity in earnings and dividend income from unconsolidated real estate entities	32,358	22,361	11,274
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest	6,251	0	0
Income tax expense	(20,324)	(13,810)	(11,308)
Net income	877,758	517,582	451,123
Net income allocated to Preferred Operating Partnership noncontrolling interests	(14,697)	(12,882)	(12,492)
Net income allocated to Operating Partnership and other noncontrolling interests	(35,412)	(22,921)	(18,664)
Net income attributable to common stockholders	$ 827,649	$ 481,779	$ 419,967
Earnings per common share
Basic (in dollars per share)	$ 6.20	$ 3.71	$ 3.27
Diluted (in dollars per share)	$ 6.19	$ 3.71	$ 3.24
Weighted average number of shares
Basic (in shares)	133,374,938	129,541,531	128,203,568
Diluted (in shares)	140,016,028	129,584,829	136,433,769

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 877,758	$ 517,582	$ 451,123
Other comprehensive income (loss):
Change in fair value of interest rate swaps	59,325	(73,686)	(66,843)
Total comprehensive income	937,083	443,896	384,280
Less: comprehensive income attributable to noncontrolling interests	52,887	32,244	27,929
Comprehensive income attributable to common stockholders	$ 884,196	$ 411,652	$ 356,351

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series D Units	Redemption of units for stockSeries B Units	Redemption of units for stockSeries D Units	Redemption of units for cash	Redemption of units for cashSeries B Units	Preferred Operating Partnership	Preferred Operating PartnershipSeries D Units	Preferred Operating PartnershipRedemption of units for stockSeries B Units	Preferred Operating PartnershipRedemption of units for stockSeries D Units	Preferred Operating PartnershipRedemption of units for cashSeries B Units	Operating Partnership	Operating PartnershipRedemption of units for stock	Operating PartnershipRedemption of units for cash	Other	Common Stock	Common StockRedemption of units for stock	Common StockRedemption of units for stockSeries B Units	Common StockRedemption of units for stockSeries D Units	Additional Paid-in Capital	Additional Paid-in CapitalRedemption of units for stock	Additional Paid-in CapitalRedemption of units for stockSeries B Units	Additional Paid-in CapitalRedemption of units for stockSeries D Units	Additional Paid-in CapitalRedemption of units for cash	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ 2,785,422						$ 153,096					$ 218,362			$ 240	$ 1,271				$ 2,640,705					$ 34,650	$ (262,902)
Beginning balance (in shares) at Dec. 31, 2018																127,103,750
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 3,063															$ 3				3,060
Issuance of common stock upon the exercise of options (in shares)	211,057															211,057
Restricted stock grants issued	$ 2															$ 2
Restricted stock grants issued (in shares)																109,081
Restricted stock grants cancelled (in shares)																(8,863)
Issuance of common stock, net of offering costs	198,827															$ 19				198,808
Issuance of common stock, net of offering costs (in shares)																1,779,200
Compensation expense related to stock-based awards	13,051																			13,051
Repayment of receivable for preferred operating units pledged as collateral on loan	1,211											1,211
Issuance of Operating Partnership units in conjunction with acquisitions	28,022						28,022
Redemption of noncontrolling interests	0												$ (13,057)								$ 13,057
Redemption of noncontrolling interests (in shares)																	340,182
Conversion of Preferred C Units in the Operating Partnership for Common Operating Partnership Units	0						(4,374)					4,374
Noncontrolling interest in consolidated joint venture	173														173
Net income	451,123						12,492					18,711			(47)											419,967
Other comprehensive income (loss)	(66,843)						(407)					(2,820)													(63,616)
Distributions to Operating Partnership units held by noncontrolling interests	(34,243)						(12,881)					(21,362)
Dividends paid on common stock	(458,114)																									(458,114)
Ending balance at Dec. 31, 2019	2,921,694						175,948					205,419			366	$ 1,295				2,868,681					(28,966)	(301,049)
Ending balance (in shares) at Dec. 31, 2019																129,534,407
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 4,759															$ 1				4,758
Issuance of common stock upon the exercise of options (in shares)	134,930															134,930
Issuance of common stock in connection with share based compensation	$ 16,281															$ 1				16,280
Issuance of common stock in connection with share based compensation (in shares)																143,187
Restricted stock grants cancelled (in shares)																(5,083)
Issuance of common stock, net of offering costs	103,468															$ 9				103,459
Issuance of common stock, net of offering costs (in shares)																899,048
Buyback of common stock, net of offering costs	$ (67,873)															$ (8)										(67,865)
Buyback of common stock, net of offering costs (in shares)	(826,797)															(826,797)
Repayment of receivable for preferred operating units pledged as collateral on loan	$ 16,213											16,213
Redemption of noncontrolling interests	0			$ 0		$ (1,000)				$ (2,724)	$ (1,000)		(4,572)				$ 1		$ 1		4,571		$ 2,723
Redemption of noncontrolling interests (in shares)																	123,993		30,495
Repurchase of equity portion of 2015 exchangeable senior notes	0																$ 14				(14)
Repurchase of equity portion of 2015 exchangeable senior notes (in shares)																	1,323,781
Noncontrolling interest in consolidated joint venture	66														66
Net income	517,582						12,882					22,952			(31)											481,779
Other comprehensive income (loss)	(73,686)						(456)					(3,103)													(70,127)
Distributions to Operating Partnership units held by noncontrolling interests	(33,615)						(12,598)					(21,017)
Dividends paid on common stock	(467,765)																									(467,765)
Ending balance at Dec. 31, 2020	$ 2,936,124						172,052					215,892			401	$ 1,314				3,000,458					(99,093)	(354,900)
Ending balance (in shares) at Dec. 31, 2020	131,357,961															131,357,961
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 4,572															$ 0				4,572
Issuance of common stock upon the exercise of options (in shares)	62,322															62,322
Issuance of common stock in connection with share based compensation	$ 17,303															$ 0				17,303
Issuance of common stock in connection with share based compensation (in shares)																148,228
Restricted stock grants cancelled (in shares)																(12,808)
Issuance of common stock, net of offering costs	$ 273,189															$ 22				273,167
Issuance of common stock, net of offering costs (in shares)																2,185,685
Buyback of common stock, net of offering costs (in shares)	0
Redemption of noncontrolling interests	$ 0		$ 0		$ (788)				$ (2,834)				$ (6,373)	$ (173)			$ 2	$ 1			$ 6,371	$ 2,833		$ (615)
Repayment of receivable with Operating Partnership units pledged as collateral	411											411
Increase from acquisitions	188,319	$ 88,074						$ 88,074				188,319
Purchase of remaining equity interest in existing consolidated joint venture	(18,141)																			(18,141)
Redemption of noncontrolling interests (in shares)																	165,652	15,265
Noncontrolling interest in consolidated joint venture	(82)														(82)
Net income	877,758						14,697					35,414			(2)											827,649
Other comprehensive income (loss)	59,325						366					2,412													56,547
Distributions to Operating Partnership units held by noncontrolling interests	(39,094)						(13,245)					(25,849)
Dividends paid on common stock	(600,994)																									(600,994)
Ending balance at Dec. 31, 2021	$ 3,785,976						$ 259,110					$ 410,053			$ 317	$ 1,339				$ 3,285,948					$ (42,546)	$ (128,245)
Ending balance (in shares) at Dec. 31, 2021	133,922,305															133,922,305

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock (in dollars per share)	$ 4.50	$ 3.60	$ 3.56

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income		$ 877,758	$ 517,582	$ 451,123
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		241,879	224,444	219,857
Amortization of deferred financing costs		10,587	9,386	11,989
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes		0	3,675	4,742
Non-cash lease expense		1,869	1,173	1,064
Compensation expense related to stock-based awards		17,303	16,281	13,051
Accrual of interest income added to principal of debt securities and notes receivable		(34,550)	(8,059)	0
Gain on real estate transactions		(140,760)	(18,075)	(1,205)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest		(6,251)	0
Distributions from unconsolidated real estate ventures in excess of earnings		7,035	6,893	6,358
Changes in operating assets and liabilities:
Other assets		(23,891)	(19,674)	(12,482)
Accounts payable and accrued expenses		10,951	17,974	15,522
Other liabilities		(9,494)	19,632	(2,333)
Net cash provided by operating activities		952,436	771,232	707,686
Cash flows from investing activities:
Acquisition of real estate assets		(1,233,298)	(320,148)	(349,494)
Development and redevelopment of real estate assets		(56,226)	(67,300)	(53,717)
Proceeds from sale of real estate assets and investments in real estate ventures		572,728	44,024	11,254
Investment in unconsolidated real estate entities		(54,602)	(64,792)	(197,759)
Return of investment in unconsolidated real estate ventures		31,534	371	3,982
Issuance and purchase of notes receivable		(317,482)	(313,355)	(185,993)
Investment in debt securities		0	(300,000)	0
Proceeds from sale of notes receivable		172,002	62,764	0
Principal payments received from notes receivable		51,463	10,102	157,861
Purchase of equipment and fixtures		(3,659)	(7,093)	(7,764)
Net cash used in investing activities		(837,540)	(955,427)	(621,630)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs		273,189	103,468	198,827
Proceeds from notes payable and revolving lines of credit		4,666,632	3,281,000	2,214,000
Principal payments on notes payable and revolving lines of credit		(5,500,290)	(2,014,730)	(1,977,805)
Principal payments on notes payable to trusts	$ (30,928)	0	0	(30,928)	$ (88,662)
Proceeds from issuance of public bonds, net		1,040,349	0	0
Deferred financing costs		(10,698)	(4,052)	(2,986)
Repurchase of exchangeable senior notes		0	(575,000)	0
Net proceeds from exercise of stock options		4,572	4,759	3,063
Repurchase of common stock		0	(67,873)	0
Proceeds from principal payments on notes receivable collateralized by OP Units and Preferred OP Units		411	16,213	0
Redemption of Operating Partnership units held by noncontrolling interests		(788)	(1,000)	0
Contributions from noncontrolling interests		0	66	173
Dividends paid on common stock		(600,994)	(467,765)	(458,114)
Distributions to noncontrolling interests		(39,094)	(33,615)	(34,243)
Net cash provided by (used in) financing activities		(166,711)	241,471	(88,013)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(51,815)	57,276	(1,957)
Cash, cash equivalents, and restricted cash, beginning of the period	$ 72,690	128,009	70,733	72,690
Cash, cash equivalents, and restricted cash, end of the period		76,194	128,009	70,733	$ 72,690
Supplemental schedule of cash flow information
Interest paid		152,170	159,597	174,155
Income taxes paid		26,252	5,181	10,359
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership		(6,373)	(4,005)	(13,057)
Common stock and paid-in capital		6,373	4,005	13,057
Contribution of Preferred OP Units to unconsolidated real estate venture
Investments in unconsolidated real estate ventures		0	0	(28,022)
Value of Preferred Operating Partnership units issued		0	0	28,022
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units		(2,834)	(2,724)	0
Additional paid-in capital		2,834	2,724	0
Issuance of Preferred OP Units for additional investment in unconsolidated real estate venture
Conversion of Preferred Operating Units to Common Units		0	0	4,374
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets		6,655	8,014	277,557
Operating lease liabilities		(6,655)	(8,014)	(286,914)
Accounts payable and accrued expenses		0	0	9,357
Acquisitions of real estate assets
Real estate assets, net		318,036	41,491	21,066
Value of Operating Partnership and Preferred Operating Partnership units issued		(276,393)	0	0
Notes payable assumed		(20,028)	0	(17,157)
Investment in unconsolidated real estate ventures		5,383	0	(2,780)
Finance lease liability		(26,998)	(41,491)	0
Net liabilities assumed		0	0	(1,129)
Accrued construction costs and capital expenditures
Acquisition of real estate assets		1,323	656	2,203
Development and redevelopment of real estate assets		0	0	1,601
Accounts payable and accrued expenses		$ (1,323)	$ (656)	$ (3,804)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At December 31, 2021, the Company had direct and indirect equity interests in 1,268 storage facilities. In addition, the Company managed 828 stores for third parties bringing the total number of stores which it owns and/or manages to 2,096. These stores are located in 41 states and Washington, D.C. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. For comparison purposes, the Company has reclassified a portion of Notes payable, net to Unsecured term loans, net and Unsecured senior notes, net on the Consolidated Balance Sheets as of December 31, 2020, to conform to the presentation as of December 31, 2021. Variable Interest Entities The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE. The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements. The Company had one consolidated VIE consisting of four stores as of December 31, 2021 and no consolidated VIEs as of December 31, 2020. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Disclosures Derivative financial instruments Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. Fair Value Measurements at Reporting Date Using Description December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets - Cash flow hedge swap agreements $ 271 $ — $ 271 $ — Other liabilities - Cash flow hedge swap agreements $ 39,569 $ — $ 39,569 $ — There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2021. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2021 or 2020. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections. When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets. When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations for all periods presented. The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment. As of December 31, 2021 and 2020, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2021 and 2020, approximate fair value. The fair values of the Company’s notes receivable and notes receivable from Preferred Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality. The fair value of the Company’s exchangeable senior notes was estimated using an average market price for similar securities obtained from a third party. The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated: December 31, 2021 December 31, 2020 Fair Carrying Fair Carrying Notes receivable from Preferred and Common Operating Partnership unit holders $ 101,824 $ 101,900 $ 102,333 $ 102,311 Fixed rate notes receivable $ 105,954 $ 104,251 $ 114,145 $ 104,000 Fixed rate debt $ 4,643,072 $ 4,506,435 $ 3,816,530 $ 3,637,220 Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five The purchase of stores are considered asset acquisitions. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transactions costs are capitalized as part of the purchase price. Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on eight stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms. Real Estate Sales In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition. Investments in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop"). The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities). The Company evaluated its investments in preferred stock of non-public real estate entities and determined it did not have significant influence over the entity, and the investment in preferred stock does not have a readily determinable fair value, therefore it has been recorded at the transaction price. The Company periodically evaluates the investment for impairment. No impairment indicators were noted as of December 31, 2021. Investments in Debt Securities and Notes Receivable The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. Additionally, the discount related to purchased notes receivable is being amortized to interest income over the remaining period of the notes. Cash and Cash Equivalents The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents. Restricted Cash Restricted cash is comprised of escrowed funds deposited with financial institutions located throughout the United States relating to earnest money deposits on potential acquisitions, real estate taxes, loan collateral, operating reserves and insurance and capital expenditures. Other Assets Other assets consist of equipment and fixtures, capitalized software, rents receivable from our tenants, other receivables, other intangible assets, deferred tax assets, prepaid expenses and the fair value of interest rate swaps. Depreciation of equipment and fixtures is computed on a straight-line basis over three Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Risk Management and Use of Financial Instruments In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk. Exchange of Common Operating Partnership Units Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, are accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Revenue and Expense Recognition Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned. The Company's management fees are earned subject to the terms of the related management services agreements ("MSAs"). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented. Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. The Company records an unpaid claims liability at the end of each period based on existing unpaid claims and historical claims payment history. The unpaid claims liability represents an estimate of the ultimate cost to settle all unpaid claims as of each period end, including both reported but unpaid claims and claims that may have been incurred but have not been reported. The Company uses a third party claims administrator to adjust all tenant reinsurance claims received. The administrator evaluates each claim to determine the ultimate claim loss and includes an estimate for claims that may have been incurred but not reported. Annually, a third party actuary evaluates the adequacy of the unpaid claims liability. Prior year claim reserves are adjusted as experience develops or new information becomes known. The impact of such adjustments is included in the current period operations. The unpaid claims liability is not discounted to its present value. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts of 2,000 dollars to 10,000 dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2021, the average insurance coverage for tenants was approximately 3,300 dollars. The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant. For the years ended December 31, 2021, 2020 and 2019, the number of individual claims made were 8,748, 8,226 and 7,888, respectively (claim numbers not in thousands). The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated: For the Year Ended December 31, Tenant Reinsurance Claims: 2021 2020 2019 Unpaid claims liability at beginning of year $ 8,294 $ 8,109 $ 7,326 Claims and claim adjustment expense for claims incurred in the current year 16,901 14,534 16,280 Claims and claim adjustment expense (benefit) for claims incurred in the prior years 122 (1,351) 98 Payments for current year claims (11,913) (9,697) (11,352) Payments for prior year claims (4,292) (3,301) (4,243) Unpaid claims liability at the end of the year $ 9,112 $ 8,294 $ 8,109 Advertising Costs The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $18,793, $28,336 and $25,106 in advertising expense for the years ended December 31, 2021, 2020 and 2019, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations. Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2021, 0% (unaudited) of all distributions to stockholders qualified as a return of capital. The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT ”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions. The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to U.S. federal corporate income tax and state insurance premiums tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2021 and 2020, 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 December 31, 2021 and 2020, the Company had no interest or penalties related to uncertain tax provisions. Stock-Based Compensation The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award. Earnings Per Common Share Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series C Convertible Redeemable Preferred Units (“Series C Units”), Series D Redeemable Preferred Units (“Series D Units” and together with the Series A Units, Series B Units and Series C Units, the “Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (those that reduce earnings per common share) are included. For the years ended December 31, 2021, 2020 and 2019 there were no anti-dilutive shares outstanding. For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $161.98 for the year ended December 31, 2021. The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2021 2020 2019 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — 5,853,814 — Series A Units (Variable Only) — 875,480 — Series B Units 246,618 400,771 393,189 Series D Units 726,037 1,143,547 1,081,369 972,655 8,273,612 1,474,558 As of December 31, 2021 and 2020 the Operating Partnership had no exchangeable senior notes issued or outstanding. In October and November 2020, a portion of the 3.125% Exchangeable Senior Notes due 2035 (the “2015 Notes”) were exchanged for cash and shares of the Company's common stock and the remaining 2015 Notes were redeemed for cash. The 2015 Notes could potentially have had a dilutive impact on the Company's earnings per share calculations. The 2015 Notes were exchangeable by holders into shares of the Company's common stock under certain circumstances per the terms of the indenture governing the 2015 Notes. The Company had irrevocably agreed to pay only cash for the accreted principal amount of the 2015 Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligation in excess of the accreted principal amount in cash and/or common stock. Although the Company had retained that right to satisfy the exchange obligation in excess of the accreted principal amount of the 2015 Notes in cash and/or common stock, Accounting Standards Codifica

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Assets	REAL ESTATE ASSETS The components of real estate assets are summarized as follows: December 31, 2021 December 31, 2020 Land - operating $ 2,148,093 $ 1,952,097 Land - development 3,226 3,372 Buildings, improvements and other intangibles 8,227,094 7,357,033 Right of use asset - finance lease 117,718 58,148 Intangible assets - tenant relationships 134,577 124,695 Intangible lease rights 12,443 12,443 10,643,151 9,507,788 Less: accumulated depreciation and amortization (1,867,750) (1,681,429) Net operating real estate assets 8,775,401 7,826,359 Real estate under development/redevelopment 59,248 67,443 Real estate assets, net $ 8,834,649 $ 7,893,802 Real estate assets held for sale included in real estate assets, net $ 8,436 $ 103,624 As of December 31, 2021, the Company had one store classified as held for sale. The estimated fair value less selling costs of this asset is greater than the carrying value of the asset, and therefore no loss has been recorded related to this asset. Assets held for sale are included in the self-storage operations segment of the Company’s segment information. The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $4,778, $2,258, and $6,614 for the years ended December 31, 2021, 2020 and 2019, respectively. The remaining balance of the unamortized lease rights will be amortized over the next seven

