Public Storage (PSA) 10-K 29 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 24, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Public Storage
Entity Central Index Key	1,393,311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		173,269,371
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 27,061,855,000

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 104,285	$ 187,712
Real estate facilities, at cost:
Land	3,564,810	3,476,883
Buildings	9,640,451	9,386,352
Real estate facilities, gross	13,205,261	12,863,235
Accumulated depreciation	(4,866,738)	(4,482,520)
Real estate facilities, net	8,338,523	8,380,715
Construction in process	219,190	104,573
Total real estate facilities	8,557,713	8,485,288
Investments in unconsolidated real estate entities	809,308	813,740
Goodwill and other intangible assets, net	211,458	228,632
Other assets	95,468	103,304
Total assets	9,778,232	9,818,676
LIABILITIES AND EQUITY
Senior unsecured notes	263,940
Mortgage notes	55,076	64,364
Accrued and other liabilities	261,578	247,141
Total liabilities	$ 580,594	$ 311,505
Commitments and contingencies (Note 12)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 162,200 shares issued (in series) and outstanding, (173,000 at December 31, 2014), at liquidation preference	$ 4,055,000	$ 4,325,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 172,921,241 shares issued and outstanding (172,445,554 shares at December 31, 2014)	17,293	17,245
Paid-in capital	5,601,506	5,561,530
Accumulated deficit	(434,610)	(374,823)
Accumulated other comprehensive loss	(68,548)	(48,156)
Total Public Storage shareholders’ equity	9,170,641	9,480,796
Noncontrolling interests	26,997	26,375
Total equity	9,197,638	9,507,171
Total liabilities and equity	$ 9,778,232	$ 9,818,676

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Cumulative Preferred Shares Of Beneficial Interest
Par value	$ 0.01	$ 0.01
Shares authorized	100,000,000	100,000,000
Shares issued (in series)	162,200	173,000
Shares outstanding	162,200	173,000
Common Shares Of Beneficial Interest
Par value	$ 0.10	$ 0.10
Shares authorized	650,000,000	650,000,000
Shares issued	172,921,241	172,445,554
Shares outstanding	172,921,241	172,445,554

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Self-storage facilities	$ 2,235,525	$ 2,049,882	$ 1,849,883
Ancillary operations	146,171	127,414	115,059
Total revenues	2,381,696	2,177,296	1,964,942
Expenses:
Self-storage cost of operations	586,696	566,898	524,086
Ancillary cost of operations	48,806	46,426	35,673
Depreciation and amortization	426,008	437,114	387,402
General and administrative	88,177	71,459	66,679
Operating expenses	1,149,687	1,121,897	1,013,840
Operating income	1,232,009	1,055,399	951,102
Interest and other income	16,544	17,638	33,979
Interest expense	(610)	(6,781)	(6,444)
Equity in earnings of unconsolidated real estate entities	50,937	88,267	57,579
Foreign currency exchange gain (loss)	306	(7,047)	17,082
Gain on real estate sales	18,503	2,479	4,233
Net income	1,317,689	1,149,955	1,057,531
Allocation to noncontrolling interests	(6,445)	(5,751)	(5,078)
Net income allocable to Public Storage shareholders	1,311,244	1,144,204	1,052,453
Allocation of net income to:
Preferred shareholders	(245,097)	(232,636)	(204,312)
Preferred shareholders - redemptions (Note 8)	(8,897)
Restricted share units	(4,200)	(3,392)	(3,410)
Net income allocable to common shareholders	$ 1,053,050	$ 908,176	$ 844,731
Net income per common share:
Basic	$ 6.10	$ 5.27	$ 4.92
Diluted	$ 6.07	$ 5.25	$ 4.89
Basic weighted average common shares outstanding	172,699	172,251	171,640
Diluted weighted average common shares outstanding	173,510	173,138	172,688
Cash dividends declared per common share	$ 6.50	$ 5.60	$ 5.15

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Comprehensive Income [Abstract]
Net income	$ 1,317,689	$ 1,149,955	$ 1,057,531
Other comprehensive income (loss):
Aggregate foreign currency exchange (loss) gain	(20,086)	(54,703)	17,587
Adjust for foreign currency exchange (gain) loss included in net income	(306)	7,047	(17,082)
Other comprehensive (loss) gain	(20,392)	(47,656)	505
Total comprehensive income	1,297,297	1,102,299	1,058,036
Allocation to noncontrolling interests	(6,445)	(5,751)	(5,078)
Comprehensive income allocable to Public Storage shareholders	$ 1,290,852	$ 1,096,548	$ 1,052,958

Statements Of Equity

Statements Of Equity - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 2012	$ 2,837,500	$ 17,139	$ 5,519,596	$ (279,474)	$ (1,005)	$ 8,093,756	$ 29,108	$ 8,122,864
Issuance of preferred shares (Note 8)	725,000		(23,313)			701,687		701,687
Issuance of common shares in connection with share-based compensation (Note 10)		39	21,072			21,111		21,111
Cash paid in lieu of common shares, net of share-based compensation expense (Note 10)			19,320			19,320		19,320
Acquisition of noncontrolling interests			(5,641)			(5,641)	(607)	(6,248)
Net income				1,057,531		1,057,531		1,057,531
Net income allocated to noncontrolling interests				(5,078)		(5,078)	5,078	(5,078)
Distributions to equity holders:
Preferred shares (Note 8)				(204,312)		(204,312)		(204,312)
Noncontrolling interests							(6,454)	(6,454)
Common shares and restricted share units				(887,149)		(887,149)		(887,149)
Other comprehensive income (loss) (Note 2)					505	505		505
Balances at Dec. 31, 2013	3,562,500	17,178	5,531,034	(318,482)	(500)	8,791,730	27,125	8,818,855
Issuance of preferred shares (Note 8)	762,500		(23,546)			738,954		738,954
Issuance of common shares in connection with share-based compensation (Note 10)		67	37,805			37,872		37,872
Cash paid in lieu of common shares, net of share-based compensation expense (Note 10)			16,926			16,926		16,926
Acquisition of noncontrolling interests			(689)			(689)	(32)	(721)
Net income				1,149,955		1,149,955		1,149,955
Net income allocated to noncontrolling interests				(5,751)		(5,751)	5,751	(5,751)
Distributions to equity holders:
Preferred shares (Note 8)				(232,636)		(232,636)		(232,636)
Noncontrolling interests							(6,469)	(6,469)
Common shares and restricted share units				(967,909)		(967,909)		(967,909)
Other comprehensive income (loss) (Note 2)					(47,656)	(47,656)		(47,656)
Balances at Dec. 31, 2014	4,325,000	17,245	5,561,530	(374,823)	(48,156)	9,480,796	26,375	9,507,171
Redemption of preferred shares (Note 8)	(270,000)					(270,000)		(270,000)
Issuance of common shares in connection with share-based compensation (Note 10)		48	29,615			29,663		29,663
Cash paid in lieu of common shares, net of share-based compensation expense (Note 10)			(15,793)			(15,793)		(15,793)
Acquisition of noncontrolling interests			(5,432)			(5,432)	(60)	(5,492)
Contributions by noncontrolling interests							(1,562)	(1,562)
Net income				1,317,689		1,317,689		1,317,689
Net income allocated to noncontrolling interests				(6,445)		(6,445)	6,445	(6,445)
Distributions to equity holders:
Preferred shares (Note 8)				(245,097)		(245,097)		(245,097)
Noncontrolling interests							(7,325)	(7,325)
Common shares and restricted share units				(1,125,934)		(1,125,934)		(1,125,934)
Other comprehensive income (loss) (Note 2)					(20,392)	(20,392)		(20,392)
Balances at Dec. 31, 2015	$ 4,055,000	$ 17,293	$ 5,601,506	$ (434,610)	$ (68,548)	$ 9,170,641	$ 26,997	$ 9,197,638

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Statements Of Equity [Abstract]
Redemption of preferred shares, shares	10,800
Issuance of common shares in connection with share-based compensation, shares	475,687
Common shares, per share distribution | $ / shares	$ 6.50

Statements Of Cash Flows

Statements Of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net income	$ 1,317,689	$ 1,149,955	$ 1,057,531
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate sales	(18,503)	(2,479)	(4,233)
Depreciation and amortization	426,008	437,114	387,402
Distributions received from unconsolidated real estate entities less than equity in earnings	(15,242)	(4,809)	(11,709)
Foreign currency exchange (gain) loss	(306)	7,047	(17,082)
Other	22,955	5,265	18,430
Total adjustments	414,912	442,138	372,808
Net cash provided by operating activities	1,732,601	1,592,093	1,430,339
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(65,594)	(80,962)	(69,391)
Construction in process	(228,478)	(141,569)	(90,517)
Acquisition of real estate facilities and intangible assets	$ (177,076)	$ (410,210)	(1,150,943)
Investments in unconsolidated real estate entities			(105,040)
Proceeds from sales of real estate facilities	$ 15,013	$ 17,246	257
Disposition of portion of loan receivable from Shurgard Europe		216,217
Repayments of loans receivable from Shurgard Europe		204,947
Other	16,030	(4,000)	3,241
Net cash used in investing activities	(440,105)	(198,331)	(1,412,393)
Cash flows from financing activities:
Repayments on bank credit facility		(50,100)	(82,900)
Repayments on term loan		(700,000)	700,000
Repayments on notes payable	(17,237)	(44,406)	(251,895)
Issuance of senior unsecured notes	264,255
Issuance of preferred shares		738,954	701,687
Issuance of common shares	29,663	37,872	21,111
Redemption of preferred shares	(270,000)
Acquisition of noncontrolling interests	(5,492)	(721)	(6,248)
Contributions by noncontrolling interests	1,562
Distributions paid to Public Storage shareholders	(1,371,031)	(1,200,545)	(1,091,461)
Distributions paid to noncontrolling interests	(7,325)	(6,469)	(6,454)
Net cash used in financing activities	(1,375,605)	(1,225,415)	(16,160)
Net (decrease) increase in cash and cash equivalents	(83,109)	168,347	1,786
Net effect of foreign exchange translation on cash and cash equivalents	(318)	196	144
Cash and cash equivalents at the beginning of the period	187,712	19,169	17,239
Cash and cash equivalents at the end of the period	104,285	187,712	19,169
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	500	673	(254)
Investments in unconsolidated real estate entities	19,583	47,251	(45)
Senior unsecured notes	(315)
Loan receivable from Shurgard Europe		6,975	(17,144)
Accumulated other comprehensive loss	(20,086)	(54,703)	17,587
Real estate acquired in exchange for assumption of note payable	(8,311)	(20,460)	(6,071)
Note payable assumed in connection with acquisition of real estate	8,311	20,460	6,071
Accrued construction costs and capital expenditures:
Capital expenditures to maintain real estate facilites	2,525	1,178	(1,879)
Construction in process	(9,623)	(8,830)	(10,859)
Accrued and other liabilities	$ 7,098	$ 7,652	$ 12,738

Description Of The Business

Description Of The Business	12 Months Ended
	Dec. 31, 2015
Description Of The Business [Abstract]
Description Of The Business	1. Description of the Business Public Storage (referred to herein as “the Company”, “we”, “us”, or “our”), a Maryland real estate investment trust, was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use , ancillary activities such as merchandise sales and tenant reinsurance to the tenants at our self-storage facilities, as well as the acquisition and development of additional self-storage space. At December 3 1 , 201 5 , we have direct and indirect equity interests in 2,277 self-storage facilities (with approximately 148 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name. We also own one self-storage facility in London, England and we have a 49 % interest in Shurgard Europe, which owns 216 self -storage facilities (with approximately 12 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also have direct and indirect equity interests in approximately 29 million net rentable square feet of commercial space located in nine states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At December 31, 2015, we have an approximate 42 % common equity interest in PSB. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 13) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2014 and 2013 financial statements have been reclassified to conform to the December 31, 2015 presentation. We reclassified the revenues and cost of operations, net for our wholly-owned commercial facilities and property management operations as interest and other income (an aggregate of approximately $12.7 million and $11.4 million for the years ended December 31, 2014 and 2013, respectively), rather than as ancillary revenues and ancillary cost of operations. We also revised our reportable segment presentation in Note 11, including renaming (i) our “Domestic Self-Storage” segment to “Self-Storage Operations,” (ii) our “European Self-Storage” segment to “Invest ment in Shurgard Europe,” (iii) our “Commercial” segment to “Investment in PSB,” removing our commercial facilities’ operations from this segment, and (iv) presenting a new segment called “Ancillary Operations” reflecting the sale of merchandise at our self-storage facilities and reinsurance of policies covering losses to goods stored by our tenants at our facilities. Each of these reclassifications reflects changes to enhance the usefulness of this information based upon the relative significance of these activities to our aggregate operating results. Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest. We have no investments or other involvement in any VIEs. We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances. We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”), eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest. All changes in consolidation status are reflected prospectively. When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership. Collectively, at December 31, 2015, the Company and the Subsidiaries own 2,265 self-storage facilities in the U.S ., one self-storage facility in London, England and three commercial facilities in the U.S. At December 31, 2015, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 12 self -storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”). Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have me t these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2015, we had no tax benefits that were not recognized. Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. We allocate the net acquisition cost of acquired operating self-storage facilities to the underlying land, buildings, identified intangible assets, and any noncontrolling interests that remain outstanding based upon their respective individual estimated fair values. Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill. Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash. Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and cash equivalents which are restricted from general corporate use are included in other assets. Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method. Transfers of financial assets are recorded as sales when the asset is put presumptively beyond our and our creditors’ reach, there is no impediment to the transferee’s right to pledge or exchange the asset, we have surrendered effective control of the asset, we have no actual or effective right or requirement to repurchase the asset and, in the case of a transfer of a participating interest, there is no impediment to our right to pledge or exchange the participating interest we retain. Fair Value Accounting As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We believe that, during all periods presented, the carrying values approximate the estimated fair values of our cash and cash equivalents, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment. The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47. We estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable. In estimating these fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52. Currency and Credit Risk Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is rated A1 by Standard and Poor’s or deposits with highly rated commercial banks. At December 31, 2015, due primarily to our investment in Shurgard Europe and our senior unsecured notes denominated in Euros (Note 6) , our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at December 31, 2015 and 2014. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2015 and 2014. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At December 31, 2015, these intangibles had a net book value of $18.0 million ( $35.2 million at December 31, 2014). Accumulated amortization totaled $66.4 million at December 31, 2015 ( $69.3 million at December 31, 2014), and amortization expense of $26.1 million, $48.4 million and $24.1 million was recorded in 2015, 2014 and 2013, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2015 is approximately $9.7 million in 2016, $2.1 million in 2017 and $6.2 million thereafter. During 2015, 2014 and 2013, intangibles were increased $8.9 million, $30.2 million and $61.5 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which is primarily composed of rental income earned pursuant to month-to-month leases for storage space, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations, general and administrative expense, interest expense, as well as advertising expenditures are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.091 U.S. Dollars per Euro at December 31, 2015 ( 1.216 at December 31, 2014), and average exchange rates of 1.110 , 1.329 and 1.328 for the years ended December 31, 2015, 2014 and 2013, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). For our loan receivable (Note 5) , if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows. No impairments were recorded in any of our evaluations for any period presented herein. Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic net income per share is computed using the weighted average common shares outstanding. Diluted net income per share is computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reflects net income allocable to common shareholders and the weighted average common shares and equivalents outstanding, as used in our calculations of basic and diluted net income per share : For the Years Ended December 31, 2015 2014 2013 (Amounts in thousands) Net income allocable to common shareholders $ 1,053,050 $ 908,176 $ 844,731 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 172,699 172,251 171,640 Net effect of dilutive stock options - based on treasury stock method 811 887 1,048 Diluted weighted average common shares outstanding 173,510 173,138 172,688

