Public Storage (PSA) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		173,440,267

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 57,213	$ 104,285
Real estate facilities, at cost:
Land	3,712,382	3,564,810
Buildings	9,973,859	9,640,451
Real estate facilities, gross	13,686,241	13,205,261
Accumulated depreciation	(5,166,881)	(4,866,738)
Real estate facilities, net	8,519,360	8,338,523
Construction in process	261,372	219,190
Total real estate facilities	8,780,732	8,557,713
Investments in unconsolidated real estate entities	697,040	809,308
Goodwill and other intangible assets, net	212,548	211,458
Other assets	118,236	95,468
Total assets	9,865,769	9,778,232
LIABILITIES AND EQUITY
Senior unsecured notes	383,438	263,940
Mortgage notes	47,454	55,076
Accrued and other liabilities	345,734	261,578
Total liabilities	776,626	580,594
Commitments and contingencies (Note 11)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 160,700 shares issued (in series) and outstanding, (162,200 at December 31, 2015), at liquidation preference	4,017,500	4,055,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 173,137,424 shares issued and outstanding (172,921,241 shares at December 31, 2015)	17,314	17,293
Paid-in capital	5,602,834	5,601,506
Accumulated deficit	(494,325)	(434,610)
Accumulated other comprehensive loss	(83,667)	(68,548)
Total Public Storage shareholders’ equity	9,059,656	9,170,641
Noncontrolling interests	29,487	26,997
Total equity	9,089,143	9,197,638
Total liabilities and equity	$ 9,865,769	$ 9,778,232

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued (in series)	160,700	162,200
Preferred stock, shares outstanding	160,700	162,200
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	173,137,424	172,921,241
Common stock, shares outstanding	173,137,424	172,921,241

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Self-storage facilities	$ 623,157	$ 580,976	$ 1,792,130	$ 1,662,641
Ancillary operations	39,991	37,896	116,992	109,725
Total revenues	663,148	618,872	1,909,122	1,772,366
Expenses:
Self-storage cost of operations	165,905	152,010	483,455	461,078
Ancillary cost of operations	12,722	12,676	40,462	36,715
Depreciation and amortization	109,432	106,082	321,573	319,701
General and administrative	22,140	23,573	63,508	68,721
Operating expenses	310,199	294,341	908,998	886,215
Operating income	352,949	324,531	1,000,124	886,151
Interest and other income	3,750	3,659	11,614	11,509
Interest expense	(1,221)		(3,310)
Equity in earnings of unconsolidated real estate entities	17,237	12,603	41,628	36,267
Foreign currency exchange loss	(3,665)		(5,987)
Gain on real estate investment sales		343	689	18,503
Net income	369,050	341,136	1,044,758	952,430
Allocation to noncontrolling interests	(1,745)	(1,568)	(4,921)	(4,676)
Net income allocable to Public Storage shareholders	367,305	339,568	1,039,837	947,754
Allocation of net income to:
Preferred shareholders	(57,178)	(61,062)	(178,666)	(186,066)
Preferred shareholders - redemptions (Note 7)		(4,113)	(26,873)	(8,897)
Restricted share units	(1,170)	(885)	(3,231)	(2,744)
Net income allocable to common shareholders	$ 308,957	$ 273,508	$ 831,067	$ 750,047
Net income per common share:
Basic	$ 1.78	$ 1.58	$ 4.80	$ 4.34
Diluted	$ 1.78	$ 1.58	$ 4.78	$ 4.32
Basic weighted average common shares outstanding	173,108	172,771	173,057	172,641
Diluted weighted average common shares outstanding	173,848	173,529	173,899	173,428

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Comprehensive Income [Abstract]
Net income	$ 369,050	$ 341,136	$ 1,044,758	$ 952,430
Other comprehensive loss:
Aggregate foreign currency exchange loss	(8,341)	(5,914)	(20,165)	(19,281)
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			(941)
Adjust for aggregate foreign currency exchange loss included in net income	3,665		5,987
Other comprehensive loss	(4,676)	(5,914)	(15,119)	(19,281)
Total comprehensive income	364,374	335,222	1,029,639	933,149
Allocation to noncontrolling interests	(1,745)	(1,568)	(4,921)	(4,676)
Comprehensive income allocable to Public Storage shareholders	$ 362,629	$ 333,654	$ 1,024,718	$ 928,473

Statements Of Equity

Statements Of Equity - 9 months ended Sep. 30, 2016 - 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, 2015	$ 4,055,000	$ 17,293	$ 5,601,506	$ (434,610)	$ (68,548)	$ 9,170,641	$ 26,997	$ 9,197,638
Cumulative effect of a change in accounting principle (Note 9) at Dec. 31, 2015			789	(789)
Balances, as adjusted at Dec. 31, 2015	4,055,000	17,293	5,602,295	(435,399)	(68,548)	9,170,641	26,997	9,197,638
Issuance of preferred shares (Note 7)	825,000		(26,872)			798,128		798,128
Redemption of preferred shares (Note 7)	(862,500)					(862,500)		(862,500)
Issuance of common shares in connection with share-based compensation (Note 9)		21	14,170			14,191		14,191
Cash paid in lieu of common shares, net of share-based compensation expense (Note 9)			13,241			13,241		13,241
Contributions by noncontrolling interests							3,177	3,177
Net income				1,044,758		1,044,758		1,044,758
Net income allocated to noncontrolling interests				(4,921)		(4,921)	4,921	(4,921)
Distributions to equity holders:
Preferred shares (Note 7)				(178,666)		(178,666)		(178,666)
Noncontrolling interests							(5,608)	(5,608)
Common shares and restricted share units				(920,097)		(920,097)		(920,097)
Other comprehensive loss (Note 2)					(15,119)	(15,119)		(15,119)
Balances at Sep. 30, 2016	$ 4,017,500	$ 17,314	$ 5,602,834	$ (494,325)	$ (83,667)	$ 9,059,656	$ 29,487	$ 9,089,143

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	33,000
Redemption of preferred shares, shares	34,500
Issuance of common shares in connection with share-based compensation, shares	216,183
Common shares, per share distribution | $ / shares	$ 5.30

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 1,044,758	$ 952,430
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate investment sales	(689)	(18,503)
Depreciation and amortization	321,573	319,701
Equity in earnings of unconsolidated real estate entities	(41,628)	(36,267)
Distributions from retained earnings of unconsolidated real estate entities	72,461	26,050
Foreign currency exchange loss	5,987
Other	77,578	68,403
Total adjustments	435,282	359,384
Net cash provided by operating activities	1,480,040	1,311,814
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(62,032)	(52,939)
Construction in process	(190,412)	(159,527)
Acquisition of real estate facilities and intangible assets	(257,650)	(104,915)
Distributions in excess of retained earnings from unconsolidated real estate entities	67,420
Proceeds from sale of real estate investments	998	15,013
Other	(13,883)	16,282
Net cash used in investing activities	(455,559)	(286,086)
Cash flows from financing activities:
Repayments on notes payable	(19,995)	(16,741)
Issuance of senior unsecured notes	113,620
Issuance of preferred shares	798,128
Issuance of common shares	14,191	25,914
Redemption of preferred shares	(862,500)	(145,000)
Cash paid upon vesting of restricted share units (Note 9)	(13,604)	(13,745)
Acquisition of noncontrolling interests		(5,443)
Contributions by noncontrolling interests	3,177	984
Distributions paid to Public Storage shareholders	(1,098,763)	(1,017,326)
Distributions paid to noncontrolling interests	(5,608)	(5,487)
Net cash used in financing activities	(1,071,354)	(1,176,844)
Net decrease in cash and cash equivalents	(46,873)	(151,116)
Net effect of foreign exchange translation on cash and cash equivalents	(199)	(928)
Cash and cash equivalents at the beginning of the period	104,285	187,712
Cash and cash equivalents at the end of the period	57,213	35,668
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	1,014	691
Investments in unconsolidated real estate entities	13,074	17,662
Senior unsecured notes	5,878
Accumulated other comprehensive loss	(20,165)	(19,281)
Preferred shares called for redemption and reclassified to liabilities		125,000
Preferred shares called for redemption and reclassified from equity		(125,000)
Real estate acquired in exchange for assumption of notes payable	(12,945)	(8,624)
Notes payable assumed in connection with acquisition of real estate	12,945	8,624
Accrued construction costs and capital expenditures:
Capital expenditures to maintain real estate facilities	(5,747)	64
Construction in process	(13,679)	(316)
Accrued and other liabilities	$ 19,426	$ 252