Property Acquisitions and Dispo

Property Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Property Acquisitions and Dispositions	PROPERTY ACQUISITIONS AND DISPOSITIONS Store Acquisition The following table shows the Company’s acquisitions of stores for the years ended December 31, 2021 and 2020. The table excludes purchases of raw land and improvements made to existing assets. Consideration Paid Total Quarter Number of Stores Total Cash Paid Loan Assumed Finance Lease Liability Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of OP Units Issued Real estate assets Total 2021 74 $ 1,344,575 $ 1,011,483 $ 20,028 $ 26,998 $ 5,383 $ 4,293 $ 276,390 $ 1,344,575 Total 2020 23 $ 296,725 $ 254,111 $ — $ 41,491 $ — $ 1,123 $ — $ 296,725 (1) Store acquisitions during the year ended December 31, 2021 included the acquisition of five stores previously held in joint venture where the Company held a noncontrolling interest. The Company purchased its partner's equity interest in these joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. In addition, store acquisitions include the acquisition of two stores that were subject to finance land leases. The right-of-use assets associated with these leases are included in real estate assets above. (2) Store acquisitions during the year ended December 31, 2020 include the acquisition of three stores that were subject to finance land leases. The right-of-use assets associated with these leases are included in real estate assets above. Store Dispositions On December 16, 2021 the Company sold 16 stores that had been classified as held for sale for total cash consideration of $200,292. The Company recorded a gain of $73,854. On March 1, 2021 the Company sold 16 stores that had been classified as held for sale to a newly established unconsolidated joint venture. The Company received $132,759 and maintained a 55% interest in the new joint venture valued at $33,878. The Company recognized a gain of $63,477 related to the sale of these properties. On December 18, 2020, the Company sold four stores located in Florida that had been classified as held for sale for a total sale price of $46,592. The Company recorded a gain on the sale of $19,600. On April 11, 2019, the Company sold a store located in New York that had been classified as held for sale for $11,272 in cash. The Company recorded a gain on the sale of $1,205.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") and the Company's noncontrolling interest in real estate joint ventures that own stores. The Company accounts for its investment in SmartStop preferred stock, which does not have a readily determinable fair value, at the transaction price less impairment, if any. The Company accounts for its investments in joint ventures using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement. In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits, as applicable, than its equity interest. The Company separately reports investments with net equity less than zero in Cash distributions in unconsolidated real estate ventures in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not. Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following: Number of Stores Equity Ownership % Excess Profit % (1) December 31, 2021 2020 PR EXR Self Storage, LLC 5 25% 40% $ 59,393 $ 60,092 WICNN JV LLC (2) — 10% 35% — 36,032 VRS Self Storage, LLC 16 45% 54% (14,269) 17,186 ESS-CA TIVS JV LP (3) 16 55% 60% 32,288 — GFN JV, LLC (2) — 10% 30% — 18,397 ESS-NYFL JV LP 11 16% 24% 11,796 12,211 PRISA Self Storage LLC 85 4% 4% 8,792 8,815 Alan Jathoo JV LLC 9 10% 10% 7,621 7,780 Storage Portfolio IV JV LLC 27 10% 30% 40,174 — Storage Portfolio III JV LLC 5 10% 30% 5,596 5,726 ESS Bristol Investments LLC 8 10% 30% 2,628 2,810 Extra Space Northern Properties Six LLC 10 10% 35% (3,029) (2,541) Storage Portfolio II JV LLC 36 10% 30% (6,116) (5,441) Storage Portfolio I LLC 24 34% 49% (40,168) (39,144) PR II EXR JV LLC 18 25% 25% 70,403 — Other minority owned stores 13 10-50% 19-50% 18,635 28,395 SmartStop Self Storage REIT, Inc. Preferred Stock (4) n/a n/a n/a 200,000 200,000 Net Investments in and Cash distributions in unconsolidated real estate entities 283 $ 393,744 $ 350,318 (1) Includes pro-rata equity ownership share and promoted interest. (2) In June 2021, the WICNN JV LLC and GFN JV, LLC joint ventures sold all 17 of the stores owned by the joint ventures to a third party. Subsequent to the sales, these joint ventures were dissolved. As a result of these transactions, the Company recorded a gain of $5,739, which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's consolidated statements of operations. (3) The Company sold 16 operating stores to this newly formed joint venture in March 2021. The Company received cash of $132,759 and an interest in the new joint venture valued at $33,556. This joint venture is unconsolidated and the Company accounts for its investment under the equity method of accounting as the Company does not have voting control but does exercise significant influence over the joint venture. (4) The Company invested in shares of convertible preferred stock of SmartStop. The dividend rate for the preferred shares is 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's consolidated statement of operations. In June 2021, the Company sold its interest in two unconsolidated joint ventures to its joint venture partner. The Company received proceeds of $1,888 in cash, and recorded a gain of $525 which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's condensed consolidated statements of operations. The Company also purchased its joint venture partners' interests in two unconsolidated joint ventures. In accordance with ASC 810, the Company reviews all of its joint venture relationships annually to ensure that there are no entities that require consolidation. As of December 31, 2021, there were no previously unconsolidated entities that were required to be consolidated as a result of this review. The Company entered into two new unconsolidated real estate ventures with a total of 45 stores and a total investment of $109,583 during the year ended December 31, 2021. The Company accounts for its investment in these ventures under the equity method of accounting. In January 2019, the Company purchased its joint venture partners' interests in the Extra Space West One LLC and Extra Space West Two LLC joint ventures, which owned a total of 12 stores. The Company paid $172,505 of cash to acquire the equity interests, and subsequent to this acquisition, the Company owned 100.0% of the joint ventures and the related stores. Equity in earnings and dividend income from unconsolidated real estate entities consists of the following: For the Year Ended December 31, 2021 2020 2019 Dividend income from SmartStop preferred stock $ 12,500 $ 9,968 $ 1,636 Equity in earnings of PRISA Self Storage LLC 2,719 2,229 2,327 Equity in earnings of Storage Portfolio II JV LLC 1,802 559 291 Equity in earnings of Storage Portfolio I LLC 2,833 1,636 1,809 Equity in earnings of VRS Self Storage, LLC 4,352 3,509 3,583 Equity in earnings of ESS-NYFL JV LLC 427 (331) (96) Equity in earnings of WICNN JV LLC 1,050 1,878 1,373 Equity in earnings of Extra Space Northern Properties Six LLC 1,363 1,088 1,091 Equity in earnings of Alan Jathoo JV LLC 270 57 (47) Equity in earnings of Bristol Investments LLC 177 (67) (262) Equity in earnings of GFN JV, LLC 546 788 450 Equity in earnings of PR EXR Self Storage, LLC 491 (211) (443) Equity in earnings of Storage Portfolio IV JV LLC 112 — — Equity in earnings of ESS-CA TIVS JV LP 1,274 — — Equity in earnings of PR II EXR JV LLC (8) — — Equity in earnings of other minority owned stores 2,450 1,258 (438) $ 32,358 $ 22,361 $ 11,274 Equity in earnings of certain of our joint ventures includes the amortization of the Company’s excess purchase price of $24,721 of these equity investments over its original basis. The excess basis is amortized over forty years. The Company provides management services to joint ventures for a fee. Management fee revenues for affiliated real estate joint ventures for the years ended December 31, 2021, 2020 and 2019 were $17,619, $15,657 and $14,624, respectively.

Investments in Debt Securities

Investments in Debt Securities and Notes Receivable	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities and Notes Receivable	INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE Investments in debt securities and notes receivable consists of the Company's investment in mandatorily redeemable preferred stock of Jernigan Capital, Inc. ("JCAP") in connection with JCAP's acquisition by affiliates of NexPoint Advisors, L.P. ("NexPoint Investment") and receivables due to the Company under its bridge loan program. Information about these balances is as follows: December 31, 2021 December 31, 2020 Debt securities - NexPoint Series A Preferred Stock $ 200,000 $ 200,000 Debt securities - NexPoint Series B Preferred Stock 100,000 100,000 Notes Receivable-Bridge Loans 279,042 187,368 Notes Receivable-Senior Mezzanine Loan, net 102,079 101,553 Dividends Receivable 38,066 4,889 $ 719,187 $ 593,810 In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P. This investment consists of 200,000 Series A Preferred Shares valued at total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. The JCAP preferred stock is mandatorily redeemable after five years, with two one-year extension options. NexPoint may redeem the Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the JCAP preferred stock as a held to maturity debt security at amortized cost. The Series A Preferred Shares and the Series B Preferred Shares have initial dividend rates of 10.0% and 12.0%, respectively. If the investment isn't retired after five years, the preferred dividends increase annually. In July 2020, the Company purchased a senior mezzanine note receivable with a principal amount of $103,000. This note receivable bears interest at 5.5%, matures in December 2023 and is collateralized through an entity interest in which it or its subsidiaries wholly own 62 storage facilities. The Company paid cash of $101,142 for the note receivable and accounts for the discount at amortized cost. The discount is being amortized over the term of the note receivable. In February 2022, the Company sold this note receivable to a junior mezzanine lender, which exercised its right to buy the Company's position for the full principal balance plus interest due.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	DEBT In May 2021, the Operating Partnership executed its initial public bond issuance by selling $450.0 million principal amount of 2.550% Senior Notes due 2031 (the "Notes Due 2031"). Interest on the Notes Due 2031 is paid semi-annually in arrears on June 1 and December 1 of each year. The Notes Due 2031 will mature on June 1, 2031, and the Operating Partnership may redeem the Notes Due 2031 at its option and sole discretion at any time prior to March 31, 2031 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In September 2021, the Operating Partnership executed a public bond issuance by selling $600.0 million principal amount of 2.350% Senior Notes due 2032 (the "Notes Due 2032"). Interest on the Notes Due 2032 is paid semi-annually in arrears on March 15 and September 15 of each year. The Notes Due 2032 will mature on March 15, 2032, and the Operating Partnership may redeem the Notes Due 2032 at its option and sole discretion at any time prior to March 15, 2032 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. The Operating Partner may redeem the Notes Due 2031 and/or the Notes Due in 2032 in whole at any time or in part from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) a make-whole premium calculated in accordance with the indenture governing the notes, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. Notwithstanding the foregoing, on or after the date three months prior to the maturity date of the applicable notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. Certain events are considered events of default, which may result in the accelerated maturity of the Notes Due 2031 and/or the Notes Due 2032, including, among other things, a default for 30 days in the payment of any installment of interest under the notes or a default in the payment of the principal amount or redemption price due with respect to the notes, when the same become due and payable. The Notes Due 2031 and the Notes Due 2032 are unsecured, and are fully and unconditionally guaranteed by the Company, ESS Holdings Business Trust I, and ESS Holdings Business Trust II (the "Guarantors," and together with the Operating Partnership, the "Obligated Group"), on a joint and several basis. The guarantee of the Notes Due 2031 and the Notes Due 2032 will be a senior unsecured obligation of each Guarantor. The Guarantors have no material operations separate from the operation of the Operating Partnership and no material assets, other than their respective investments directly or indirectly in the Operating Partnership, and therefore the assets, liabilities, and results of operations of the Obligated Group are not materially different than those reported in the Company's financial statements. The components of term debt are summarized as follows: Term Debt December 31, 2021 December 31, 2020 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 930,830 $ 1,112,220 2.46% - 4.23% June 2022 - February 2030 Secured variable-rate (1) 392,679 1,081,551 1.10% - 2.45% April 2022 - May 2027 Unsecured fixed-rate 3,575,000 2,525,000 2.02% - 4.39% February 2024 - March 2032 Unsecured variable-rate 550,000 100,000 1.05% February 2024 - October 2026 Total 5,448,509 4,818,771 Less: Unamortized debt issuance costs (25,762) (21,468) Total $ 5,422,747 $ 4,797,303 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rate is 30-day USD LIBOR At December 31, 2021, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 $ 3,000,000 (1) The term loan amounts have been fully drawn as of December 31, 2021. Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions. As of December 31, 2021, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) LIBOR plus the applicable Eurodollar rate margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the Eurodollar rate plus 1.00%. Per the Credit Agreement, the applicable Eurodollar rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the Eurodollar rate margin ranging from 0.7% to 2.25% per annum and the applicable base rate margin ranging from 0.00% to 0.60% per annum. The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2021, the Company was in compliance with all of its financial covenants. The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2021: 2022 $ 311,412 2023 486,688 2024 496,407 2025 447,266 2026 802,104 Thereafter 2,904,632 $ 5,448,509 All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated: As of December 31, 2021 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 55,000 $ 140,000 1.6% 7/1/2023 LIBOR plus 1.45% Credit Line 2 (3)(4) 480,000 1,250,000 1.0% 6/20/2025 LIBOR plus 0.85% $ 535,000 $ 1,390,000 (1) 30-day USD LIBOR (2) Secured by mortgages on certain real estate assets. One two (3) Unsecured. Two six (4) Basis Rate as of December 31, 2021. Rate is subject to change based on our investment grade rating. In September 2015, the Operating Partnership issued $575,000 of its 3.125% Exchangeable Senior Notes due 2035. Costs incurred to issue the 2015 Notes were approximately $11,992, consisting primarily of a 2.0% underwriting fee. These costs were amortized as an adjustment to interest expense over five years, which represented the estimated term based on the first available redemption date, and were included in exchangeable senior notes, net, in the consolidated balance sheets. The 2015 Notes were general unsecured senior obligations of the Operating Partnership and were fully guaranteed by the Company. Interest was payable on April 1 and October 1 of each year. The Notes bore interest at 3.125% per annum and contained an exchange settlement feature, which provided that the 2015 Notes could, under certain circumstances, be exchangeable for cash (for the principal amount of the 2015 Notes) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s option. The Operating Partnership could redeem the 2015 Notes at any time to preserve the Company’s status as a REIT. In addition, on or after October 5, 2020, the Operating Partnership could redeem the 2015 Notes for cash, in whole or in part, at 100% of the principal amount plus accrued and unpaid interest, upon at least 30 days but not more than 60 days prior written notice to the holders of the 2015 Notes. The holders of the 2015 Notes had the right to require the Operating Partnership to repurchase the 2015 Notes for cash, in whole or in part, on October 1 of the years 2020, 2025 and 2030, (unless the Operating Partnership had called the 2015 Notes for redemption), and upon the occurrence of certain designated events, in each case for a repurchase price equal to 100% of the principal amount of the 2015 Notes plus accrued and unpaid interest. Additionally, the 2015 Notes could have been exchanged during any calendar quarter, if the last reported sale price of the common stock of the Company was greater than or equal to 130% of the exchange price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. The Company redeemed all outstanding 2015 Notes on November 2, 2020. GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance. The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2021 2020 2019 Contractual interest $ — $ 13,476 $ 17,968 Amortization of discount — 3,675 4,742 Total interest expense recognized $ — $ 17,151 $ 22,710 Repurchase of 2015 Notes On October 1, 2020, the holders of $71,513 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $71,513 for the principal amount and issued 124,819 shares of common stock with a value of $13,495 for the exchange value in excess of the principal amount. On November 2, 2020, the holders of an additional $503,432 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $503,487 for the principal amount and issued 1,198,962 shares of common stock with a value of $138,900 for the exchange value in excess of the principal amount. Also on November 2, 2020, the Company redeemed the remaining $55 of outstanding principal amount of the 2015 Notes for cash. The Company allocated the value of the consideration paid to repurchase the 2013 Notes and the 2015 Notes (1) to the extinguishment of the liability component and (2) to the reacquisition of the equity component. The amount allocated to the extinguishment of the liability component is equal to the fair value of that component immediately prior to extinguishment. The difference between the consideration attributed to the extinguishment of the liability component and the sum of (a) the net carrying amount of the repurchased liability component, and (b) the related unamortized debt issuance costs, is recognized as a gain on debt extinguishment. The remaining settlement consideration is allocated to the reacquisition of the equity component of the repurchased 2013 Notes and 2015 Notes and recognized as a reduction of stockholders’ equity. Information about the repurchases is as follows: For the Year Ended December 31, 2021 2020 2019 Principal amount repurchased $ — $ 575,000 $ — Amount allocated to: Extinguishment of liability component $ — $ 575,000 $ — Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ 575,000 $ — Exchangeable senior notes repurchased $ — $ 575,000 $ — Extinguishment of liability component — (575,000) — Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the years ended December 31, 2021, 2020 and 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2022, the Company estimates that $28,070 will be reclassified as an increase to interest expense. The following table summarizes the terms of the Company’s 20 derivative financial instruments, which have a total combined notional amount of $1,982,632 as of December 31, 2021: Hedge Product Range of Notional Amounts Strike Effective Dates Maturity Dates Swap Agreements $32,847 - $231,972 1.07% - 2.67% 7/8/2015 - 3/30/2020 3/31/2022 - 6/29/2026 Fair Values of Derivative Instruments The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets: Asset / Liability Derivatives Derivatives designated as hedging instruments: December 31, 2021 December 31, 2020 Other assets $ 271 $ — Other liabilities $ 39,569 $ 98,325 Effect of Derivative Instruments The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company: Gain (loss) recognized in OCI For the Year Ended December 31, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI For the Year Ended December 31, Type 2021 2020 2021 2020 2019 Swap Agreements $ 23,580 $ (100,352) Interest expense $ (35,764) $ (26,794) $ 12,322 Credit-Risk-Related Contingent Features The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which, the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of December 31, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $41,331. As of December 31, 2021, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2021, it could have been required to cash settle its obligations under these agreements at their termination value of $41,331.

Notes Payable to Trusts

Notes Payable to Trusts	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Notes Payable to Trusts	NOTES PAYABLE TO TRUSTS The Operating Partnership had three wholly-owned unconsolidated subsidiaries (“Trust", “Trust II”, “Trust III,” together, the "Trusts") that had issued trust preferred securities to third parties and common securities to the Operating Partnership during 2005. The Trusts loaned proceeds from the sale of the preferred and common securities to the Operating Partnership in the form of notes. The Trusts were VIEs because the holders of the equity investment at risk (that is the Trusts' preferred securities) did not have the power to direct the activities of the entities that most significantly affected the entities’ economic performance due to their lack of voting or similar rights. Because the Operating Partnership’s investment in the Trusts’ common securities was financed directly by the Trusts as a result of its loan of the proceeds to the Operating Partnership, that investment was not considered an equity investment at risk. The Operating Partnership’s investment in the Trusts was not a variable interest because equity interests are variable interests only to the extent that the investment is considered to be at risk, and therefore the Operating Partnership was not the primary beneficiary of the Trusts. Since the Company was not the primary beneficiary of the Trusts, they were not consolidated. A debt obligation was recorded in the form of notes for the proceeds as discussed above, which were owed to the Trusts. The Company had also included its investment in the Trusts’ common securities in other assets on the Company's consolidated balance sheets. During the year ended December 31, 2018, the Company repaid a total principal amount of $88,662 of the notes payable to Trusts, representing all of the notes payable to Trust III, all of the notes payable to Trust II, and all but $30,928 of the notes payable to Trust. The Trusts used the proceeds from these repayments to redeem their preferred and common securities. In January 2019, the Company repaid the remaining balance of $30,928 of notes payable to Trust.