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2015
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities Activity in real estate facilities during 2015, 2014 and 2013 is as follows : 2015 2014 2013 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 12,863,235 $ 12,286,256 $ 11,033,819 Capital expenditures to maintain real estate facilities 63,069 79,784 71,270 Acquisitions 176,444 400,514 1,095,477 Dispositions (19,970) (112) (89) Newly developed facilities opened for operation 123,484 98,162 85,283 Impact of foreign exchange rate changes (1,001) (1,369) 496 Ending balance 13,205,261 12,863,235 12,286,256 Accumulated depreciation: Beginning balance (4,482,520) (4,098,814) (3,738,130) Depreciation expense (393,605) (384,412) (360,442) Dispositions 8,886 10 - Impact of foreign exchange rate changes 501 696 (242) Ending balance (4,866,738) (4,482,520) (4,098,814) Construction in process: Beginning balance 104,573 52,336 36,243 Current development 238,101 150,399 101,376 Newly developed facilities opened for operation (123,484) (98,162) (85,283) Ending balance 219,190 104,573 52,336 Total real estate facilities at December 31, $ 8,557,713 $ 8,485,288 $ 8,239,778 During 2015, we acquired 17 self-storage facilities ( 1,285,000 net rentable square feet) and the leasehold interest in the land of one of our existing self-storage facilities, for a total cost of $185.4 million, consisting of $177.1 million in cash and the assumption of $8.3 million in mortgage debt. Approximately $8.9 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2015, adding 1,312,000 net rentable square feet of self-storage space, at an aggregate cost of $123.5 million. Construction in process at December 31, 2015 consists of projects to develop new self-storage facilities and expand existing self-storage facilities, which would add a total of 3.7 million net rentable square feet of storage space, for an aggregate estimated cost of approximately $486.4 million. During 2015, we s old one commercial facility and two self-storage facilities in connection with eminent domain proceedings for a total of $29.7 million in cash proceeds, of which $14.7 million was collected in 2014 , and recorded related gains on real estate sales totaling $ 18.5 million . During 2014, we acquired 44 self-storage facilities ( 3,442,000 net rentable square feet), for a total cost of $430.7 million, consisting of $410.2 million in cash and the assumption of $20.5 million in mortgage debt. Approximately $30.2 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2014, adding 1,145,000 net rentable square feet of self-storage space, at an aggregate cost of $98.2 million. We received approximately $2.6 million in proceeds for real estate disposed of in 2014. During 2013 , we acquired 121 operating self-storage facilities from third parties ( 8,036,000 net rentable square feet of storage space) for $1.1 51 b illion in cash and assumed mortgage debt with a fair value of $ 6 million. We allocated approximately $1.095 b illion to real estate facilities and $ 62 million to intangible assets. We completed expansion and development activities during 2013, adding 614,000 net rentable square feet of self-storage space, at an aggregate cost of $ 85.3 million. We disposed of real estate for an aggregate of $ 0.2 million in cash, recording a gain of approximately $ 0.1 million in connection with partial condemnations. At December 31, 2015, the adjusted basis of real estate facilities for federal tax purposes was approximately $9.0 billion (unaudited).

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2015
Investments In Unconsolidated Real Estate Entities [Abstract]
Investments In Unconsolidated Real Estate Entities	4. Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in , and equity earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2015 2014 2015 2014 2013 PSB $ 414,450 $ 412,115 $ 34,155 $ 56,280 $ 23,199 Shurgard Europe 388,367 394,842 14,272 29,900 32,694 Other Investments (A) 6,491 6,783 2,510 2,087 1,686 Total $ 809,308 $ 813,740 $ 50,937 $ 88,267 $ 57,579 (A) At December 31, 2015, the “Other Investments” include an average common equity ownership of approximately 26% in various limited partnerships that collectively own 12 self-storage facilities ( 13 facilities at December 31, 2014). During 2015, 2014 and 2013, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $35.7 million, $83.5 million and $45.9 million, respectively. At December 31, 2015, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $62 million ( $68 million at December 31, 2014). This differential is being amortized as a reduction in equity in earnings of the Unconsolidated Real Estate Entities based upon allocations to the underlying net assets. Such amortization was approximately $2.4 million and $4.4 million during 2015 and 2014, respectively, none in 2013. Investment in PSB PSB is a REIT traded on the New York Stock Exchange. We have an approximate 42% common equity interest in PSB as of December 31, 2015 and 2014, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units (“LP Units”) in an operating partnership controlled by PSB. The LP Units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at December 31, 2015 ( $87.43 per share of PSB common stock), the shares and units we owned had a market value of approximately $1.3 billion. Included in equity in earnings of unconsolidated real estate entities is our $11.3 million and $36.5 million share of gains on sale of facilities recorded by PSB for 2015 and 2014, respectively. During 2013, we purchased 406,748 share s of PSB common stock in open-market transactions for a total of $29.7 million . Subsequently, o n November 7, 2013, PSB completed a public offering of 1,495,000 shares of its common stock for $ 79.25 per share. Concurrent with the public offering, we purchased an additional 950,000 shares of PSB common stock from PSB at the same price per share as the public offering for a total cost of $75.3 million. In connection with PSB’s common share issuance, we recognized a gain on sale of real estate totaling $4.1 million as if we had sold a proportionate share of our investment in PSB. The following table sets forth selected financial information of PSB . T he amounts represent all of PSB’s balances and not our pro-rata share. 2015 2014 (Amounts in thousands) As of December 31, Total assets (primarily real estate) $ 2,186,658 $ 2,227,114 Debt 250,000 250,000 Other liabilities 76,059 68,905 Equity: Preferred stock 920,000 995,000 Common equity and LP units 940,599 913,209 2015 2014 2013 (Amounts in thousands) For the year ended December 31, Total revenue $ 373,675 $ 376,915 $ 359,885 Costs of operations (121,224) (127,371) (114,831) Depreciation and amortization (105,394) (110,357) (108,917) General and administrative (13,582) (13,639) (5,312) Other items (12,740) (13,221) (14,681) Gain on sale of facilities 28,235 92,373 - Net income 148,970 204,700 116,144 Allocations to preferred shareholders and restricted share unitholders (62,184) (60,817) (59,341) Net income allocated to common shareholders and LP Unitholders $ 86,786 $ 143,883 $ 56,803 Investment in Shurgard Europe For all periods presented, we had a 49% equity investment in Shurgard Europe and our joint venture partner owns the remaining 51% interest. In addition, Shurgard Europe pays a license fee to us for the use of the “Shurgard” trademark and paid us interest on a shareholder loan until it was repaid in July 2014 (see Note 5). Changes in foreign currency exchange rates caused our investment in Shurgard Europe to decrease by approximately $19.6 million and $47.3 million in 2015 and 2014, respectively, and to increase by $45.0 thousand in 2013. The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods, rather than our pro rata share. Such amounts are based upon our historical acquired book basis. 2015 2014 As of December 31, (Amounts in thousands) Total assets (primarily self-storage facilities) $ 1,476,632 $ 1,404,246 Total debt to third parties 662,336 500,767 Other liabilities 110,522 180,546 Equity 703,774 722,933 Exchange rate of Euro to U.S. Dollar 1.091 1.216 2015 2014 2013 (Amounts in thousands) For the year ended December 31, Self-storage and ancillary revenues $ 236,990 $ 254,136 $ 246,615 Self-storage and ancillary cost of operations (93,575) (100,177) (98,222) Depreciation and amortization (66,665) (61,796) (60,029) General and administrative and income tax expense (a) (23,418) (14,964) (13,651) Interest expense on third party debt (16,695) (9,607) (5,082) Trademark license fee payable to Public Storage (2,376) (2,544) (2,468) Interest expense on shareholder loan - (21,761) (37,838) Costs of acquiring facilities and other, net (b) (7,509) (6,573) (2,909) Net income $ 26,752 $ 36,714 $ 26,416 Average exchange rates of Euro to the U.S. Dollar 1.110 1.329 1.328 (a) Included in these amounts are approximately $10.8 million, $5.4 million, and $2.6 million for 2015, 2014, and 2013, respectively, in income tax expense. (b) Included in these amounts are $10.5 million and $4.3 million in 2015 and 2014, respectively, associated with the acquisition of real estate facilities. The following table set forth the calculation of our equity in earnings in Shurgard Europe: 2015 2014 2013 (Amounts in thousands) For the year ended December 31, Calculation of equity in earnings of Shurgard Europe: Our 49% share of Shurgard Europe’s net income $ 13,108 $ 17,990 $ 12,944 Adjustments: 49% of trademark license fees 1,164 1,247 1,209 49% of interest on shareholder loan - 10,663 18,541 Total equity in earnings of Shurgard Europe $ 14,272 $ 29,900 $ 32,694 As indicated in the table above, 49% of the trademark license fees and interest paid by Shurgard Europe to its shareholders is included in our equity in earnings of Shurgard Europe and any remaining amount paid to us is included in “interest and other income” on our income statements. See Note 5 for further information.