Description Of The Business

Description Of The Business	9 Months Ended
	Sep. 30, 2016
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 (“REIT”) , 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 September 30, 2016, we have direct and indirect equity interests in 2, 319 self-storage facilities (with approximately 1 52 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 217 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 September 30, 2016, 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 11) 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	9 Months Ended
	Sep. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification (the “Codification”) of the Financial Accounting Standards Board (“FASB"), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. On our statement of cash flows for the nine months ended September 30, 2015, we reclassified the $13. 7 million we paid for the restricted share units that we withheld upon their vesting for employee tax requirements from a reduction in cash flows from operating activities to a reduction in cash flows from financing activities. This reclassification was in connection with a recently issued accounting pronouncement related to employee share-based payment accounting we early adopted effective January 1, 2016 (see “Recent Accounting Pronouncements and Guidance” below). 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 the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, 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 do not consolidate but have significant influence over 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 begin consolidating an entity, we record a gain representing the differential between the book value and fair value of any preexisting equity interest. All changes in consolidation status are reflected prospectively. Collectively, at September 30, 2016, the Company and the Subsidiaries own 2,307 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At September 30, 2016, 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. 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 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 met 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 September 30, 2016, 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 believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. 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. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. 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 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. 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 estimate the fair value of our cash and cash equivalents, marketable securities, other assets, debt, and other liabilities by applying a discount rate to the future cash flows of the financial instrument. The discount rate is based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity; such quoted interest rates are referred to generally as “Level 2” inputs. Currency and Credit Risk Financial instruments 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 September 30, 2016, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured notes denominated in Euros (Note 5), 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 September 30, 2016 and December 31, 2015. 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 September 30, 2016 and December 31, 2015. 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 September 30, 2016, these intangibles had a net book value of $19. 1 million ( $18.0 million at December 31, 2015). Accumulated amortization totaled $5 1.6 million at September 30, 2016 ( $66.4 million at December 31, 2015), and amortization expense of $ 15.8 million and $21.3 million was recorded in the nine months ended September 30, 2016 and 2015, respectively. The estimated future amortization expense for our finite-lived intangible assets at September 30, 2016 is approximately $4.2 million in the remainder of 2016, $7.6 million in 2017 and $ 7.3 million thereafter. During the nine months ended September 30, 2016, intangibles were increased $ 16.9 million 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 s elf-storage facilities, which are 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 1.1 21 U.S. Dollars per Euro at September 30, 2016 ( 1.091 at December 31, 2015), and average exchange rates of 1.1 16 and 1.112 for the three months ended September 30, 2016 and 2015, respectively, and average exchange rate s of 1.116 and 1.115 for the nine months ended September 30, 2016 and 2015, 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). 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 primarily related to our investment in Shurgard Europe and our senior unsecured notes denominated in Euros. Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, 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, primarily becau se most of our revenue is from rental revenue , which this standard does not cover and because we do not provide any material associated services to our tenants . In August, 2014, the FASB issued new accounting guidance, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements.  In February 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis, 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. We adopted this standard effective January 1, 2016, which did not change the consolidation status of any entities in which we have an interest; however, certain entities began to be considered VIE’s as a result of the change. In February 2016, the FASB issued ASU 2016-02, Leases, 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 do not believe this standard will have a material impact on our results of operations or financial condition , because substantially all of our lease revenues are derived from month-to-month self-storage leases, and we do not have material amounts of lease expense . In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . We early adopted this standard effective January 1, 2016. Under this standard, a share-based compensation-related tax liability paid on behalf of employees in lieu of shares received is classified as a financing activity on the statement of cash flows, rather than as an operating activity as we had previously presented such amounts. We applied this provision retrospectively. The standard also allows a company to choose, with respect to recording share-based expense, between (i) recognizing forfeitures only as they occur or (ii) estimating future forfeitures in advance. We chose to recognize forfeitures only as they occur, rather than estimating in advance, accordingly, effective January 1, 2016, under the modified retrospective transition method as required by the standard, we recorded a cumulative-effect adjustment of $ 789,000 to increase accumulated deficit and increase paid-in capital for the impact of estimated future forfeitures after December 31, 2015 (Note 9). 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 and diluted per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 9). The following table reconciles from basic to diluted common shares outstanding:     Three Months Ended September 30, Nine Months Ended September 30,  2016 2015 2016 2015  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,108 172,771 173,057 172,641  Net effect of dilutive stock options -  based on treasury stock method 740 758 842 787  Diluted weighted average common  shares outstanding 173,848 173,529 173,899 173,428 

Real Estate Facilities

Real Estate Facilities	9 Months Ended
	Sep. 30, 2016
Real Estate Facilities [Abstract]
Real Estate Facilities	 3. Real Estate Facilities Activity in real estate facilities during the nine months ended September 30, 2016 is as follows :      Nine Months Ended  September 30, 2016  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,205,261  Capital expenditures to maintain real estate facilities 67,779  Acquisitions 253,661  Newly developed facilities opened for operation 161,909  Impact of foreign exchange rate changes (2,369)  Ending balance 13,686,241  Accumulated depreciation:  Beginning balance (4,866,738)  Depreciation expense (301,498)  Impact of foreign exchange rate changes 1,355  Ending balance (5,166,881)  Construction in process:  Beginning balance 219,190  Current development 204,091  Newly developed facilities opened for operation (161,909)  Ending balance 261,372  Total real estate facilities at September 30, 2016 $ 8,780,732 During the nine months ended September 30, 2016, we acquired 32 self-storage facilities ( 2,329,000 net rentable square feet), for a total cost of $270. 6 million, consisting of $ 257.7 million in cash and the assumption of $12.9 million in mortgage debt. Approximately $ 16.9 million of the total cost was allocated to intangible assets. We completed development and re development activities during the nine months ended September 30, 2016, adding 1,432,000 net rentable square feet of self-storage space, at an aggregate cost of $ 161.9 million. Construction in process at September 30, 2016 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities, which would add a total of 5.3 million net rentable square feet of storage space, for an aggregate estimated cost of approximately $6 88.2 million .