Exchangeable Senior Notes

Exchangeable Senior Notes	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Exchangeable Senior Notes	DEBT In May 2021, the Operating Partnership executed its initial public bond issuance by selling $450.0 million principal amount of 2.550% Senior Notes due 2031 (the "Notes Due 2031"). Interest on the Notes Due 2031 is paid semi-annually in arrears on June 1 and December 1 of each year. The Notes Due 2031 will mature on June 1, 2031, and the Operating Partnership may redeem the Notes Due 2031 at its option and sole discretion at any time prior to March 31, 2031 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. In September 2021, the Operating Partnership executed a public bond issuance by selling $600.0 million principal amount of 2.350% Senior Notes due 2032 (the "Notes Due 2032"). Interest on the Notes Due 2032 is paid semi-annually in arrears on March 15 and September 15 of each year. The Notes Due 2032 will mature on March 15, 2032, and the Operating Partnership may redeem the Notes Due 2032 at its option and sole discretion at any time prior to March 15, 2032 for cash equal to the outstanding principal amount plus the present value of the remaining scheduled interest payments, plus any accrued but unpaid interest. The Operating Partner may redeem the Notes Due 2031 and/or the Notes Due in 2032 in whole at any time or in part from time to time, at the Operating Partnership’s option and sole discretion, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) a make-whole premium calculated in accordance with the indenture governing the notes, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. Notwithstanding the foregoing, on or after the date three months prior to the maturity date of the applicable notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. Certain events are considered events of default, which may result in the accelerated maturity of the Notes Due 2031 and/or the Notes Due 2032, including, among other things, a default for 30 days in the payment of any installment of interest under the notes or a default in the payment of the principal amount or redemption price due with respect to the notes, when the same become due and payable. The Notes Due 2031 and the Notes Due 2032 are unsecured, and are fully and unconditionally guaranteed by the Company, ESS Holdings Business Trust I, and ESS Holdings Business Trust II (the "Guarantors," and together with the Operating Partnership, the "Obligated Group"), on a joint and several basis. The guarantee of the Notes Due 2031 and the Notes Due 2032 will be a senior unsecured obligation of each Guarantor. The Guarantors have no material operations separate from the operation of the Operating Partnership and no material assets, other than their respective investments directly or indirectly in the Operating Partnership, and therefore the assets, liabilities, and results of operations of the Obligated Group are not materially different than those reported in the Company's financial statements. The components of term debt are summarized as follows: Term Debt December 31, 2021 December 31, 2020 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 930,830 $ 1,112,220 2.46% - 4.23% June 2022 - February 2030 Secured variable-rate (1) 392,679 1,081,551 1.10% - 2.45% April 2022 - May 2027 Unsecured fixed-rate 3,575,000 2,525,000 2.02% - 4.39% February 2024 - March 2032 Unsecured variable-rate 550,000 100,000 1.05% February 2024 - October 2026 Total 5,448,509 4,818,771 Less: Unamortized debt issuance costs (25,762) (21,468) Total $ 5,422,747 $ 4,797,303 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rate is 30-day USD LIBOR At December 31, 2021, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 $ 3,000,000 (1) The term loan amounts have been fully drawn as of December 31, 2021. Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions. As of December 31, 2021, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) LIBOR plus the applicable Eurodollar rate margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the Eurodollar rate plus 1.00%. Per the Credit Agreement, the applicable Eurodollar rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the Eurodollar rate margin ranging from 0.7% to 2.25% per annum and the applicable base rate margin ranging from 0.00% to 0.60% per annum. The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2021, the Company was in compliance with all of its financial covenants. The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2021: 2022 $ 311,412 2023 486,688 2024 496,407 2025 447,266 2026 802,104 Thereafter 2,904,632 $ 5,448,509 All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated: As of December 31, 2021 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 55,000 $ 140,000 1.6% 7/1/2023 LIBOR plus 1.45% Credit Line 2 (3)(4) 480,000 1,250,000 1.0% 6/20/2025 LIBOR plus 0.85% $ 535,000 $ 1,390,000 (1) 30-day USD LIBOR (2) Secured by mortgages on certain real estate assets. One two (3) Unsecured. Two six (4) Basis Rate as of December 31, 2021. Rate is subject to change based on our investment grade rating. In September 2015, the Operating Partnership issued $575,000 of its 3.125% Exchangeable Senior Notes due 2035. Costs incurred to issue the 2015 Notes were approximately $11,992, consisting primarily of a 2.0% underwriting fee. These costs were amortized as an adjustment to interest expense over five years, which represented the estimated term based on the first available redemption date, and were included in exchangeable senior notes, net, in the consolidated balance sheets. The 2015 Notes were general unsecured senior obligations of the Operating Partnership and were fully guaranteed by the Company. Interest was payable on April 1 and October 1 of each year. The Notes bore interest at 3.125% per annum and contained an exchange settlement feature, which provided that the 2015 Notes could, under certain circumstances, be exchangeable for cash (for the principal amount of the 2015 Notes) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s option. The Operating Partnership could redeem the 2015 Notes at any time to preserve the Company’s status as a REIT. In addition, on or after October 5, 2020, the Operating Partnership could redeem the 2015 Notes for cash, in whole or in part, at 100% of the principal amount plus accrued and unpaid interest, upon at least 30 days but not more than 60 days prior written notice to the holders of the 2015 Notes. The holders of the 2015 Notes had the right to require the Operating Partnership to repurchase the 2015 Notes for cash, in whole or in part, on October 1 of the years 2020, 2025 and 2030, (unless the Operating Partnership had called the 2015 Notes for redemption), and upon the occurrence of certain designated events, in each case for a repurchase price equal to 100% of the principal amount of the 2015 Notes plus accrued and unpaid interest. Additionally, the 2015 Notes could have been exchanged during any calendar quarter, if the last reported sale price of the common stock of the Company was greater than or equal to 130% of the exchange price for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter. The Company redeemed all outstanding 2015 Notes on November 2, 2020. GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance. The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2021 2020 2019 Contractual interest $ — $ 13,476 $ 17,968 Amortization of discount — 3,675 4,742 Total interest expense recognized $ — $ 17,151 $ 22,710 Repurchase of 2015 Notes On October 1, 2020, the holders of $71,513 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $71,513 for the principal amount and issued 124,819 shares of common stock with a value of $13,495 for the exchange value in excess of the principal amount. On November 2, 2020, the holders of an additional $503,432 principal amount of the 2015 Notes exchanged their Notes. The Company paid cash of $503,487 for the principal amount and issued 1,198,962 shares of common stock with a value of $138,900 for the exchange value in excess of the principal amount. Also on November 2, 2020, the Company redeemed the remaining $55 of outstanding principal amount of the 2015 Notes for cash. The Company allocated the value of the consideration paid to repurchase the 2013 Notes and the 2015 Notes (1) to the extinguishment of the liability component and (2) to the reacquisition of the equity component. The amount allocated to the extinguishment of the liability component is equal to the fair value of that component immediately prior to extinguishment. The difference between the consideration attributed to the extinguishment of the liability component and the sum of (a) the net carrying amount of the repurchased liability component, and (b) the related unamortized debt issuance costs, is recognized as a gain on debt extinguishment. The remaining settlement consideration is allocated to the reacquisition of the equity component of the repurchased 2013 Notes and 2015 Notes and recognized as a reduction of stockholders’ equity. Information about the repurchases is as follows: For the Year Ended December 31, 2021 2020 2019 Principal amount repurchased $ — $ 575,000 $ — Amount allocated to: Extinguishment of liability component $ — $ 575,000 $ — Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ 575,000 $ — Exchangeable senior notes repurchased $ — $ 575,000 $ — Extinguishment of liability component — (575,000) — Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY The Company’s charter provides that it can issue up to 500,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2021, 133,922,305 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding. All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company’s common stock is American Stock Transfer & Trust Company. On August 9, 2021, the Company filed its $800,000 "at the market" equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into separate equity distribution agreements with ten sales agents. No shares have been sold under the current "at the market" equity program. From January 1, 2021, through August 8, 2021, the Company sold 585,685 shares of common stock under its prior "at the market" equity program at an average sales price of $115.90 per share resulting in net proceeds of $66,617. On March 23, 2021, the Company sold 1,600,000 shares of its common stock in a registered offering structured as a bought deal at a price of $129.13 per share resulting in net proceeds of $206,572. During the year ended December 31, 2020, the Company sold 899,048 shares of common stock at an average sales price of $116.42 per share, resulting in net proceeds of $103,468.

Noncontrolling Interest Represe

Noncontrolling Interest Represented By Preferred Operating Partnership Units	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interest Represented By Preferred Operating Partnership Units	NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS Classification of Noncontrolling Interests GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. At December 31, 2021 and 2020, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2021 and 2020, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred Operating Partnership unit holders of $100,000 as of December 31, 2021 and 2020, respectively, as more fully described below. The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2021 December 31, 2020 Series A Units $ 15,606 $ 13,788 Series B Units 38,068 40,902 Series D Units 205,436 117,362 $ 259,110 $ 172,052 Series A Participating Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bear a fixed priority return of 2.3%, and originally had a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the common OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock. As a result of the redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700 which represents 875,480 Series A Units. On June 25, 2007, the Operating Partnership loaned the holders of the Series A Units $100,000. The note receivable bears interest at 2.1%. The loan is secured by the borrower’s Series A Units. No future redemption of Series A Units can be made unless the loan secured by the Series A Units is also repaid. The Series A Units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan is also the holder of the Series A Units. Series B Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series B Units were issued in 2013 and 2014 and have a liquidation value of $25.00 per unit for a current fixed liquidation value of $38,068 which represents 1,522,727 Series B Units. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash or shares of its common stock. On August 31, 2021, 113,360 Series B Units were redeemed for 15,265 shares of common stock. Series C Convertible Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units rank junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series C Units were issued in 2013 and 2014 and had a liquidation value of $42.10 per unit. The Series C Units became redeemable at the option of the holder one year from the date of issuance, which redemption obligation could be satisfied at the Company’s option in cash or shares of its common stock. In December 2014, the Operating Partnership loaned holders of the Series C Units $20,230. The note receivable, which was collateralized by the Series C Units, bears interest at 5.0% and matures on December 15, 2024. The Series C Units were shown on the balance sheet net of the loan because the borrower under the loan receivable was also the holder of the Series C Units. On December 1, 2018, certain holders of the Series C Units converted their Series C Units into common OP Units, with a total of 407,996 Series C Units being converted into a total of 373,113 common OP Units. On April 25, 2019, the remaining 296,020 Series C Units were converted into 270,709 OP Units. The remaining outstanding balance of the loan receivable of $1,900 and $2,311 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2021 and December 31, 2020, respectively. See footnote 13 for further discussion of noncontrolling interests. Series D Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interest of the Operating Partnership with respect to distributions and liquidation. The Series D Units have a liquidation value of $25.00 per unit, for a current fixed liquidation value of $205,435 which represents 8,217,422 Series D Units. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance, with the number of common OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date. The Series D Units have been issued at various times from 2014 to 2021. During the year ended December 31, 2021, the Operating Partnership issued a total of 3,522,937 Series D Units valued at $88,073 in conjunction with store acquisitions. Noncontrolling interest in Operating Partnership The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 93.9% majority ownership interest in the Operating Partnership as of December 31, 2021. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 6.1% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31,2021 and December 31, 2020, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of notes receivable of $1,900 and $2,311, respectively, because the borrowers under the loan receivable are also holders of OP Units (Note 12). This loan receivable bears interest at 5.0% per annum and matures on December 15, 2024. The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. As of December 31, 2021, the ten-day average closing stock price was $220.58 and there were 6,528,436 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2021 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,440,042 in cash consideration to redeem the units. OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2021 2020 2019 OP Units redeemed for common stock 165,652 123,993 340,182 OP Units redeemed for cash 4,500 — — Cash paid for OP Units redeemed $ 788 $ — $ — OP Units issued in conjunction with acquisitions 897,803 — — Value of OP Units issued in conjunction with acquisitions $ 188,319 $ — $ — OP Units issued upon redemption of Series C Units — — 270,709 On December 1, 2018, 373,113 common OP Units were issued in the conversion of 407,996 Series C Units. These newly issued OP Units were pledged as collateral on the existing loan receivable to the Series C Unit holders. As a result, noncontrolling interests in the Operating Partnership was reported net of $11,091 of the loan receivable as of December 31, 2018, which represents the portion of the note receivable that is collateralized by the OP Units. The remaining 296,020 Series C Units were converted into 270,709 OP Units on April 25, 2019 and the remainder of the loan receivable was reported net with the OP Units. The remaining total outstanding balance of the loan receivable of $1,900 and $2,311 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2021 and 2020, respectively. GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the common OP Units and classifies the noncontrolling interest represented by the common OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. Other Noncontrolling Interests Other noncontrolling interests represent the ownership interest of partners in two consolidated joint ventures as of December 31, 2021. One joint venture owns four stores in Georgia and the other owns one property under development in Florida. The voting interests of the partners are 10% or less. On August 25, 2021, the Company purchased for $12,215 in cash the remaining third party ownership interest in a previously consolidated joint venture that owned two operating stores.