Loans Receivable From Unconsoli

Loans Receivable From Unconsolidated Real Estate Entity	12 Months Ended
	Dec. 31, 2015
Loans Receivable From Unconsolidated Real Estate Entity [Abstract]
Loans Receivable From Unconsolidated Real Estate Entity	5. Loan Receivable from Unconsolidated Real Estate Entity At December 31, 2013, we owned 100% of the shareholder loan due from Shurgard Europe, which had a balance of €311.0 million ($ 428.1 million) and bore interest at 9.0% per annum. On January 28, 2014, our joint venture partner in Shurgard Europe acquired a 51% interest in the loan at face value for €158.6 million ($ 216.2 million) in cash. In July 2014, Shurgard Europe fully repaid its €311.0 million shareholder loan, and we received our 49% share of the loan totaling €152.4 million ($ 204.9 million) in cash. For 2014 and 2013, we recorded interest income with respect to this loan of approximately $1.5 million and $19.3 million, respectively. Because we expected the loan to be repaid in the foreseeable future, changes in the U.S. Dollar equivalent of the amount due us due to change in the foreign exchange rates were presented as “foreign currency exchange gain (loss)” on our income statement. We believed that the interest rate on the loan approximated the market rate for loans with similar terms, conditions, subordination features, and tenor, and that the fair value of the loan approximated book value. In our evaluation of market rates and fair value, we considered that Shurgard Europe had sufficient operating cash flow, liquidity and collateral, and we had sufficient creditor rights such that credit risk was mitigated.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2015
Borrowings [Abstract]
Borrowings	6. Borrowings Credit Facility On March 31, 2015, we entered into an amended revolving credit agreement (the “Credit Facility”), which expires on March 31, 2020 . The aggregate limit with respect to borrowings and letters of credit was increased from $300 million to $500 million. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.850% to LIBOR plus 1.450% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.850% at December 31, 2015). In addition, we are required to pay a quarterly facility fee ranging from 0.080% per annum to 0.250% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.080% per annum at December 31, 2015). At December 31, 2015 and February 26, 2016, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $14.9 million and $13.9 million at December 31, 2015 and 2014, respectively. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2015. Senior Unsecured Notes and Term Loan On November 3, 2015, we issued €242 million of Euro-denominated s enior u nsecured n otes (the “Senior Notes”) to an institutional investor, bearing interest at a fixed rate of 2.175% and maturing on November 3, 2025. We received $264.3 million of net proceeds from the issuance of the Senior Notes . We reflect changes in the U.S. Dollar equivalent of the amount we owe on the Senior Notes, as a result of changes in foreign exchange rates as “foreign currency exchange gain (loss)” on our income statement. For 2015, we recorded a foreign currency exchange gain of $0.3 million on our income statement for 2015 in connection with the Senior Notes. The Senior Notes have various customary financial covenants, all of which we were in compliance with at December 31, 2015. On October 1, 2013, we borrowed $ 100.0 million from PSB under a term loan which was repaid in full on October 18, 2013. The loan bore interest at 1.388 %. On December 2, 2013, we borrowed $700 million from Wells Fargo under an unsecured term loan (the “Term Loan”). The Term Loan was repaid in 2014. We incurred origination costs of $1.9 million, which were amortized using the effective interest method through the date of extinguishment ( $1.8 million and $0.1 million for 2014 and 2013, respectively). Mortgage Notes During 2015, 2014 and 2013, we assumed mortgage debt with estimated fair values of $8.3 million $20.5 million and $6.1 million, respectively, and market rates of 4.3% , 3.6% and 3.7% , respectively, (contractual balances of $8.3 million, $19.8 million and $5.7 million and contractual interest rates of 6.2% , 5.2% and 6.2% ) in connection with the acquisition of real estate facilities. The carrying amounts of our mortgage notes (the “Mortgage Notes”) at December 31 2015 and December 31, 2014, totaled $55.1 million and $64.4 million, respectively, with unamortized premium totaling $0.5 million and $0.6 million, respectively. These notes were assumed in connection with acquisitions of real estate facilities and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At December 31, 2015, the notes are secured by 32 real estate facilities with a net book value of approximately $149 million, have contractual interest rates between 2.9% and 7.1 % , and mature between June 2016 and September 2028. At December 31 , 2015, approximate principal maturities of our Senior Notes and Mortgage Notes are (amounts in thousands): Senior Notes Mortgage Notes Total 2016 $ - $ 28,980 $ 28,980 2017 - 9,205 9,205 2018 - 11,099 11,099 2019 - 1,217 1,217 2020 - 1,286 1,286 Thereafter 263,940 3,289 267,229 $ 263,940 $ 55,076 $ 319,016 Weighted average effective rate 2.2% 4.1% 2.5% Cash paid for interest totaled $3.4 million, $9.0 million and $10.4 million for 2015, 2014 and 2013, respectively. Interest capitalized as real estate totaled $2.7 million, $1.6 million and $2.9 million in 2015, 2014 and 2013, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At December 31 , 2015, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 13 operating self-storage facilities and seven self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2015, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2015, 2014 and 2013, we allocated a total of $6.4 million, $5.8 million and $5.1 million, respectively, to these interests; and we paid $7.3 million, $6.5 million and $6.5 million, respectively, in distributions to these interests. During 2015, 2014 and 2013, we acquired Noncontrolling Interests for $5.5 million , $0.7 million and $6.2 million, respectively, in cash, substantially all of which was allocated to paid-in-capital. Also during 2015, noncontrolling interests contributed $1.6 million.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Preferred Shares At December 3 1 , 2015 and 2014 , we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2015 At December 31, 2014 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series O 4/15/2015 6.875% - $ - 5,800 $ 145,000 Series P 10/7/2015 6.500% - - 5,000 125,000 Series Q 4/14/2016 6.500% 15,000 375,000 15,000 375,000 Series R 7/26/2016 6.350% 19,500 487,500 19,500 487,500 Series S 1/12/2017 5.900% 18,400 460,000 18,400 460,000 Series T 3/13/2017 5.750% 18,500 462,500 18,500 462,500 Series U 6/15/2017 5.625% 11,500 287,500 11,500 287,500 Series V 9/20/2017 5.375% 19,800 495,000 19,800 495,000 Series W 1/16/2018 5.200% 20,000 500,000 20,000 500,000 Series X 3/13/2018 5.200% 9,000 225,000 9,000 225,000 Series Y 3/17/2019 6.375% 11,400 285,000 11,400 285,000 Series Z 6/4/2019 6.000% 11,500 287,500 11,500 287,500 Series A 12/2/2019 5.875% 7,600 190,000 7,600 190,000 Total Preferred Shares 162,200 $ 4,055,000 173,000 $ 4,325,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (the “Board”) until the arrearage has been cured. At December 31, 2015, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to paid-in capital. In 2015, we redeemed our Series O and Series P Preferred Shares, at par. The aggregate redemption amount, before payment of accrued dividends, was $270.0 million. We recorded $8.9 million in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in 2015 in connection with these redemptions. During 201 4 , we issued an aggregate 30.5 million depositary shares, each representing 1/1,000 of a share of our Series Y, Series Z, and Series A Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $762.5 million in gross proceeds, and we incurred $23.5 million in issuance costs. During 2013, we issued an aggregate 29.0 million depositary shares, each representing 1/1,000 of a share of our Series W and Series X Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $725.0 million in g ross proceeds, and we incurred $23.3 million in issuance costs. Common Shares During 2015, 2014 and 2013, activity with respect to the issuance or repurchase of our common shares was as follows (dollar amounts in thousands): 2015 2014 2013 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 475,687 $ 29,663 669,263 $ 37,872 388,005 $ 21,111 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2015, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2015. At December 31, 2015 and 2014, we had 2,677,667 and 2,836,592 , respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests. The unaudited characterization of dividends for Federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Internal Revenue Code. Common share dividends including amounts paid to our common shareholders and our restricted share unitholders totaled $1.126 billion ( $6.50 per share), $967.9 million ( $5.60 per share) and $887.1 million ( $5.15 per share), for the years ended December 31, 2015, 2014 and 2013, respectively. Preferred share dividends totaled $245.1 million, $232.6 million and $204.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the tax year ended December 31, 2015, distributions for the common shares and all the various series of preferred shares were classified as follows: 2015 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 98.49 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 1.51 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2015 do not constitute qualified dividend income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions B. Wayne Hughes, our former Chairman and his family, including his daughter Tamara Hughes Gustavson and his son B. Wayne Hughes, Jr., who are both members of our Board of Trustees, collectively own approximately 14.4% of our common shares outstanding at December 31, 2015. At December 31, 2015, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlled 55 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $0.5 million per year for each of the three years ended December 31, 2015. Our right to continue receiving these premiums may be qualified. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada with the facilities’ owners. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities (“PS Canada”) if their owners agree to sell them. At December 31, 2012, PS Canada and PSB held approximately a 2.2% and 4.0% , respectively, interest in STOR-Re Mutual Insurance Company, Inc. (“STOR-Re”), a Subsidiary that provided liability and casualty insurance for PS Canada, PSB, the Company, and certain affiliates of the Company for occurrences prior to April 1, 2004. During 2013, we acquired PS Canada’s 2.2% interest and PSB’s 4.0% interest in STOR-Re for $0.6 million and $1.1 million, respectively, in cash. On October 1, 2013, we borrowed $100.0 million from PSB under a term loan which was repaid in full on October 18, 2013. The loan bore interest at 1.388% per annum and interest paid to PSB totaled $0.1 million.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation	10. Share-Based Compensation Under various share-based compensation plans and under terms established by our Board of Trustees or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees. Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance and service conditions will be met. We amortize the grant-date fair value of awards (net of anticipated forfeitures) as compensation expense over the service period. The service period begins on the grant date and ends on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). Stock Options Stock options vest over a three to five -year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. The stock options outstanding at December 31, 2015 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $228.1 million and remaining average contractual lives of approximately six years. Substantially all of the stock options outstanding at December 31, 2015 have exercise prices less than $200 per share. The aggregate intrinsic value of exercisable stock options at December 31, 2015 amounted to approximately $176.6 million. Additional information with respect to stock options during 2015, 2014 and 2013 is as follows: 2015 2014 2013 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,085,544 $ 111.96 2,174,211 $ 85.49 2,253,510 $ 76.14 Granted 335,000 200.70 485,000 176.74 235,000 153.89 Exercised (365,265) 80.99 (570,417) 66.39 (286,299) 71.06 Cancelled (115,000) 163.15 (3,250) 63.76 (28,000) 55.25 Options outstanding December 31, 1,940,279 $ 130.08 2,085,544 $ 111.96 2,174,211 $ 85.49 Options exercisable at December 31, 1,150,272 $ 94.18 1,321,537 $ 82.46 1,581,954 $ 76.29 2015 2014 2013 Stock option expense for the year (in 000's) $ 3,871 $ 3,216 $ 3,468 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 46,719 $ 59,322 $ 23,337 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 1.6% 1.6% 0.8% Expected volatility, based upon historical volatility 15.1% 16.8% 25.8% Expected dividend yield 2.9% 3.2% 3.3% Average estimated value of options granted during the year $ 18.39 $ 17.66 $ 23.83 Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. The fair value of our RSUs outstanding at December 31, 2015 was approximately $182.7 million. Remaining compensation expense related to RSUs outstanding at December 31, 2015 totals approximately $93.0 million (which is net of expected forfeitures) and is expected to be recognized as compensation expense over the next 2.4 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2015 2014 2013 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 751,048 $ 110,874 636,329 $ 77,284 642,647 $ 67,473 Granted 252,376 55,307 339,607 59,009 197,675 30,774 Vested (187,342) (24,752) (166,905) (18,456) (154,535) (15,657) Forfeited (78,694) (12,145) (57,983) (6,963) (49,458) (5,306) Restricted share units outstanding December 31, 737,388 $ 129,284 751,048 $ 110,874 636,329 $ 77,284 2015 2014 2013 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 38,182 $ 27,591 $ 23,551 Cash paid upon vesting in lieu of issuing common shares $ 15,677 $ 11,449 $ 8,067 Common shares issued upon vesting 110,422 98,846 101,706 Restricted share unit expense $ 27,599 $ 25,159 $ 23,919 See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Segment Information	11. Segment Information Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.” We have adjusted the classification of the “Presentation of Segment Information” below with respect to prior periods to be consistent with our current reportable segment definition, as described more fully in Note 2. Following is a description of and basis for presentation for each of our reportable segments. Self-Storage Operations The Self-Storage Operations segment reflects the rental operations from all self-storage facilities owned by the Company and the Subsidiaries. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations segment. Ancillary Operations The Ancillary Operations segment reflects the sale of merchandise and reinsurance of policies against losses to goods stored by our self-storage tenants, activities which are incidental to our primary self-storage rental activities. Our CODM reviews the NOI of these operations in assessing performance and making resource allocation decisions. Investment in PSB This segment represents our 42% equity interest in PSB, a publicly-traded REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the United States Securities and Exchange Commission (“SEC”), and as included in Note 4. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard Europe This segment represents our 49% equity interest in Shurgard Europe, which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard Europe has a separate management team reporting to our CODM and our joint venture partner. In making resource allocation decisions with respect to our investment in Shurgard Europe, the CODM reviews Shurgard Europe’s net income, which is detailed in Note 4. The segment presentation below includes our equity earnings from Shurgard Europe. Presentation of Segment Information The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands): Year ended December 31, 2015 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525 Ancillary operations - 146,171 - - - 146,171 2,235,525 146,171 - - - 2,381,696 Cost of operations: Self-storage operations 586,696 - - - - 586,696 Ancillary operations - 48,806 - - - 48,806 586,696 48,806 - - - 635,502 Net operating income: Self-storage operations 1,648,829 - - - - 1,648,829 Ancillary operations - 97,365 - - - 97,365 1,648,829 97,365 - - - 1,746,194 Other components of net income (loss): Depreciation and amortization (426,008) - - - - (426,008) General and administrative - - - - (88,177) (88,177) Interest and other income - - - - 16,544 16,544 Interest expense - - - - (610) (610) Equity in earnings of unconsolidated real estate entities - - 34,155 14,272 2,510 50,937 Foreign currency exchange gain - - - - 306 306 Gain on real estate sales - - - - 18,503 18,503 Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689 Year ended December 31, 2014 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 2,049,882 $ - $ - $ - $ - $ 2,049,882 Ancillary operations - 127,414 - - - 127,414 2,049,882 127,414 - - - 2,177,296 Cost of operations: Self-storage operations 566,898 - - - - 566,898 Ancillary operations - 46,426 - - - 46,426 566,898 46,426 - - - 613,324 Net operating income: Self-storage operations 1,482,984 - - - - 1,482,984 Ancillary operations - 80,988 - - - 80,988 1,482,984 80,988 - - - 1,563,972 Other components of net income (loss): Depreciation and amortization (437,114) - - - - (437,114) General and administrative - - - - (71,459) (71,459) Interest and other income - - - - 17,638 17,638 Interest expense - - - - (6,781) (6,781) Equity in earnings of unconsolidated real estate entities - - 56,280 29,900 2,087 88,267 Foreign currency exchange loss - - - - (7,047) (7,047) Gain on real estate sales - - - - 2,479 2,479 Net income (loss) $ 1,045,870 $ 80,988 $ 56,280 $ 29,900 $ (63,083) $ 1,149,955 Year ended December 31, 2013 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,849,883 $ - $ - $ - $ - $ 1,849,883 Ancillary operations - 115,059 - - - 115,059 1,849,883 115,059 - - - 1,964,942 Cost of operations: Self-storage operations 524,086 - - - - 524,086 Ancillary operations - 35,673 - - - 35,673 524,086 35,673 - - - 559,759 Net operating income: Self-storage operations 1,325,797 - - - - 1,325,797 Ancillary operations - 79,386 - - - 79,386 1,325,797 79,386 - - - 1,405,183 Other components of net income (loss): Depreciation and amortization (387,402) - - - - (387,402) General and administrative - - - - (66,679) (66,679) Interest and other income - - - - 33,979 33,979 Interest expense - - - - (6,444) (6,444) Equity in earnings of unconsolidated real estate entities - - 23,199 32,694 1,686 57,579 Foreign currency exchange gain - - - - 17,082 17,082 Gain on real estate sales - - - - 4,233 4,233 Net income (loss) $ 938,395 $ 79,386 $ 23,199 $ 32,694 $ (16,143) $ 1,057,531

Recent Accounting Pronouncement

Recent Accounting Pronouncements And Guidance	12 Months Ended
	Dec. 31, 2015
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	12. Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued ASU No. 2014-09, which requires revenue to be based upon the consideration expected from customers for promised goods or services. The new standard, effective on January 1, 2018, permits either the retrospective or cumulative effects transition method and allows for early adoption on January 1, 2017. We do not believe this standard will have a material impact on our results of operations or financial condition. In February 2015, the FASB issued ASU No. 2015-02, which modifies i) the criteria for and the analysis of the identification of consolidation of variable interest entities, particularly when fee arrangements and related party relationships are involved, and ii) the consolidation analysis for partnerships. The standard is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, with early adoption permitted. We have not yet determined whether this standard will have a material effect on our results of operations or financial condition. In February 2016, the FASB issued ASU 2016-02, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard, effective on January 1, 2019, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief and allows for early adoption on January 1, 2016. We have not yet determined whether this standard will have a material effect on our results of operations or financial condition.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We have historically carried customary property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Deductibles for property and general liability are $25 million and $2 million, respectively, per occurrence. The aggregate limits on these policies of $75 million for property losses and $102 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program. We are subject to licensing requirements and regulations in several states. At December 31, 2015, there were approximately 874,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2.5 billion.

Supplementary Quarterly Financi

Supplementary Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	1 4 . Supplementary Quarterly Financial Data (unaudited) Three Months Ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 564,879 $ 588,615 $ 618,872 $ 609,330 Self-storage and ancillary cost of operations $ 172,010 $ 161,097 $ 164,686 $ 137,709 Depreciation and amortization $ 107,146 $ 106,473 $ 106,082 $ 106,307 Net Income $ 283,254 $ 328,040 $ 341,136 $ 365,259 Per Common Share Net income - Basic $ 1.23 $ 1.53 $ 1.58 $ 1.75 Net income - Diluted $ 1.23 $ 1.52 $ 1.58 $ 1.74 Three Months Ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 515,045 $ 533,480 $ 567,090 $ 561,681 Self-storage and ancillary cost of operations $ 173,155 $ 149,224 $ 158,568 $ 132,377 Depreciation and amortization $ 109,021 $ 106,443 $ 111,077 $ 110,573 Net Income $ 228,273 $ 278,279 $ 294,977 $ 348,426 Per Common Share Net income - Basic $ 1.01 $ 1.27 $ 1.34 $ 1.65 Net income - Diluted $ 1.01 $ 1.26 $ 1.34 $ 1.64

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	1 5 . Subsequent Events On January 20 , 2016, we issued 12.0 million depositary shares, each representing 1/1,000 of a share of our 5.40% Series B Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $300.0 million in gross proceeds, and we incurred $9.9 million in issuance costs. Subsequent to December 31, 2015 , we acquired or were under contract to acquire 17 self-storage facilities ( seven in Florida, eight in Ohio, and one each in Tennessee and South Carolina), with 1.2 million net rentable square feet , for $149 million.

Schedule III - Real Estate And

Schedule III - Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Schedule III - Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Real Estate And Accumulated Depreciation	PUBLIC STORAGE SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollar amounts in thousands) 2015 Initial Cost Costs Gross Carrying Amount No. of Encum- Buildings & Subsequent At December 31, 2015 Accumulated Description Facilities brances Land Improvements to Acquisition Land Buildings Total Depreciation Self-storage facilities by market: Los Angeles 215 $ 6,180 $ 440,025 $ 853,149 $ 251,837 $ 448,670 $ 1,096,341 $ 1,545,011 $ 538,142 San Francisco 135 - 223,145 481,272 142,334 235,931 610,820 846,751 340,005 New York 89 - 213,537 478,489 138,815 219,847 610,994 830,841 303,891 Washington DC 88 - 221,108 385,043 101,703 226,302 481,552 707,854 225,937 Miami 87 - 204,551 417,288 77,444 206,435 492,848 699,283 213,564 Seattle/Tacoma 88 - 173,459 407,724 85,093 174,143 492,133 666,276 237,003 Chicago 130 - 137,165 352,595 99,432 140,047 449,145 589,192 282,204 Houston 108 - 141,501 314,733 99,763 141,277 414,720 555,997 204,440 Atlanta 101 - 122,880 327,975 54,955 123,242 382,568 505,810 192,246 Dallas/Ft. Worth 104 - 114,867 264,059 83,066 115,731 346,261 461,992 204,517 Orlando/Daytona 67 - 112,055 232,650 47,441 117,537 274,609 392,146 105,995 West Palm Beach 44 - 151,323 207,388 22,233 150,327 230,617 380,944 79,627 Charlotte 50 - 68,586 176,724 47,009 76,813 215,506 292,319 77,688 Minneapolis/St. Paul 45 9,403 81,895 177,533 18,194 82,060 195,562 277,622 77,460 Denver 54 19,228 77,855 151,123 40,824 78,418 191,384 269,802 104,807 Tampa 49 - 72,274 157,983 38,541 75,046 193,752 268,798 87,151 Philadelphia 57 - 51,682 152,406 49,250 50,703 202,635 253,338 131,688 Boston 25 - 61,583 158,870 17,866 62,217 176,102 238,319 63,058 Phoenix 39 4,249 59,267 162,505 14,090 59,259 176,603 235,862 69,999 Detroit 40 - 61,608 149,472 19,565 62,458 168,187 230,645 79,745 Portland 43 - 51,182 126,464 22,437 51,840 148,243 200,083 76,767 Austin 30 4,808 47,525 112,997 33,723 49,531 144,714 194,245 59,887 San Diego 20 9,116 47,884 108,911 26,384 49,433 133,746 183,179 63,163 Honolulu 11 - 54,184 106,299 8,992 55,101 114,374 169,475 45,888 Raleigh 25 - 41,377 81,821 15,632 42,502 96,328 138,830 39,927 Norfolk 28 - 33,316 81,267 14,648 32,755 96,476 129,231 45,444 San Antonio 28 - 27,566 76,028 22,869 27,524 98,939 126,463 51,595 Baltimore 23 - 25,176 79,734 15,121 25,300 94,731 120,031 55,001 PUBLIC STORAGE SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollar amounts in thousands) 2015 Initial Cost Costs Gross Carrying Amount No. of Encum- Buildings & Subsequent At December 31, 2015 Accumulated Description Facilities brances Land Improvements to Acquisition Land Buildings Total Depreciation Sacramento 34 - 25,141 69,409 24,641 25,646 93,545 119,191 60,942 St. Louis 26 - 20,037 56,237 18,977 20,680 74,571 95,251 51,630 Indianapolis 22 - 21,064 57,655 11,117 22,064 67,772 89,836 35,216 Kansas City 24 - 14,225 43,732 22,628 14,425 66,160 80,585 50,124 Las Vegas 18 - 17,879 44,357 8,650 17,128 53,758 70,886 38,871 Columbia 20 - 16,167 44,429 9,801 16,915 53,482 70,397 23,069 Savannah 10 - 25,074 31,111 2,117 24,718 33,584 58,302 7,769 Greensboro 13 - 12,737 29,811 12,216 14,922 39,842 54,764 19,796 Fort Myers/Naples 9 - 15,373 35,353 3,879 15,608 38,997 54,605 10,030 Milwaukee 15 2,092 13,189 32,071 8,458 13,158 40,560 53,718 24,597 Charleston 10 - 10,849 31,144 6,059 11,825 36,227 48,052 14,088 Jacksonville 14 - 11,252 27,714 8,926 11,301 36,591 47,892 25,789 Hartford/New Haven 11 - 6,778 19,959 19,918 8,443 38,212 46,655 25,421 Columbus 14 - 4,388 22,272 19,040 4,494 41,206 45,700 33,606 New Orleans 9 - 9,205 30,832 4,617 9,373 35,281 44,654 19,328 Richmond 10 - 13,248 23,253 3,567 13,053 27,015 40,068 13,189 Tucson 7 - 9,403 25,491 4,771 9,884 29,781 39,665 14,544 Colorado Springs 12 - 8,229 19,659 11,012 8,225 30,675 38,900 23,874 Nashville/Bowling Green 13 - 8,942 21,057 8,109 8,939 29,169 38,108 21,510 Memphis 9 - 7,962 21,981 8,048 9,315 28,676 37,991 14,929 Greensville/Spartanburg/Asheville 11 - 9,036 20,767 6,547 9,965 26,385 36,350 15,166 Monterey/Salinas 7 - 8,465 24,151 3,369 8,455 27,530 35,985 16,202 Birmingham 14 - 5,229 17,835 12,170 5,117 30,117 35,234 24,796 Cincinnati 11 - 4,433 14,592 14,752 4,351 29,426 33,777 23,616 Reno 7 - 5,487 18,704 3,224 5,487 21,928 27,415 8,737 Palm Springs 3 - 8,309 18,065 752 8,309 18,817 27,126 7,091 Buffalo/Rochester 8 - 6,159 14,850 2,461 6,157 17,313 23,470 10,441 Mobile 8 - 4,148 14,152 3,463 3,975 17,788 21,763 9,653 London, UK 1 - 5,730 14,278 (62) 3,891 16,055 19,946 11,526 PUBLIC STORAGE SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollar amounts in thousands) 2015 Initial Cost Costs Gross Carrying Amount No. of Encum- Buildings & Subsequent At December 31, 2015 Accumulated Description Facilities brances Land Improvements to Acquisition Land Buildings Total Depreciation Salt Lake City 7 - 4,229 10,835 3,241 3,878 14,427 18,305 10,874 Oklahoma City 8 - 2,732 7,477 7,953 2,732 15,430 18,162 12,986 Santa Barbara 2 - 5,733 9,106 289 5,733 9,395 15,128 3,947 Cleveland/Akron 4 - 2,921 8,157 3,890 3,314 11,654 14,968 8,465 Chattanooga 6 - 2,723 6,854 5,338 2,525 12,390 14,915 10,257 Wichita 7 - 2,017 6,691 6,080 2,130 12,658 14,788 10,210 Providence 3 - 995 11,206 2,178 995 13,384 14,379 4,270 Louisville 5 - 2,526 6,460 2,637 2,525 9,098 11,623 6,444 Augusta 4 - 1,793 5,990 2,079 1,793 8,069 9,862 4,626 Dayton 3 - 394 3,014 3,992 393 7,007 7,400 5,690 Huntsville/Decatur 3 - 1,024 3,321 2,753 971 6,127 7,098 5,507 Fort Wayne 3 - 349 3,594 2,946 349 6,540 6,889 5,563 Springfield/Holyoke 2 - 1,428 3,380 1,259 1,427 4,640 6,067 3,732 Shreveport 2 - 817 3,030 1,774 741 4,880 5,621 3,923 Rochester 2 - 1,047 2,246 1,407 980 3,720 4,700 3,263 Lansing 2 - 556 2,882 555 556 3,437 3,993 1,522 Flint 1 - 543 3,068 169 542 3,238 3,780 1,298 Evansville 2 - 899 2,096 777 871 2,901 3,772 2,236 Topeka 2 - 225 1,419 1,652 225 3,071 3,296 2,624 Roanoke 1 - 819 1,776 555 819 2,331 3,150 1,860 Syracuse 1 - 545 1,279 681 545 1,960 2,505 1,626 Omaha 1 - 109 806 1,299 109 2,105 2,214 1,693 Joplin 1 - 264 904 803 264 1,707 1,971 1,399 Modesto/Fresno/Stockton 1 - 44 206 714 193 771 964 547 Commercial and other real estate - 12,903 26,939 23,244 13,928 49,158 63,086 39,787 2,266 $ 55,076 $ 3,494,349 $ 7,760,159 $ 1,950,753 $ 3,564,810 $ 9,640,451 $ 13,205,261 $ 4,866,738 Note: Buildings are depreciated over a useful life of 25 years.