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	9 Months Ended
	Sep. 30, 2016
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  September 30, 2016 December 31, 2015   PSB $ 407,224 $ 414,450  Shurgard Europe 283,329 388,367  Other Investments (a) 6,487 6,491  Total $ 697,040 $ 809,308     Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended September 30, Nine Months Ended September 30,  2016 2015 2016 2015   PSB $ 10,118 $ 10,323 $ 25,318 $ 25,734  Shurgard Europe 6,362 1,616 14,304 8,707  Other Investments (a) 757 664 2,006 1,826  Total $ 17,237 $ 12,603 $ 41,628 $ 36,267  (a) At September 30, 2016 and December 31, 2015, the “Other Investments” include an average 26% common equity ownership in limited partnerships that collectively own 12 self-storage facilities. In the nine months ended September 30, 2016, we sold one of the Other Investments resulting in a $ 689,000 gain on real estate investment sales on our income statement. In the nine months ended September 30, 2016, the Other Investments had $11.8 million in self-storage revenues, $3.5 million in self-storage operating expenses, $396,000 in depreciation expense, and $50,000 in general and administrative and other expenses (amounts represent 100% of the operations of these entities, not our pro rata share ) . During the nine months ended September 30, 2016 and 2015, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $ 139.9 million and $ 26.1 million, respectively. For the nine months ended September 30, 2016, $ 67.4 million of the distributions received exceeded the retained earnings of the Unconsolidated Real Estate Entities and are presented as an investing activity on our statement of cash flows. At September 30, 2016, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $57.0 million ( $62.0 million at December 31, 2015). 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 $ 1.3 million and $ 2.8 million during the nine months ended September 30, 2016 and 2015, respectively . 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 September 30, 2016 and December 31, 2015, 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 September 30, 2016 ( $1 13.57 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 6 billion . The following table sets forth selected financial information of PSB. The amounts represent all of PSB’s balances and not our pro-rata share.    September 30, December 31,  2016 2015  (Amounts in thousands)   Total assets (primarily real estate) $ 1,999,784 $ 2,186,658  Debt 60,000 250,000  Other liabilities 83,093 76,059  Equity:  Preferred stock 920,000 920,000  Common equity and LP units 936,691 940,599     2016 2015  (Amounts in thousands)  For the nine months ended September 30,  Total revenue $ 289,661 $ 278,995  Costs of operations (92,440) (92,251)  Depreciation and amortization (74,886) (79,243)  General and administrative (11,982) (10,172)  Other items (4,956) (9,623)  Gain on sale of facilities - 28,235  Net income 105,397 115,941  Allocations to preferred shareholders and  restricted share unitholders (41,885) (48,090)  Net income allocated to common shareholders  and LP Unitholders $ 63,512 $ 67,851    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. Our equity in earnings of Shurgard Europe is comprised of our 49% share of Shurgard Europe’s net income, plus 49% of the trademark license fees that Shurgard Europe pays to us for the use of the “Shurgard” trademark. The remaining 51% of the license fees paid to us are classified as interest and other income on our income statement. Changes in foreign currency exchange rates caused our investment in Shurgard Europe to decrease by approximately $ 13.1 million and $ 17.7 million in the nine months ended September 30, 2016 and 2015, respectively. Included in our equity in earnings of Shurgard Europe for the nine months ended September 30, 2016, is an increase of $ 941,000 for the recognition of accumulated comprehensive income, representing a decrease to equity rather than an increase to investments in unconsolidated real estate entities. 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.    September 30, December 31,  2016 2015  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,344,034 $ 1,476,632  Total debt to third parties 722,030 662,336  Other liabilities 130,158 110,522  Equity 491,846 703,774   Exchange rate of Euro to U.S. Dollar 1.121 1.091     2016 2015  (Amounts in thousands)  For the nine months ended September 30,  Self-storage and ancillary revenues $ 189,837 $ 175,095  Self-storage and ancillary cost of operations (73,456) (67,746)  Depreciation and amortization (49,933) (49,518)  General and administrative (10,951) (10,206)  Interest expense on third party debt (15,615) (11,825)  Trademark license fee payable to Public Storage (1,908) (1,755)  Income tax expense (8,807) (7,863)  Other, net (a) (1,883) (10,168)   Net income $ 27,284 $ 16,014  Average exchange rates of Euro to the U.S. Dollar 1.116 1.115  (a) A mounts during the nine months ended September 30, 2016 include a $ 1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts d uring the same period in 2015 include $9.9 million in costs associated with the acquisition of real estate facilities .

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2016
Borrowings [Abstract]
Borrowings	5 . Borrowings Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit, which expires on March 31, 2020 . 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 September 30, 2016). We are also 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 September 30, 2016). At September 30, 2016 and November 2, 2016, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $15.2 million at September 30, 2016 ($ 14.9 million at December 31, 2015). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at September 30, 2016. Senior Unsecured Notes At September 30, 2016 and December 31, 2015, we had €342.0 million ( $ 383.4 million) and €242.0 million ( $263.9 million), respectively, of Euro-denominated senior unsecured notes payable to institutional investors (collectively, the “Senior Unsecured Notes”). The Senior Unsecured Notes consist s of two tranches , (i) € 242.0 million ( 2.175% fixed rate of interest) which matures in November 2025 and (ii) €100.0 million ( 1.54% fixed rate of interest), which was issued on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U. S. Dollars, which matures in April 2024 . The fair value of our Senior Unsecured Notes was approximately $40 4.7 million at September 30, 2016 ( $ 263.9 million at December 31, 2015). We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange gain (loss)” on our income statement (losses of $ 3.7 million and $6.0 million for the three and nine months ended September 30, 2016, respectively). The Senior Unsecured Notes have various customary financial covenants, all of which we were in compliance with at September 30, 2016. Mortgage Notes During the nine months ended September 30 , 2016 , we assumed mortgage notes with aggregate contractual values of $12.9 million and interest rates of 4.2% , which approximated market rates, in connection with the acquisition of real estate facilities. The carrying amounts of our mortgage notes (the “Mortgage Notes”) at September 30, 2016 and December 31, 2015, totaled $ 47.5 million and $55.1 million, respectively, which approximates contractual note values and estimated fair values. 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 September 30, 2016, the notes are secured by 3 4 real estate facilities with a net book value of approximately $ 168.8 million, have contractual interest rates between 2.9% and 7.1 % , and mature between December 2016 and September 2028 .   At September 30 , 2016, approximate principal maturities of our Senior Unsecured Notes and Mortgage Notes are (amounts in thousands):    Senior Mortgage  Unsecured Notes Notes Total  Remainder of 2016 $ - $ 8,711 $ 8,711  2017 - 9,405 9,405  2018 - 11,297 11,297  2019 - 1,505 1,505  2020 - 1,585 1,585  Thereafter 383,438 14,951 398,389  $ 383,438 $ 47,454 $ 430,892  Weighted average effective rate 2.0% 4.0% 2.2% Cash paid for interest totaled $ 7.2 million and $ 2.3 million for the nine months ended September 30, 2016 and 2015, respectively. Interest capitalized as real estate totaled $ 3.9 million and $ 1.8 million for the nine months ended September 30, 2016 and 2015, respectively .