Noncontrolling Interests In Ope

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests	NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS Classification of Noncontrolling Interests GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. At December 31, 2021 and 2020, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2021 and 2020, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred Operating Partnership unit holders of $100,000 as of December 31, 2021 and 2020, respectively, as more fully described below. The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2021 December 31, 2020 Series A Units $ 15,606 $ 13,788 Series B Units 38,068 40,902 Series D Units 205,436 117,362 $ 259,110 $ 172,052 Series A Participating Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bear a fixed priority return of 2.3%, and originally had a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the common OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock. As a result of the redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700 which represents 875,480 Series A Units. On June 25, 2007, the Operating Partnership loaned the holders of the Series A Units $100,000. The note receivable bears interest at 2.1%. The loan is secured by the borrower’s Series A Units. No future redemption of Series A Units can be made unless the loan secured by the Series A Units is also repaid. The Series A Units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan is also the holder of the Series A Units. Series B Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series B Units were issued in 2013 and 2014 and have a liquidation value of $25.00 per unit for a current fixed liquidation value of $38,068 which represents 1,522,727 Series B Units. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash or shares of its common stock. On August 31, 2021, 113,360 Series B Units were redeemed for 15,265 shares of common stock. Series C Convertible Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units rank junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation. The Series C Units were issued in 2013 and 2014 and had a liquidation value of $42.10 per unit. The Series C Units became redeemable at the option of the holder one year from the date of issuance, which redemption obligation could be satisfied at the Company’s option in cash or shares of its common stock. In December 2014, the Operating Partnership loaned holders of the Series C Units $20,230. The note receivable, which was collateralized by the Series C Units, bears interest at 5.0% and matures on December 15, 2024. The Series C Units were shown on the balance sheet net of the loan because the borrower under the loan receivable was also the holder of the Series C Units. On December 1, 2018, certain holders of the Series C Units converted their Series C Units into common OP Units, with a total of 407,996 Series C Units being converted into a total of 373,113 common OP Units. On April 25, 2019, the remaining 296,020 Series C Units were converted into 270,709 OP Units. The remaining outstanding balance of the loan receivable of $1,900 and $2,311 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2021 and December 31, 2020, respectively. See footnote 13 for further discussion of noncontrolling interests. Series D Redeemable Preferred Units The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interest of the Operating Partnership with respect to distributions and liquidation. The Series D Units have a liquidation value of $25.00 per unit, for a current fixed liquidation value of $205,435 which represents 8,217,422 Series D Units. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for common OP Units until the tenth anniversary of the date of issuance, with the number of common OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date. The Series D Units have been issued at various times from 2014 to 2021. During the year ended December 31, 2021, the Operating Partnership issued a total of 3,522,937 Series D Units valued at $88,073 in conjunction with store acquisitions. Noncontrolling interest in Operating Partnership The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 93.9% majority ownership interest in the Operating Partnership as of December 31, 2021. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 6.1% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31,2021 and December 31, 2020, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of notes receivable of $1,900 and $2,311, respectively, because the borrowers under the loan receivable are also holders of OP Units (Note 12). This loan receivable bears interest at 5.0% per annum and matures on December 15, 2024. The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. As of December 31, 2021, the ten-day average closing stock price was $220.58 and there were 6,528,436 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2021 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,440,042 in cash consideration to redeem the units. OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2021 2020 2019 OP Units redeemed for common stock 165,652 123,993 340,182 OP Units redeemed for cash 4,500 — — Cash paid for OP Units redeemed $ 788 $ — $ — OP Units issued in conjunction with acquisitions 897,803 — — Value of OP Units issued in conjunction with acquisitions $ 188,319 $ — $ — OP Units issued upon redemption of Series C Units — — 270,709 On December 1, 2018, 373,113 common OP Units were issued in the conversion of 407,996 Series C Units. These newly issued OP Units were pledged as collateral on the existing loan receivable to the Series C Unit holders. As a result, noncontrolling interests in the Operating Partnership was reported net of $11,091 of the loan receivable as of December 31, 2018, which represents the portion of the note receivable that is collateralized by the OP Units. The remaining 296,020 Series C Units were converted into 270,709 OP Units on April 25, 2019 and the remainder of the loan receivable was reported net with the OP Units. The remaining total outstanding balance of the loan receivable of $1,900 and $2,311 is shown as a reduction of the noncontrolling interests related to the OP Units as of December 31, 2021 and 2020, respectively. GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity. The Company has evaluated the terms of the common OP Units and classifies the noncontrolling interest represented by the common OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made. Other Noncontrolling Interests Other noncontrolling interests represent the ownership interest of partners in two consolidated joint ventures as of December 31, 2021. One joint venture owns four stores in Georgia and the other owns one property under development in Florida. The voting interests of the partners are 10% or less. On August 25, 2021, the Company purchased for $12,215 in cash the remaining third party ownership interest in a previously consolidated joint venture that owned two operating stores.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LEASES The Company adopted ASC 842, "Leases," effective January 1, 2019 on a modified retrospective basis as allowed under the standard and thus prior periods have not been restated. The Company elected the package of transition practical expedients, and has therefore (1) not reassessed whether any expired or existing contracts are or contain leases, (2) not reassessed the lease classification for any expired or existing leases, and (3) not reassessed initial direct costs for any expired or existing leases. Lessee Accounting The Company recognized right-of-use assets related to operating leases totaling $95,506 and lease liabilities of $104,863 as of the adoption date, January 1, 2019. These are presented as “Operating lease liabilities” and “Real estate assets-operating lease right-of-use assets” on the Company’s consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net other liabilities During the year ended December 31, 2021, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $26,998 associated with the acquisition of two stores with land leases. The Company also recorded a finance lease right-of-use asset and a finance lease liability of $40,916 related to a corporate office lease. In June and August 2019, the Company entered into new triple-net lease agreements to lease land and buildings at 22 and five operating stores, respectively. These leases are categorized as operating leases, and have contractual lease terms of 25 years, but have termination options after 10 years that result in lease terms of 10 years under ASC 842. The Company recorded new operating lease right-of-use assets and operating lease liabilities of $127,532 and $52,224, respectively, in conjunction with these new lease agreements. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 58 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 14 regional offices. These leases have original lease terms between three three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. The Company has a signed lease agreement for a store in California. The store is under construction by the lessor, and the Company will take possession of the leased asset upon completion of construction, which is estimated to be completed in 2022. The lease term is 15 years from the lease commencement date, with three 10-year extension options and one 5-year extension option. The Company has not recorded right-of-use asset or lease liability related to this lease as of December 31, 2021 as the lease term has not yet commenced. The lease commencement date will occur when the Company takes possession of the leased asset, and the Company will recognize a lease liability and right-of-use asset relating to the lease at that time. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,049 $ 400 Interest expense related to finance lease liabilities 2,812 712 Operating lease cost 29,258 28,709 Variable lease cost 8,100 9,056 Short-term lease cost 51 80 Total lease cost $ 43,270 $ 38,957 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 2,812 $ 712 Operating cash outflows for operating lease payments 23,961 25,037 Total cash flows for lease liability measurement $ 26,773 $ 25,749 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,655 $ 8,014 Right-of-use assets obtained in exchange for new finance lease liabilities $ 67,992 $ 50,096 Weighted average remaining lease term - finance leases (years) 54.97 78.48 Weighted average remaining lease term - operating leases (years) 21.25 13.99 Weighted average discount rate - finance leases 3.18 % 3.47 % Weighted average discount rate - operating leases 3.63 % 3.66 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2022 $ 27,641 $ 4,214 $ 31,855 2023 27,719 5,679 33,398 2024 27,973 5,788 33,761 2025 28,148 5,793 33,941 2026 28,451 5,912 34,363 Thereafter 166,931 312,022 478,953 Total $ 306,863 $ 339,408 $ 646,271 Present value adjustments (73,507) (214,871) (288,378) Lease liabilities $ 233,356 $ 124,537 $ 357,893 The Company elected the package of practical expedients upon adoption of ASC 842, which allows for the application of the standard solely to the transition period in 2019 and does not require application to prior fiscal comparative periods represented. Disclosures required under the previous leasing standard are presented for prior years.
Leases	LEASES The Company adopted ASC 842, "Leases," effective January 1, 2019 on a modified retrospective basis as allowed under the standard and thus prior periods have not been restated. The Company elected the package of transition practical expedients, and has therefore (1) not reassessed whether any expired or existing contracts are or contain leases, (2) not reassessed the lease classification for any expired or existing leases, and (3) not reassessed initial direct costs for any expired or existing leases. Lessee Accounting The Company recognized right-of-use assets related to operating leases totaling $95,506 and lease liabilities of $104,863 as of the adoption date, January 1, 2019. These are presented as “Operating lease liabilities” and “Real estate assets-operating lease right-of-use assets” on the Company’s consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net other liabilities During the year ended December 31, 2021, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $26,998 associated with the acquisition of two stores with land leases. The Company also recorded a finance lease right-of-use asset and a finance lease liability of $40,916 related to a corporate office lease. In June and August 2019, the Company entered into new triple-net lease agreements to lease land and buildings at 22 and five operating stores, respectively. These leases are categorized as operating leases, and have contractual lease terms of 25 years, but have termination options after 10 years that result in lease terms of 10 years under ASC 842. The Company recorded new operating lease right-of-use assets and operating lease liabilities of $127,532 and $52,224, respectively, in conjunction with these new lease agreements. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 58 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 14 regional offices. These leases have original lease terms between three three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. The Company has a signed lease agreement for a store in California. The store is under construction by the lessor, and the Company will take possession of the leased asset upon completion of construction, which is estimated to be completed in 2022. The lease term is 15 years from the lease commencement date, with three 10-year extension options and one 5-year extension option. The Company has not recorded right-of-use asset or lease liability related to this lease as of December 31, 2021 as the lease term has not yet commenced. The lease commencement date will occur when the Company takes possession of the leased asset, and the Company will recognize a lease liability and right-of-use asset relating to the lease at that time. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,049 $ 400 Interest expense related to finance lease liabilities 2,812 712 Operating lease cost 29,258 28,709 Variable lease cost 8,100 9,056 Short-term lease cost 51 80 Total lease cost $ 43,270 $ 38,957 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 2,812 $ 712 Operating cash outflows for operating lease payments 23,961 25,037 Total cash flows for lease liability measurement $ 26,773 $ 25,749 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,655 $ 8,014 Right-of-use assets obtained in exchange for new finance lease liabilities $ 67,992 $ 50,096 Weighted average remaining lease term - finance leases (years) 54.97 78.48 Weighted average remaining lease term - operating leases (years) 21.25 13.99 Weighted average discount rate - finance leases 3.18 % 3.47 % Weighted average discount rate - operating leases 3.63 % 3.66 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2022 $ 27,641 $ 4,214 $ 31,855 2023 27,719 5,679 33,398 2024 27,973 5,788 33,761 2025 28,148 5,793 33,941 2026 28,451 5,912 34,363 Thereafter 166,931 312,022 478,953 Total $ 306,863 $ 339,408 $ 646,271 Present value adjustments (73,507) (214,871) (288,378) Lease liabilities $ 233,356 $ 124,537 $ 357,893 The Company elected the package of practical expedients upon adoption of ASC 842, which allows for the application of the standard solely to the transition period in 2019 and does not require application to prior fiscal comparative periods represented. Disclosures required under the previous leasing standard are presented for prior years.
Leases	LEASES The Company adopted ASC 842, "Leases," effective January 1, 2019 on a modified retrospective basis as allowed under the standard and thus prior periods have not been restated. The Company elected the package of transition practical expedients, and has therefore (1) not reassessed whether any expired or existing contracts are or contain leases, (2) not reassessed the lease classification for any expired or existing leases, and (3) not reassessed initial direct costs for any expired or existing leases. Lessee Accounting The Company recognized right-of-use assets related to operating leases totaling $95,506 and lease liabilities of $104,863 as of the adoption date, January 1, 2019. These are presented as “Operating lease liabilities” and “Real estate assets-operating lease right-of-use assets” on the Company’s consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net other liabilities During the year ended December 31, 2021, the Company recorded new finance lease right-of-use assets and finance lease liabilities totaling $26,998 associated with the acquisition of two stores with land leases. The Company also recorded a finance lease right-of-use asset and a finance lease liability of $40,916 related to a corporate office lease. In June and August 2019, the Company entered into new triple-net lease agreements to lease land and buildings at 22 and five operating stores, respectively. These leases are categorized as operating leases, and have contractual lease terms of 25 years, but have termination options after 10 years that result in lease terms of 10 years under ASC 842. The Company recorded new operating lease right-of-use assets and operating lease liabilities of $127,532 and $52,224, respectively, in conjunction with these new lease agreements. The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories: • Leases of real estate at 58 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years. • Leases of its corporate offices and call center. These leases have original lease terms between five • Leases of 14 regional offices. These leases have original lease terms between three three • Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases. The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise. Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change. One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred. The Company has a signed lease agreement for a store in California. The store is under construction by the lessor, and the Company will take possession of the leased asset upon completion of construction, which is estimated to be completed in 2022. The lease term is 15 years from the lease commencement date, with three 10-year extension options and one 5-year extension option. The Company has not recorded right-of-use asset or lease liability related to this lease as of December 31, 2021 as the lease term has not yet commenced. The lease commencement date will occur when the Company takes possession of the leased asset, and the Company will recognize a lease liability and right-of-use asset relating to the lease at that time. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases. Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,049 $ 400 Interest expense related to finance lease liabilities 2,812 712 Operating lease cost 29,258 28,709 Variable lease cost 8,100 9,056 Short-term lease cost 51 80 Total lease cost $ 43,270 $ 38,957 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 2,812 $ 712 Operating cash outflows for operating lease payments 23,961 25,037 Total cash flows for lease liability measurement $ 26,773 $ 25,749 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,655 $ 8,014 Right-of-use assets obtained in exchange for new finance lease liabilities $ 67,992 $ 50,096 Weighted average remaining lease term - finance leases (years) 54.97 78.48 Weighted average remaining lease term - operating leases (years) 21.25 13.99 Weighted average discount rate - finance leases 3.18 % 3.47 % Weighted average discount rate - operating leases 3.63 % 3.66 % The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2022 $ 27,641 $ 4,214 $ 31,855 2023 27,719 5,679 33,398 2024 27,973 5,788 33,761 2025 28,148 5,793 33,941 2026 28,451 5,912 34,363 Thereafter 166,931 312,022 478,953 Total $ 306,863 $ 339,408 $ 646,271 Present value adjustments (73,507) (214,871) (288,378) Lease liabilities $ 233,356 $ 124,537 $ 357,893 The Company elected the package of practical expedients upon adoption of ASC 842, which allows for the application of the standard solely to the transition period in 2019 and does not require application to prior fiscal comparative periods represented. Disclosures required under the previous leasing standard are presented for prior years.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION As of December 31, 2021 , 1,051,208 shares were available for issuance under the Company’s 2015 Incentive Award Plan (the “Plan”). Options are exercisable once vested. Options are exercisable at such times and subject to such terms as deter mined by the Compensation Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company’s charter. Options expire 10 years from the date of grant. Beginning in 2017, the CNG Committee decided to the replace stock options granted to executives with performance based stock units for executive compensation. See the "Performance-Based Stock Units" section below. Also as defined under the terms of the Plan, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plan; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the Compensation Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a four-year period beginning on the date of grant. For actions taken prior to July 2020, references to the Compensation Committee refer to its predecessor, the CNG Committee; the Board split the CNG Committee into two committees, the Compensation Committee and the Nominating and Governance Committee, effective July 1, 2020. Option Grants A summary of stock option activity is as follows: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value as of December 31, 2021 Outstanding at December 31, 2018 417,581 $ 31.58 Exercised (211,057) 14.65 Outstanding at December 31, 2019 206,524 $ 48.88 Exercised (134,930) 35.26 Outstanding at December 31, 2020 71,594 $ 74.54 Exercised (62,322) 73.36 Outstanding at December 31, 2021 9,272 $ 82.47 3.98 $1,338 Vested 9,272 $ 82.47 3.98 $1,338 Ending Exercisable 9,272 $ 82.47 3.98 $1,338 The aggregate intrinsic value in the table above represents the total value (the difference between the Company’s closing stock price on the last trading day of 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2021. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock. The total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $3,925, $10,016 and $18,089, respectively. There have been no options granted since 2016. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 4.6% of unvested options outstanding as of December 31, 2021, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. A summary of stock options outstanding and exercisable as of December 31, 2021, is as follows: Options Outstanding Options Exercisable Exercise Price Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $65.36 - $65.36 1,582 3.15 $ 65.36 1,582 $ 65.36 $85.99 - $85.99 7,690 4.15 85.99 7,690 85.99 The Company recorded compensation expense relating to outstanding options of $0, $27 and $364 in general and administrative expense for the years ended December 31, 2021, 2020 and 2019, respectively. Net proceeds received for the years ended December 31, 2021, 2020 and 2019, related to option exercises was $4,572, $4,759 and $3,063, respectively. At December 31, 2021, there was no unrecognized compensation expense related to non-vested stock options under the Plan. Common Stock Granted to Employees and Directors The Company recorded $9,260, $9,244 and $9,173 of expense in general and administrative expense in its statement of operations related to restricted stock awards granted to employees and directors for the years ended December 31, 2021, 2020 and 2019, respectively. The forfeiture rate, which is estimated at a weighted-average of 10.0% of unvested awards outstanding as of December 31, 2021, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2021 there was $13,843 of total unrecognized compensation expense related to non-vested restricted stock awards under the Plan. That cost is expected to be recognized over a weighted-average period of 2.15 years. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date. A summary of the Company’s employee and director share grant activity is as follows: Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Unreleased at December 31, 2018 223,114 $ 80.02 Granted 109,081 101.52 Released (110,724) 79.58 Cancelled (8,863) 90.11 Unreleased at December 31, 2019 212,608 $ 91.62 Granted 95,671 98.81 Released (94,164) 89.43 Cancelled (5,083) 93.16 Unreleased at December 31, 2020 209,032 $ 95.86 Granted 99,802 132.75 Released (96,248) 91.65 Cancelled (12,808) 113.89 Unreleased at December 31, 2021 199,778 $ 115.16 Performance-based Stock Units The performance-based stock units (the "PSUs") granted to executives represent the right to earn shares of the Company's common stock. These awards have two financial performance components: (1) the Company's core FFO performance ("FFO Target"), and (2) the Company's total stockholder return relative to the performance of a defined group of peers ("TSR Target"). Each of these performance components are weighted 50% and are measured over the performance period, which is defined as the three-year period ending December 31 from the year of grant. At the end of the performance period, the financial performance components are reviewed to determine the number of shares actually granted to executives, which can be as low as zero shares and up to a maximum of two shares issued for each PSU. A summary of the PSU activity is as follows: Performance-Based Stock Units Units Weighted-Average Grant-Date Fair Value Unvested at December 31, 2018 58,806 $ 89.87 Granted 49,334 103.18 Unvested at December 31, 2019 108,140 $ 95.94 Granted 45,242 129.38 Released (30,071) $ 112.16 Unvested at December 31, 2020 123,311 $ 104.25 Granted 40,832 138.04 Released (28,735) $ 117.19 Unvested at December 31, 2021 135,408 $ 111.69 The Company recorded $8,043, $7,048 and $3,514 of expense in general and administrative expense in its statement of operations related to PSUs granted to employees for the years ended December 31, 2021, 2020 and 2019, respectively. The Company estimated the fair value of the PSUs as of the grant date, using the closing trading price of the Company's common stock on the grant date to value the FFO Target portion. A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions: For the Year Ended December 31, 2021 2020 2019 Intrinsic value $30,701 $12,266 $6,211 Risk-free rate 0.22% 1.42% 2.53% Volatility 28.5% 18.4% 20.7% Expected term (in years) 2.9 2.9 2.8 Dividend yield —% —% —% Unrecognized compensation cost $8,859 $6,406 $4,315 Term over which compensation cost recognized (in years) 3 3 3 Under the terms of the PSUs, dividends for the entire measurement period are paid in cash when the shares are released, so a dividend yield of zero was used. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the probabilities associated with achieving the FFO Targets (categorized within Level 3 of the fair value hierarchy). Therefore, the amount of unrecognized compensation expense at December 31, 2021 noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	EMPLOYEE BENEFIT PLANThe Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 60% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2021, 2020 and 2019, the Company made matching contributions to the plan of $4,239, $3,980 and $3,355, respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee’s compensation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES As a REIT, the Company is generally not subject to U.S. federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat certain of its corporate subsidiaries, including Extra Space Management, Inc., as a TRS. In general, a TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may be subject to state and local income taxes. The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized. The income tax provision for the years ended December 31, 2021, 2020 and 2019, is comprised of the following components: For the Year Ended December 31, 2021 Federal State Total Current expense $ 21,017 $ 3,520 $ 24,537 Tax credits/true-up (4,979) (138) (5,117) Change in deferred expense/(benefit) 818 86 904 Total tax expense $ 16,856 $ 3,468 $ 20,324 For the Year Ended December 31, 2020 Federal State Total Current expense $ 15,553 $ 3,347 $ 18,900 Tax credits/true-up (5,610) (135) (5,745) Change in deferred expense 594 61 655 Total tax expense $ 10,537 $ 3,273 $ 13,810 For the Year Ended December 31, 2019 Federal State Total Current expense $ 10,164 $ 2,936 $ 13,100 Tax credits/true-up (3,633) (30) (3,663) Change in deferred benefit 1,787 84 1,871 Total tax expense $ 8,318 $ 2,990 $ 11,308 A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows: For the Year Ended December 31, 2021 2020 2019 Expected tax at statutory rate $ 188,600 21.0 % $ 111,760 21.0 % $ 97,110 21.0 % Non-taxable REIT income (166,137) (18.5) % (94,270) (17.7) % (82,717) (17.9) % State and local tax expense - net of federal benefit 3,259 0.4 % 3,075 0.6 % 2,837 0.6 % Change in valuation allowance (1,061) (0.1) % (363) (0.1) % (207) — % Tax credits/true-up (5,117) (0.6) % (5,745) (1.1) % (3,663) (0.8) % Miscellaneous 780 0.1 % (647) (0.1) % (2,052) (0.4) % Total provision $ 20,324 2.3 % $ 13,810 2.6 % $ 11,308 2.5 % The major sources of temporary differences stated at their deferred tax effects are as follows: December 31, 2021 December 31, 2020 Deferred tax liabilities: Fixed assets $ (30,499) $ (27,374) Operating and Finance lease right-of-use assets (6,016) (2,223) Other (61) (72) State deferred taxes (3,842) (3,210) Total deferred tax liabilities (40,418) (32,879) Deferred tax assets: Captive insurance subsidiary 396 378 Accrued liabilities 2,383 2,325 Stock compensation 3,076 2,635 Operating and Finance lease liabilities 7,936 2,232 SmartStop TRS — 219 Other 916 1,554 State deferred taxes 6,548 6,725 Total deferred tax assets 21,255 16,068 Valuation allowance (2,241) (3,302) Net deferred income tax liabilities $ (21,404) $ (20,113) The state income tax net operating losses expire between 2022 and 2041. The valuation allowance is associated with the state income tax net operating losses. The tax years 2017 through 2020 remain open related to the state returns, and 2018 through 2020 for the federal returns.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s reportable operating segments. NOI for our self-storage operations represents total property revenue less direct property operating expenses. NOI for our tenant reinsurance segment represents tenant reinsurance revenues less tenant reinsurance expense. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. The self-storage operations activities include rental operations of wholly-owned stores. The Company's consolidated revenues equal total segment revenues plus property management fees and other income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is property management fees and other income. For all periods presented, substantially all of our real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below: Year Ended December 31, 2021 2020 2019 Revenues: Self-Storage Operations $ 1,340,990 $ 1,157,522 $ 1,130,177 Tenant Reinsurance 170,108 146,561 128,387 Total segment revenues $ 1,511,098 $ 1,304,083 $ 1,258,564 Operating expenses: Self-Storage Operations $ 368,608 $ 360,615 $ 336,050 Tenant Reinsurance 29,488 26,494 29,376 Total segment operating expenses $ 398,096 $ 387,109 $ 365,426 Net operating income: Self-Storage Operations $ 972,382 $ 796,907 $ 794,127 Tenant Reinsurance 140,620 120,067 99,011 Total segment net operating income: $ 1,113,002 $ 916,974 $ 893,138 Total segment net operating income $ 1,113,002 $ 916,974 $ 893,138 Other components of net income: Property management fees and other income 66,264 52,129 49,890 General and administrative expense (102,194) (96,594) (89,418) Depreciation and amortization expense (241,879) (224,444) (219,857) Gain on real estate transactions 140,760 18,075 1,205 Interest expense (166,183) (168,626) (186,526) Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes — (3,675) (4,742) Interest income 49,703 15,192 7,467 Equity in earnings and dividend income from unconsolidated real estate entities 32,358 22,361 11,274 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest 6,251 — — Income tax expense (20,324) (13,810) (11,308) Net income $ 877,758 $ 517,582 $ 451,123

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES As of December 31, 2021, the Company was under agreement to acquire nine stores at a total purchase price of $136,491. These stores are scheduled to close in 2022. Additionally, the Company is under agreement to acquire three stores in 2022 with joint venture partners, for a total investment of $5,850. The Company is involved in various legal proceedings and is subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. As of December 31, 2021, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. In the opinion of management, such litigation, claims and complaints are not expected to have a material adverse effect on the Company’s financial condition or results of operations. Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Building and Improvements Initial Cost Adjustments and Costs to Land and Building Subsequent to Acquisition Gross carrying amount at December 31, 2021 Self - Storage Facilities by State: Store Count Land Initial Cost Building and Improvements Accumulated Depreciation Debt Land Total AL 8 $ 5,261 $ 11,021 $ 62,772 $ 3,712 $ 11,021 $ 66,484 $ 77,505 $ 10,573 AZ 23 22,469 27,535 117,304 11,820 27,533 129,126 156,659 31,818 CA 173 369,493 646,278 1,365,639 160,072 646,728 1,525,261 2,171,989 333,516 CO 17 28,776 17,224 81,144 17,834 17,942 98,260 116,202 25,649 CT 6 6,811 8,598 46,974 5,211 8,598 52,185 60,783 11,055 FL 105 173,529 186,083 799,941 63,289 186,209 863,104 1,049,313 163,231 GA 71 68,819 98,519 529,048 37,329 98,503 566,393 664,896 86,525 HI 13 — 17,663 133,870 12,984 17,663 146,854 164,517 33,733 IL 37 23,283 49,304 247,958 34,806 48,757 283,311 332,068 52,591 IN 14 — 12,652 60,605 7,255 12,652 67,860 80,512 14,639 KS 1 — 366 1,897 1,102 366 2,999 3,365 1,326 KY 10 30,996 5,670 60,442 18,768 6,442 78,438 84,880 16,198 LA 4 — 9,105 34,923 5,082 9,106 40,004 49,110 5,130 MA 46 32,251 73,544 270,243 57,334 73,725 327,396 401,121 100,242 MD 34 76,478 104,486 327,904 30,986 103,894 359,482 463,376 88,599 MI 8 5,588 10,900 63,388 4,594 10,900 67,982 78,882 9,011 MN 7 — 9,696 74,960 6,095 9,696 81,055 90,751 5,613 MO 4 — 3,517 13,674 3,374 3,474 17,091 20,565 7,292 MS 3 — 2,914 29,630 1,298 2,914 30,928 33,842 3,244 NC 23 6,684 38,463 150,475 10,399 38,461 160,876 199,337 18,159 NH 2 — 754 4,054 1,353 817 5,344 6,161 2,716 NJ 62 106,726 138,417 605,834 51,542 141,643 654,150 795,793 164,838 NM 10 17,085 30,806 63,495 5,105 30,806 68,600 99,406 12,628 NV 14 29,942 15,252 74,376 6,379 15,252 80,755 96,007 14,958 NY 28 13,886 121,945 237,795 41,749 122,680 278,809 401,489 76,295 OH 16 11,651 17,568 49,287 9,036 17,567 58,324 75,891 16,292 OR 8 16,804 15,066 68,044 2,268 15,066 70,312 85,378 10,284 PA 21 8,673 35,104 190,966 14,639 34,396 206,313 240,709 34,860 RI 2 3,952 3,191 6,926 1,369 3,191 8,295 11,486 3,473 SC 23 25,008 36,617 148,900 10,789 36,618 159,688 196,306 29,256 TN 21 42,375 34,740 138,399 11,557 34,740 149,956 184,696 25,607 TX 101 116,803 173,040 635,935 67,710 172,892 703,793 876,685 143,451 UT 10 14,316 9,008 39,295 3,072 9,008 42,367 51,375 12,587 VA 50 52,508 150,324 470,969 27,164 150,325 498,132 648,457 93,787 WA 9 5,167 13,762 60,926 11,618 13,764 72,542 86,306 14,437 DC 1 8,175 14,394 18,172 507 14,394 18,679 33,073 2,865 Other corporate assets — — 1,323 181,117 — 182,440 182,440 57,041 Intangible tenant relationships and lease rights — — 147,020 — — 147,020 147,020 130,561 Construction in Progress/Undeveloped Land — 7,111 2,778 56,441 3,576 62,754 66,330 621 Right of use asset - finance lease — — — 117,718 — 117,718 117,718 3,049 Totals (1) 985 $ 1,323,509 $ 2,150,637 $ 7,437,285 $ 1,114,477 $ 2,151,319 $ 8,551,080 $ 10,702,399 $ 1,867,750 (1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above. Activity in real estate facilities during the years ended December 31, 2021, 2020 and 2019 is as follows: 2021 2020 2019 Operating facilities Balance at beginning of year $ 9,507,788 $ 9,129,558 $ 8,709,315 Acquisitions 1,500,703 255,235 303,588 Improvements 80,131 66,693 68,459 Transfers from construction in progress 62,462 40,988 59,614 Dispositions and other (507,362) 15,314 (11,418) Balance at end of year $ 10,643,722 $ 9,507,788 $ 9,129,558 Accumulated depreciation: Balance at beginning of year $ 1,681,429 $ 1,473,851 $ 1,262,438 Depreciation expense 230,445 217,364 212,202 Dispositions and other (43,553) (9,786) (789) Balance at end of year $ 1,868,321 $ 1,681,429 $ 1,473,851 Real estate under development/redevelopment: Balance at beginning of year $ 67,443 $ 41,157 $ 44,954 Current development 54,267 67,274 55,817 Transfers to operating facilities (62,462) (40,988) (59,614) Dispositions and other — — — Balance at end of year $ 59,248 $ 67,443 $ 41,157 Net non-lease real estate assets $ 8,834,649 $ 7,893,802 $ 7,696,864 (1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above. As of December 31, 2021, the aggregate cost of real estate for U.S. federal income tax purposes was $8,865,491.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	For comparison purposes, the Company has reclassified a portion of Notes payable, net to Unsecured term loans, net and Unsecured senior notes, net on the Consolidated Balance Sheets as of December 31, 2020, to conform to the presentation as of December 31, 2021.
Variable Interest Entities	Variable Interest Entities The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE. The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements. The Company had one consolidated VIE consisting of four stores as of December 31, 2021 and no consolidated VIEs as of December 31, 2020. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures	Fair Value Disclosures Derivative financial instruments Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections. When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets. When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations for all periods presented. The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment. As of December 31, 2021 and 2020, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2021 and 2020, approximate fair value. The fair values of the Company’s notes receivable and notes receivable from Preferred Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality. The fair value of the Company’s exchangeable senior notes was estimated using an average market price for similar securities obtained from a third party.
Real Estate Assets and Sales	Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five The purchase of stores are considered asset acquisitions. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transactions costs are capitalized as part of the purchase price. Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on eight stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms. Real Estate Sales In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop"). The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements. Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).
Investments in Debt Securities and Notes Receivable	Investments in Debt Securities and Notes Receivable The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. Additionally, the discount related to purchased notes receivable is being amortized to interest income over the remaining period of the notes.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash is comprised of escrowed funds deposited with financial institutions located throughout the United States relating to earnest money deposits on potential acquisitions, real estate taxes, loan collateral, operating reserves and insurance and capital expenditures.
Other Assets	Other AssetsOther assets consist of equipment and fixtures, capitalized software, rents receivable from our tenants, other receivables, other intangible assets, deferred tax assets, prepaid expenses and the fair value of interest rate swaps. Depreciation of equipment and fixtures is computed on a straight-line basis over three
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Risk Management and Use of Financial Instruments	Risk Management and Use of Financial Instruments In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.
Exchange of Common Operating Partnership Units	Exchange of Common Operating Partnership Units Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, are accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity.
Revenue and Expense Recognition	Revenue and Expense Recognition Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned. The Company's management fees are earned subject to the terms of the related management services agreements ("MSAs"). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented. Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. The Company records an unpaid claims liability at the end of each period based on existing unpaid claims and historical claims payment history. The unpaid claims liability represents an estimate of the ultimate cost to settle all unpaid claims as of each period end, including both reported but unpaid claims and claims that may have been incurred but have not been reported. The Company uses a third party claims administrator to adjust all tenant reinsurance claims received. The administrator evaluates each claim to determine the ultimate claim loss and includes an estimate for claims that may have been incurred but not reported. Annually, a third party actuary evaluates the adequacy of the unpaid claims liability. Prior year claim reserves are adjusted as experience develops or new information becomes known. The impact of such adjustments is included in the current period operations. The unpaid claims liability is not discounted to its present value. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts of 2,000 dollars to 10,000 dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2021, the average insurance coverage for tenants was approximately 3,300 dollars. The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant.
Advertising Costs	Advertising Costs The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $18,793, $28,336 and $25,106 in advertising expense for the years ended December 31, 2021, 2020 and 2019, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Income Taxes	Income Taxes The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2021, 0% (unaudited) of all distributions to stockholders qualified as a return of capital. The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT ”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions. The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to U.S. federal corporate income tax and state insurance premiums tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2021 and 2020, there were no material unrecognized tax benefits. Interest and penalties relating
Stock-Based Compensation	Stock-Based Compensation The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series C Convertible Redeemable Preferred Units (“Series C Units”), Series D Redeemable Preferred Units (“Series D Units” and together with the Series A Units, Series B Units and Series C Units, the “Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (those that reduce earnings per common share) are included. For the years ended December 31, 2021, 2020 and 2019 there were no anti-dilutive shares outstanding. For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $161.98 for the year ended December 31, 2021. The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2021 2020 2019 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — 5,853,814 — Series A Units (Variable Only) — 875,480 — Series B Units 246,618 400,771 393,189 Series D Units 726,037 1,143,547 1,081,369 972,655 8,273,612 1,474,558 As of December 31, 2021 and 2020 the Operating Partnership had no exchangeable senior notes issued or outstanding. In October and November 2020, a portion of the 3.125% Exchangeable Senior Notes due 2035 (the “2015 Notes”) were exchanged for cash and shares of the Company's common stock and the remaining 2015 Notes were redeemed for cash. The 2015 Notes could potentially have had a dilutive impact on the Company's earnings per share calculations. The 2015 Notes were exchangeable by holders into shares of the Company's common stock under certain circumstances per the terms of the indenture governing the 2015 Notes. The Company had irrevocably agreed to pay only cash for the accreted principal amount of the 2015 Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligation in excess of the accreted principal amount in cash and/or common stock. Although the Company had retained that right to satisfy the exchange obligation in excess of the accreted principal amount of the 2015 Notes in cash and/or common stock, Accounting Standards Codification (“ASC”) 260, “Earnings per Share,” required an assumption that shares would be used to pay the exchange obligation in excess of the accreted principal amount, and required that those shares be included in the Company’s calculation of weighted average common shares outstanding for the diluted earnings per share computation. For the year ended December 31, 2021, the Company had repaid the principal and accrued interest of its 2015 Notes, and therefore, no shares relating to the 2015 Notes were included in the computation of diluted earnings per share. For the years ended December 31, 2020 and 2019, zero and 993,114 shares, respectively, related to the 2015 Notes were included in the computation of diluted earnings per share.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)," which modifies the accounting for leases, intending to increase transparency and comparability of organizations by requiring balance sheet presentation of leased assets and increased financial statement disclosure of leasing arrangements. ASU 2016-02 requires entities to recognize a liability for their lease obligations and a corresponding asset representing the right to use the underlying asset over the lease term. ASU 2016-02 became effective for annual and interim periods beginning after December 15, 2018. The Company adopted the standard using the modified retrospective approach as of January 1, 2019. The Company elected the package of practical expedients upon adoption, which allows for the application of the standard solely to the transition period in 2019 but does not require application to prior fiscal comparative periods presented. The Company also elected the practical expedient provided in a subsequent amendment to ASU 2016-02 that removed the requirement to separate lease and non-lease components. The Company did not record a significant cumulative catch-up adjustment upon the adoption of ASC 2016-02. The primary impact was related to the Company's 22 operating ground leases and two corporate facility leases under which it served as lessee as of the adoption date. The Company recognized lease liabilities totaling $104,863 and right-of-use assets related to operating leases totaling $95,506 as of the adoption date. Refer to Note 14 for further discussion of the Company's leases. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 changes how entities measure credit losses for most financial assets. This standard requires an entity to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. In November 2018, the FASB issued ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASU 2016-02), and not within the scope of ASU 2016-13. This new standard became effective for the Company on January 1, 2020. The adoption of this standard by the Company did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting " (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company also elected to apply additional expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risks as qualifying changes are made to applicable debt and derivative contracts. Application of these expedients preserves the presentation of derivatives and debt contracts consistent with past presentation. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which refines the scope of Topic 848 and clarifies some of its guidance. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Convertible Debt	GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer’s economic interest cost. The Company therefore accounted for the liability and equity component of the 2015 Notes separately. The equity components were included in paid-in capital in stockholders’ equity in the consolidated balance sheets, and the value of the equity components were treated as original issue discount for purposes of accounting for the debt components. The discount was amortized as interest expense over the remaining period of the debt through its first redemption date, October 1, 2020 for the 2015 Notes. The effective interest rate on the liability components of the 2015 Notes was 4.0%, which approximates the market rate of interest of similar debt without exchange features (i.e. nonconvertible debt) at the time of issuance.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. Fair Value Measurements at Reporting Date Using Description December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other assets - Cash flow hedge swap agreements $ 271 $ — $ 271 $ — Other liabilities - Cash flow hedge swap agreements $ 39,569 $ — $ 39,569 $ —
Schedule of Fair Value of Financial Instruments	The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated: December 31, 2021 December 31, 2020 Fair Carrying Fair Carrying Notes receivable from Preferred and Common Operating Partnership unit holders $ 101,824 $ 101,900 $ 102,333 $ 102,311 Fixed rate notes receivable $ 105,954 $ 104,251 $ 114,145 $ 104,000 Fixed rate debt $ 4,643,072 $ 4,506,435 $ 3,816,530 $ 3,637,220
Schedule of Unpaid Claims Liability	The following table presents information on the portion of the Company’s unpaid claims liability, which is included in other liabilities on the Company's consolidated balance sheets, that relates to tenant insurance for the periods indicated: For the Year Ended December 31, Tenant Reinsurance Claims: 2021 2020 2019 Unpaid claims liability at beginning of year $ 8,294 $ 8,109 $ 7,326 Claims and claim adjustment expense for claims incurred in the current year 16,901 14,534 16,280 Claims and claim adjustment expense (benefit) for claims incurred in the prior years 122 (1,351) 98 Payments for current year claims (11,913) (9,697) (11,352) Payments for prior year claims (4,292) (3,301) (4,243) Unpaid claims liability at the end of the year $ 9,112 $ 8,294 $ 8,109
Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share	The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive: For the Year Ended December 31, 2021 2020 2019 Equivalent Shares (if converted) Equivalent Shares (if converted) Equivalent Shares (if converted) Common OP Units — 5,853,814 — Series A Units (Variable Only) — 875,480 — Series B Units 246,618 400,771 393,189 Series D Units 726,037 1,143,547 1,081,369 972,655 8,273,612 1,474,558
Schedule of Computation of Earnings Per Common Share	The computation of earnings per share is as follows for the periods presented: For the Year Ended December 31, 2021 2020 2019 Net income attributable to common stockholders $ 827,649 $ 481,779 $ 419,967 Earnings and dividends allocated to participating securities (1,183) (706) (680) Earnings for basic computations 826,466 481,073 419,287 Earnings and dividends allocated to participating securities — — 680 Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units 43,093 — 23,727 Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) (2,288) — (2,288) Net income for diluted computations $ 867,271 $ 481,073 $ 441,406 Weighted average common shares outstanding: Average number of common shares outstanding - basic 133,374,938 129,541,531 128,203,568 OP Units 5,752,902 — 6,006,114 Series A Units 875,480 — 875,480 Unvested restricted stock awards included for treasury stock method — — 212,402 Shares related to exchangeable senior notes and dilutive stock options 12,708 43,298 1,136,205 Average number of common shares outstanding - diluted 140,016,028 129,584,829 136,433,769 Earnings per common share Basic $ 6.20 $ 3.71 $ 3.27 Diluted $ 6.19 $ 3.71 $ 3.24