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2014 and 2013 financial statements have been reclassified to conform to the December 31, 2015 presentation. We reclassified the revenues and cost of operations, net for our wholly-owned commercial facilities and property management operations as interest and other income (an aggregate of approximately $12.7 million and $11.4 million for the years ended December 31, 2014 and 2013, respectively), rather than as ancillary revenues and ancillary cost of operations. We also revised our reportable segment presentation in Note 11, including renaming (i) our “Domestic Self-Storage” segment to “Self-Storage Operations,” (ii) our “European Self-Storage” segment to “Invest ment in Shurgard Europe,” (iii) our “Commercial” segment to “Investment in PSB,” removing our commercial facilities’ operations from this segment, and (iv) presenting a new segment called “Ancillary Operations” reflecting the sale of merchandise at our self-storage facilities and reinsurance of policies covering losses to goods stored by our tenants at our facilities. Each of these reclassifications reflects changes to enhance the usefulness of this information based upon the relative significance of these activities to our aggregate operating results.
Consolidation And Equity Method Of Accounting	Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or where the equity holders as a group do not have a controlling financial interest. We have no investments or other involvement in any VIEs. We consolidate all entities that we control (these entities, for the period in which the reference applies, are referred to collectively as the “Subsidiaries”), and we eliminate intercompany transactions and balances. We account for our investments in entities that we have significant influence over, but do not control, using the equity method of accounting (these entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”), eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. When we obtain control of an Unconsolidated Real Estate Entity, we commence consolidating the entity and record a gain representing the differential between the book value and fair value of our preexisting equity interest. All changes in consolidation status are reflected prospectively. When we are general partner, we control the partnership unless the third-party limited partners can dissolve the partnership or otherwise remove us as general partner without cause, or if the limited partners have the right to participate in substantive decisions of the partnership. Collectively, at December 31, 2015, the Company and the Subsidiaries own 2,265 self-storage facilities in the U.S ., one self-storage facility in London, England and three commercial facilities in the U.S. At December 31, 2015, the Unconsolidated Real Estate Entities are comprised of PSB, Shurgard Europe, as well as limited partnerships that own an aggregate of 12 self -storage facilities in the U.S. (these limited partnerships, for the periods in which the reference applies, are referred to as the “Other Investments”).
Use Of Estimates	Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.
Income Taxes	Income Taxes We have elected to be treated as a real estate investment trust (“REIT”), as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have me t these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2015, we had no tax benefits that were not recognized.
Real Estate Facilities	Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We expense internal and external transaction costs associated with acquisitions or dispositions of real estate, as well as repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. We allocate the net acquisition cost of acquired operating self-storage facilities to the underlying land, buildings, identified intangible assets, and any noncontrolling interests that remain outstanding based upon their respective individual estimated fair values. Any difference between the net acquisition cost and the estimated fair value of the net tangible and intangible assets acquired is recorded as goodwill.
Other Assets	Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash.
Accrued And Other Liabilities	Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.
Cash Equivalents, Marketable Securities and Other Financial Instruments	Cash Equivalents, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and cash equivalents which are restricted from general corporate use are included in other assets. Commercial paper not maturing within three months of acquisition, which we intend and have the capacity to hold until maturity, are included in marketable securities and accounted for using the effective interest method. Transfers of financial assets are recorded as sales when the asset is put presumptively beyond our and our creditors’ reach, there is no impediment to the transferee’s right to pledge or exchange the asset, we have surrendered effective control of the asset, we have no actual or effective right or requirement to repurchase the asset and, in the case of a transfer of a participating interest, there is no impediment to our right to pledge or exchange the participating interest we retain.
Fair Value Accounting	Fair Value Accounting As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We prioritize the inputs used in measuring fair value based upon a three-tier hierarchy described in Codification Section 820-10-35. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We believe that, during all periods presented, the carrying values approximate the estimated fair values of our cash and cash equivalents, other assets, and accrued and other liabilities, based upon our evaluation of the underlying characteristics, market data, and short maturity of these financial instruments, which involved considerable judgment. The characteristics of these financial instruments, market data, and other comparative metrics utilized in determining these fair values are “Level 2” inputs as the term is defined in Codification Section 820-10-35-47. We estimate fair values in recording our business combinations, to evaluate real estate, investments in unconsolidated real estate entities, goodwill, and other intangible assets for impairment, and to determine the fair values of notes payable and receivable. In estimating these fair values, we consider significant unobservable inputs such as market prices of land, market capitalization rates and earnings multiples for real estate facilities, projected levels of earnings, costs of construction, functional depreciation, and market interest rates for debt securities with a similar time to maturity and credit quality, which are “Level 3” inputs as the term is defined in Codification Section 820-10-35-52.
Currency And Credit Risk	Currency and Credit Risk Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard and Poor’s, commercial paper that is rated A1 by Standard and Poor’s or deposits with highly rated commercial banks. At December 31, 2015, due primarily to our investment in Shurgard Europe and our senior unsecured notes denominated in Euros (Note 6) , our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill And Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at December 31, 2015 and 2014. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2015 and 2014. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At December 31, 2015, these intangibles had a net book value of $18.0 million ( $35.2 million at December 31, 2014). Accumulated amortization totaled $66.4 million at December 31, 2015 ( $69.3 million at December 31, 2014), and amortization expense of $26.1 million, $48.4 million and $24.1 million was recorded in 2015, 2014 and 2013, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2015 is approximately $9.7 million in 2016, $2.1 million in 2017 and $6.2 million thereafter. During 2015, 2014 and 2013, intangibles were increased $8.9 million, $30.2 million and $61.5 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).
Evaluation Of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Revenue And Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which is primarily composed of rental income earned pursuant to month-to-month leases for storage space, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations, general and administrative expense, interest expense, as well as advertising expenditures are expensed as incurred.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.091 U.S. Dollars per Euro at December 31, 2015 ( 1.216 at December 31, 2014), and average exchange rates of 1.110 , 1.329 and 1.328 for the years ended December 31, 2015, 2014 and 2013, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). For our loan receivable (Note 5) , if we determine that it is probable we will be unable to collect all amounts due based on the terms of the loan agreement, we record an impairment charge for any excess of book value over the present value of expected future cash flows. No impairments were recorded in any of our evaluations for any period presented herein.
Comprehensive Income	Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe.
Net Income Per Common Share	Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic net income per share is computed using the weighted average common shares outstanding. Diluted net income per share is computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reflects net income allocable to common shareholders and the weighted average common shares and equivalents outstanding, as used in our calculations of basic and diluted net income per share : For the Years Ended December 31, 2015 2014 2013 (Amounts in thousands) Net income allocable to common shareholders $ 1,053,050 $ 908,176 $ 844,731 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 172,699 172,251 171,640 Net effect of dilutive stock options - based on treasury stock method 811 887 1,048 Diluted weighted average common shares outstanding 173,510 173,138 172,688

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	For the Years Ended December 31, 2015 2014 2013 (Amounts in thousands) Net income allocable to common shareholders $ 1,053,050 $ 908,176 $ 844,731 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 172,699 172,251 171,640 Net effect of dilutive stock options - based on treasury stock method 811 887 1,048 Diluted weighted average common shares outstanding 173,510 173,138 172,688

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	2015 2014 2013 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 12,863,235 $ 12,286,256 $ 11,033,819 Capital expenditures to maintain real estate facilities 63,069 79,784 71,270 Acquisitions 176,444 400,514 1,095,477 Dispositions (19,970) (112) (89) Newly developed facilities opened for operation 123,484 98,162 85,283 Impact of foreign exchange rate changes (1,001) (1,369) 496 Ending balance 13,205,261 12,863,235 12,286,256 Accumulated depreciation: Beginning balance (4,482,520) (4,098,814) (3,738,130) Depreciation expense (393,605) (384,412) (360,442) Dispositions 8,886 10 - Impact of foreign exchange rate changes 501 696 (242) Ending balance (4,866,738) (4,482,520) (4,098,814) Construction in process: Beginning balance 104,573 52,336 36,243 Current development 238,101 150,399 101,376 Newly developed facilities opened for operation (123,484) (98,162) (85,283) Ending balance 219,190 104,573 52,336 Total real estate facilities at December 31, $ 8,557,713 $ 8,485,288 $ 8,239,778

Investments In Unconsolidated28

Investments In Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate	Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2015 2014 2015 2014 2013 PSB $ 414,450 $ 412,115 $ 34,155 $ 56,280 $ 23,199 Shurgard Europe 388,367 394,842 14,272 29,900 32,694 Other Investments (A) 6,491 6,783 2,510 2,087 1,686 Total $ 809,308 $ 813,740 $ 50,937 $ 88,267 $ 57,579 (A) At December 31, 2015, the “Other Investments” include an average common equity ownership of approximately 26% in various limited partnerships that collectively own 12 self-storage facilities ( 13 facilities at December 31, 2014).
Schedule Of Equity In Earnings	2015 2014 2013 (Amounts in thousands) For the year ended December 31, Calculation of equity in earnings of Shurgard Europe: Our 49% share of Shurgard Europe’s net income $ 13,108 $ 17,990 $ 12,944 Adjustments: 49% of trademark license fees 1,164 1,247 1,209 49% of interest on shareholder loan - 10,663 18,541 Total equity in earnings of Shurgard Europe $ 14,272 $ 29,900 $ 32,694
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	2015 2014 (Amounts in thousands) As of December 31, Total assets (primarily real estate) $ 2,186,658 $ 2,227,114 Debt 250,000 250,000 Other liabilities 76,059 68,905 Equity: Preferred stock 920,000 995,000 Common equity and LP units 940,599 913,209 2015 2014 2013 (Amounts in thousands) For the year ended December 31, Total revenue $ 373,675 $ 376,915 $ 359,885 Costs of operations (121,224) (127,371) (114,831) Depreciation and amortization (105,394) (110,357) (108,917) General and administrative (13,582) (13,639) (5,312) Other items (12,740) (13,221) (14,681) Gain on sale of facilities 28,235 92,373 - Net income 148,970 204,700 116,144 Allocations to preferred shareholders and restricted share unitholders (62,184) (60,817) (59,341) Net income allocated to common shareholders and LP Unitholders $ 86,786 $ 143,883 $ 56,803
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	2015 2014 As of December 31, (Amounts in thousands) Total assets (primarily self-storage facilities) $ 1,476,632 $ 1,404,246 Total debt to third parties 662,336 500,767 Other liabilities 110,522 180,546 Equity 703,774 722,933 Exchange rate of Euro to U.S. Dollar 1.091 1.216 2015 2014 2013 (Amounts in thousands) For the year ended December 31, Self-storage and ancillary revenues $ 236,990 $ 254,136 $ 246,615 Self-storage and ancillary cost of operations (93,575) (100,177) (98,222) Depreciation and amortization (66,665) (61,796) (60,029) General and administrative and income tax expense (a) (23,418) (14,964) (13,651) Interest expense on third party debt (16,695) (9,607) (5,082) Trademark license fee payable to Public Storage (2,376) (2,544) (2,468) Interest expense on shareholder loan - (21,761) (37,838) Costs of acquiring facilities and other, net (b) (7,509) (6,573) (2,909) Net income $ 26,752 $ 36,714 $ 26,416 Average exchange rates of Euro to the U.S. Dollar 1.110 1.329 1.328 (a) Included in these amounts are approximately $10.8 million, $5.4 million, and $2.6 million for 2015, 2014, and 2013, respectively, in income tax expense. (b) Included in these amounts are $10.5 million and $4.3 million in 2015 and 2014, respectively, associated with the acquisition of real estate facilities.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2015
Borrowings [Abstract]
Maturities Of Notes Payable	Senior Notes Mortgage Notes Total 2016 $ - $ 28,980 $ 28,980 2017 - 9,205 9,205 2018 - 11,099 11,099 2019 - 1,217 1,217 2020 - 1,286 1,286 Thereafter 263,940 3,289 267,229 $ 263,940 $ 55,076 $ 319,016 Weighted average effective rate 2.2% 4.1% 2.5%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Shareholders' Equity [Abstract]
Preferred Shares Outstanding	At December 31, 2015 At December 31, 2014 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series O 4/15/2015 6.875% - $ - 5,800 $ 145,000 Series P 10/7/2015 6.500% - - 5,000 125,000 Series Q 4/14/2016 6.500% 15,000 375,000 15,000 375,000 Series R 7/26/2016 6.350% 19,500 487,500 19,500 487,500 Series S 1/12/2017 5.900% 18,400 460,000 18,400 460,000 Series T 3/13/2017 5.750% 18,500 462,500 18,500 462,500 Series U 6/15/2017 5.625% 11,500 287,500 11,500 287,500 Series V 9/20/2017 5.375% 19,800 495,000 19,800 495,000 Series W 1/16/2018 5.200% 20,000 500,000 20,000 500,000 Series X 3/13/2018 5.200% 9,000 225,000 9,000 225,000 Series Y 3/17/2019 6.375% 11,400 285,000 11,400 285,000 Series Z 6/4/2019 6.000% 11,500 287,500 11,500 287,500 Series A 12/2/2019 5.875% 7,600 190,000 7,600 190,000 Total Preferred Shares 162,200 $ 4,055,000 173,000 $ 4,325,000
Schedule Of Issuance And Repurchases Of Common Shares	2015 2014 2013 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 475,687 $ 29,663 669,263 $ 37,872 388,005 $ 21,111
Schedule Of Distribution Classification	2015 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 98.49 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 1.51 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Share-Based Compensation [Abstract]
Share-Based Compensation Options Outstanding Rollforward	2015 2014 2013 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,085,544 $ 111.96 2,174,211 $ 85.49 2,253,510 $ 76.14 Granted 335,000 200.70 485,000 176.74 235,000 153.89 Exercised (365,265) 80.99 (570,417) 66.39 (286,299) 71.06 Cancelled (115,000) 163.15 (3,250) 63.76 (28,000) 55.25 Options outstanding December 31, 1,940,279 $ 130.08 2,085,544 $ 111.96 2,174,211 $ 85.49 Options exercisable at December 31, 1,150,272 $ 94.18 1,321,537 $ 82.46 1,581,954 $ 76.29
Share-Based Compensation Valuation Assumptions	2015 2014 2013 Stock option expense for the year (in 000's) $ 3,871 $ 3,216 $ 3,468 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 46,719 $ 59,322 $ 23,337 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 1.6% 1.6% 0.8% Expected volatility, based upon historical volatility 15.1% 16.8% 25.8% Expected dividend yield 2.9% 3.2% 3.3% Average estimated value of options granted during the year $ 18.39 $ 17.66 $ 23.83
Share-Based Compensation Restricted Units Outstanding And Vesting	2015 2014 2013 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 751,048 $ 110,874 636,329 $ 77,284 642,647 $ 67,473 Granted 252,376 55,307 339,607 59,009 197,675 30,774 Vested (187,342) (24,752) (166,905) (18,456) (154,535) (15,657) Forfeited (78,694) (12,145) (57,983) (6,963) (49,458) (5,306) Restricted share units outstanding December 31, 737,388 $ 129,284 751,048 $ 110,874 636,329 $ 77,284 2015 2014 2013 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 38,182 $ 27,591 $ 23,551 Cash paid upon vesting in lieu of issuing common shares $ 15,677 $ 11,449 $ 8,067 Common shares issued upon vesting 110,422 98,846 101,706 Restricted share unit expense $ 27,599 $ 25,159 $ 23,919