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interests [Abstract]
Noncontrolling Interests	6. Noncontrolling Interests At September 30 , 2016, 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 September 30, 2016, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the nine months ended September 30, 2016 and 2015, we all ocated a total of $ 4.9 million and $4.7 million, respectively, of income to these interests; and we paid $ 5.6 million and $ 5.5 million , respectively, in distributions to these interests. During the nine months ended September 30, 2016 and 2015 , Noncontrolling Interests contributed $ 3.2 million and $1.0 million, respectively.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2016
Shareholders’ Equity [Abstract]
Shareholders' Equity	7. Shareholders’ Equity Preferred Shares At September 30, 2016 and December 31, 2015, we had the following series of Cumulative Preferred Shares (“ Preferred Shares”) outstanding:   At September 30, 2016 At December 31, 2015  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  Series Q 4/14/2016 6.500% - $ - 15,000 $ 375,000  Series R 7/26/2016 6.350% - - 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  Series B 1/20/2021 5.400% 12,000 300,000 - -  Series C 5/17/2021 5.125% 8,000 200,000 - -  Series D 7/20/2021 4.950% 13,000 325,000 - -  Total Preferred Shares 160,700 $ 4,017,500 162,200 $ 4,055,000 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 September 30, 2016, 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. During the nine months ended September 30, 2015, we called our Series O and Series P Preferred Shares for redemption at par. The aggregate redemption amount, before payment of accrued dividends, was $270.0 million, of which $125.0 million for our Series P Preferred Shares was paid on October 8, 2015. We recorded $4.1 million and $8.9 million in EITF D-42 allocation of income from our common shareholders to the holders of our Preferred Shares in the three and nine months ended September 30, 2015, respectively, in connection with these redemptions. 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. On May 17, 2016, we issued 8.0 million depositary shares, each representing 1/1 ,000 of a share of our 5.125% Series C Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $200.0 million in gross proceeds, and we incurred $6.4 million in issuance costs. On July 20 , 2016, we issued 13.0 million depositary shares, each representing 1/1 ,000 of a share of our 4.95% Series D Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $325.0 million in gross proceeds, and we incurred $10.6 million in issuance costs. In March 2016, we called for redemption of, and on April 15, 2016, we redeemed our 6.500% Series Q Preferred Shares, at par. We recorded a n $11.3 million allocation of income from our common shareholders to the holders of our Preferred Shares in the nine months ended September 30, 2016 in connection with this redemption. In June 2016, we called for redemption of, and on July 26, 2016, we redeemed our 6.350% Series R Preferred Shares, at par. We recorded a $15.5 million allocation of income from our common shareholders to the holders of our Preferred Shares in the nine months ended September 30, 2016 in connection with this redemption. Distributions Common share dividends, including amounts paid to our restricted share unitholders, totaled $312.5 million ( $1.80 per share) and $294.6 million ( $1.70 per share) for the three months ended September 30, 2016 and 2015, respectively, and $ 920.1 million ( $5.30 per share) and $831.3 million ( $4.80 per share) for the nine months ended September 30, 2016 and 2015, respectively. Preferred share dividends totaled $57.2 million and $61.1 million for the three months ended September 30, 2016 and 2015, respectively, and $178. 7 million and $186.1 million for the nine months ended September 30, 2016 and 2015, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	8 . 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 14.3% of our common shares outstanding at September 30, 2016. At September 30, 2016, 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 $606,000 and $ 397,000 for the nine months ended September 30, 2016 and 2015, respectively. Our right to continue receiving these premiums may be qualified. We have no ownership interest in these facilities and we do not own or op erate 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.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2016
Share-Based Compensation [Abstract]
Share-Based Compensation	9. 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. As noted under “Recent Accounting Pronouncements and Guidance” in Note 2, we have elected to account for forfeitures of share-based payments as they occur, rather than estimating them in advance. Accordingly, we recorded a cumulative-effect adjustment of $789,000 to increase accumulated deficit and increase paid-in capital as of January 1, 2016, representing the impact of estimated forfeitures on our cumulative share-based compensation expense recorded through December 31, 2015. We amortize the grant-date fair value of awards as compensation expense over the service period, which 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). 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. 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) t o assumed exercise proceeds and measured but unrecognized compensation. For the three and nine months ended September 30, 2016, we recorded $1. 2 million and $ 3.2 million, respectively, in compensation expense related to stock options, as compared to $0. 9 million and $2.4 million, for the same periods in 2015. During the nine months ended September 30, 2016, 295,000 stock options were granted, 132,614 options were exercised and no options were forfeited. A total of 2,102,665 stock options were outstanding at September 30, 2016 ( 1,940,279 at December 31, 2015). 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. During the nine months ended September 30, 2016, 158,784 RSUs were granted, 21,240 RSUs were forfeited and 13 8,208 RSUs vested. This vesting resulted in the issuance of 83,569 common shares. In addition, tax deposits totaling $13.6 million ($13.7 million for the same period in 2015) were made on behalf of employees in exchange for 5 4,639 common shares withheld upon vesting. RSUs outstanding at September 30, 2 016 and December 31, 2015 were 7 36,724 and 737,388 , respectively. A total of $ 10.2 million and $ 24.7 million in RSU expense was recorded for the three and nine months ended September 30, 2016, which includes approximately $40,000 and $1. 1 million, respectively, in employer taxes incurred upon vesting, as compared to $9.0 million and $22.0 million for the same periods in 2015, which includes approximately $30,000 and $1.0 million, respectively , in employer taxes incurred upon vesting.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Information [Abstract]
Segment Information	10. 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.” 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):        Three months ended September 30, 2016   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 $ 623,157 $ - $ - $ - $ - $ 623,157  Ancillary operations - 39,991 - - - 39,991  623,157 39,991 - - - 663,148   Cost of operations:  Self-storage operations 165,905 - - - - 165,905  Ancillary operations - 12,722 - - - 12,722  165,905 12,722 - - - 178,627   Net operating income:  Self-storage operations 457,252 - - - - 457,252  Ancillary operations - 27,269 - - - 27,269  457,252 27,269 - - - 484,521   Other components of net income (loss):  Depreciation and amortization (109,432) - - - - (109,432)  General and administrative - - - - (22,140) (22,140)  Interest and other income - - - - 3,750 3,750  Interest expense - - - - (1,221) (1,221)  Equity in earnings of  unconsolidated real estate entities - - 10,118 6,362 757 17,237  Foreign currency exchange loss - - - - (3,665) (3,665)  Net income (loss) $ 347,820 $ 27,269 $ 10,118 $ 6,362 $ (22,519) $ 369,050      Three months ended September 30, 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 $ 580,976 $ - $ - $ - $ - $ 580,976  Ancillary operations - 37,896 - - - 37,896  580,976 37,896 - - - 618,872   Cost of operations:  Self-storage operations 152,010 - - - - 152,010  Ancillary operations - 12,676 - - - 12,676  152,010 12,676 - - - 164,686   Net operating income:  Self-storage operations 428,966 - - - - 428,966  Ancillary operations - 25,220 - - - 25,220  428,966 25,220 - - - 454,186   Other components of net income (loss):  Depreciation and amortization (106,082) - - - - (106,082)  General and administrative - - - - (23,573) (23,573)  Interest and other income - - - - 3,659 3,659  Equity in earnings of  unconsolidated real estate entities - - 10,323 1,616 664 12,603  Gain on real estate investment sales - - - - 343 343  Net income (loss) $ 322,884 $ 25,220 $ 10,323 $ 1,616 $ (18,907) $ 341,136     Nine months ended September 30, 2016   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 $ 1,792,130 $ - $ - $ - $ - $ 1,792,130  Ancillary operations - 116,992 - - - 116,992  1,792,130 116,992 - - - 1,909,122   Cost of operations:  Self-storage operations 483,455 - - - - 483,455  Ancillary operations - 40,462 - - - 40,462  483,455 40,462 - - - 523,917   Net operating income:  Self-storage operations 1,308,675 - - - - 1,308,675  Ancillary operations - 76,530 - - - 76,530  1,308,675 76,530 - - - 1,385,205   Other components of net income (loss):  Depreciation and amortization (321,573) - - - - (321,573)  General and administrative - - - - (63,508) (63,508)  Interest and other income - - - - 11,614 11,614  Interest expense - - - - (3,310) (3,310)  Equity in earnings of  unconsolidated real estate entities - - 25,318 14,304 2,006 41,628  Foreign currency exchange loss - - - - (5,987) (5,987)  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 987,102 $ 76,530 $ 25,318 $ 14,304 $ (58,496) $ 1,044,758    Nine months ended September 30, 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 $ 1,662,641 $ - $ - $ - $ - $ 1,662,641  Ancillary operations - 109,725 - - - 109,725  1,662,641 109,725 - - - 1,772,366   Cost of operations:  Self-storage operations 461,078 - - - - 461,078  Ancillary operations - 36,715 - - - 36,715  461,078 36,715 - - - 497,793   Net operating income:  Self-storage operations 1,201,563 - - - - 1,201,563  Ancillary operations - 73,010 - - - 73,010  1,201,563 73,010 - - - 1,274,573   Other components of net income (loss):  Depreciation and amortization (319,701) - - - - (319,701)  General and administrative - - - - (68,721) (68,721)  Interest and other income - - - - 11,509 11,509  Equity in earnings of  unconsolidated real estate entities - - 25,734 8,707 1,826 36,267  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 881,862 $ 73,010 $ 25,734 $ 8,707 $ (36,883) $ 952,430 

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	11. 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 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 .0 million and $2 .0 million, respectively, per occurrence. The aggregate limits on these policies of $75 .0 million for property losses and $102 .0 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 September 30, 2016, there were approximately 910,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2.7 billion .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On October 14 , 2016, we issued 14.0 million depositary shares, each representing 1/1 ,000 of a share of our 4.90 % Series E Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $350.0 million in gross proceeds, and we incurred $ 11.9 million in issuance costs. Subsequent to September 30 , 2016 , we acquired or were under contract to acquire 21 self-storage facilities ( eleven in Oklahoma, four each in Ohio and Tennessee, and one each in Texas and California ), with 1.7 million net rentable square feet, for $1 49.5 million.