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Components of Real Estate Assets	The components of real estate assets are summarized as follows: December 31, 2021 December 31, 2020 Land - operating $ 2,148,093 $ 1,952,097 Land - development 3,226 3,372 Buildings, improvements and other intangibles 8,227,094 7,357,033 Right of use asset - finance lease 117,718 58,148 Intangible assets - tenant relationships 134,577 124,695 Intangible lease rights 12,443 12,443 10,643,151 9,507,788 Less: accumulated depreciation and amortization (1,867,750) (1,681,429) Net operating real estate assets 8,775,401 7,826,359 Real estate under development/redevelopment 59,248 67,443 Real estate assets, net $ 8,834,649 $ 7,893,802 Real estate assets held for sale included in real estate assets, net $ 8,436 $ 103,624

Property Acquisitions and Dis_2

Property Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Operating Properties Acquired	The following table shows the Company’s acquisitions of stores for the years ended December 31, 2021 and 2020. The table excludes purchases of raw land and improvements made to existing assets. Consideration Paid Total Quarter Number of Stores Total Cash Paid Loan Assumed Finance Lease Liability Investments in Real Estate Ventures Net Liabilities/ (Assets) Assumed Value of OP Units Issued Real estate assets Total 2021 74 $ 1,344,575 $ 1,011,483 $ 20,028 $ 26,998 $ 5,383 $ 4,293 $ 276,390 $ 1,344,575 Total 2020 23 $ 296,725 $ 254,111 $ — $ 41,491 $ — $ 1,123 $ — $ 296,725 (1) Store acquisitions during the year ended December 31, 2021 included the acquisition of five stores previously held in joint venture where the Company held a noncontrolling interest. The Company purchased its partner's equity interest in these joint ventures, and the properties owned by the joint ventures became wholly owned by the Company. In addition, store acquisitions include the acquisition of two stores that were subject to finance land leases. The right-of-use assets associated with these leases are included in real estate assets above. (2) Store acquisitions during the year ended December 31, 2020 include the acquisition of three stores that were subject to finance land leases. The right-of-use assets associated with these leases are included in real estate assets above.

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Real Estate Entities	Net Investments in unconsolidated real estate entities and Cash distributions in unconsolidated real estate ventures consist of the following: Number of Stores Equity Ownership % Excess Profit % (1) December 31, 2021 2020 PR EXR Self Storage, LLC 5 25% 40% $ 59,393 $ 60,092 WICNN JV LLC (2) — 10% 35% — 36,032 VRS Self Storage, LLC 16 45% 54% (14,269) 17,186 ESS-CA TIVS JV LP (3) 16 55% 60% 32,288 — GFN JV, LLC (2) — 10% 30% — 18,397 ESS-NYFL JV LP 11 16% 24% 11,796 12,211 PRISA Self Storage LLC 85 4% 4% 8,792 8,815 Alan Jathoo JV LLC 9 10% 10% 7,621 7,780 Storage Portfolio IV JV LLC 27 10% 30% 40,174 — Storage Portfolio III JV LLC 5 10% 30% 5,596 5,726 ESS Bristol Investments LLC 8 10% 30% 2,628 2,810 Extra Space Northern Properties Six LLC 10 10% 35% (3,029) (2,541) Storage Portfolio II JV LLC 36 10% 30% (6,116) (5,441) Storage Portfolio I LLC 24 34% 49% (40,168) (39,144) PR II EXR JV LLC 18 25% 25% 70,403 — Other minority owned stores 13 10-50% 19-50% 18,635 28,395 SmartStop Self Storage REIT, Inc. Preferred Stock (4) n/a n/a n/a 200,000 200,000 Net Investments in and Cash distributions in unconsolidated real estate entities 283 $ 393,744 $ 350,318 (1) Includes pro-rata equity ownership share and promoted interest. (2) In June 2021, the WICNN JV LLC and GFN JV, LLC joint ventures sold all 17 of the stores owned by the joint ventures to a third party. Subsequent to the sales, these joint ventures were dissolved. As a result of these transactions, the Company recorded a gain of $5,739, which is included in Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest in the Company's consolidated statements of operations. (3) The Company sold 16 operating stores to this newly formed joint venture in March 2021. The Company received cash of $132,759 and an interest in the new joint venture valued at $33,556. This joint venture is unconsolidated and the Company accounts for its investment under the equity method of accounting as the Company does not have voting control but does exercise significant influence over the joint venture.
Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures	Equity in earnings and dividend income from unconsolidated real estate entities consists of the following: For the Year Ended December 31, 2021 2020 2019 Dividend income from SmartStop preferred stock $ 12,500 $ 9,968 $ 1,636 Equity in earnings of PRISA Self Storage LLC 2,719 2,229 2,327 Equity in earnings of Storage Portfolio II JV LLC 1,802 559 291 Equity in earnings of Storage Portfolio I LLC 2,833 1,636 1,809 Equity in earnings of VRS Self Storage, LLC 4,352 3,509 3,583 Equity in earnings of ESS-NYFL JV LLC 427 (331) (96) Equity in earnings of WICNN JV LLC 1,050 1,878 1,373 Equity in earnings of Extra Space Northern Properties Six LLC 1,363 1,088 1,091 Equity in earnings of Alan Jathoo JV LLC 270 57 (47) Equity in earnings of Bristol Investments LLC 177 (67) (262) Equity in earnings of GFN JV, LLC 546 788 450 Equity in earnings of PR EXR Self Storage, LLC 491 (211) (443) Equity in earnings of Storage Portfolio IV JV LLC 112 — — Equity in earnings of ESS-CA TIVS JV LP 1,274 — — Equity in earnings of PR II EXR JV LLC (8) — — Equity in earnings of other minority owned stores 2,450 1,258 (438) $ 32,358 $ 22,361 $ 11,274

Investments in Debt Securitie_2

Investments in Debt Securities and Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Debt Securities and Bridge Loans Receivable	Information about these balances is as follows: December 31, 2021 December 31, 2020 Debt securities - NexPoint Series A Preferred Stock $ 200,000 $ 200,000 Debt securities - NexPoint Series B Preferred Stock 100,000 100,000 Notes Receivable-Bridge Loans 279,042 187,368 Notes Receivable-Senior Mezzanine Loan, net 102,079 101,553 Dividends Receivable 38,066 4,889 $ 719,187 $ 593,810

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Components of Notes Payable	The components of term debt are summarized as follows: Term Debt December 31, 2021 December 31, 2020 Fixed Rate Variable Rate (2) Maturity Dates Secured fixed-rate (1) $ 930,830 $ 1,112,220 2.46% - 4.23% June 2022 - February 2030 Secured variable-rate (1) 392,679 1,081,551 1.10% - 2.45% April 2022 - May 2027 Unsecured fixed-rate 3,575,000 2,525,000 2.02% - 4.39% February 2024 - March 2032 Unsecured variable-rate 550,000 100,000 1.05% February 2024 - October 2026 Total 5,448,509 4,818,771 Less: Unamortized debt issuance costs (25,762) (21,468) Total $ 5,422,747 $ 4,797,303 (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. (2) Basis rate is 30-day USD LIBOR
Schedule of Information on Lines of Credit	At December 31, 2021, the terms of the Second Amended and Restated Credit Agreement dated June 22, 2021 (the "Credit Agreement") are as follows: Debt Capacity Maturity Date Revolving Credit Facility $ 1,250,000 June 2025 Tranche 1 Term Loan Facility (1) 400,000 January 2027 Tranche 2 Term Loan Facility (1) 425,000 October 2026 Tranche 3 Term Loan Facility (1) 245,000 January 2025 Tranche 4 Term Loan Facility (1) 255,000 June 2026 Tranche 5 Term Loan Facility (1) 425,000 February 2024 $ 3,000,000 (1) The term loan amounts have been fully drawn as of December 31, 2021. As of December 31, 2021 Revolving Lines of Credit Amount Drawn Capacity Interest Rate Maturity Basis Rate (1) Credit Line 1 (2) $ 55,000 $ 140,000 1.6% 7/1/2023 LIBOR plus 1.45% Credit Line 2 (3)(4) 480,000 1,250,000 1.0% 6/20/2025 LIBOR plus 0.85% $ 535,000 $ 1,390,000 (1) 30-day USD LIBOR (2) Secured by mortgages on certain real estate assets. One two (3) Unsecured. Two six (4) Basis Rate as of December 31, 2021. Rate is subject to change based on our investment grade rating.
Schedule of Maturities of Notes Payable	The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2021: 2022 $ 311,412 2023 486,688 2024 496,407 2025 447,266 2026 802,104 Thereafter 2,904,632 $ 5,448,509

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Summarizing Terms of Entity's Derivative Financial Instruments	The following table summarizes the terms of the Company’s 20 derivative financial instruments, which have a total combined notional amount of $1,982,632 as of December 31, 2021: Hedge Product Range of Notional Amounts Strike Effective Dates Maturity Dates Swap Agreements $32,847 - $231,972 1.07% - 2.67% 7/8/2015 - 3/30/2020 3/31/2022 - 6/29/2026
Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets: Asset / Liability Derivatives Derivatives designated as hedging instruments: December 31, 2021 December 31, 2020 Other assets $ 271 $ — Other liabilities $ 39,569 $ 98,325
Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements	The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company: Gain (loss) recognized in OCI For the Year Ended December 31, Location of amounts reclassified from OCI into income Gain (loss) reclassified from OCI For the Year Ended December 31, Type 2021 2020 2021 2020 2019 Swap Agreements $ 23,580 $ (100,352) Interest expense $ (35,764) $ (26,794) $ 12,322

Exchangeable Senior Notes (Tabl

Exchangeable Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Summary of Amount of Interest Cost Recognized Relating to Contractual Interest Rate and Amortization of Discount on Liability Component of Notes	The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the Notes were as follows for the periods indicated: For the Year Ended December 31, 2021 2020 2019 Contractual interest $ — $ 13,476 $ 17,968 Amortization of discount — 3,675 4,742 Total interest expense recognized $ — $ 17,151 $ 22,710
Summary of Repurchase of Debt	Information about the repurchases is as follows: For the Year Ended December 31, 2021 2020 2019 Principal amount repurchased $ — $ 575,000 $ — Amount allocated to: Extinguishment of liability component $ — $ 575,000 $ — Reacquisition of equity component — — — Total consideration paid for repurchase $ — $ 575,000 $ — Exchangeable senior notes repurchased $ — $ 575,000 $ — Extinguishment of liability component — (575,000) — Discount on exchangeable senior notes — — — Related debt issuance costs — — — Gain/(loss) on repurchase $ — $ — $ —

Noncontrolling Interest Repre_2

Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Preferred OP Units	The balances for each of the specific preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows: December 31, 2021 December 31, 2020 Series A Units $ 15,606 $ 13,788 Series B Units 38,068 40,902 Series D Units 205,436 117,362 $ 259,110 $ 172,052

Noncontrolling Interests In O_2

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	OP Unit activity is summarized as follows for the periods presented: For the Year Ended December 31, 2021 2020 2019 OP Units redeemed for common stock 165,652 123,993 340,182 OP Units redeemed for cash 4,500 — — Cash paid for OP Units redeemed $ 788 $ — $ — OP Units issued in conjunction with acquisitions 897,803 — — Value of OP Units issued in conjunction with acquisitions $ 188,319 $ — $ — OP Units issued upon redemption of Series C Units — — 270,709

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Costs	Following is information on our total lease costs as of the period indicated: For the Year Ended December 31, 2021 2020 Finance lease cost: Amortization of finance lease right-of-use assets $ 3,049 $ 400 Interest expense related to finance lease liabilities 2,812 712 Operating lease cost 29,258 28,709 Variable lease cost 8,100 9,056 Short-term lease cost 51 80 Total lease cost $ 43,270 $ 38,957 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows for finance lease payments $ 2,812 $ 712 Operating cash outflows for operating lease payments 23,961 25,037 Total cash flows for lease liability measurement $ 26,773 $ 25,749 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,655 $ 8,014 Right-of-use assets obtained in exchange for new finance lease liabilities $ 67,992 $ 50,096 Weighted average remaining lease term - finance leases (years) 54.97 78.48 Weighted average remaining lease term - operating leases (years) 21.25 13.99 Weighted average discount rate - finance leases 3.18 % 3.47 % Weighted average discount rate - operating leases 3.63 % 3.66 %
Undiscounted Cash Flows on an Annual Basis, Operating Leases	The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2022 $ 27,641 $ 4,214 $ 31,855 2023 27,719 5,679 33,398 2024 27,973 5,788 33,761 2025 28,148 5,793 33,941 2026 28,451 5,912 34,363 Thereafter 166,931 312,022 478,953 Total $ 306,863 $ 339,408 $ 646,271 Present value adjustments (73,507) (214,871) (288,378) Lease liabilities $ 233,356 $ 124,537 $ 357,893
Undiscounted Cash Flows on an Annual Basis, Financing Leases	The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets: Operating Finance Total 2022 $ 27,641 $ 4,214 $ 31,855 2023 27,719 5,679 33,398 2024 27,973 5,788 33,761 2025 28,148 5,793 33,941 2026 28,451 5,912 34,363 Thereafter 166,931 312,022 478,953 Total $ 306,863 $ 339,408 $ 646,271 Present value adjustments (73,507) (214,871) (288,378) Lease liabilities $ 233,356 $ 124,537 $ 357,893