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Information [Abstract]
Summary Of Segment Information	Year ended December 31, 2015 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525 Ancillary operations - 146,171 - - - 146,171 2,235,525 146,171 - - - 2,381,696 Cost of operations: Self-storage operations 586,696 - - - - 586,696 Ancillary operations - 48,806 - - - 48,806 586,696 48,806 - - - 635,502 Net operating income: Self-storage operations 1,648,829 - - - - 1,648,829 Ancillary operations - 97,365 - - - 97,365 1,648,829 97,365 - - - 1,746,194 Other components of net income (loss): Depreciation and amortization (426,008) - - - - (426,008) General and administrative - - - - (88,177) (88,177) Interest and other income - - - - 16,544 16,544 Interest expense - - - - (610) (610) Equity in earnings of unconsolidated real estate entities - - 34,155 14,272 2,510 50,937 Foreign currency exchange gain - - - - 306 306 Gain on real estate sales - - - - 18,503 18,503 Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689 Year ended December 31, 2014 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 2,049,882 $ - $ - $ - $ - $ 2,049,882 Ancillary operations - 127,414 - - - 127,414 2,049,882 127,414 - - - 2,177,296 Cost of operations: Self-storage operations 566,898 - - - - 566,898 Ancillary operations - 46,426 - - - 46,426 566,898 46,426 - - - 613,324 Net operating income: Self-storage operations 1,482,984 - - - - 1,482,984 Ancillary operations - 80,988 - - - 80,988 1,482,984 80,988 - - - 1,563,972 Other components of net income (loss): Depreciation and amortization (437,114) - - - - (437,114) General and administrative - - - - (71,459) (71,459) Interest and other income - - - - 17,638 17,638 Interest expense - - - - (6,781) (6,781) Equity in earnings of unconsolidated real estate entities - - 56,280 29,900 2,087 88,267 Foreign currency exchange loss - - - - (7,047) (7,047) Gain on real estate sales - - - - 2,479 2,479 Net income (loss) $ 1,045,870 $ 80,988 $ 56,280 $ 29,900 $ (63,083) $ 1,149,955 Year ended December 31, 2013 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,849,883 $ - $ - $ - $ - $ 1,849,883 Ancillary operations - 115,059 - - - 115,059 1,849,883 115,059 - - - 1,964,942 Cost of operations: Self-storage operations 524,086 - - - - 524,086 Ancillary operations - 35,673 - - - 35,673 524,086 35,673 - - - 559,759 Net operating income: Self-storage operations 1,325,797 - - - - 1,325,797 Ancillary operations - 79,386 - - - 79,386 1,325,797 79,386 - - - 1,405,183 Other components of net income (loss): Depreciation and amortization (387,402) - - - - (387,402) General and administrative - - - - (66,679) (66,679) Interest and other income - - - - 33,979 33,979 Interest expense - - - - (6,444) (6,444) Equity in earnings of unconsolidated real estate entities - - 23,199 32,694 1,686 57,579 Foreign currency exchange gain - - - - 17,082 17,082 Gain on real estate sales - - - - 4,233 4,233 Net income (loss) $ 938,395 $ 79,386 $ 23,199 $ 32,694 $ (16,143) $ 1,057,531

Supplementary Quarterly Finan33

Supplementary Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2015
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	Three Months Ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 564,879 $ 588,615 $ 618,872 $ 609,330 Self-storage and ancillary cost of operations $ 172,010 $ 161,097 $ 164,686 $ 137,709 Depreciation and amortization $ 107,146 $ 106,473 $ 106,082 $ 106,307 Net Income $ 283,254 $ 328,040 $ 341,136 $ 365,259 Per Common Share Net income - Basic $ 1.23 $ 1.53 $ 1.58 $ 1.75 Net income - Diluted $ 1.23 $ 1.52 $ 1.58 $ 1.74 Three Months Ended March 31, June 30, September 30, December 31, 2014 2014 2014 2014 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 515,045 $ 533,480 $ 567,090 $ 561,681 Self-storage and ancillary cost of operations $ 173,155 $ 149,224 $ 158,568 $ 132,377 Depreciation and amortization $ 109,021 $ 106,443 $ 111,077 $ 110,573 Net Income $ 228,273 $ 278,279 $ 294,977 $ 348,426 Per Common Share Net income - Basic $ 1.01 $ 1.27 $ 1.34 $ 1.65 Net income - Diluted $ 1.01 $ 1.26 $ 1.34 $ 1.64

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2015ft²stateitemcounty	Dec. 31, 2014	Jul. 31, 2014	Dec. 31, 2013
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,277
Net rentable square feet | ft²	148
Number of states with facilities | state	38
Western Europe [Member]
Nature Of Business [Line Items]
Direct interest in self-storage facilities, number of countries | county	7
London [Member]
Nature Of Business [Line Items]
Owned Self Storage Facilities | item	1
Shurgard Europe [Member]
Nature Of Business [Line Items]
Net rentable square feet | ft²	12
Ownership interest, percentage	49.00%		49.00%	49.00%
Number of facilities owned by Shurgard Europe | item	216
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet | ft²	29
Number of states with facilities | state	9
Ownership interest, percentage	42.00%	42.00%

Summary Of Significant Accoun35

Summary Of Significant Accounting Policies ( Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	Dec. 31, 2015item
London [Member]
Summary Of Significant Accounting Policies [Line Items]
Owned self-storage facilities	1
U.S. [Member]
Summary Of Significant Accounting Policies [Line Items]
Owned self-storage facilities	2,265
Commercial facilities in U.S.	3
Other Investments [Member] | U.S. [Member]
Summary Of Significant Accounting Policies [Line Items]
Owned self-storage facilities	12

Summary Of Significant Accoun36

Summary Of Significant Accounting Policies (Income Taxes And Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Percentage of real estate investment trust taxable income distributed for exemption of federal income tax	100.00%
Income tax expense	$ 0
Unrecognized tax benefits	$ 0
Maximum [Member]
Estimated useful lives of buildings and improvements	25 years
Minimum [Member]
Estimated useful lives of buildings and improvements	5 years

Summary Of Significant Accoun37

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Abstract]
Goodwill balance	$ 174.6	$ 174.6
Shurgard trade name, book value	18.8	18.8
Tenant intangibles net book value	18	35.2
Accumulated amortization, tenant intangibles	66.4	69.3
Amortization expense, tenant intangibles	26.1	48.4	$ 24.1
Estimated future amortization expense, 2016	9.7
Estimated future amortization expense, 2017	2.1
Estimated future amortization expense, thereafter	6.2
Increase in tenant intangibles	$ 8.9	$ 30.2	$ 61.5

Summary Of Significant Accoun38

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment And Foreign Currency Exchange Translation) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro	1.110	1.329	1.328
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro	1.091	1.216

Summary Of Significant Accoun39

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Abstract]
Net income allocable to common shareholders	$ 1,053,050	$ 908,176	$ 844,731
Basic weighted average common shares outstanding	172,699,000	172,251,000	171,640,000
Net effect of dilutive stock options - based on treasury stock method	811,000	887,000	1,048,000
Diluted weighted average common shares outstanding	173,510,000	173,138,000	172,688,000

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)ft²item	Dec. 31, 2014USD ($)ft²item	Dec. 31, 2013USD ($)ft²item
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities	$ 177,076	$ 410,210	$ 1,150,943
Allocated To Real Estate Facilities	176,444	400,514	1,095,477
Cash proceeds from sale of real estate facilities		14,700
Gains on disposition of real estate facilities	18,503	2,479	4,233
Real estate facilities for federal tax purposes	$ 9,000,000
Disposal Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item	1
Disposal Of Real Estate [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities		$ 2,600	200
Gains on disposition of real estate facilities			$ 100
Disposal Of Two Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item	2
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item	17	44	121
Net rentable square feet | ft²	1,285,000	3,442,000	8,036,000
Acquisition cost of real estate facilities	$ 185,400	$ 430,700
Cash to acquire self-storage facilities	177,100	410,200	$ 1,151,000
Mortgage debt assumed	8,300	20,500	6,000
Aggregate cost, intangibles	$ 8,900	$ 30,200	62,000
Allocated To Real Estate Facilities			$ 1,095,000
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²	3,700,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities	$ 486,400
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²	1,312,000
Square footage of additional space | ft²		1,145,000	614,000
Cost of newly developed or expanded facilities opened for operations		$ 98,200	$ 85,300
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities	$ 123,500
Total Sales Of One Commercial Facility And Two Self-Storage Facilities In 2014 And 2015 [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities	$ 29,700

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 12,863,235	$ 12,286,256	$ 11,033,819
Capital expenditures to maintain real estate facilities	63,069	79,784	71,270
Acquisitions	176,444	400,514	1,095,477
Dispositions	(19,970)	(112)	(89)
Newly developed facilities opened for operation	123,484	98,162	85,283
Impact of foreign exchange rate changes	(1,001)	(1,369)	496
Ending balance (Operating facilities, at cost)	13,205,261	12,863,235	12,286,256
Beginning balance, (Accumulated depreciation)	(4,482,520)	(4,098,814)	(3,738,130)
Depreciation expense	(393,605)	(384,412)	(360,442)
Dispositions	8,886	10
Impact of foreign exchange rate changes	501	696	(242)
Ending balance, (Accumulated depreciation)	(4,866,738)	(4,482,520)	(4,098,814)
Beginning Balance (Construction in process	104,573	52,336	36,243
Current development	238,101	150,399	101,376
Newly developed facilities opened for operation	(123,484)	(98,162)	(85,283)
Ending Balance (Construction in process	219,190	104,573	52,336
Total real estate facilities at December 31,	$ 8,557,713	$ 8,485,288	$ 8,239,778

Investments In Unconsolidated42

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($)	Nov. 07, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Cash distributions from Unconsolidated Real Estate Entities		$ 35,700,000	$ 83,500,000	$ 45,900,000
Amount of investment exceeding pro rata share of underlying equity		62,000,000	68,000,000
Equity earnings, amortization amount		2,400,000	$ 4,400,000	$ 0
Stock Issued During Period, Shares, New Issues			30,500	29,000
Equity in earnings of unconsolidated real estate entities		50,937,000	$ 88,267,000	$ 57,579,000
Gain on real estate sales		$ 18,503,000	$ 2,479,000	$ 4,233,000
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage		42.00%	42.00%
Common stock owned of PSB		7,158,354
Limited partnership units in PSB		$ 7,305,355
Number of shares acquired during period				406,748
Stock Issued During Period, Shares, New Issues	1,495,000
Value of shares acquired during period				$ 29,700,000
Closing price per share PSB stock		$ 87.43
Equity in earnings of unconsolidated real estate entities		$ 34,155,000	$ 56,280,000	$ 23,199,000
Market value of PSB stock and LP units		1,300,000,000
Price per share issued in public offering	$ 79.25
Additional shares purchased	950,000
Value of additional shares purchased	$ 75,300,000
Gain on real estate sales	$ 4,100,000	$ 11,300,000	$ 36,500,000

Investments In Unconsolidated43

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income tax expense	$ 0
Foreign currency gains	$ (20,086,000)	$ (54,703,000)	$ 17,587,000
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	49.00%		49.00%	49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates	$ 19,600,000	(47,300,000)	$ 45,000
Acquisition costs	10,500,000	4,300,000
Income tax expense	$ 10,800,000	$ 5,400,000	$ 2,600,000

Investments In Unconsolidated44

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 809,308	$ 813,740
Equity in Earnings of Unconsolidated Real Estate Entities	50,937	88,267	$ 57,579
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	6,491	6,783
Equity in Earnings of Unconsolidated Real Estate Entities	$ 2,510	$ 2,087	1,686
Other equity ownership	26.00%
Number of self-storage facilities owned, other | item	12	13
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 414,450	$ 412,115
Equity in Earnings of Unconsolidated Real Estate Entities	34,155	56,280	23,199
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	388,367	394,842
Equity in Earnings of Unconsolidated Real Estate Entities	$ 14,272	$ 29,900	$ 32,694

Investments In Unconsolidated45

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)$ / €	Dec. 31, 2014USD ($)$ / €	Dec. 31, 2013USD ($)$ / €
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)		$ 2,186,658	$ 2,227,114
Debt		250,000	250,000
Other liabilities		76,059	68,905
Preferred stock		920,000	995,000
Common equity and LP units		940,599	913,209
Total revenue		373,675	376,915	$ 359,885
Costs of operations		(121,224)	(127,371)	(114,831)
Self-storage and ancillary revenues		373,675	376,915	359,885
Self-storage and ancillary cost of operations		(121,224)	(127,371)	(114,831)
Depreciation and amortization		(105,394)	(110,357)	(108,917)
General and administrative and income tax expense		(13,582)	(13,639)	(5,312)
Other items		(12,740)	(13,221)	(14,681)
Gain on sale of facilities		28,235	92,373
Net income		148,970	204,700	116,144
Allocations to preferred shareholders and restricted share unitholders		(62,184)	(60,817)	(59,341)
Net income allocated to common shareholders and LP Unitholders		86,786	143,883	56,803
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)		1,476,632	1,404,246
Total debt to third parties		662,336	500,767
Other liabilities		110,522	180,546
Equity		$ 703,774	$ 722,933
Exchange rate of Euro to U.S. Dollar | $ / €		1.091	1.216
Total revenue		$ 236,990	$ 254,136	246,615
Costs of operations		(93,575)	(100,177)	(98,222)
Self-storage and ancillary revenues		236,990	254,136	246,615
Self-storage and ancillary cost of operations		(93,575)	(100,177)	(98,222)
Depreciation and amortization		(66,665)	(61,796)	(60,029)
General and administrative and income tax expense	[1]	(23,418)	(14,964)	(13,651)
Interest expense on third party debt		(16,695)	(9,607)	(5,082)
Trademark license fee payable to Public Storage		(2,376)	(2,544)	(2,468)
Interest expense on debt due to Public Storage			(21,761)	(37,838)
Costs of acquiring facilities and other, net	[2]	(7,509)	(6,573)	(2,909)
Net income		13,108	17,990	12,944
Net income		$ 26,752	$ 36,714	$ 26,416
Average exchange rates Euro to the U.S. Dollar | $ / €		1.110	1.329	1.328
[1]	Included in these amounts are approximately $10.8 million, $5.4 million, and $2.6 million for 2015, 2014, and 2013, respectively, in income tax expense.
[2]	Included in these amounts are $10.5 million and $4.3 million in 2015 and 2014, respectively, associated with the acquisition of real estate facilities.