Summary Of Significant Accoun21

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation	Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification (the “Codification”) of the Financial Accounting Standards Board (“FASB"), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. On our statement of cash flows for the nine months ended September 30, 2015, we reclassified the $13. 7 million we paid for the restricted share units that we withheld upon their vesting for employee tax requirements from a reduction in cash flows from operating activities to a reduction in cash flows from financing activities. This reclassification was in connection with a recently issued accounting pronouncement related to employee share-based payment accounting we early adopted effective January 1, 2016 (see “Recent Accounting Pronouncements and Guidance” below).
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 the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, 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 do not consolidate but have significant influence over 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 begin consolidating an entity, we record a gain representing the differential between the book value and fair value of any preexisting equity interest. All changes in consolidation status are reflected prospectively. Collectively, at September 30, 2016, the Company and the Subsidiaries own 2,307 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At September 30, 2016, 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.
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 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 met 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 September 30, 2016, 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 believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. 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. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. 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	Fair Value 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. 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 estimate the fair value of our cash and cash equivalents, marketable securities, other assets, debt, and other liabilities by applying a discount rate to the future cash flows of the financial instrument. The discount rate is based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity; such quoted interest rates are referred to generally as “Level 2” inputs.
Currency And Credit Risk	Currency and Credit Risk Financial instruments 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 September 30, 2016, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured notes denominated in Euros (Note 5), 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 September 30, 2016 and December 31, 2015. 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 September 30, 2016 and December 31, 2015. 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 September 30, 2016, these intangibles had a net book value of $19. 1 million ( $18.0 million at December 31, 2015). Accumulated amortization totaled $5 1.6 million at September 30, 2016 ( $66.4 million at December 31, 2015), and amortization expense of $ 15.8 million and $21.3 million was recorded in the nine months ended September 30, 2016 and 2015, respectively. The estimated future amortization expense for our finite-lived intangible assets at September 30, 2016 is approximately $4.2 million in the remainder of 2016, $7.6 million in 2017 and $ 7.3 million thereafter. During the nine months ended September 30, 2016, intangibles were increased $ 16.9 million 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 s elf-storage facilities, which are 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 1.1 21 U.S. Dollars per Euro at September 30, 2016 ( 1.091 at December 31, 2015), and average exchange rates of 1.1 16 and 1.112 for the three months ended September 30, 2016 and 2015, respectively, and average exchange rate s of 1.116 and 1.115 for the nine months ended September 30, 2016 and 2015, 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).
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 primarily related to our investment in Shurgard Europe and our senior unsecured notes denominated in Euros.
Recent Accounting Pronouncements And Guidance	Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, 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, primarily becau se most of our revenue is from rental revenue , which this standard does not cover and because we do not provide any material associated services to our tenants . In August, 2014, the FASB issued new accounting guidance, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements.  In February 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis, 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. We adopted this standard effective January 1, 2016, which did not change the consolidation status of any entities in which we have an interest; however, certain entities began to be considered VIE’s as a result of the change. In February 2016, the FASB issued ASU 2016-02, Leases, 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 do not believe this standard will have a material impact on our results of operations or financial condition , because substantially all of our lease revenues are derived from month-to-month self-storage leases, and we do not have material amounts of lease expense . In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . We early adopted this standard effective January 1, 2016. Under this standard, a share-based compensation-related tax liability paid on behalf of employees in lieu of shares received is classified as a financing activity on the statement of cash flows, rather than as an operating activity as we had previously presented such amounts. We applied this provision retrospectively. The standard also allows a company to choose, with respect to recording share-based expense, between (i) recognizing forfeitures only as they occur or (ii) estimating future forfeitures in advance. We chose to recognize forfeitures only as they occur, rather than estimating in advance, accordingly, effective January 1, 2016, under the modified retrospective transition method as required by the standard, we recorded a cumulative-effect adjustment of $ 789,000 to increase accumulated deficit and increase paid-in capital for the impact of estimated future forfeitures after December 31, 2015 (Note 9).
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 and diluted per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 9). The following table reconciles from basic to diluted common shares outstanding:     Three Months Ended September 30, Nine Months Ended September 30,  2016 2015 2016 2015  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,108 172,771 173,057 172,641  Net effect of dilutive stock options -  based on treasury stock method 740 758 842 787  Diluted weighted average common  shares outstanding 173,848 173,529 173,899 173,428 

Summary Of Significant Accoun22

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	   Three Months Ended September 30, Nine Months Ended September 30,  2016 2015 2016 2015  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,108 172,771 173,057 172,641  Net effect of dilutive stock options -  based on treasury stock method 740 758 842 787  Diluted weighted average common  shares outstanding 173,848 173,529 173,899 173,428 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   Nine Months Ended  September 30, 2016  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,205,261  Capital expenditures to maintain real estate facilities 67,779  Acquisitions 253,661  Newly developed facilities opened for operation 161,909  Impact of foreign exchange rate changes (2,369)  Ending balance 13,686,241  Accumulated depreciation:  Beginning balance (4,866,738)  Depreciation expense (301,498)  Impact of foreign exchange rate changes 1,355  Ending balance (5,166,881)  Construction in process:  Beginning balance 219,190  Current development 204,091  Newly developed facilities opened for operation (161,909)  Ending balance 261,372  Total real estate facilities at September 30, 2016 $ 8,780,732 

Investments In Unconsolidated24

Investments In Unconsolidated Real Estate Entities (Tables)	9 Months Ended
	Sep. 30, 2016
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  September 30, 2016 December 31, 2015   PSB $ 407,224 $ 414,450  Shurgard Europe 283,329 388,367  Other Investments (a) 6,487 6,491  Total $ 697,040 $ 809,308     Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended September 30, Nine Months Ended September 30,  2016 2015 2016 2015   PSB $ 10,118 $ 10,323 $ 25,318 $ 25,734  Shurgard Europe 6,362 1,616 14,304 8,707  Other Investments (a) 757 664 2,006 1,826  Total $ 17,237 $ 12,603 $ 41,628 $ 36,267  (a) At September 30, 2016 and December 31, 2015, the “Other Investments” include an average 26% common equity ownership in limited partnerships that collectively own 12 self-storage facilities. In the nine months ended September 30, 2016, we sold one of the Other Investments resulting in a $ 689,000 gain on real estate investment sales on our income statement. In the nine months ended September 30, 2016, the Other Investments had $11.8 million in self-storage revenues, $3.5 million in self-storage operating expenses, $396,000 in depreciation expense, and $50,000 in general and administrative and other expenses (amounts represent 100% of the operations of these entities, not our pro rata share ) .
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	    September 30, December 31,  2016 2015  (Amounts in thousands)   Total assets (primarily real estate) $ 1,999,784 $ 2,186,658  Debt 60,000 250,000  Other liabilities 83,093 76,059  Equity:  Preferred stock 920,000 920,000  Common equity and LP units 936,691 940,599     2016 2015  (Amounts in thousands)  For the nine months ended September 30,  Total revenue $ 289,661 $ 278,995  Costs of operations (92,440) (92,251)  Depreciation and amortization (74,886) (79,243)  General and administrative (11,982) (10,172)  Other items (4,956) (9,623)  Gain on sale of facilities - 28,235  Net income 105,397 115,941  Allocations to preferred shareholders and  restricted share unitholders (41,885) (48,090)  Net income allocated to common shareholders  and LP Unitholders $ 63,512 $ 67,851   
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  September 30, December 31,  2016 2015  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,344,034 $ 1,476,632  Total debt to third parties 722,030 662,336  Other liabilities 130,158 110,522  Equity 491,846 703,774   Exchange rate of Euro to U.S. Dollar 1.121 1.091     2016 2015  (Amounts in thousands)  For the nine months ended September 30,  Self-storage and ancillary revenues $ 189,837 $ 175,095  Self-storage and ancillary cost of operations (73,456) (67,746)  Depreciation and amortization (49,933) (49,518)  General and administrative (10,951) (10,206)  Interest expense on third party debt (15,615) (11,825)  Trademark license fee payable to Public Storage (1,908) (1,755)  Income tax expense (8,807) (7,863)  Other, net (a) (1,883) (10,168)   Net income $ 27,284 $ 16,014  Average exchange rates of Euro to the U.S. Dollar 1.116 1.115  (a) A mounts during the nine months ended September 30, 2016 include a $ 1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts d uring the same period in 2015 include $9.9 million in costs associated with the acquisition of real estate facilities .