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity is as follows: Options Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value as of December 31, 2021 Outstanding at December 31, 2018 417,581 $ 31.58 Exercised (211,057) 14.65 Outstanding at December 31, 2019 206,524 $ 48.88 Exercised (134,930) 35.26 Outstanding at December 31, 2020 71,594 $ 74.54 Exercised (62,322) 73.36 Outstanding at December 31, 2021 9,272 $ 82.47 3.98 $1,338 Vested 9,272 $ 82.47 3.98 $1,338 Ending Exercisable 9,272 $ 82.47 3.98 $1,338
Schedule of Stock Options Outstanding and Exercisable	A summary of stock options outstanding and exercisable as of December 31, 2021, is as follows: Options Outstanding Options Exercisable Exercise Price Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Shares Weighted Average Exercise Price $65.36 - $65.36 1,582 3.15 $ 65.36 1,582 $ 65.36 $85.99 - $85.99 7,690 4.15 85.99 7,690 85.99
Summary of Company's Employee and Director Share Grant Activity	A summary of the Company’s employee and director share grant activity is as follows: Restricted Stock Grants Shares Weighted-Average Grant-Date Fair Value Unreleased at December 31, 2018 223,114 $ 80.02 Granted 109,081 101.52 Released (110,724) 79.58 Cancelled (8,863) 90.11 Unreleased at December 31, 2019 212,608 $ 91.62 Granted 95,671 98.81 Released (94,164) 89.43 Cancelled (5,083) 93.16 Unreleased at December 31, 2020 209,032 $ 95.86 Granted 99,802 132.75 Released (96,248) 91.65 Cancelled (12,808) 113.89 Unreleased at December 31, 2021 199,778 $ 115.16
Schedule of Nonvested Performance-based Units Activity	A summary of the PSU activity is as follows: Performance-Based Stock Units Units Weighted-Average Grant-Date Fair Value Unvested at December 31, 2018 58,806 $ 89.87 Granted 49,334 103.18 Unvested at December 31, 2019 108,140 $ 95.94 Granted 45,242 129.38 Released (30,071) $ 112.16 Unvested at December 31, 2020 123,311 $ 104.25 Granted 40,832 138.04 Released (28,735) $ 117.19 Unvested at December 31, 2021 135,408 $ 111.69
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards	A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions: For the Year Ended December 31, 2021 2020 2019 Intrinsic value $30,701 $12,266 $6,211 Risk-free rate 0.22% 1.42% 2.53% Volatility 28.5% 18.4% 20.7% Expected term (in years) 2.9 2.9 2.8 Dividend yield —% —% —% Unrecognized compensation cost $8,859 $6,406 $4,315 Term over which compensation cost recognized (in years) 3 3 3

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Summarized Statement of Components of Income Tax Provision	The income tax provision for the years ended December 31, 2021, 2020 and 2019, is comprised of the following components: For the Year Ended December 31, 2021 Federal State Total Current expense $ 21,017 $ 3,520 $ 24,537 Tax credits/true-up (4,979) (138) (5,117) Change in deferred expense/(benefit) 818 86 904 Total tax expense $ 16,856 $ 3,468 $ 20,324 For the Year Ended December 31, 2020 Federal State Total Current expense $ 15,553 $ 3,347 $ 18,900 Tax credits/true-up (5,610) (135) (5,745) Change in deferred expense 594 61 655 Total tax expense $ 10,537 $ 3,273 $ 13,810 For the Year Ended December 31, 2019 Federal State Total Current expense $ 10,164 $ 2,936 $ 13,100 Tax credits/true-up (3,633) (30) (3,663) Change in deferred benefit 1,787 84 1,871 Total tax expense $ 8,318 $ 2,990 $ 11,308
Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions	A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows: For the Year Ended December 31, 2021 2020 2019 Expected tax at statutory rate $ 188,600 21.0 % $ 111,760 21.0 % $ 97,110 21.0 % Non-taxable REIT income (166,137) (18.5) % (94,270) (17.7) % (82,717) (17.9) % State and local tax expense - net of federal benefit 3,259 0.4 % 3,075 0.6 % 2,837 0.6 % Change in valuation allowance (1,061) (0.1) % (363) (0.1) % (207) — % Tax credits/true-up (5,117) (0.6) % (5,745) (1.1) % (3,663) (0.8) % Miscellaneous 780 0.1 % (647) (0.1) % (2,052) (0.4) % Total provision $ 20,324 2.3 % $ 13,810 2.6 % $ 11,308 2.5 %
Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects	The major sources of temporary differences stated at their deferred tax effects are as follows: December 31, 2021 December 31, 2020 Deferred tax liabilities: Fixed assets $ (30,499) $ (27,374) Operating and Finance lease right-of-use assets (6,016) (2,223) Other (61) (72) State deferred taxes (3,842) (3,210) Total deferred tax liabilities (40,418) (32,879) Deferred tax assets: Captive insurance subsidiary 396 378 Accrued liabilities 2,383 2,325 Stock compensation 3,076 2,635 Operating and Finance lease liabilities 7,936 2,232 SmartStop TRS — 219 Other 916 1,554 State deferred taxes 6,548 6,725 Total deferred tax assets 21,255 16,068 Valuation allowance (2,241) (3,302) Net deferred income tax liabilities $ (21,404) $ (20,113)

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Financial Information of Business Segments	Financial information for the Company’s business segments is set forth below: Year Ended December 31, 2021 2020 2019 Revenues: Self-Storage Operations $ 1,340,990 $ 1,157,522 $ 1,130,177 Tenant Reinsurance 170,108 146,561 128,387 Total segment revenues $ 1,511,098 $ 1,304,083 $ 1,258,564 Operating expenses: Self-Storage Operations $ 368,608 $ 360,615 $ 336,050 Tenant Reinsurance 29,488 26,494 29,376 Total segment operating expenses $ 398,096 $ 387,109 $ 365,426 Net operating income: Self-Storage Operations $ 972,382 $ 796,907 $ 794,127 Tenant Reinsurance 140,620 120,067 99,011 Total segment net operating income: $ 1,113,002 $ 916,974 $ 893,138 Total segment net operating income $ 1,113,002 $ 916,974 $ 893,138 Other components of net income: Property management fees and other income 66,264 52,129 49,890 General and administrative expense (102,194) (96,594) (89,418) Depreciation and amortization expense (241,879) (224,444) (219,857) Gain on real estate transactions 140,760 18,075 1,205 Interest expense (166,183) (168,626) (186,526) Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes — (3,675) (4,742) Interest income 49,703 15,192 7,467 Equity in earnings and dividend income from unconsolidated real estate entities 32,358 22,361 11,274 Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest 6,251 — — Income tax expense (20,324) (13,810) (11,308) Net income $ 877,758 $ 517,582 $ 451,123

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2021storestate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of storage facilities in which the entity had equity interests	1,268
Number of stores managed for third parties	828
Number of stores owned and/or managed	2,096
Number of states in which storage facilities are located | state	41

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Variable Interest Entities (Details)	Dec. 31, 2021variable_interest_entitystore	Dec. 31, 2020variable_interest_entity
Accounting Policies [Abstract]
Number of consolidated VIEs | variable_interest_entity	1	0
Consolidated VIEs, number of stores | store	4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring $ in Thousands	Dec. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	$ 271
Other liabilities - Cash flow hedge swap agreements	39,569
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	0
Other liabilities - Cash flow hedge swap agreements	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	271
Other liabilities - Cash flow hedge swap agreements	39,569
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets - Cash flow hedge swap agreements	0
Other liabilities - Cash flow hedge swap agreements	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	$ 101,824	$ 102,333
Fixed rate notes receivable	105,954	114,145
Fixed rate debt	4,643,072	3,816,530
Carrying Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	101,900	102,311
Fixed rate notes receivable	104,251	104,000
Fixed rate debt	$ 4,506,435	$ 3,637,220

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Real Estate Assets (Details)	12 Months Ended
	Dec. 31, 2021store
Property, Plant and Equipment [Line Items]
Number of properties whereby leases cannot be classified as ground or building leases	3
Number of properties whereby leases have been assumed at rates lower than the current market rates	8
Buildings, improvements and other intangibles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings, improvements and other intangibles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	39 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Amortization expense	$ 241,879	$ 224,444	$ 219,857
Equipment and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Equipment and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Software development
Property, Plant and Equipment [Line Items]
Unamortized software costs	$ 20,280	22,708
Amortization expense	$ 2,428	$ 1,571

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Risk Management and Use of Financial Instruments (Details)	12 Months Ended
	Dec. 31, 2021item
Accounting Policies [Abstract]
Number of main components of economic risk	3

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Revenue and Expense Recognition (Details)	12 Months Ended
	Dec. 31, 2021USD ($)claim	Dec. 31, 2020claim	Dec. 31, 2019claim
Disaggregation of Revenue [Line Items]
Minimum amount of insurance coverage	$ 2,000
Maximum amount of insurance coverage	10,000
Average amount of insurance coverage	$ 3,300
Number of claims made | claim	8,748	8,226	7,888
Management Services Agreements (MSA) | Minimum
Disaggregation of Revenue [Line Items]
Contract term	3 years
Management Services Agreements (MSA) | Maximum
Disaggregation of Revenue [Line Items]
Contract term	5 years

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Schedule of Unpaid Claims Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tenant Reinsurance Claims:
Unpaid claims liability at beginning of year	$ 8,294	$ 8,109	$ 7,326
Claims and claim adjustment expense for claims incurred in the current year	16,901	14,534	16,280
Claims and claim adjustment expense (benefit) for claims incurred in the prior years	122	(1,351)	98
Payments for current year claims	(11,913)	(9,697)	(11,352)
Payments for prior year claims	(4,292)	(3,301)	(4,243)
Unpaid claims liability at the end of the year	$ 9,112	$ 8,294	$ 8,109

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Advertising expense	$ 18,793	$ 28,336	$ 25,106

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Percentage of all distributions to stockholders which qualified as a return of capital	0.00%
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax provisions	$ 0	$ 0

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2020	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	972,655	8,273,612	1,474,558
Average share price (in dollars per share)	$ 161.98
Series A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	0	875,480	0
Instruments to be settled in cash (at least)	$ 101,700,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	0	0
2015 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchangeable senior notes	$ 0
Fixed interest rate				3.125%	3.125%
Shares related to the Notes included in the computation for diluted earnings per share (in shares)		0	993,114
2013 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares related to the Notes included in the computation for diluted earnings per share (in shares)	0	0

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	972,655	8,273,612	1,474,558
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	0	5,853,814	0
Series A Units (Variable Only)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	0	875,480	0
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	246,618	400,771	393,189
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equivalent Shares (if converted) (in shares)	726,037	1,143,547	1,081,369

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Schedule of Computation of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income attributable to common stockholders	$ 827,649	$ 481,779	$ 419,967
Earnings and dividends allocated to participating securities	(1,183)	(706)	(680)
Earnings for basic computations	826,466	481,073	419,287
Earnings and dividends allocated to participating securities	0	0	680
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	43,093	0	23,727
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(2,288)	0	(2,288)
Net income for diluted computations	$ 867,271	$ 481,073	$ 441,406
Weighted average common shares outstanding:
Average number of common shares outstanding - basic (in shares)	133,374,938	129,541,531	128,203,568
OP Units (in shares)	5,752,902	0	6,006,114
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested restricted stock awards included for treasury stock method (in shares)	0	0	212,402
Shares related to exchangeable senior notes and dilutive stock options (in shares)	12,708	43,298	1,136,205
Average number of common shares outstanding - diluted (in shares)	140,016,028	129,584,829	136,433,769
Earnings per common share
Basic (in dollars per share)	$ 6.20	$ 3.71	$ 3.27
Diluted (in dollars per share)	$ 6.19	$ 3.71	$ 3.24
Series A Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Series A Units (in shares)	875,480	0	875,480

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2019USD ($)lease
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate assets - operating lease right-of-use assets	$ 227,949	$ 252,172
Operating lease liabilities	$ 233,356	$ 263,485
Operating ground leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating ground leases | lease			22
Corporate facility leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating ground leases | lease			2
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Real estate assets - operating lease right-of-use assets			$ 104,863
Operating lease liabilities			$ 95,506

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land - operating	$ 2,148,093	$ 1,952,097
Land - development	3,226	3,372
Buildings, improvements and other intangibles	8,227,094	7,357,033
Right of use asset - finance lease	117,718	58,148
Intangible assets - tenant relationships	134,577	124,695
Intangible lease rights	12,443	12,443
Gross operating real estate assets	10,643,151	9,507,788
Less: accumulated depreciation and amortization	(1,867,750)	(1,681,429)
Net operating real estate assets	8,775,401	7,826,359
Real estate under development/redevelopment	59,248	67,443
Net real estate assets	8,834,649	7,893,802
Real estate assets held for sale included in real estate assets, net	$ 8,436	$ 103,624

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)store	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Real Estate [Abstract]
Number of stores classified as held for sale | store	1
Average period that a tenant is expected to utilize the facility	18 months
Amortization related to the tenant relationships and lease rights	$ 4,778	$ 2,258	$ 6,614
Real Estate Properties [Line Items]
Intangible assets, accumulated amortization	$ 130,561	$ 129,385
Minimum
Real Estate Properties [Line Items]
Remaining amortization period	7 years
Maximum
Real Estate Properties [Line Items]
Remaining amortization period	40 years

Property Acquisitions and Dis_3

Property Acquisitions and Dispositions - Acquisitions of Operating Stores (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)store	Dec. 31, 2020USD ($)store	Dec. 31, 2019USD ($)
Real Estate [Abstract]
Number of Stores | store	74	23
Total Real Estate Assets Acquired	$ 1,344,575	$ 296,725
Cash Paid	1,011,483	254,111
Loan Assumed	20,028	0	$ 17,157
Finance Lease Liability	26,998	41,491
Investments in Real Estate Ventures	5,383	0	$ (2,780)
Net Liabilities/ (Assets) Assumed	4,293	1,123
Value of OP Units Issued	$ 276,390	$ 0
Number of stores acquired, previously held in joint ventures | store	5
Number of stores acquired, subject to finance lease | store	2	3

Property Acquisitions and Dis_4

Property Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	Dec. 16, 2021USD ($)store	Mar. 01, 2021USD ($)store	Dec. 18, 2020USD ($)store	Apr. 11, 2019USD ($)
Property Acquisitions [Line Items]
Equity method ownership percentage		55.00%
Joint venture investment		$ 33,878
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Acquisitions [Line Items]
Number of stores sold | store	16	16	4
Proceeds from sale of real estate assets	$ 200,292	$ 132,759	$ 46,592	$ 11,272
Gain (loss) on disposition of assets	$ 73,854	$ 63,477	$ 19,600	$ 1,205

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities - Schedule of Investments in Unconsolidated Real Estate Ventures (Details) $ in Thousands	Dec. 16, 2021USD ($)	Mar. 01, 2021USD ($)store	Dec. 18, 2020USD ($)	Apr. 11, 2019USD ($)	Jun. 30, 2021USD ($)store	Oct. 31, 2019	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							283
Equity Ownership %		55.00%
Investment balance							$ 393,744	$ 350,318
Number of stores sold | store		16
Gain (loss) on sale					$ 525
Exchange of real estate for interest in joint venture		$ 33,556
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of real estate assets	$ 200,292	$ 132,759	$ 46,592	$ 11,272
PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							5
Equity Ownership %							25.00%
Excess Profit %							40.00%
Investment balance							$ 59,393	60,092
WICNN JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							0
Equity Ownership %							10.00%
Excess Profit %							35.00%
Investment balance							$ 0	36,032
VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							16
Equity Ownership %							45.00%
Excess Profit %							54.00%
Investment balance							$ (14,269)	17,186
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							16
Equity Ownership %							55.00%
Excess Profit %							60.00%
Investment balance							$ 32,288	0
GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							0
Equity Ownership %							10.00%
Excess Profit %							30.00%
Investment balance							$ 0	18,397
ESS-NYFL JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							11
Equity Ownership %							16.00%
Excess Profit %							24.00%
Investment balance							$ 11,796	12,211
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							85
Equity Ownership %							4.00%
Excess Profit %							4.00%
Investment balance							$ 8,792	8,815
Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							9
Equity Ownership %							10.00%
Excess Profit %							10.00%
Investment balance							$ 7,621	7,780
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							27
Equity Ownership %							10.00%
Excess Profit %							30.00%
Investment balance							$ 40,174	0
Storage Portfolio III JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							5
Equity Ownership %							10.00%
Excess Profit %							30.00%
Investment balance							$ 5,596	5,726
ESS Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							8
Equity Ownership %							10.00%
Excess Profit %							30.00%
Investment balance							$ 2,628	2,810
Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							10
Equity Ownership %							10.00%
Excess Profit %							35.00%
Investment balance							$ (3,029)	(2,541)
Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							36
Equity Ownership %							10.00%
Excess Profit %							30.00%
Investment balance							$ (6,116)	(5,441)
Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							24
Equity Ownership %							34.00%
Excess Profit %							49.00%
Investment balance							$ (40,168)	(39,144)
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							18
Equity Ownership %							25.00%
Excess Profit %							25.00%
Investment balance							$ 70,403	0
Other minority owned stores
Schedule of Equity Method Investments [Line Items]
Number of Stores | property							13
Investment balance							$ 18,635	28,395
Other minority owned stores | Minimum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %							10.00%
Excess Profit %							19.00%
Other minority owned stores | Maximum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %							50.00%
Excess Profit %							50.00%
SmartStop Self Storage REIT, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance							$ 200,000	$ 200,000
Investment, preferred dividend rate						6.25%
Period after which preferred stock dividend is subject to increase							5 years
WICNN JV LLC And GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Number of stores sold | store					17
Gain (loss) on sale					$ 5,739

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 32,358	$ 22,361	$ 11,274
SmartStop Self Storage REIT, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	12,500	9,968	1,636
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	2,719	2,229	2,327
Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,802	559	291
Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	2,833	1,636	1,809
VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	4,352	3,509	3,583
ESS-NYFL JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	427	(331)	(96)
WICNN JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,050	1,878	1,373
Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,363	1,088	1,091
Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	270	57	(47)
ESS Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	177	(67)	(262)
GFN JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	546	788	450
PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	491	(211)	(443)
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	112	0	0
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	1,274	0	0
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	(8)	0	0
Other minority owned stores
Schedule of Equity Method Investments [Line Items]
Equity in earnings and dividend income from unconsolidated real estate entities	$ 2,450	$ 1,258	$ (438)

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)joint_venture	Jan. 31, 2019USD ($)store	Dec. 31, 2021USD ($)store	Dec. 31, 2020USD ($)store	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Interest sold, number of unconsolidated joint ventures | joint_venture	2
Proceeds from sale of unconsolidated joint ventures	$ 1,888
Gain on sale of unconsolidated joint ventures	$ 525
Interest purchased, number of unconsolidated joint ventures | joint_venture	2
Number of real estate ventures | store			45
Investment			$ 109,583
Number of stores acquired | store			74	23
Cash paid to acquire properties			$ 1,011,483	$ 254,111
Loans assumed			20,028	0	$ 17,157
Amortization amount of excess purchase price included in equity earnings			$ 24,721
Amortization period of excess purchase price included in equity earnings			40 years
Management fee revenues			$ 17,619	$ 15,657	$ 14,624
East Space West One LLC and East Space West Two LLC
Schedule of Equity Method Investments [Line Items]
Number of stores acquired | store		12
Cash paid to acquire properties		$ 172,505
Ownership interest held by entity (as a percent)		100.00%

Investments in Debt Securitie_3

Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Dividends Receivable	$ 38,066	$ 4,889
Investments in debt securities and notes receivable	719,187	593,810
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	279,042	187,368
Notes Receivable-Senior Mezzanine Loan, net
Schedule of Held-to-maturity Securities [Line Items]
Notes receivable	102,079	101,553
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	200,000	200,000
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities	$ 100,000	$ 100,000

Investments in Debt Securitie_4

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2020USD ($)shares	Jul. 31, 2020USD ($)store	Dec. 31, 2021USD ($)extension_option	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities	$ 300,000		$ 0	$ 300,000	$ 0
Debt securities, term			5 years
Debt securities, extension option | extension_option			2
Debt securities, extension term			1 year
Debt securities, period after which preferred dividends increase annually			5 years
Number of stores held as collateral | store		62
Payments to purchase notes receivable			$ 317,482	313,355	185,993
Bridge loans, extension option | extension_option			2
Bridge loans, extension term			1 year
Proceeds from sale of notes receivable			$ 172,002	$ 62,764	$ 0
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Payments to purchase notes receivable			$ 317,482
Bridge loans, original maturities			3 years
Principal amount of notes sold			$ 172,566
Proceeds from sale of notes receivable			$ 172,002
Notes Receivable-Senior Mezzanine Loan, net
Schedule of Held-to-maturity Securities [Line Items]
Purchase of note receivable		$ 103,000
Note receivable interest rate		5.50%
Payments to purchase notes receivable		$ 101,142
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities	$ 200,000
Investment in debt securities (in shares) | shares	200,000
Debt securities, dividend rate			10.00%
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities	$ 100,000
Investment in debt securities (in shares) | shares	100,000
Debt securities, dividend rate			12.00%