Investments In Unconsolidated46

Investments In Unconsolidated Real Estate Entities (Schedule Of Equity In Earnings) (Details) - Shurgard Europe [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 31, 2014
Schedule of Equity Method Investments [Line Items]
Our 49% equity share of Shurgard Europe’s net income	$ 13,108	$ 17,990	$ 12,944
Trademark license fee	1,164	1,247	1,209
Interest on shareholder loan		10,663	18,541
Total equity in earnings of Shurgard Europe	$ 14,272	$ 29,900	$ 32,694
Equity share percentage in Shurgard Europe	49.00%		49.00%	49.00%

Loans Receivable From Unconso47

Loans Receivable From Unconsolidated Real Estate Entity (Narrative) (Details) $ in Thousands, € in Millions	Jan. 28, 2014EUR (€)	Jan. 28, 2014USD ($)	Jul. 31, 2014EUR (€)	Jul. 31, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015	Dec. 31, 2013EUR (€)	Dec. 31, 2013USD ($)
Loans Receivable From Real Estate Entities [Line Items]
Proceeds from repayments of loan receivable					$ 204,947
Shurgard Europe [Member]
Loans Receivable From Real Estate Entities [Line Items]
Amount received from sale of loan		$ 216,200
Equity share percentage in Shurgard Europe			49.00%	49.00%			49.00%	49.00%	49.00%
Shurgard Europe [Member] | Existing Loan [Member]
Loans Receivable From Real Estate Entities [Line Items]
Ownership interest in Shareholder Loan								100.00%	100.00%
Loans receivable from affiliates								€ 311	$ 428,100
Percentage of Shareholder Loan acquired by our Shurgard Europe JV Partner	51.00%	51.00%
Amount received from sale of loan | €	€ 158.6
Proceeds from repayments of loan receivable			€ 152.4	$ 204,900
Interest and other income					$ 1,500	$ 19,300
Interest rate for real estate loans						9.00%
PSB [Member]
Loans Receivable From Real Estate Entities [Line Items]
Equity share percentage in Shurgard Europe					42.00%		42.00%

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) € in Millions	Nov. 03, 2015USD ($)	Dec. 02, 2013USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Feb. 26, 2016USD ($)	Nov. 03, 2015EUR (€)	Mar. 31, 2015USD ($)	Oct. 18, 2013	Oct. 02, 2013USD ($)	Oct. 01, 2013USD ($)
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity								$ 300,000,000
Mortgage notes			$ 55,076,000	$ 64,364,000
Secured by real estate facilities | item			32
Net book value of real estate facilities securing notes payable			$ 149,000,000
Proceeds from Issuance of Unsecured Debt			264,255,000
Foreign currency exchange gain			306,000	(7,047,000)	$ 17,082,000
Cash paid for interest expense			3,400,000	9,000,000	10,400,000
Interest capitalized as real estate			2,700,000	1,600,000	2,900,000
Senior Notes [Member]
Schedule Of Debt [Line Items]
Interest rate							2.175%
Proceeds from Issuance of Unsecured Debt	$ 264,300,000
Foreign currency exchange gain			$ 300,000
Senior unsecured note amount | €							€ 242
Term Loan [Member]
Schedule Of Debt [Line Items]
Debt issuance amount		$ 700,000,000
Loan origination costs		$ 1,900,000
Term loan amoritzation costs				1,800,000	$ 100,000
Credit Facility [Member]
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity								$ 500,000,000
Expiration of Credit Facility			Mar. 31, 2020
Facility fee percentage at end of quarter			0.08%
Outstanding borrowings on Credit Facility			$ 0
Undrawn standby letters of credit			$ 14,900,000	$ 13,900,000
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Debt [Line Items]
Interest at period end spread (LIBOR)			0.85%
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate			7.10%
Maximum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Quarterly facility fee			0.25%
Maximum [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)			1.45%
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate			2.90%
Minimum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Quarterly facility fee			0.08%
Minimum [Member] | Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)			0.85%
PSB Loan [Member]
Schedule Of Debt [Line Items]
Interest rate									1.388%
Amount borrowed										$ 100,000,000	$ 100,000,000
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Debt [Line Items]
Interest rate			6.20%	5.20%	6.20%
Mortgage debt assumed			$ 8,300,000	$ 20,500,000	$ 6,100,000
Assumed note balances			$ 8,300,000	$ 19,800,000	$ 5,700,000
Assumed debt, fair value, percent			4.30%	3.60%	3.70%
Note Payable [Member]
Schedule Of Debt [Line Items]
Mortgage notes			$ 55,100,000	$ 64,400,000
Unamortized premium			$ 500,000	$ 600,000
Subsequent Event [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings on Credit Facility						$ 0

Borrowings (Maturities Of Notes

Borrowings (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Senior Notes [Member]
Debt Instrument [Line Items]
Thereafter	$ 263,940
Total notes payable	$ 263,940
Weighted average effective rate	2.20%
Mortgage Notes [Member]
Debt Instrument [Line Items]
2,016	$ 28,980
2,017	9,205
2,018	11,099
2,019	1,217
2,020	1,286
Thereafter	3,289
Total notes payable	$ 55,076
Weighted average effective rate	4.10%
Total Notes [Member]
Debt Instrument [Line Items]
2,016	$ 28,980
2,017	9,205
2,018	11,099
2,019	1,217
2,020	1,286
Thereafter	267,229
Total notes payable	$ 319,016
Weighted average effective rate	2.50%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Noncontrolling Interest [Line Items]
Redeemable noncontrolling interests in Subsidiaries	$ 1,562
Distributions paid	7,325	$ 6,469	$ 6,454
Contributions by noncontrolling interets	$ 1,562
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | item	13
Permanent Noncotrolling Interest in Subsidaries, number of self-storage facilities under construction | item	7
Convertible partnership units | shares	231,978
Redeemable noncontrolling interests in Subsidiaries	$ 1,562
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	6,400	5,800	5,100
Distributions paid	7,325	6,469	6,454
Acquisition cost	5,500	$ 700	$ 6,200
Contributions by noncontrolling interets	$ 1,562

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Proceeds from issuance of preferred stock		$ 738,954	$ 701,687
EITF D-42 allocations	$ 8,897
Series O and P Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares	270,000
EITF D-42 allocations	$ 8,900
Series Y, Series Z And Series A Preferred Shares [Member]
Class of Stock [Line Items]
Number of stock issued in sale		30.5
Preferred shares per depositary share		0.10%
Issuance price per depository share		$ 25
Proceeds from issuance of preferred stock		$ 762,500
Original issuance costs on preferred shares redeemed during the period		$ 23,500
Series W And Series X Preferred Shares [Member]
Class of Stock [Line Items]
Number of stock issued in sale			29
Preferred shares per depositary share			0.10%
Issuance price per depository share			$ 25
Proceeds from issuance of preferred stock			$ 725,000
Original issuance costs on preferred shares redeemed during the period			$ 23,300

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - shares	12 Months Ended	36 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Shareholders' Equity [Abstract]
Number of shares authorized for repurchase	35,000,000	35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000	0
Common shares reserved in connection with share-based incentive plan	2,677,667	2,677,667	2,836,592
Common shares reserved for conversion of Convertiable Partnership Units	231,978	231,978	231,978

Shareholders_ Equity (Dividends

Shareholders’ Equity (Dividends) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shareholders' Equity [Abstract]
Common stock dividends paid in aggregate	$ 1,126,000	$ 967,900	$ 887,100
Cash dividends declared per common share	$ 6.50	$ 5.60	$ 5.15
Common stock dividends paid per share	$ 6.50	$ 5.60	$ 5.15
Preferred shareholders	$ 245,097	$ 232,636	$ 204,312

Shareholders_ Equity (Preferred

Shareholders’ Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Shares Outstanding	162,200	173,000
Liquidation Preference	$ 4,055,000	$ 4,325,000
Series O Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Apr. 15, 2015
Dividend Rate %	6.875%
Shares Outstanding		5,800
Liquidation Preference		$ 145,000
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 7, 2015
Dividend Rate %	6.50%
Shares Outstanding		5,000
Liquidation Preference		$ 125,000
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Apr. 14, 2016
Dividend Rate %	6.50%
Shares Outstanding	15,000	15,000
Liquidation Preference	$ 375,000	$ 375,000
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jul. 26, 2016
Dividend Rate %	6.35%
Shares Outstanding	19,500	19,500
Liquidation Preference	$ 487,500	$ 487,500
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 12, 2017
Dividend Rate %	5.90%
Shares Outstanding	18,400	18,400
Liquidation Preference	$ 460,000	$ 460,000
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 13, 2017
Dividend Rate %	5.75%
Shares Outstanding	18,500	18,500
Liquidation Preference	$ 462,500	$ 462,500
Series U Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 15, 2017
Dividend Rate %	5.625%
Shares Outstanding	11,500	11,500
Liquidation Preference	$ 287,500	$ 287,500
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 20, 2017
Dividend Rate %	5.375%
Shares Outstanding	19,800	19,800
Liquidation Preference	$ 495,000	$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 16, 2018
Dividend Rate %	5.20%
Shares Outstanding	20,000	20,000
Liquidation Preference	$ 500,000	$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 13, 2018
Dividend Rate %	5.20%
Shares Outstanding	9,000	9,000
Liquidation Preference	$ 225,000	$ 225,000
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 17, 2019
Dividend Rate %	6.375%
Shares Outstanding	11,400	11,400
Liquidation Preference	$ 285,000	$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 4, 2019
Dividend Rate %	6.00%
Shares Outstanding	11,500	11,500
Liquidation Preference	$ 287,500	$ 287,500
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 2, 2019
Dividend Rate %	5.875%
Shares Outstanding	7,600	7,600
Liquidation Preference	$ 190,000	$ 190,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shareholders' Equity [Abstract]
Employee stock-based compensation and exercise of stock options (Note 10), Shares	475,687	669,263	388,005
Employee stock-based compensation and exercise of stock options (Note 10), Amount	$ 29,663	$ 37,872	$ 21,111

Shareholders' Equity (Schedul56

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Shareholders' Equity [Abstract]
Ordinary Income	100.00%	98.49%	100.00%	100.00%
Long-Term Capital Gain	0.00%	1.51%	0.00%	0.00%
Total	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	Oct. 18, 2013USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2013USD ($)	Dec. 31, 2012	Oct. 02, 2013USD ($)	Oct. 01, 2013USD ($)
Related Party Transaction [Line Items]
Hughes Family percentage ownership of common shares outstanding		14.40%
PSB [Member]
Related Party Transaction [Line Items]
The percentage ownership that third party has in Stor-RE, a consolidated entity			4.00%	4.00%
Acquisition cost			$ 1.1
PSB Loan [Member]
Related Party Transaction [Line Items]
Interest rate	1.388%
Amount borrowed					$ 100	$ 100
Interest paid	$ 0.1
PS Canada [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities Hughes Family owns and operates in Canada | item		55
Tenants reinsurance premiums earned by Public Storage from the Canadian facilities Hughes Family has an interest in		$ 0.5
The percentage ownership that third party has in Stor-RE, a consolidated entity			2.20%	2.20%
Ownership interest		0.00%
Acquisition cost			$ 0.6

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years	10 years
Stock options granted	335,000	485,000	235,000
Stock options exercised	365,265	570,417	286,299
Stock options outstanding	1,940,279	2,085,544	2,174,211	2,253,510
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding, aggregate intrinsic value	$ 228.1
Average remaining contractual lives	6 years
Aggregate intrinsic value for stock options exercisable	$ 176.6
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, upper	$ 200
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax deposits made in exchange for RSUs	$ 15,677	$ 11,449	$ 8,067
Common shares issued upon vesting	110,422	98,846	101,706
Restricted share unit expense	$ 27,599	$ 25,159	$ 23,919
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units outstanding	182,700
Restricted stock, compensation expense not yet recognized	$ 93,000
Compensation recognition period	2 years 4 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Maximum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	8 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years
Minimum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	2,085,544	2,174,211	2,253,510
Granted, Number of Options	335,000	485,000	235,000
Exercised, Number of Options	(365,265)	(570,417)	(286,299)
Cancelled, Number of Options	(115,000)	(3,250)	(28,000)
Options outstanding December 31, Number of Options	1,940,279	2,085,544	2,174,211
Options exercisable at December 31, Number of Options	1,150,272	1,321,537	1,581,954
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 111.96	$ 85.49	$ 76.14
Granted, Weighted Average Exercise Price Per Share	200.70	176.74	153.89
Exercised. Weighted Average Exercise Price Per Share	80.99	66.39	71.06
Cancelled, Weighted Average Exercise Price Per Share	163.15	63.76	55.25
Options outstanding December 31, Weighted Average Exercise Price Per Share	130.08	111.96	85.49
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 94.18	$ 82.46	$ 76.29

Share-Based Compensation (Sha61

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 3,871	$ 3,216	$ 3,468
Aggregate exercise date intrinsic value of options exercised during the year	$ 46,719	$ 59,322	$ 23,337
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	1.60%	1.60%	0.80%
Expected volatility, based upon historical volatility	15.10%	16.80%	25.80%
Expected dividend yield	2.90%	3.20%	3.30%
Average estimated value of options granted during the year	$ 18.39	$ 17.66	$ 23.83

Share-Based Compensation (Sha62

Share-Based Compensation (Share-Based Compensation Restricted Units Outstanding Rollforward) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	751,048	636,329	642,647
Granted, Number Of Restricted Share Units	252,376	339,607	197,675
Vested, Number Of Restricted Share Units	(187,342)	(166,905)	(154,535)
Forfeited, Number Of Restricted Share Units	(78,694)	(57,983)	(49,458)
Restricted share units outstanding December 31, Number Of Restricted Share Units	737,388	751,048	636,329
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 110,874	$ 77,284	$ 67,473
Granted, Grant Date Aggregate Fair Value	55,307	59,009	30,774
Vested, Grant Date Aggregate Fair Value	(24,752)	(18,456)	(15,657)
Forfeited, Grant Date Aggregate Fair Value	(12,145)	(6,963)	(5,306)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 129,284	$ 110,874	$ 77,284

Share-Based Compensation (Sha63

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-Based Compensation [Abstract]
Fair value of vested shares on vesting date	$ 38,182	$ 27,591	$ 23,551
Cash pain upon vesting in lieu of issuing common shares	$ 15,677	$ 11,449	$ 8,067
Common shares issued upon vesting	110,422	98,846	101,706
Restricted share unit expense	$ 27,599	$ 25,159	$ 23,919

Segment Information (Narrative)