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2016
Borrowings [Abstract]
Maturities Of Notes Payable	  Senior Mortgage  Unsecured Notes Notes Total  Remainder of 2016 $ - $ 8,711 $ 8,711  2017 - 9,405 9,405  2018 - 11,297 11,297  2019 - 1,505 1,505  2020 - 1,585 1,585  Thereafter 383,438 14,951 398,389  $ 383,438 $ 47,454 $ 430,892  Weighted average effective rate 2.0% 4.0% 2.2% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At September 30, 2016 At December 31, 2015  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  Series Q 4/14/2016 6.500% - $ - 15,000 $ 375,000  Series R 7/26/2016 6.350% - - 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  Series B 1/20/2021 5.400% 12,000 300,000 - -  Series C 5/17/2021 5.125% 8,000 200,000 - -  Series D 7/20/2021 4.950% 13,000 325,000 - -  Total Preferred Shares 160,700 $ 4,017,500 162,200 $ 4,055,000 

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Information [Abstract]
Summary Of Segment Information	  Three months ended September 30, 2016   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 $ 623,157 $ - $ - $ - $ - $ 623,157  Ancillary operations - 39,991 - - - 39,991  623,157 39,991 - - - 663,148   Cost of operations:  Self-storage operations 165,905 - - - - 165,905  Ancillary operations - 12,722 - - - 12,722  165,905 12,722 - - - 178,627   Net operating income:  Self-storage operations 457,252 - - - - 457,252  Ancillary operations - 27,269 - - - 27,269  457,252 27,269 - - - 484,521   Other components of net income (loss):  Depreciation and amortization (109,432) - - - - (109,432)  General and administrative - - - - (22,140) (22,140)  Interest and other income - - - - 3,750 3,750  Interest expense - - - - (1,221) (1,221)  Equity in earnings of  unconsolidated real estate entities - - 10,118 6,362 757 17,237  Foreign currency exchange loss - - - - (3,665) (3,665)  Net income (loss) $ 347,820 $ 27,269 $ 10,118 $ 6,362 $ (22,519) $ 369,050      Three months ended September 30, 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 $ 580,976 $ - $ - $ - $ - $ 580,976  Ancillary operations - 37,896 - - - 37,896  580,976 37,896 - - - 618,872   Cost of operations:  Self-storage operations 152,010 - - - - 152,010  Ancillary operations - 12,676 - - - 12,676  152,010 12,676 - - - 164,686   Net operating income:  Self-storage operations 428,966 - - - - 428,966  Ancillary operations - 25,220 - - - 25,220  428,966 25,220 - - - 454,186   Other components of net income (loss):  Depreciation and amortization (106,082) - - - - (106,082)  General and administrative - - - - (23,573) (23,573)  Interest and other income - - - - 3,659 3,659  Equity in earnings of  unconsolidated real estate entities - - 10,323 1,616 664 12,603  Gain on real estate investment sales - - - - 343 343  Net income (loss) $ 322,884 $ 25,220 $ 10,323 $ 1,616 $ (18,907) $ 341,136     Nine months ended September 30, 2016   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 $ 1,792,130 $ - $ - $ - $ - $ 1,792,130  Ancillary operations - 116,992 - - - 116,992  1,792,130 116,992 - - - 1,909,122   Cost of operations:  Self-storage operations 483,455 - - - - 483,455  Ancillary operations - 40,462 - - - 40,462  483,455 40,462 - - - 523,917   Net operating income:  Self-storage operations 1,308,675 - - - - 1,308,675  Ancillary operations - 76,530 - - - 76,530  1,308,675 76,530 - - - 1,385,205   Other components of net income (loss):  Depreciation and amortization (321,573) - - - - (321,573)  General and administrative - - - - (63,508) (63,508)  Interest and other income - - - - 11,614 11,614  Interest expense - - - - (3,310) (3,310)  Equity in earnings of  unconsolidated real estate entities - - 25,318 14,304 2,006 41,628  Foreign currency exchange loss - - - - (5,987) (5,987)  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 987,102 $ 76,530 $ 25,318 $ 14,304 $ (58,496) $ 1,044,758    Nine months ended September 30, 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 $ 1,662,641 $ - $ - $ - $ - $ 1,662,641  Ancillary operations - 109,725 - - - 109,725  1,662,641 109,725 - - - 1,772,366   Cost of operations:  Self-storage operations 461,078 - - - - 461,078  Ancillary operations - 36,715 - - - 36,715  461,078 36,715 - - - 497,793   Net operating income:  Self-storage operations 1,201,563 - - - - 1,201,563  Ancillary operations - 73,010 - - - 73,010  1,201,563 73,010 - - - 1,274,573   Other components of net income (loss):  Depreciation and amortization (319,701) - - - - (319,701)  General and administrative - - - - (68,721) (68,721)  Interest and other income - - - - 11,509 11,509  Equity in earnings of  unconsolidated real estate entities - - 25,734 8,707 1,826 36,267  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 881,862 $ 73,010 $ 25,734 $ 8,707 $ (36,883) $ 952,430 

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2016ft²stateitemcountry	Dec. 31, 2015
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,319
Net rentable square feet | ft²	152
Number of states with facilities | state	38
Western Europe [Member]
Nature Of Business [Line Items]
Direct interest in self-storage facilities, number of countries | country	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%
Number of facilities owned by Shurgard Europe | item	217
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 Accoun29

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash paid upon vesting in lieu of issuing common shares | $	$ 13,604,000	$ 13,745,000
Investments in VIEs | $	$ 0
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	2,307
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 Accoun30

Summary Of Significant Accounting Policies (Income Taxes And Real Estate Facilities) (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)
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 Accoun31

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
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	19.1		18
Accumulated amortization, tenant intangibles	51.6		$ 66.4
Amortization expense, tenant intangibles	15.8	$ 21.3
Estimated future amortization expense, 2016	4.2
Estimated future amortization expense, 2017	7.6
Estimated future amortization expense, thereafter	7.3
Increase in tenant intangibles	16.9
Impairments	$ 0

Summary Of Significant Accoun32

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment And Foreign Currency Exchange Translation) (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016USD ($)	Sep. 30, 2015	Dec. 31, 2015
Trading Activity, Gains and Losses, Net [Line Items]
Cumulative effect of a change in accounting principle			$ 789
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro	1.116	1.112	1.116	1.115
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro			1.121		1.091