Debt - Schedule of Components o

Debt - Schedule of Components of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total	$ 5,448,509	$ 4,818,771
Less: Unamortized debt issuance costs	(25,762)	(21,468)
Total	5,422,747	4,797,303
Secured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	930,830	1,112,220
Variable rate notes payable	$ 392,679	1,081,551
Secured notes payable | Minimum
Debt Instrument [Line Items]
Fixed Rate	2.46%
Variable Rate	1.10%
Secured notes payable | Maximum
Debt Instrument [Line Items]
Fixed Rate	4.23%
Variable Rate	2.45%
Unsecured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	$ 3,575,000	2,525,000
Variable rate notes payable	$ 550,000	$ 100,000
Unsecured notes payable | Minimum
Debt Instrument [Line Items]
Fixed Rate	2.02%
Variable Rate	1.05%
Unsecured notes payable | Maximum
Debt Instrument [Line Items]
Fixed Rate	4.39%

Debt - Schedule of Lines of Cre

Debt - Schedule of Lines of Credit (Details)	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Debt Capacity	$ 1,390,000,000
Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	3,000,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	1,250,000,000
Tranche 1 Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	400,000,000
Tranche 2 Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	425,000,000
Tranche 3 Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	245,000,000
Tranche 4 Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	255,000,000
Tranche 5 Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Debt Capacity	$ 425,000,000

Debt - Additional Information (

Debt - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021extension_option	Sep. 30, 2021USD ($)	May 31, 2021USD ($)
Line of Credit
Debt Instrument [Line Items]
Number of extension options | extension_option	2
Extension term	6 months
Line of Credit | Base rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit | Base rate | Investment grade election | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Line of Credit | Base rate | Investment grade election | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.60%
Line of Credit | Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit | Eurodollar | Investment grade election | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.70%
Line of Credit | Eurodollar | Investment grade election | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Notes | Senior Notes Due 2031
Debt Instrument [Line Items]
Principal amount of notes issued			$ 450,000,000
Fixed interest rate			2.55%
Senior Notes | Senior Notes Due 2032
Debt Instrument [Line Items]
Principal amount of notes issued		$ 600,000,000
Fixed interest rate		2.35%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2022	$ 311,412
2023	486,688
2024	496,407
2025	447,266
2026	802,104
Thereafter	2,904,632
Total	$ 5,448,509	$ 4,818,771

Debt - Schedule of Information

Debt - Schedule of Information on Lines of Credit (Details)	12 Months Ended
	Dec. 31, 2021USD ($)extension_option	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Amount Drawn	$ 535,000,000	$ 949,000,000
Debt Capacity	1,390,000,000
Credit Line 1
Debt Instrument [Line Items]
Amount Drawn	55,000,000
Debt Capacity	$ 140,000,000
Interest Rate	1.60%
Number of extensions available | extension_option	1
Extension term	2 years
Credit Line 2
Debt Instrument [Line Items]
Amount Drawn	$ 480,000,000
Debt Capacity	$ 1,250,000,000
Interest Rate	1.00%
Number of extensions available | extension_option	2
Extension term	6 months
LIBOR | Credit Line 1
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%
LIBOR | Credit Line 2
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Estimated amount of unrealized gains (losses) expected to be reclassified as interest expense in next fiscal year	$ 28,070
Number of derivative financial instruments | derivative	20
Combined notional amount	$ 1,982,632
Derivatives with contingent features, net liability position	41,331
Derivatives with contingent features, contingent cash settlement value	$ 41,331

Derivatives - Schedule Summariz

Derivatives - Schedule Summarizing Terms of Entity's Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Derivative [Line Items]
Notional amounts	$ 1,982,632
Cash flow hedging | Swap Agreements | Minimum
Derivative [Line Items]
Notional amounts	$ 32,847
Strike rate	1.07%
Cash flow hedging | Swap Agreements | Maximum
Derivative [Line Items]
Notional amounts	$ 231,972
Strike rate	2.67%

Derivatives - Schedule of Balan

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets
Derivative [Line Items]
Asset derivatives	$ 271	$ 0
Other liabilities
Derivative [Line Items]
Liability derivatives	$ 39,569	$ 98,325

Derivatives - Schedule of Infor

Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI	$ 23,580	$ (100,352)
Gain (loss) reclassified from OCI	$ (35,764)	$ (26,794)	$ 12,322

Notes Payable to Trusts (Detail

Notes Payable to Trusts (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019USD ($)	Dec. 31, 2021USD ($)subsidiary	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entity [Line Items]
Principal payments on notes payable to trusts | $	$ 30,928	$ 0	$ 0	$ 30,928	$ 88,662
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity interest in trust number | subsidiary		3

Exchangeable Senior Notes - Add

Exchangeable Senior Notes - Additional Information (Details) - 2015 Notes	Nov. 02, 2020USD ($)shares	Oct. 01, 2020USD ($)shares	Sep. 30, 2015USD ($)day	Dec. 31, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Principal amount of notes issued			$ 575,000,000
Fixed interest rate			3.125%		3.125%
Related debt issuance costs			$ 11,992,000
Underwriting fee percentage			2.00%
Amortization period			5 years
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest			100.00%
Redemption price as percentage of principal amount of notes at request of debt holders and upon occurrence of designated event			100.00%
Notes exchange, threshold percentage			130.00%
Notes exchange, threshold trading days | day			20
Notes exchange, threshold consecutive trading days | day			30
Effective interest rate				4.00%
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes		$ 71,513,000
Repurchase of exchangeable senior notes with common stock (in shares) | shares		124,819
Repurchase of exchangeable senior notes with common stock		$ 13,495,000
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes	$ 503,487,000
Repurchase of exchangeable senior notes with common stock (in shares) | shares	1,198,962
Repurchase of exchangeable senior notes with common stock	$ 138,900,000
Principal amount of Notes exchanged	503,432,000
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Repurchase of exchangeable senior notes	$ 55,000
Minimum
Debt Instrument [Line Items]
Number of days of written notice to holders of notes required for redemption			30 days
Maximum
Debt Instrument [Line Items]
Number of days of written notice to holders of notes required for redemption			60 days

Exchangeable Senior Notes - Int

Exchangeable Senior Notes - Interest Cost Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Contractual interest	$ 0	$ 13,476	$ 17,968
Amortization of discount	0	3,675	4,742
Total interest expense recognized	$ 0	$ 17,151	$ 22,710

Exchangeable Senior Notes - Rep

Exchangeable Senior Notes - Repurchase of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total consideration paid for repurchase	$ 5,500,290	$ 2,014,730	$ 1,977,805
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal amount repurchased	0	575,000	0
Extinguishment of liability component	0	575,000	0
Reacquisition of equity component	0	0	0
Total consideration paid for repurchase	0	575,000	0
Extinguishment of liability component	0	(575,000)	0
Discount on exchangeable senior notes	0	0	0
Related debt issuance costs	0	0	0
Gain/(loss) on repurchase	$ 0	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Aug. 09, 2021USD ($)	Mar. 23, 2021USD ($)$ / sharesshares	Nov. 30, 2017USD ($)	Aug. 08, 2021USD ($)$ / sharesshares	Dec. 31, 2021item$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Oct. 15, 2020USD ($)
Changes In Equity And Comprehensive Income Line Items [Line Items]
Common stock, authorized (in shares)					500,000,000	500,000,000
Common stock, par value (dollars per share) | $ / shares					$ 0.01	$ 0.01
Preferred stock, authorized (in shares)					50,000,000	50,000,000
Preferred stock, par value (dollars per share) | $ / shares					$ 0.01	$ 0.01
Common stock, issued (in shares)					133,922,305	131,357,961
Common stock, outstanding (in shares)					133,922,305	131,357,961
Preferred stock, issued (in shares)					0	0
Preferred stock, outstanding (in shares)					0	0
Number of votes, common stockholder rights | item					1
Common stock sold (in shares)		1,600,000				899,048
Average share price (in dollars per share) | $ / shares		$ 129.13				$ 116.42
Net proceeds from sale of stock | $		$ 206,572,000				$ 103,468,000
Share repurchase program, period			3 years
Share repurchase program, aggregate value | $			$ 400,000,000				$ 400,000,000
Shares repurchased (in shares)					0	826,797
Shares repurchased, average price (dollars per share) | $ / shares						$ 82.09
Shares repurchased | $						$ 67,873,000
“At the market” equity program
Changes In Equity And Comprehensive Income Line Items [Line Items]
Aggregate offering price | $	$ 800,000,000
Common stock sold (in shares)				585,685
Average share price (in dollars per share) | $ / shares				$ 115.90
Net proceeds from sale of stock | $				$ 66,617,000

Noncontrolling Interest Repre_3

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands

Aug. 31, 2021

Apr. 25, 2019

Dec. 01, 2018

Apr. 18, 2017

Jun. 25, 2007

Dec. 31, 2014

Oct. 31, 2014

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2014

Dec. 31, 2018

Jun. 30, 2007

Noncontrolling Interest [Line Items]

Loan to holders of preferred OP units

$ 100,000

$ 100,000

Stock issued for redemption (in shares)

15,265

Fixed liquidation value (in shares)

8,217,422

Value of units issued

$ 276,390

0

Series B Units | Redemption of units for cash

Noncontrolling Interest [Line Items]

Redemption of noncontrolling interests (in shares)

113,360

Operating Partnership

Noncontrolling Interest [Line Items]

Conversion of units, units issued upon conversion (in shares)

270,709

373,113

Reduction of noncontrolling interest for note receivable

$ 1,900

$ 2,311

$ 11,091

Series A Units

Noncontrolling Interest [Line Items]

Fixed priority return on preferred OP units, amount

$ 101,700

$ 101,700

Fixed priority return on preferred OP units, stated return rate

2.30%

Fixed priority return on preferred OP units, liquidation value

$ 115,000

Preferred units outstanding (in shares)

875,480

Series A Units | Holders Of Series A Preferred Operating Partnership Units

Noncontrolling Interest [Line Items]

Loan to holders of preferred OP units

$ 100,000

Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)

114,500

Note receivable interest rate

2.10%

Additional units redeemed (in shares)

0

Series B Units

Noncontrolling Interest [Line Items]

Preferred units outstanding (in shares)

1,522,727

1,522,727

Liquidation value (in dollars per share)

$ 25

$ 25

Fixed liquidation value

$ 38,068

$ 38,068

Annual rate of return percent

6.00%

Series C Units

Noncontrolling Interest [Line Items]

Note receivable interest rate

5.00%

Liquidation value (in dollars per share)

$ 42.10

$ 42.10

Period from date of issuance after which preferred OP units will become redeemable at the option of the holder

1 year

Notes receivable

$ 20,230

Conversion of units, units converted (in shares)

296,020

407,996

Series D Units

Noncontrolling Interest [Line Items]

Liquidation value (in dollars per share)

$ 25

Fixed liquidation value

$ 205,435

Number of units issued (in shares)

3,522,937

Value of units issued

$ 88,073

Series D Units | Minimum

Noncontrolling Interest [Line Items]

Annual rate of return percent

3.00%

Series D Units | Maximum

Noncontrolling Interest [Line Items]

Annual rate of return percent

5.00%

Noncontrolling Interest Repre_4

Noncontrolling Interest Represented By Preferred Operating Partnership Units - Preferred OP Units (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Preferred OP Units	$ 259,110	$ 172,052
Series A Units
Noncontrolling Interest [Line Items]
Preferred OP Units	15,606	13,788
Series B Units
Noncontrolling Interest [Line Items]
Preferred OP Units	38,068	40,902
Series D Units
Noncontrolling Interest [Line Items]
Preferred OP Units	$ 205,436	$ 117,362

Noncontrolling Interests In O_3

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	Dec. 15, 2021USD ($)property	Aug. 25, 2021USD ($)property	Apr. 25, 2019shares	Dec. 01, 2018shares	Dec. 31, 2021USD ($)storepropertyjoint_venture$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)
Noncontrolling Interest [Line Items]
Period used as a denomination to determine the average closing price of common stock					10 days
Ten day average closing stock price (in dollars per share) | $ / shares					$ 220.58
OP units outstanding (in units) | shares					6,528,436
Consideration to be paid on redemption of common OP units | $					$ 1,440,042
OP Units issued in conjunction with acquisitions (in shares) | shares					897,803	0	0
Value of OP Units issued in conjunction with acquisitions | $					$ 188,319	$ 0	$ 0
Number of owned stores | store					45
Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held by entity (as a percent)					93.90%
Voting interests of third-party owners					6.10%
Subsidiaries
Noncontrolling Interest [Line Items]
Number of owned stores | property	4	2
Purchase of additional interest in joint venture | $	$ 6,100	$ 12,215
Georgia | Other
Noncontrolling Interest [Line Items]
Number of owned stores | property					4
Florida | Other
Noncontrolling Interest [Line Items]
Number of owned stores | property					1
Series C Units
Noncontrolling Interest [Line Items]
Conversion of units, units converted (in shares) | shares			296,020	407,996
Operating Partnership
Noncontrolling Interest [Line Items]
Conversion of units, units issued upon conversion (in shares) | shares			270,709	373,113
Reduction of noncontrolling interest for note receivable | $					$ 1,900	$ 2,311		$ 11,091
Common Stock
Noncontrolling Interest [Line Items]
Unit conversion ratio					1
Other
Noncontrolling Interest [Line Items]
Number of consolidated joint ventures | joint_venture					2

Noncontrolling Interests In O_4

Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
OP Units redeemed for common stock (in shares)	165,652	123,993	340,182
OP Units redeemed for cash (in shares)	4,500	0	0
Cash paid for OP Units redeemed	$ 788	$ 0	$ 0
OP Units issued in conjunction with acquisitions (in shares)	897,803	0	0
Value of OP Units issued in conjunction with acquisitions	$ 188,319	$ 0	$ 0
OP Units issued upon redemption of Series C Units (in shares)	0	0	270,709

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2019USD ($)store	Jun. 30, 2019USD ($)store	Dec. 31, 2021USD ($)extension_optionlease	Dec. 31, 2020USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease liabilities			$ 233,356	$ 263,485
Operating lease right-of-use assets			$ 227,949	$ 252,172
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Real Estate Investment Property, Net	Real Estate Investment Property, Net
Finance Lease, Liability, Statement of Financial Position [Extensible List]			Other liabilities	Other liabilities
Noncash acquisition, finance lease liability			$ 26,998	$ 41,491
Noncash acquisition, finance lease liability, completion of construction			$ 40,916
Number of stores added under operating lease | store	5	22
Operating lease, term			25 years
Operating lease, termination option, term			10 years
increase in right-of-use assets under new operating leases	$ 52,224	$ 127,532
Store Lease
Lessee, Lease, Description [Line Items]
Number of leases | lease			58
Store Lease | Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term			10 years
Operating and finance lease, extension term			5 years
Store Lease | Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, original lease term			99 years
Operating and finance lease, extension term			35 years
Corporate Office And Call Center Lease | Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term			5 years 4 months
Corporate Office And Call Center Lease | Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term			14 years
Regional Office Lease
Lessee, Lease, Description [Line Items]
Number of leases | lease			14
Operating lease, renewal term			3 years
Regional Office Lease | Minimum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term			3 years
Regional Office Lease | Maximum
Lessee, Lease, Description [Line Items]
Operating lease, original lease term			5 years
District Office Lease
Lessee, Lease, Description [Line Items]
Operating lease, original lease term			12 months
California Store Lease
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term			15 years
California Store Lease | Lease Option One
Lessee, Lease, Description [Line Items]
Lease not yet commenced, number of extension options | extension_option			3
Lease not yet commenced, term of extension options			10 years
California Store Lease | Lease Option Two
Lessee, Lease, Description [Line Items]
Lease not yet commenced, number of extension options | extension_option			1
Lease not yet commenced, term of extension options			5 years
ASU 2016-02
Lessee, Lease, Description [Line Items]
Operating lease liabilities					$ 95,506
Operating lease right-of-use assets					$ 104,863

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost:
Amortization of finance lease right-of-use assets	$ 3,049	$ 400
Interest expense related to finance lease liabilities	2,812	712
Operating lease cost	29,258	28,709
Variable lease cost	8,100	9,056
Short-term lease cost	51	80
Total lease cost	43,270	38,957
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows for finance lease payments	2,812	712
Operating cash outflows for operating lease payments	23,961	25,037
Total cash flows for lease liability measurement	26,773	25,749
Right-of-use assets obtained in exchange for new operating lease liabilities	6,655	8,014	$ 277,557
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 67,992	$ 50,096
Weighted average remaining lease term - finance leases (years)	54 years 11 months 19 days	78 years 5 months 23 days
Weighted average remaining lease term - operating leases (years)	21 years 3 months	13 years 11 months 26 days
Weighted average discount rate - finance leases	3.18%	3.47%
Weighted average discount rate - operating leases	3.63%	3.66%

Leases - Undiscounted Cash Flow

Leases - Undiscounted Cash Flows on an Annual Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating
2022	$ 27,641
2023	27,719
2024	27,973
2025	28,148
2026	28,451
Thereafter	166,931
Total	306,863
Present value adjustments	(73,507)
Lease liabilities	233,356	$ 263,485
Finance
2022	4,214
2023	5,679
2024	5,788
2025	5,793
2026	5,912
Thereafter	312,022
Total	339,408
Present value adjustments	(214,871)
Lease liabilities	124,537
Total
2022	31,855
2023	33,398
2024	33,761
2025	33,941
2026	34,363
Thereafter	478,953
Total	646,271
Present value adjustments	(288,378)
Lease liabilities	$ 357,893

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under plans (in shares)	1,051,208
Intrinsic value of options exercised	$ 3,925	$ 10,016	$ 18,089
Options granted (in shares)	0	0	0
Weighted average forfeiture rate	4.60%
Net proceeds from exercise of stock options	$ 4,572	$ 4,759	$ 3,063
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Compensation cost	$ 0	27	364
Net proceeds from exercise of stock options	4,572	4,759	3,063
Unrecognized compensation cost	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Weighted average forfeiture rate	10.00%
Compensation cost	$ 9,260	9,244	9,173
Unrecognized compensation cost	$ 13,843
Unrecognized compensation cost, period of recognition	2 years 1 month 24 days
Performance-Based Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Compensation cost	$ 8,043	7,048	3,514
Unrecognized compensation cost	$ 8,859	$ 6,406	$ 4,315
Unrecognized compensation cost, period of recognition	3 years	3 years	3 years
Performance component weight percentage	50.00%
Minimum shares issued for each PSU (in shares)	0
Maximum shares issued for each PSU (in shares)	2
Dividend yield	0.00%	0.00%	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock option activity
Balance at the beginning of the period (in shares)	71,594	206,524	417,581
Exercised (in shares)	(62,322)	(134,930)	(211,057)
Balance at the end of the period (in shares)	9,272	71,594	206,524
Vested and Expected to Vest (in shares)	9,272
Exercisable at the end of the period (in shares)	9,272
Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 74.54	$ 48.88	$ 31.58
Exercised (in dollars per share)	73.36	35.26	14.65
Balance at the end of the period (in dollars per share)	82.47	$ 74.54	$ 48.88
Vested and Expected to Vest (in dollars per share)	82.47
Exercisable at the end of the period (in dollars per share)	$ 82.47
Weighted average remaining contractual life
Outstanding at the beginning of period	3 years 11 months 23 days
Vested	3 years 11 months 23 days
Exercisable at the end of period	3 years 11 months 23 days
Aggregate intrinsic value
Outstanding at the end of the period	$ 1,338
Vested	1,338
Exercisable at the end of the period	$ 1,338

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
$65.36 - $65.36
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	$ 65.36
Exercise price range, upper limit (in dollars per share)	$ 65.36
Options outstanding (in shares) | shares	1,582
Options outstanding, weighted average remaining contractual life	3 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 65.36
Options exercisable (in shares) | shares	1,582
Options exercisable, weighted average exercise price (in dollars per share)	$ 65.36
$85.99 - $85.99
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower limit (in dollars per share)	85.99
Exercise price range, upper limit (in dollars per share)	$ 85.99
Options outstanding (in shares) | shares	7,690
Options outstanding, weighted average remaining contractual life	4 years 1 month 24 days
Weighted average exercise price (in dollars per share)	$ 85.99
Options exercisable (in shares) | shares	7,690
Options exercisable, weighted average exercise price (in dollars per share)	$ 85.99

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Employee and Director Share Grant Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Grants
Balance at the beginning of the period (in shares)	209,032	212,608	223,114
Granted (in shares)	99,802	95,671	109,081
Released (in shares)	(96,248)	(94,164)	(110,724)
Cancelled (in shares)	(12,808)	(5,083)	(8,863)
Balance at the end of the period (in shares)	199,778	209,032	212,608
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 95.86	$ 91.62	$ 80.02
Granted (in dollars per share)	132.75	98.81	101.52
Released (in dollars per share)	91.65	89.43	79.58
Cancelled (in dollars per share)	113.89	93.16	90.11
Balance at the end of the period (in dollars per share)	$ 115.16	$ 95.86	$ 91.62

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of PSU Activity (Details) - Performance-Based Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Units
Balance at the beginning of the period (in shares)	123,311	108,140	58,806
Granted (in shares)	40,832	45,242	49,334
Released (in shares)	(28,735)	(30,071)
Balance at the end of the period (in shares)	135,408	123,311	108,140
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 104.25	$ 95.94	$ 89.87
Granted (in dollars per share)	138.04	129.38	103.18
Released (in dollars per share)	117.19	112.16
Balance at the end of the period (in dollars per share)	$ 111.69	$ 104.25	$ 95.94