Segment Information (Narrative) (Details)	Dec. 31, 2015	Dec. 31, 2014
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%	42.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Self-storage facilities									$ 2,235,525	$ 2,049,882	$ 1,849,883
Ancillary operations									146,171	127,414	115,059
Total revenues	$ 609,330	$ 618,872	$ 588,615	$ 564,879	$ 561,681	$ 567,090	$ 533,480	$ 515,045	2,381,696	2,177,296	1,964,942
Self-storage cost of operations									586,696	566,898	524,086
Ancillary cost of operations									48,806	46,426	35,673
Total Cost of Operations	137,709	164,686	161,097	172,010	132,377	158,568	149,224	173,155	635,502	613,324	559,759
Net Operating Income - Self-Storage Operations									1,648,829	1,482,984	1,325,797
Net Operating Income - Ancillary Operations									97,365	80,988	79,386
Total Net Operating Income									1,746,194	1,563,972	1,405,183
Depreciation and amortization	(106,307)	(106,082)	(106,473)	(107,146)	(110,573)	(111,077)	(106,443)	(109,021)	(426,008)	(437,114)	(387,402)
General and administrative									(88,177)	(71,459)	(66,679)
Interest and other income									16,544	17,638	33,979
Interest expense									(610)	(6,781)	(6,444)
Equity in earnings of unconsolidated real estate entities									50,937	88,267	57,579
Foreign currency exchange gain (loss)									306	(7,047)	17,082
Gain on real estate sales									18,503	2,479	4,233
Net income	$ 365,259	$ 341,136	$ 328,040	$ 283,254	$ 348,426	$ 294,977	$ 278,279	$ 228,273	1,317,689	1,149,955	1,057,531
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage facilities									2,235,525	2,049,882	1,849,883
Total revenues									2,235,525	2,049,882	1,849,883
Self-storage cost of operations									586,696	566,898	524,086
Total Cost of Operations									586,696	566,898	524,086
Net Operating Income - Self-Storage Operations									1,648,829	1,482,984	1,325,797
Total Net Operating Income									1,648,829	1,482,984	1,325,797
Depreciation and amortization									(426,008)	(437,114)	(387,402)
Net income									1,222,821	1,045,870	938,395
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations									146,171	127,414	115,059
Total revenues									146,171	127,414	115,059
Ancillary cost of operations									48,806	46,426	35,673
Total Cost of Operations									48,806	46,426	35,673
Net Operating Income - Ancillary Operations									97,365	80,988	79,386
Total Net Operating Income									97,365	80,988	79,386
Net income									97,365	80,988	79,386
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									34,155	56,280	23,199
Net income									34,155	56,280	23,199
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									14,272	29,900	32,694
Net income									14,272	29,900	32,694
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative									(88,177)	(71,459)	(66,679)
Interest and other income									16,544	17,638	33,979
Interest expense									(610)	(6,781)	(6,444)
Equity in earnings of unconsolidated real estate entities									2,510	2,087	1,686
Foreign currency exchange gain (loss)									306	(7,047)	17,082
Gain on real estate sales									18,503	2,479	4,233
Net income									$ (50,924)	$ (63,083)	$ (16,143)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	Dec. 31, 2015USD ($)item
Commitments And Contingencies [Abstract]
Aggregate limit for property coverage	$ 75,000,000
Aggregate limit for general liability coverage	102,000,000
Tenant insurance program against claims, maximum amount	5,000
Deductible for property	25,000,000
Deductible for general liability	$ 2,000,000
Tenant certificate holders participating in insurance program, approximate | item	874,000
Aggregate coverage of tenants participating in insurance program	$ 2,500,000,000

Supplementary Quarterly Finan67

Supplementary Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Quarterly Financial Data [Abstract]
Self-storage and ancillary revenues	$ 609,330	$ 618,872	$ 588,615	$ 564,879	$ 561,681	$ 567,090	$ 533,480	$ 515,045	$ 2,381,696	$ 2,177,296	$ 1,964,942
Self storage and ancillary cost of operations	137,709	164,686	161,097	172,010	132,377	158,568	149,224	173,155	635,502	613,324	559,759
Depreciation and amortization	106,307	106,082	106,473	107,146	110,573	111,077	106,443	109,021	426,008	437,114	387,402
Net income	$ 365,259	$ 341,136	$ 328,040	$ 283,254	$ 348,426	$ 294,977	$ 278,279	$ 228,273	$ 1,317,689	$ 1,149,955	$ 1,057,531
Net income - Basic	$ 1.75	$ 1.58	$ 1.53	$ 1.23	$ 1.65	$ 1.34	$ 1.27	$ 1.01	$ 6.10	$ 5.27	$ 4.92
Net income - Diluted	$ 1.74	$ 1.58	$ 1.52	$ 1.23	$ 1.64	$ 1.34	$ 1.26	$ 1.01	$ 6.07	$ 5.25	$ 4.89

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands, ft² in Millions	Jan. 20, 2016USD ($)$ / sharesshares	Feb. 24, 2016USD ($)ft²item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of preferred stock | $			$ 738,954	$ 701,687
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		17
Net rentable square feet | ft²		1.2
Acquisition Cost, Real Estate Facilities | $		$ 149,000
Subsequent Event [Member] | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
issuance of depositary shares | shares	12,000,000
Preferred shares per depositary share	0.10%
Dividend rate percentage	5.40%
Issuance price per depository share | $ / shares	$ 25
Proceeds from issuance of preferred stock | $	$ 300,000
Issuance costs | $	$ 9,900
Florida [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		7
Ohio [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		8
Tennessee [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		1
South Carolina [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		1