Summary Of Significant Accoun33

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,108	172,771	173,057	172,641
Net effect of dilutive stock options - based on treasury stock method	740	758	842	787
Diluted weighted average common shares outstanding	173,848	173,529	173,899	173,428

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)ft²item	Sep. 30, 2015USD ($)
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities	$ 257,650	$ 104,915
Allocated To Real Estate Facilities	$ 253,661
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item	32
Net rentable square feet | ft²	2,329,000
Acquisition cost of real estate facilities	$ 270,600
Cash to acquire self-storage facilities	257,700
Mortgage debt assumed	12,900
Aggregate cost, intangibles	$ 16,900
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²	5,300,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities	$ 688,200
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²	1,432,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities	$ 161,900

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 13,205,261
Capital expenditures to maintain real estate facilities	67,779
Acquisitions	253,661
Newly developed facilities opened for operation	161,909
Impact of foreign exchange rate changes	(2,369)
Ending balance (Operating facilities, at cost)	13,686,241
Beginning balance, (Accumulated depreciation)	(4,866,738)
Depreciation expense	(301,498)
Impact of foreign exchange rate changes	1,355
Ending balance, (Accumulated depreciation)	(5,166,881)
Beginning Balance (Construction in process	219,190
Current development	204,091
Newly developed facilities opened for operation	(161,909)
Ending Balance (Construction in process	261,372
Total real estate facilities at September 30, 2016	$ 8,780,732	$ 8,557,713

Investments In Unconsolidated36

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Cash distributions from Unconsolidated Real Estate Entities		$ 139,900	$ 26,100
Distributions in excess of retained earnings from unconsolidated real estate entities		67,420
Amount of investment exceeding pro rata share of underlying equity		57,000		$ 62,000
Equity earnings, amortization amount		1,300	2,800
Gain on real estate sales	$ 343	$ 689	$ 18,503
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
Closing price per share PSB stock		$ 113.57
Market value of PSB stock and LP units		$ 1,600,000

Investments In Unconsolidated37

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity in earnings of real estate entities	$ 17,237	$ 12,603	$ 41,628	$ 36,267
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			$ (941)
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%		51.00%
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	49.00%		49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates			$ (13,100)	(17,700)
Acquisition costs		9,900		9,900
Equity in earnings of real estate entities	$ 6,362	$ 1,616	14,304	$ 8,707
Shurgard Europe [Member] | Accumulated Comprehensive Income [Member]
Schedule of Equity Method Investments [Line Items]
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			941
Shurgard Europe [Member] | Foreign Exchange Gain [Member]
Schedule of Equity Method Investments [Line Items]
Acquisition costs	$ 1,900		$ 1,900

Investments In Unconsolidated38

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)item
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities		$ 697,040		$ 697,040		$ 809,308
Equity in Earnings of Unconsolidated Real Estate Entities		17,237	$ 12,603	41,628	$ 36,267
Gain on real estate investment sales				689	18,503
Self-storage revenue		623,157	580,976	1,792,130	1,662,641
Self-storage operating expenses		165,905	152,010	483,455	461,078
Depreciation expense		109,432	106,082	321,573	319,701
General and administrative		22,140	23,573	63,508	68,721
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	[1]	6,487		6,487		$ 6,491
Equity in Earnings of Unconsolidated Real Estate Entities	[1]	$ 757	664	$ 2,006	1,826
Other equity ownership		26.00%		26.00%		26.00%
Number of self-storage facilities owned, other | item		12		12		12
Gain on real estate investment sales				$ 689
Number of other investments sold | item				1
Self-storage revenue				$ 11,800
Self-storage operating expenses				3,500
Depreciation expense				396
General and administrative				$ 50
Percentage of operations				100.00%
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities		$ 407,224		$ 407,224		$ 414,450
Equity in Earnings of Unconsolidated Real Estate Entities		10,118	10,323	25,318	25,734
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities		283,329		283,329		$ 388,367
Equity in Earnings of Unconsolidated Real Estate Entities		$ 6,362	$ 1,616	$ 14,304	$ 8,707
[1]	At September 30, 2016 and December 31, 2015, the "Other Investments" include an average 26% common equity ownership in limited partnerships that collectively own 12 self-storage facilities. In the nine months ended September 30, 2016, we sold one of the Other Investments resulting in a $689,000 gain on real estate investment sales on our income statement. In the nine months ended September 30, 2016, the Other Investments had $11.8 million in self-storage revenues, $3.5 million in self-storage operating expenses, $396,000 in depreciation expense, and $50,000 in general and administrative and other expenses (amounts represent 100% of the operations of these entities, not our pro rata share)

Investments In Unconsolidated39

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details)		9 Months Ended
		Sep. 30, 2016USD ($)$ / €	Sep. 30, 2015USD ($)$ / €	Dec. 31, 2015USD ($)$ / €
Schedule of Equity Method Investments [Line Items]
Income tax expense		$ 0
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)		1,999,784,000		$ 2,186,658,000
Debt		60,000,000		250,000,000
Other liabilities		83,093,000		76,059,000
Preferred stock		920,000,000		920,000,000
Common equity and LP units		936,691,000		940,599,000
Total revenue		289,661,000	$ 278,995,000
Costs of operations		(92,440,000)	(92,251,000)
Self-storage and ancillary revenues		289,661,000	278,995,000
Self-storage and ancillary cost of operations		(92,440,000)	(92,251,000)
Depreciation and amortization		(74,886,000)	(79,243,000)
General and administrative		(11,982,000)	(10,172,000)
Other items, net		(4,956,000)	(9,623,000)
Gain on sale of facilities			28,235,000
Net income		105,397,000	115,941,000
Allocations to preferred shareholders and restricted share unitholders		(41,885,000)	(48,090,000)
Net income allocated to common shareholders and LP Unitholders		63,512,000	67,851,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)		1,344,034,000		1,476,632,000
Total debt to third parties		722,030,000		662,336,000
Other liabilities		130,158,000		110,522,000
Equity		$ 491,846,000		$ 703,774,000
Exchange rate of Euro to U.S. Dollar | $ / €		1.121		1.091
Total revenue		$ 189,837,000	175,095,000
Costs of operations		(73,456,000)	(67,746,000)
Self-storage and ancillary revenues		189,837,000	175,095,000
Self-storage and ancillary cost of operations		(73,456,000)	(67,746,000)
Depreciation and amortization		(49,933,000)	(49,518,000)
General and administrative		(10,951,000)	(10,206,000)
Interest expense on third party debt		(15,615,000)	(11,825,000)
Trademark license fee payable to Public Storage		(1,908,000)	(1,755,000)
Income tax expense		(8,807,000)	(7,863,000)
Other items, net	[1]	(1,883,000)	(10,168,000)
Net income		$ 27,284,000	$ 16,014,000
Average exchange rates Euro to the U.S. Dollar | $ / €		1.116	1.115
[1]	Amounts during the nine months ended September 30, 2016 include a $1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts during the same period in 2015 include $9.9 million in costs associated with the acquisition of real estate facilities.