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Awards (Details) - Performance-Based Stock Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value	$ 30,701	$ 12,266	$ 6,211
Risk-free rate	0.22%	1.42%	2.53%
Volatility	28.50%	18.40%	20.70%
Expected term	2 years 10 months 24 days	2 years 10 months 24 days	2 years 9 months 18 days
Dividend yield	0.00%	0.00%	0.00%
Unrecognized compensation cost	$ 8,859	$ 6,406	$ 4,315
Term over which compensation cost recognized (in years)	3 years	3 years	3 years

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Employee contribution to retirement saving plan as a percentage of annual salary, maximum	60.00%
Matching contributions made by the entity during the period	$ 4,239	$ 3,980	$ 3,355
Percentage of company's matching contributions of first 3 percent of employee's compensation	100.00%
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company	3.00%
Maximum percentage of the company's matching contributions of next 2 percent of employee's compensation	50.00%
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company	2.00%

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal
Current expense, federal	$ 21,017	$ 15,553	$ 10,164
Tax credits/true-up, federal	(4,979)	(5,610)	(3,633)
Change in deferred expense/(benefit), federal	818	594	1,787
Income tax expense, federal	16,856	10,537	8,318
State
Current expense, state	3,520	3,347	2,936
Tax credits/true-up, state	(138)	(135)	(30)
Change in deferred expense/(benefit), state	86	61	84
Income tax expense, state	3,468	3,273	2,990
Current expense, total	24,537	18,900	13,100
Tax credits/true-up, total	(5,117)	(5,745)	(3,663)
Change in deferred expense/(benefit), total	904	655	1,871
Total provision	$ 20,324	$ 13,810	$ 11,308

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax at statutory rate	$ 188,600	$ 111,760	$ 97,110
Non-taxable REIT income	(166,137)	(94,270)	(82,717)
State and local tax expense - net of federal benefit	3,259	3,075	2,837
Change in valuation allowance	(1,061)	(363)	(207)
Tax credits/true-up	(5,117)	(5,745)	(3,663)
Miscellaneous	780	(647)	(2,052)
Total provision	$ 20,324	$ 13,810	$ 11,308
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Expected tax at statutory rate	21.00%	21.00%	21.00%
Non-taxable REIT income	(18.50%)	(17.70%)	(17.90%)
State and local tax expense - net of federal benefit	0.40%	0.60%	0.60%
Change in valuation allowance	(0.10%)	(0.10%)	0.00%
Tax credits/true-up	(0.60%)	(1.10%)	(0.80%)
Miscellaneous	0.10%	(0.10%)	(0.40%)
Total provision	2.30%	2.60%	2.50%

Income Taxes - Sources of Tempo

Income Taxes - Sources of Temporary Differences (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Fixed assets	$ (30,499)	$ (27,374)
Operating and Finance lease right-of-use assets	(6,016)	(2,223)
Other	(61)	(72)
State deferred taxes	(3,842)	(3,210)
Total deferred tax liabilities	(40,418)	(32,879)
Deferred tax assets:
Captive insurance subsidiary	396	378
Accrued liabilities	2,383	2,325
Stock compensation	3,076	2,635
Operating and Finance lease liabilities	7,936	2,232
SmartStop TRS	0	219
Other	916	1,554
State deferred taxes	6,548	6,725
Total deferred tax assets	21,255	16,068
Valuation allowance	(2,241)	(3,302)
Net deferred income tax liabilities	$ (21,404)	$ (20,113)

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 1,577,362	$ 1,356,212	$ 1,308,454
Operating expenses	742,169	708,147	674,701
Net operating income	975,953	666,140	634,958
Property management fees and other income	66,264	52,129	49,890
General and administrative expense	(102,194)	(96,594)	(89,418)
Depreciation and amortization expense	(241,879)	(224,444)	(219,857)
Gain on real estate transactions	140,760	18,075	1,205
Interest expense	(166,183)	(168,626)	(186,526)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	0	(3,675)	(4,742)
Interest income	49,703	15,192	7,467
Equity in earnings and dividend income from unconsolidated real estate entities	32,358	22,361	11,274
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest	6,251	0	0
Income tax expense	(20,324)	(13,810)	(11,308)
Net income	877,758	517,582	451,123
Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,511,098	1,304,083	1,258,564
Operating expenses	398,096	387,109	365,426
Net operating income	1,113,002	916,974	893,138
Operating Segments | Self-Storage Operations
Segment Reporting Information [Line Items]
Revenues	1,340,990	1,157,522	1,130,177
Operating expenses	368,608	360,615	336,050
Net operating income	972,382	796,907	794,127
Operating Segments | Tenant Reinsurance
Segment Reporting Information [Line Items]
Revenues	170,108	146,561	128,387
Operating expenses	29,488	26,494	29,376
Net operating income	$ 140,620	$ 120,067	$ 99,011

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2021USD ($)store
Commitment to acquire stores, 2022
Other Commitments [Line Items]
Number of properties to be acquired | store	9
Other commitment | $	$ 136,491
Commitment to acquire stores with joint venture partners
Other Commitments [Line Items]
Number of properties to be acquired | store	3
Other commitment | $	$ 5,850

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Property Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)store
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	985
Debt	$ 1,323,509
Land Initial Cost	2,150,637
Building and Improvements Initial Cost	7,437,285
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,114,477
Gross carrying amount - Land	2,151,319
Gross carrying amount - Building and improvements	8,551,080
Gross carrying amount - Total	10,702,399
Accumulated Depreciation	$ 1,867,750
Self storage facilities | AL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	8
Debt	$ 5,261
Land Initial Cost	11,021
Building and Improvements Initial Cost	62,772
Adjustments and Costs to Land and Building Subsequent to Acquisition	3,712
Gross carrying amount - Land	11,021
Gross carrying amount - Building and improvements	66,484
Gross carrying amount - Total	77,505
Accumulated Depreciation	$ 10,573
Self storage facilities | AZ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	23
Debt	$ 22,469
Land Initial Cost	27,535
Building and Improvements Initial Cost	117,304
Adjustments and Costs to Land and Building Subsequent to Acquisition	11,820
Gross carrying amount - Land	27,533
Gross carrying amount - Building and improvements	129,126
Gross carrying amount - Total	156,659
Accumulated Depreciation	$ 31,818
Self storage facilities | CA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	173
Debt	$ 369,493
Land Initial Cost	646,278
Building and Improvements Initial Cost	1,365,639
Adjustments and Costs to Land and Building Subsequent to Acquisition	160,072
Gross carrying amount - Land	646,728
Gross carrying amount - Building and improvements	1,525,261
Gross carrying amount - Total	2,171,989
Accumulated Depreciation	$ 333,516
Self storage facilities | CO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	17
Debt	$ 28,776
Land Initial Cost	17,224
Building and Improvements Initial Cost	81,144
Adjustments and Costs to Land and Building Subsequent to Acquisition	17,834
Gross carrying amount - Land	17,942
Gross carrying amount - Building and improvements	98,260
Gross carrying amount - Total	116,202
Accumulated Depreciation	$ 25,649
Self storage facilities | CT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	6
Debt	$ 6,811
Land Initial Cost	8,598
Building and Improvements Initial Cost	46,974
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,211
Gross carrying amount - Land	8,598
Gross carrying amount - Building and improvements	52,185
Gross carrying amount - Total	60,783
Accumulated Depreciation	$ 11,055
Self storage facilities | FL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	105
Debt	$ 173,529
Land Initial Cost	186,083
Building and Improvements Initial Cost	799,941
Adjustments and Costs to Land and Building Subsequent to Acquisition	63,289
Gross carrying amount - Land	186,209
Gross carrying amount - Building and improvements	863,104
Gross carrying amount - Total	1,049,313
Accumulated Depreciation	$ 163,231
Self storage facilities | GA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	71
Debt	$ 68,819
Land Initial Cost	98,519
Building and Improvements Initial Cost	529,048
Adjustments and Costs to Land and Building Subsequent to Acquisition	37,329
Gross carrying amount - Land	98,503
Gross carrying amount - Building and improvements	566,393
Gross carrying amount - Total	664,896
Accumulated Depreciation	$ 86,525
Self storage facilities | HI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	13
Debt	$ 0
Land Initial Cost	17,663
Building and Improvements Initial Cost	133,870
Adjustments and Costs to Land and Building Subsequent to Acquisition	12,984
Gross carrying amount - Land	17,663
Gross carrying amount - Building and improvements	146,854
Gross carrying amount - Total	164,517
Accumulated Depreciation	$ 33,733
Self storage facilities | IL
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	37
Debt	$ 23,283
Land Initial Cost	49,304
Building and Improvements Initial Cost	247,958
Adjustments and Costs to Land and Building Subsequent to Acquisition	34,806
Gross carrying amount - Land	48,757
Gross carrying amount - Building and improvements	283,311
Gross carrying amount - Total	332,068
Accumulated Depreciation	$ 52,591
Self storage facilities | IN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	14
Debt	$ 0
Land Initial Cost	12,652
Building and Improvements Initial Cost	60,605
Adjustments and Costs to Land and Building Subsequent to Acquisition	7,255
Gross carrying amount - Land	12,652
Gross carrying amount - Building and improvements	67,860
Gross carrying amount - Total	80,512
Accumulated Depreciation	$ 14,639
Self storage facilities | KS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	1
Debt	$ 0
Land Initial Cost	366
Building and Improvements Initial Cost	1,897
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,102
Gross carrying amount - Land	366
Gross carrying amount - Building and improvements	2,999
Gross carrying amount - Total	3,365
Accumulated Depreciation	$ 1,326
Self storage facilities | KY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	10
Debt	$ 30,996
Land Initial Cost	5,670
Building and Improvements Initial Cost	60,442
Adjustments and Costs to Land and Building Subsequent to Acquisition	18,768
Gross carrying amount - Land	6,442
Gross carrying amount - Building and improvements	78,438
Gross carrying amount - Total	84,880
Accumulated Depreciation	$ 16,198
Self storage facilities | LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	4
Debt	$ 0
Land Initial Cost	9,105
Building and Improvements Initial Cost	34,923
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,082
Gross carrying amount - Land	9,106
Gross carrying amount - Building and improvements	40,004
Gross carrying amount - Total	49,110
Accumulated Depreciation	$ 5,130
Self storage facilities | MA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	46
Debt	$ 32,251
Land Initial Cost	73,544
Building and Improvements Initial Cost	270,243
Adjustments and Costs to Land and Building Subsequent to Acquisition	57,334
Gross carrying amount - Land	73,725
Gross carrying amount - Building and improvements	327,396
Gross carrying amount - Total	401,121
Accumulated Depreciation	$ 100,242
Self storage facilities | MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	34
Debt	$ 76,478
Land Initial Cost	104,486
Building and Improvements Initial Cost	327,904
Adjustments and Costs to Land and Building Subsequent to Acquisition	30,986
Gross carrying amount - Land	103,894
Gross carrying amount - Building and improvements	359,482
Gross carrying amount - Total	463,376
Accumulated Depreciation	$ 88,599
Self storage facilities | MI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	8
Debt	$ 5,588
Land Initial Cost	10,900
Building and Improvements Initial Cost	63,388
Adjustments and Costs to Land and Building Subsequent to Acquisition	4,594
Gross carrying amount - Land	10,900
Gross carrying amount - Building and improvements	67,982
Gross carrying amount - Total	78,882
Accumulated Depreciation	$ 9,011
Self storage facilities | MN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	7
Debt	$ 0
Land Initial Cost	9,696
Building and Improvements Initial Cost	74,960
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,095
Gross carrying amount - Land	9,696
Gross carrying amount - Building and improvements	81,055
Gross carrying amount - Total	90,751
Accumulated Depreciation	$ 5,613
Self storage facilities | MO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	4
Debt	$ 0
Land Initial Cost	3,517
Building and Improvements Initial Cost	13,674
Adjustments and Costs to Land and Building Subsequent to Acquisition	3,374
Gross carrying amount - Land	3,474
Gross carrying amount - Building and improvements	17,091
Gross carrying amount - Total	20,565
Accumulated Depreciation	$ 7,292
Self storage facilities | MS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	3
Debt	$ 0
Land Initial Cost	2,914
Building and Improvements Initial Cost	29,630
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,298
Gross carrying amount - Land	2,914
Gross carrying amount - Building and improvements	30,928
Gross carrying amount - Total	33,842
Accumulated Depreciation	$ 3,244
Self storage facilities | NC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	23
Debt	$ 6,684
Land Initial Cost	38,463
Building and Improvements Initial Cost	150,475
Adjustments and Costs to Land and Building Subsequent to Acquisition	10,399
Gross carrying amount - Land	38,461
Gross carrying amount - Building and improvements	160,876
Gross carrying amount - Total	199,337
Accumulated Depreciation	$ 18,159
Self storage facilities | NH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	2
Debt	$ 0
Land Initial Cost	754
Building and Improvements Initial Cost	4,054
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,353
Gross carrying amount - Land	817
Gross carrying amount - Building and improvements	5,344
Gross carrying amount - Total	6,161
Accumulated Depreciation	$ 2,716
Self storage facilities | NJ
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	62
Debt	$ 106,726
Land Initial Cost	138,417
Building and Improvements Initial Cost	605,834
Adjustments and Costs to Land and Building Subsequent to Acquisition	51,542
Gross carrying amount - Land	141,643
Gross carrying amount - Building and improvements	654,150
Gross carrying amount - Total	795,793
Accumulated Depreciation	$ 164,838
Self storage facilities | NM
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	10
Debt	$ 17,085
Land Initial Cost	30,806
Building and Improvements Initial Cost	63,495
Adjustments and Costs to Land and Building Subsequent to Acquisition	5,105
Gross carrying amount - Land	30,806
Gross carrying amount - Building and improvements	68,600
Gross carrying amount - Total	99,406
Accumulated Depreciation	$ 12,628
Self storage facilities | NV
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	14
Debt	$ 29,942
Land Initial Cost	15,252
Building and Improvements Initial Cost	74,376
Adjustments and Costs to Land and Building Subsequent to Acquisition	6,379
Gross carrying amount - Land	15,252
Gross carrying amount - Building and improvements	80,755
Gross carrying amount - Total	96,007
Accumulated Depreciation	$ 14,958
Self storage facilities | NY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	28
Debt	$ 13,886
Land Initial Cost	121,945
Building and Improvements Initial Cost	237,795
Adjustments and Costs to Land and Building Subsequent to Acquisition	41,749
Gross carrying amount - Land	122,680
Gross carrying amount - Building and improvements	278,809
Gross carrying amount - Total	401,489
Accumulated Depreciation	$ 76,295
Self storage facilities | OH
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	16
Debt	$ 11,651
Land Initial Cost	17,568
Building and Improvements Initial Cost	49,287
Adjustments and Costs to Land and Building Subsequent to Acquisition	9,036
Gross carrying amount - Land	17,567
Gross carrying amount - Building and improvements	58,324
Gross carrying amount - Total	75,891
Accumulated Depreciation	$ 16,292
Self storage facilities | OR
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	8
Debt	$ 16,804
Land Initial Cost	15,066
Building and Improvements Initial Cost	68,044
Adjustments and Costs to Land and Building Subsequent to Acquisition	2,268
Gross carrying amount - Land	15,066
Gross carrying amount - Building and improvements	70,312
Gross carrying amount - Total	85,378
Accumulated Depreciation	$ 10,284
Self storage facilities | PA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	21
Debt	$ 8,673
Land Initial Cost	35,104
Building and Improvements Initial Cost	190,966
Adjustments and Costs to Land and Building Subsequent to Acquisition	14,639
Gross carrying amount - Land	34,396
Gross carrying amount - Building and improvements	206,313
Gross carrying amount - Total	240,709
Accumulated Depreciation	$ 34,860
Self storage facilities | RI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	2
Debt	$ 3,952
Land Initial Cost	3,191
Building and Improvements Initial Cost	6,926
Adjustments and Costs to Land and Building Subsequent to Acquisition	1,369
Gross carrying amount - Land	3,191
Gross carrying amount - Building and improvements	8,295
Gross carrying amount - Total	11,486
Accumulated Depreciation	$ 3,473
Self storage facilities | SC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	23
Debt	$ 25,008
Land Initial Cost	36,617
Building and Improvements Initial Cost	148,900
Adjustments and Costs to Land and Building Subsequent to Acquisition	10,789
Gross carrying amount - Land	36,618
Gross carrying amount - Building and improvements	159,688
Gross carrying amount - Total	196,306
Accumulated Depreciation	$ 29,256
Self storage facilities | TN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	21
Debt	$ 42,375
Land Initial Cost	34,740
Building and Improvements Initial Cost	138,399
Adjustments and Costs to Land and Building Subsequent to Acquisition	11,557
Gross carrying amount - Land	34,740
Gross carrying amount - Building and improvements	149,956
Gross carrying amount - Total	184,696
Accumulated Depreciation	$ 25,607
Self storage facilities | TX
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	101
Debt	$ 116,803
Land Initial Cost	173,040
Building and Improvements Initial Cost	635,935
Adjustments and Costs to Land and Building Subsequent to Acquisition	67,710
Gross carrying amount - Land	172,892
Gross carrying amount - Building and improvements	703,793
Gross carrying amount - Total	876,685
Accumulated Depreciation	$ 143,451
Self storage facilities | UT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	10
Debt	$ 14,316
Land Initial Cost	9,008
Building and Improvements Initial Cost	39,295
Adjustments and Costs to Land and Building Subsequent to Acquisition	3,072
Gross carrying amount - Land	9,008
Gross carrying amount - Building and improvements	42,367
Gross carrying amount - Total	51,375
Accumulated Depreciation	$ 12,587
Self storage facilities | VA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	50
Debt	$ 52,508
Land Initial Cost	150,324
Building and Improvements Initial Cost	470,969
Adjustments and Costs to Land and Building Subsequent to Acquisition	27,164
Gross carrying amount - Land	150,325
Gross carrying amount - Building and improvements	498,132
Gross carrying amount - Total	648,457
Accumulated Depreciation	$ 93,787
Self storage facilities | DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	9
Debt	$ 5,167
Land Initial Cost	13,762
Building and Improvements Initial Cost	60,926
Adjustments and Costs to Land and Building Subsequent to Acquisition	11,618
Gross carrying amount - Land	13,764
Gross carrying amount - Building and improvements	72,542
Gross carrying amount - Total	86,306
Accumulated Depreciation	$ 14,437
Self storage facilities | DC
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Store Count | store	1
Debt	$ 8,175
Land Initial Cost	14,394
Building and Improvements Initial Cost	18,172
Adjustments and Costs to Land and Building Subsequent to Acquisition	507
Gross carrying amount - Land	14,394
Gross carrying amount - Building and improvements	18,679
Gross carrying amount - Total	33,073
Accumulated Depreciation	2,865
Other corporate assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	1,323
Adjustments and Costs to Land and Building Subsequent to Acquisition	181,117
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	182,440
Gross carrying amount - Total	182,440
Accumulated Depreciation	57,041
Intangible tenant relationships and lease rights
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	147,020
Adjustments and Costs to Land and Building Subsequent to Acquisition	0
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	147,020
Gross carrying amount - Total	147,020
Accumulated Depreciation	130,561
Construction in Progress/Undeveloped Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	7,111
Building and Improvements Initial Cost	2,778
Adjustments and Costs to Land and Building Subsequent to Acquisition	56,441
Gross carrying amount - Land	3,576
Gross carrying amount - Building and improvements	62,754
Gross carrying amount - Total	66,330
Accumulated Depreciation	621
Right of use asset - finance lease
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Debt	0
Land Initial Cost	0
Building and Improvements Initial Cost	0
Adjustments and Costs to Land and Building Subsequent to Acquisition	117,718
Gross carrying amount - Land	0
Gross carrying amount - Building and improvements	117,718
Gross carrying amount - Total	117,718
Accumulated Depreciation	$ 3,049

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Activity in Real Estate Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real estate, gross:
Balance at end of year	$ 10,702,399
Accumulated depreciation:
Balance at end of year	1,867,750
Net real estate assets:
Net non-lease real estate assets	8,834,649	$ 7,893,802	$ 7,696,864
Aggregate cost of real estate for U.S. federal income tax purposes	8,865,491
Operating facilities
Real estate, gross:
Balance at beginning of year	9,507,788	9,129,558	8,709,315
Acquisitions	1,500,703	255,235	303,588
Improvements	80,131	66,693	68,459
Transfers from construction in progress (to operating facilities)	62,462	40,988	59,614
Dispositions and other	(507,362)	15,314	(11,418)
Balance at end of year	10,643,722	9,507,788	9,129,558
Accumulated depreciation:
Balance at beginning of year	1,681,429	1,473,851	1,262,438
Depreciation expense	230,445	217,364	212,202
Dispositions and other	(43,553)	(9,786)	(789)
Balance at end of year	1,868,321	1,681,429	1,473,851
Real estate under development/redevelopment
Real estate, gross:
Balance at beginning of year	67,443	41,157	44,954
Current development	54,267	67,274	55,817
Transfers from construction in progress (to operating facilities)	(62,462)	(40,988)	(59,614)
Dispositions and other	0	0	0
Balance at end of year	59,248	$ 67,443	$ 41,157
Right of use asset - finance lease
Real estate, gross:
Balance at end of year	117,718
Accumulated depreciation:
Balance at end of year	$ 3,049