Schedule III - Real Estate An69

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2,266
2015 Encumbrances	$ 55,076
Initial Cost, Land	3,494,349
Initial Cost, Buildings & Improvements	7,760,159
Costs Subsequent to Acquisition	1,950,753
Gross Carrying Amount, Land	3,564,810
Gross Carrying Amount, Buildings	9,640,451
Gross Carrying Amount, Total	13,205,261
Accumulated Depreciation	$ 4,866,738
Depreciable life of buildings (years)	25 years
Los Angeles [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Los Angeles
No. of Facilities | item	215
2015 Encumbrances	$ 6,180
Initial Cost, Land	440,025
Initial Cost, Buildings & Improvements	853,149
Costs Subsequent to Acquisition	251,837
Gross Carrying Amount, Land	448,670
Gross Carrying Amount, Buildings	1,096,341
Gross Carrying Amount, Total	1,545,011
Accumulated Depreciation	$ 538,142
San Francisco [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Francisco
No. of Facilities | item	135
Initial Cost, Land	$ 223,145
Initial Cost, Buildings & Improvements	481,272
Costs Subsequent to Acquisition	142,334
Gross Carrying Amount, Land	235,931
Gross Carrying Amount, Buildings	610,820
Gross Carrying Amount, Total	846,751
Accumulated Depreciation	$ 340,005
New York [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New York
No. of Facilities | item	89
Initial Cost, Land	$ 213,537
Initial Cost, Buildings & Improvements	478,489
Costs Subsequent to Acquisition	138,815
Gross Carrying Amount, Land	219,847
Gross Carrying Amount, Buildings	610,994
Gross Carrying Amount, Total	830,841
Accumulated Depreciation	$ 303,891
Washington DC [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Washington DC
No. of Facilities | item	88
Initial Cost, Land	$ 221,108
Initial Cost, Buildings & Improvements	385,043
Costs Subsequent to Acquisition	101,703
Gross Carrying Amount, Land	226,302
Gross Carrying Amount, Buildings	481,552
Gross Carrying Amount, Total	707,854
Accumulated Depreciation	$ 225,937
Miami [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Miami
No. of Facilities | item	87
Initial Cost, Land	$ 204,551
Initial Cost, Buildings & Improvements	417,288
Costs Subsequent to Acquisition	77,444
Gross Carrying Amount, Land	206,435
Gross Carrying Amount, Buildings	492,848
Gross Carrying Amount, Total	699,283
Accumulated Depreciation	$ 213,564
Seattle/Tacoma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Seattle/Tacoma
No. of Facilities | item	88
Initial Cost, Land	$ 173,459
Initial Cost, Buildings & Improvements	407,724
Costs Subsequent to Acquisition	85,093
Gross Carrying Amount, Land	174,143
Gross Carrying Amount, Buildings	492,133
Gross Carrying Amount, Total	666,276
Accumulated Depreciation	$ 237,003
Chicago [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chicago
No. of Facilities | item	130
Initial Cost, Land	$ 137,165
Initial Cost, Buildings & Improvements	352,595
Costs Subsequent to Acquisition	99,432
Gross Carrying Amount, Land	140,047
Gross Carrying Amount, Buildings	449,145
Gross Carrying Amount, Total	589,192
Accumulated Depreciation	$ 282,204
Houston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Houston
No. of Facilities | item	108
Initial Cost, Land	$ 141,501
Initial Cost, Buildings & Improvements	314,733
Costs Subsequent to Acquisition	99,763
Gross Carrying Amount, Land	141,277
Gross Carrying Amount, Buildings	414,720
Gross Carrying Amount, Total	555,997
Accumulated Depreciation	$ 204,440
Atlanta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Atlanta
No. of Facilities | item	101
Initial Cost, Land	$ 122,880
Initial Cost, Buildings & Improvements	327,975
Costs Subsequent to Acquisition	54,955
Gross Carrying Amount, Land	123,242
Gross Carrying Amount, Buildings	382,568
Gross Carrying Amount, Total	505,810
Accumulated Depreciation	$ 192,246
Dallas/Ft. Worth [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dallas/Ft. Worth
No. of Facilities | item	104
Initial Cost, Land	$ 114,867
Initial Cost, Buildings & Improvements	264,059
Costs Subsequent to Acquisition	83,066
Gross Carrying Amount, Land	115,731
Gross Carrying Amount, Buildings	346,261
Gross Carrying Amount, Total	461,992
Accumulated Depreciation	$ 204,517
Orlando/Daytona [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Orlando/Daytona
No. of Facilities | item	67
Initial Cost, Land	$ 112,055
Initial Cost, Buildings & Improvements	232,650
Costs Subsequent to Acquisition	47,441
Gross Carrying Amount, Land	117,537
Gross Carrying Amount, Buildings	274,609
Gross Carrying Amount, Total	392,146
Accumulated Depreciation	$ 105,995
West Palm Beach [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	West Palm Beach
No. of Facilities | item	44
Initial Cost, Land	$ 151,323
Initial Cost, Buildings & Improvements	207,388
Costs Subsequent to Acquisition	22,233
Gross Carrying Amount, Land	150,327
Gross Carrying Amount, Buildings	230,617
Gross Carrying Amount, Total	380,944
Accumulated Depreciation	$ 79,627
Charlotte [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charlotte
No. of Facilities | item	50
Initial Cost, Land	$ 68,586
Initial Cost, Buildings & Improvements	176,724
Costs Subsequent to Acquisition	47,009
Gross Carrying Amount, Land	76,813
Gross Carrying Amount, Buildings	215,506
Gross Carrying Amount, Total	292,319
Accumulated Depreciation	$ 77,688
Minneapolis/St. Paul [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Minneapolis/St. Paul
No. of Facilities | item	45
2015 Encumbrances	$ 9,403
Initial Cost, Land	81,895
Initial Cost, Buildings & Improvements	177,533
Costs Subsequent to Acquisition	18,194
Gross Carrying Amount, Land	82,060
Gross Carrying Amount, Buildings	195,562
Gross Carrying Amount, Total	277,622
Accumulated Depreciation	$ 77,460
Denver [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Denver
No. of Facilities | item	54
2015 Encumbrances	$ 19,228
Initial Cost, Land	77,855
Initial Cost, Buildings & Improvements	151,123
Costs Subsequent to Acquisition	40,824
Gross Carrying Amount, Land	78,418
Gross Carrying Amount, Buildings	191,384
Gross Carrying Amount, Total	269,802
Accumulated Depreciation	$ 104,807
Tampa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tampa
No. of Facilities | item	49
Initial Cost, Land	$ 72,274
Initial Cost, Buildings & Improvements	157,983
Costs Subsequent to Acquisition	38,541
Gross Carrying Amount, Land	75,046
Gross Carrying Amount, Buildings	193,752
Gross Carrying Amount, Total	268,798
Accumulated Depreciation	$ 87,151
Philadelphia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Philadelphia
No. of Facilities | item	57
Initial Cost, Land	$ 51,682
Initial Cost, Buildings & Improvements	152,406
Costs Subsequent to Acquisition	49,250
Gross Carrying Amount, Land	50,703
Gross Carrying Amount, Buildings	202,635
Gross Carrying Amount, Total	253,338
Accumulated Depreciation	$ 131,688
Boston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Boston
No. of Facilities | item	25
Initial Cost, Land	$ 61,583
Initial Cost, Buildings & Improvements	158,870
Costs Subsequent to Acquisition	17,866
Gross Carrying Amount, Land	62,217
Gross Carrying Amount, Buildings	176,102
Gross Carrying Amount, Total	238,319
Accumulated Depreciation	$ 63,058
Phoenix [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Phoenix
No. of Facilities | item	39
2015 Encumbrances	$ 4,249
Initial Cost, Land	59,267
Initial Cost, Buildings & Improvements	162,505
Costs Subsequent to Acquisition	14,090
Gross Carrying Amount, Land	59,259
Gross Carrying Amount, Buildings	176,603
Gross Carrying Amount, Total	235,862
Accumulated Depreciation	$ 69,999
Detroit [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Detroit
No. of Facilities | item	40
Initial Cost, Land	$ 61,608
Initial Cost, Buildings & Improvements	149,472
Costs Subsequent to Acquisition	19,565
Gross Carrying Amount, Land	62,458
Gross Carrying Amount, Buildings	168,187
Gross Carrying Amount, Total	230,645
Accumulated Depreciation	$ 79,745
Portland [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Portland
No. of Facilities | item	43
Initial Cost, Land	$ 51,182
Initial Cost, Buildings & Improvements	126,464
Costs Subsequent to Acquisition	22,437
Gross Carrying Amount, Land	51,840
Gross Carrying Amount, Buildings	148,243
Gross Carrying Amount, Total	200,083
Accumulated Depreciation	$ 76,767
Austin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Austin
No. of Facilities | item	30
2015 Encumbrances	$ 4,808
Initial Cost, Land	47,525
Initial Cost, Buildings & Improvements	112,997
Costs Subsequent to Acquisition	33,723
Gross Carrying Amount, Land	49,531
Gross Carrying Amount, Buildings	144,714
Gross Carrying Amount, Total	194,245
Accumulated Depreciation	$ 59,887
San Diego [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Diego
No. of Facilities | item	20
2015 Encumbrances	$ 9,116
Initial Cost, Land	47,884
Initial Cost, Buildings & Improvements	108,911
Costs Subsequent to Acquisition	26,384
Gross Carrying Amount, Land	49,433
Gross Carrying Amount, Buildings	133,746
Gross Carrying Amount, Total	183,179
Accumulated Depreciation	$ 63,163
Honolulu [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Honolulu
No. of Facilities | item	11
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	8,992
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	114,374
Gross Carrying Amount, Total	169,475
Accumulated Depreciation	$ 45,888
Raleigh [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Raleigh
No. of Facilities | item	25
Initial Cost, Land	$ 41,377
Initial Cost, Buildings & Improvements	81,821
Costs Subsequent to Acquisition	15,632
Gross Carrying Amount, Land	42,502
Gross Carrying Amount, Buildings	96,328
Gross Carrying Amount, Total	138,830
Accumulated Depreciation	$ 39,927
Norfolk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Norfolk
No. of Facilities | item	28
Initial Cost, Land	$ 33,316
Initial Cost, Buildings & Improvements	81,267
Costs Subsequent to Acquisition	14,648
Gross Carrying Amount, Land	32,755
Gross Carrying Amount, Buildings	96,476
Gross Carrying Amount, Total	129,231
Accumulated Depreciation	$ 45,444
San Antonio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Antonio
No. of Facilities | item	28
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	22,869
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	98,939
Gross Carrying Amount, Total	126,463
Accumulated Depreciation	$ 51,595
Baltimore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Baltimore
No. of Facilities | item	23
Initial Cost, Land	$ 25,176
Initial Cost, Buildings & Improvements	79,734
Costs Subsequent to Acquisition	15,121
Gross Carrying Amount, Land	25,300
Gross Carrying Amount, Buildings	94,731
Gross Carrying Amount, Total	120,031
Accumulated Depreciation	$ 55,001
Sacramento [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Sacramento
No. of Facilities | item	34
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	24,641
Gross Carrying Amount, Land	25,646
Gross Carrying Amount, Buildings	93,545
Gross Carrying Amount, Total	119,191
Accumulated Depreciation	$ 60,942
St. Louis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	St. Louis
No. of Facilities | item	26
Initial Cost, Land	$ 20,037
Initial Cost, Buildings & Improvements	56,237
Costs Subsequent to Acquisition	18,977
Gross Carrying Amount, Land	20,680
Gross Carrying Amount, Buildings	74,571
Gross Carrying Amount, Total	95,251
Accumulated Depreciation	$ 51,630
Indianapolis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Indianapolis
No. of Facilities | item	22
Initial Cost, Land	$ 21,064
Initial Cost, Buildings & Improvements	57,655
Costs Subsequent to Acquisition	11,117
Gross Carrying Amount, Land	22,064
Gross Carrying Amount, Buildings	67,772
Gross Carrying Amount, Total	89,836
Accumulated Depreciation	$ 35,216
Kansas City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Kansas City
No. of Facilities | item	24
Initial Cost, Land	$ 14,225
Initial Cost, Buildings & Improvements	43,732
Costs Subsequent to Acquisition	22,628
Gross Carrying Amount, Land	14,425
Gross Carrying Amount, Buildings	66,160
Gross Carrying Amount, Total	80,585
Accumulated Depreciation	$ 50,124
Las Vegas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Las Vegas
No. of Facilities | item	18
Initial Cost, Land	$ 17,879
Initial Cost, Buildings & Improvements	44,357
Costs Subsequent to Acquisition	8,650
Gross Carrying Amount, Land	17,128
Gross Carrying Amount, Buildings	53,758
Gross Carrying Amount, Total	70,886
Accumulated Depreciation	$ 38,871
Columbia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbia
No. of Facilities | item	20
Initial Cost, Land	$ 16,167
Initial Cost, Buildings & Improvements	44,429
Costs Subsequent to Acquisition	9,801
Gross Carrying Amount, Land	16,915
Gross Carrying Amount, Buildings	53,482
Gross Carrying Amount, Total	70,397
Accumulated Depreciation	$ 23,069
Savannah [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Savannah
No. of Facilities | item	10
Initial Cost, Land	$ 25,074
Initial Cost, Buildings & Improvements	31,111
Costs Subsequent to Acquisition	2,117
Gross Carrying Amount, Land	24,718
Gross Carrying Amount, Buildings	33,584
Gross Carrying Amount, Total	58,302
Accumulated Depreciation	$ 7,769
Greensboro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensboro
No. of Facilities | item	13
Initial Cost, Land	$ 12,737
Initial Cost, Buildings & Improvements	29,811
Costs Subsequent to Acquisition	12,216
Gross Carrying Amount, Land	14,922
Gross Carrying Amount, Buildings	39,842
Gross Carrying Amount, Total	54,764
Accumulated Depreciation	$ 19,796
Fort Myers/Naples [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Myers/Naples
No. of Facilities | item	9
Initial Cost, Land	$ 15,373
Initial Cost, Buildings & Improvements	35,353
Costs Subsequent to Acquisition	3,879
Gross Carrying Amount, Land	15,608
Gross Carrying Amount, Buildings	38,997
Gross Carrying Amount, Total	54,605
Accumulated Depreciation	$ 10,030
Milwaukee [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Milwaukee
No. of Facilities | item	15
2015 Encumbrances	$ 2,092
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	8,458
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	40,560
Gross Carrying Amount, Total	53,718
Accumulated Depreciation	$ 24,597
Charleston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charleston
No. of Facilities | item	10
Initial Cost, Land	$ 10,849
Initial Cost, Buildings & Improvements	31,144
Costs Subsequent to Acquisition	6,059
Gross Carrying Amount, Land	11,825
Gross Carrying Amount, Buildings	36,227
Gross Carrying Amount, Total	48,052
Accumulated Depreciation	$ 14,088
Jacksonville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Jacksonville
No. of Facilities | item	14
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	8,926
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	36,591
Gross Carrying Amount, Total	47,892
Accumulated Depreciation	$ 25,789
Hartford/New Haven [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Hartford/New Haven
No. of Facilities | item	11
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	19,918
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	38,212
Gross Carrying Amount, Total	46,655
Accumulated Depreciation	$ 25,421
Columbus [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbus
No. of Facilities | item	14
Initial Cost, Land	$ 4,388
Initial Cost, Buildings & Improvements	22,272
Costs Subsequent to Acquisition	19,040
Gross Carrying Amount, Land	4,494
Gross Carrying Amount, Buildings	41,206
Gross Carrying Amount, Total	45,700
Accumulated Depreciation	$ 33,606
New Orleans [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New Orleans
No. of Facilities | item	9
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	4,617
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	35,281
Gross Carrying Amount, Total	44,654
Accumulated Depreciation	$ 19,328
Richmond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Richmond
No. of Facilities | item	10
Initial Cost, Land	$ 13,248
Initial Cost, Buildings & Improvements	23,253
Costs Subsequent to Acquisition	3,567
Gross Carrying Amount, Land	13,053
Gross Carrying Amount, Buildings	27,015
Gross Carrying Amount, Total	40,068
Accumulated Depreciation	$ 13,189
Tucson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tucson
No. of Facilities | item	7
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	4,771
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	29,781
Gross Carrying Amount, Total	39,665
Accumulated Depreciation	$ 14,544
Colorado Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Colorado Springs
No. of Facilities | item	12
Initial Cost, Land	$ 8,229
Initial Cost, Buildings & Improvements	19,659
Costs Subsequent to Acquisition	11,012
Gross Carrying Amount, Land	8,225
Gross Carrying Amount, Buildings	30,675
Gross Carrying Amount, Total	38,900
Accumulated Depreciation	$ 23,874
Nashville/Bowling Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Nashville/Bowling Green
No. of Facilities | item	13
Initial Cost, Land	$ 8,942
Initial Cost, Buildings & Improvements	21,057
Costs Subsequent to Acquisition	8,109
Gross Carrying Amount, Land	8,939
Gross Carrying Amount, Buildings	29,169
Gross Carrying Amount, Total	38,108
Accumulated Depreciation	$ 21,510
Memphis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Memphis
No. of Facilities | item	9
Initial Cost, Land	$ 7,962
Initial Cost, Buildings & Improvements	21,981
Costs Subsequent to Acquisition	8,048
Gross Carrying Amount, Land	9,315
Gross Carrying Amount, Buildings	28,676
Gross Carrying Amount, Total	37,991
Accumulated Depreciation	$ 14,929
Greensville/Spartanburg/Asheville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensville/Spartanburg/Asheville
No. of Facilities | item	11
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	6,547
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	26,385
Gross Carrying Amount, Total	36,350
Accumulated Depreciation	$ 15,166
Monterey/Salinas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Monterey/Salinas
No. of Facilities | item	7
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	3,369
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	27,530
Gross Carrying Amount, Total	35,985
Accumulated Depreciation	$ 16,202
Birmingham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Birmingham
No. of Facilities | item	14
Initial Cost, Land	$ 5,229
Initial Cost, Buildings & Improvements	17,835
Costs Subsequent to Acquisition	12,170
Gross Carrying Amount, Land	5,117
Gross Carrying Amount, Buildings	30,117
Gross Carrying Amount, Total	35,234
Accumulated Depreciation	$ 24,796
Cincinnati [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cincinnati
No. of Facilities | item	11
Initial Cost, Land	$ 4,433
Initial Cost, Buildings & Improvements	14,592
Costs Subsequent to Acquisition	14,752
Gross Carrying Amount, Land	4,351
Gross Carrying Amount, Buildings	29,426
Gross Carrying Amount, Total	33,777
Accumulated Depreciation	$ 23,616
Reno [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Reno
No. of Facilities | item	7
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	3,224
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	21,928
Gross Carrying Amount, Total	27,415
Accumulated Depreciation	$ 8,737
Palm Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Palm Springs
No. of Facilities | item	3
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	752
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	18,817
Gross Carrying Amount, Total	27,126
Accumulated Depreciation	$ 7,091
Buffalo/Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Buffalo/Rochester
No. of Facilities | item	8
Initial Cost, Land	$ 6,159
Initial Cost, Buildings & Improvements	14,850
Costs Subsequent to Acquisition	2,461
Gross Carrying Amount, Land	6,157
Gross Carrying Amount, Buildings	17,313
Gross Carrying Amount, Total	23,470
Accumulated Depreciation	$ 10,441
Mobile [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Mobile
No. of Facilities | item	8
Initial Cost, Land	$ 4,148
Initial Cost, Buildings & Improvements	14,152
Costs Subsequent to Acquisition	3,463
Gross Carrying Amount, Land	3,975
Gross Carrying Amount, Buildings	17,788
Gross Carrying Amount, Total	21,763
Accumulated Depreciation	$ 9,653
London, UK [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	London, UK
No. of Facilities | item	1
Initial Cost, Land	$ 5,730
Initial Cost, Buildings & Improvements	14,278
Costs Subsequent to Acquisition	(62)
Gross Carrying Amount, Land	3,891
Gross Carrying Amount, Buildings	16,055
Gross Carrying Amount, Total	19,946
Accumulated Depreciation	$ 11,526
Salt Lake City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Salt Lake City
No. of Facilities | item	7
Initial Cost, Land	$ 4,229
Initial Cost, Buildings & Improvements	10,835
Costs Subsequent to Acquisition	3,241
Gross Carrying Amount, Land	3,878
Gross Carrying Amount, Buildings	14,427
Gross Carrying Amount, Total	18,305
Accumulated Depreciation	$ 10,874
Oaklahoma City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Oklahoma City
No. of Facilities | item	8
Initial Cost, Land	$ 2,732
Initial Cost, Buildings & Improvements	7,477
Costs Subsequent to Acquisition	7,953
Gross Carrying Amount, Land	2,732
Gross Carrying Amount, Buildings	15,430
Gross Carrying Amount, Total	18,162
Accumulated Depreciation	$ 12,986
Santa Barbara [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Santa Barbara
No. of Facilities | item	2
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	289
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,395
Gross Carrying Amount, Total	15,128
Accumulated Depreciation	$ 3,947
Cleveland/Akron [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cleveland/Akron
No. of Facilities | item	4
Initial Cost, Land	$ 2,921
Initial Cost, Buildings & Improvements	8,157
Costs Subsequent to Acquisition	3,890
Gross Carrying Amount, Land	3,314
Gross Carrying Amount, Buildings	11,654
Gross Carrying Amount, Total	14,968
Accumulated Depreciation	$ 8,465
Chattanooga [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chattanooga
No. of Facilities | item	6
Initial Cost, Land	$ 2,723
Initial Cost, Buildings & Improvements	6,854
Costs Subsequent to Acquisition	5,338
Gross Carrying Amount, Land	2,525
Gross Carrying Amount, Buildings	12,390
Gross Carrying Amount, Total	14,915
Accumulated Depreciation	$ 10,257
Wichita [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Wichita
No. of Facilities | item	7
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	6,080
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	12,658
Gross Carrying Amount, Total	14,788
Accumulated Depreciation	$ 10,210
Providence [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Providence
No. of Facilities | item	3
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	2,178
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	13,384
Gross Carrying Amount, Total	14,379
Accumulated Depreciation	$ 4,270
Louisville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Louisville
No. of Facilities | item	5
Initial Cost, Land	$ 2,526
Initial Cost, Buildings & Improvements	6,460
Costs Subsequent to Acquisition	2,637
Gross Carrying Amount, Land	2,525
Gross Carrying Amount, Buildings	9,098
Gross Carrying Amount, Total	11,623
Accumulated Depreciation	$ 6,444
Augusta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Augusta
No. of Facilities | item	4
Initial Cost, Land	$ 1,793
Initial Cost, Buildings & Improvements	5,990
Costs Subsequent to Acquisition	2,079
Gross Carrying Amount, Land	1,793
Gross Carrying Amount, Buildings	8,069
Gross Carrying Amount, Total	9,862
Accumulated Depreciation	$ 4,626
Dayton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dayton
No. of Facilities | item	3
Initial Cost, Land	$ 394
Initial Cost, Buildings & Improvements	3,014
Costs Subsequent to Acquisition	3,992
Gross Carrying Amount, Land	393
Gross Carrying Amount, Buildings	7,007
Gross Carrying Amount, Total	7,400
Accumulated Depreciation	$ 5,690
Huntsville/Decatur [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Huntsville/Decatur
No. of Facilities | item	3
Initial Cost, Land	$ 1,024
Initial Cost, Buildings & Improvements	3,321
Costs Subsequent to Acquisition	2,753
Gross Carrying Amount, Land	971
Gross Carrying Amount, Buildings	6,127
Gross Carrying Amount, Total	7,098
Accumulated Depreciation	$ 5,507
Fort Wayne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Wayne
No. of Facilities | item	3
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	2,946
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,540
Gross Carrying Amount, Total	6,889
Accumulated Depreciation	$ 5,563
Springfield/Holyoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Springfield/Holyoke
No. of Facilities | item	2
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,259
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	4,640
Gross Carrying Amount, Total	6,067
Accumulated Depreciation	$ 3,732
Shreveport [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Shreveport
No. of Facilities | item	2
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	1,774
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	4,880
Gross Carrying Amount, Total	5,621
Accumulated Depreciation	$ 3,923
Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Rochester
No. of Facilities | item	2
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	1,407
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	3,720
Gross Carrying Amount, Total	4,700
Accumulated Depreciation	$ 3,263
Lansing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Lansing
No. of Facilities | item	2
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	555
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,437
Gross Carrying Amount, Total	3,993
Accumulated Depreciation	$ 1,522
Flint [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Flint
No. of Facilities | item	1
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	169
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,238
Gross Carrying Amount, Total	3,780
Accumulated Depreciation	$ 1,298
Evansville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Evansville
No. of Facilities | item	2
Initial Cost, Land	$ 899
Initial Cost, Buildings & Improvements	2,096
Costs Subsequent to Acquisition	777
Gross Carrying Amount, Land	871
Gross Carrying Amount, Buildings	2,901
Gross Carrying Amount, Total	3,772
Accumulated Depreciation	$ 2,236
Topeka [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Topeka
No. of Facilities | item	2
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	1,652
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,071
Gross Carrying Amount, Total	3,296
Accumulated Depreciation	$ 2,624
Roanoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Roanoke
No. of Facilities | item	1
Initial Cost, Land	$ 819
Initial Cost, Buildings & Improvements	1,776
Costs Subsequent to Acquisition	555
Gross Carrying Amount, Land	819
Gross Carrying Amount, Buildings	2,331
Gross Carrying Amount, Total	3,150
Accumulated Depreciation	$ 1,860
Syracuse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Syracuse
No. of Facilities | item	1
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	681
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	1,960
Gross Carrying Amount, Total	2,505
Accumulated Depreciation	$ 1,626
Omaha [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Omaha
No. of Facilities | item	1
Initial Cost, Land	$ 109
Initial Cost, Buildings & Improvements	806
Costs Subsequent to Acquisition	1,299
Gross Carrying Amount, Land	109
Gross Carrying Amount, Buildings	2,105
Gross Carrying Amount, Total	2,214
Accumulated Depreciation	$ 1,693
Joplin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Joplin
No. of Facilities | item	1
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	803
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,707
Gross Carrying Amount, Total	1,971
Accumulated Depreciation	$ 1,399
Modesto/Fresno/Stockton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Modesto/Fresno/Stockton
No. of Facilities | item	1
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	714
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	771
Gross Carrying Amount, Total	964
Accumulated Depreciation	$ 547
Commercial and Other Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Commercial and other real estate
Initial Cost, Land	$ 12,903
Initial Cost, Buildings & Improvements	26,939
Costs Subsequent to Acquisition	23,244
Gross Carrying Amount, Land	13,928
Gross Carrying Amount, Buildings	49,158
Gross Carrying Amount, Total	63,086
Accumulated Depreciation	$ 39,787