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Nov. 02, 2016USD ($)	Sep. 30, 2016EUR (€)item	Sep. 30, 2016USD ($)item	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)
Schedule Of Debt [Line Items]
Total notes payable						$ 47,454		$ 55,076
Secured by real estate facilities | item					34	34
Net book value of real estate facilities securing notes payable						$ 168,800
Unsecured Debt						383,438		263,940
Proceeds from Issuance of Unsecured Debt		$ 113,620
Foreign currency exchange loss	$ (3,665)	(5,987)
Unsecured Notes						383,438		263,940
Cash paid for interest expense		7,200	$ 2,300
Interest capitalized as real estate			$ 1,800			3,900
Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Unsecured Debt					€ 342	383,400
Fair value of unsecured senior debt						404,700		263,900
Foreign currency exchange loss	$ 3,700	$ 6,000
Unsecured Notes					€ 342	383,400
Credit Facility [Member]
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity						$ 500,000
Expiration of Credit Facility		Mar. 31, 2020
Facility fee percentage at end of quarter					0.08%	0.08%
Outstanding borrowings on Credit Facility						$ 0
Undrawn standby letters of credit						$ 15,200		14,900
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Debt [Line Items]
Interest at period end spread (LIBOR)					0.85%	0.85%
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate					7.10%	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%	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%
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Debt [Line Items]
Interest rate					4.20%	4.20%
Mortgage debt assumed		$ 12,900
Note Payable [Member]
Schedule Of Debt [Line Items]
Total notes payable						$ 47,500		55,100
Note Payable [Member] | Maximum [Member]
Schedule Of Debt [Line Items]
Maturity date		Sep. 1, 2028
Note Payable [Member] | Minimum [Member]
Schedule Of Debt [Line Items]
Maturity date		Dec. 1, 2016
Senior Unsecured Notes Maturing November 2025 [Member] | Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Interest rate					2.175%	2.175%
Maturity date		Nov. 1, 2025
Unsecured Debt					€ 242		€ 242	263,900
Unsecured Notes					€ 242		€ 242	$ 263,900
Senior Unsecured Notes Maturing April 2024 [Member] | Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Issuance date		Apr. 12, 2016
Interest rate					1.54%	1.54%
Maturity date		Apr. 1, 2024
Unsecured Debt | €					€ 100
Proceeds from Issuance of Unsecured Debt		$ 113,600
Unsecured Notes | €					€ 100
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	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Remainder of 2016	$ 8,711
2,017	9,405
2,018	11,297
2,019	1,505
2,020	1,585
Thereafter	398,389
Total notes payable	430,892
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Thereafter	383,438
Total notes payable	$ 383,438
Weighted average effective rate	2.00%
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2016	$ 8,711
2,017	9,405
2,018	11,297
2,019	1,505
2,020	1,585
Thereafter	14,951
Total notes payable	$ 47,454
Weighted average effective rate	4.00%
Total Notes [Member]
Debt Instrument [Line Items]
Weighted average effective rate	2.20%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)itemshares	Sep. 30, 2015USD ($)
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interests	$ 3,177
Distributions paid	$ 5,608
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
Contributions by noncontrolling interests	$ 3,177	$ 1,000
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	4,900	4,700
Distributions paid	$ 5,608	$ 5,500

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, shares in Millions	Jul. 20, 2016USD ($)$ / sharesshares	May 17, 2016USD ($)$ / sharesshares	Jan. 20, 2016USD ($)$ / sharesshares	Jun. 30, 2016	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)item$ / shares	Sep. 30, 2015USD ($)$ / shares
Class of Stock [Line Items]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item							6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item							2
Preferred stock, amount of preferred dividends in arrears							$ 0
Redeemable preferred stock redemption price per share | $ / shares					$ 25		$ 25
Proceeds from issuance of preferred stock							$ 798,128,000
EITF D-42 allocations						$ 4,113,000	$ 26,873,000	$ 8,897,000
Cash dividends declared per common share | $ / shares					$ 1.80	$ 1.70	$ 5.30	$ 4.80
Common stock dividends paid in aggregate					$ 312,500,000	$ 294,600,000	$ 920,100,000	$ 831,300,000
Preferred shareholders based on distributions paid					57,200,000	61,100,000	$ 178,700,000	186,100,000
Series O Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares						270,000,000		270,000,000
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage							6.50%
EITF D-42 allocations							$ 11,300,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares			12
Preferred shares per depositary share			0.10%
Preferred Stock, Dividend Rate, Percentage			5.40%				5.40%
Issuance price per depository share | $ / shares			$ 25
Proceeds from issuance of preferred stock			$ 300,000,000
Original issuance costs on preferred shares redeemed during the period			$ 9,900,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares		8
Preferred shares per depositary share		0.10%
Preferred Stock, Dividend Rate, Percentage		5.125%					5.125%
Issuance price per depository share | $ / shares		$ 25
Proceeds from issuance of preferred stock		$ 200,000,000
Original issuance costs on preferred shares redeemed during the period		$ 6,400,000
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares						125,000,000		125,000,000
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage				6.35%			6.35%
EITF D-42 allocations					$ 15,500,000		$ 15,500,000
Series O and P Preferred Stock [Member]
Class of Stock [Line Items]
EITF D-42 allocations						$ 4,100,000		$ 8,900,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares	13
Preferred shares per depositary share	0.10%
Preferred Stock, Dividend Rate, Percentage	4.95%						4.95%
Issuance price per depository share | $ / shares	$ 25
Proceeds from issuance of preferred stock	$ 325,000,000
Original issuance costs on preferred shares redeemed during the period	$ 10,600,000

Shareholders_ Equity (Preferred

Shareholders’ Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Jul. 20, 2016	May 17, 2016	Jan. 20, 2016	Jun. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Preferred stock, shares outstanding					160,700	162,200
Liquidation Preference					$ 4,017,500	$ 4,055,000
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					Apr. 14, 2016
Dividend Rate %					6.50%
Preferred stock, shares outstanding						15,000
Liquidation Preference						$ 375,000
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					Jul. 26, 2016
Dividend Rate %				6.35%	6.35%
Preferred stock, shares outstanding						19,500
Liquidation Preference						$ 487,500
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					Jan. 12, 2017
Dividend Rate %					5.90%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, 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%
Preferred stock, shares outstanding					7,600	7,600
Liquidation Preference					$ 190,000	$ 190,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					Jan. 20, 2021
Dividend Rate %			5.40%		5.40%
Preferred stock, shares outstanding					12,000
Liquidation Preference					$ 300,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					May 17, 2021
Dividend Rate %		5.125%			5.125%
Preferred stock, shares outstanding					8,000
Liquidation Preference					$ 200,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date					Jul. 20, 2021
Dividend Rate %	4.95%				4.95%
Preferred stock, shares outstanding					13,000
Liquidation Preference					$ 325,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)item	Sep. 30, 2015USD ($)
Related Party Transaction [Line Items]
Hughes Family percentage ownership of common shares outstanding	14.30%
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 | $	$ 606	$ 397
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of a change in accounting principle			$ 789
Expiration period, number of years			10 years
Compensation expense	$ 1,200	$ 900	$ 3,200	$ 2,400
Stock options granted			295,000
Stock options exercised			132,614
Stock options forfeited			0
Stock options outstanding	2,102,665		2,102,665		1,940,279
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			5 years
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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units granted			158,784
Restricted share units forfeited			21,240
Restricted share units vested			138,208
Common shares issued upon vesting			83,569
Tax deposits made in exchange for RSUs			$ 13,604	$ 13,745
Common shares withheld upon vesting in exchange for tax deposits			54,639
Restricted share units outstanding	736,724		736,724		737,388
Restricted share unit expense	$ 10,200	$ 9,000	$ 24,700	22,000
Taxes incurred upon vesting of restricted share units	$ 40	$ 30	$ 1,100	$ 1,000
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

Segment Information (Narrative)

Segment Information (Narrative) (Details)	Sep. 30, 2016	Dec. 31, 2015
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%	42.00%
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	49.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Self-storage facilities	$ 623,157	$ 580,976	$ 1,792,130	$ 1,662,641
Ancillary operations	39,991	37,896	116,992	109,725
Total revenues	663,148	618,872	1,909,122	1,772,366
Self-storage cost of operations	165,905	152,010	483,455	461,078
Ancillary cost of operations	12,722	12,676	40,462	36,715
Total Cost of Operations	178,627	164,686	523,917	497,793
Net Operating Income - Self-Storage Operations	457,252	428,966	1,308,675	1,201,563
Net Operating Income - Ancillary Operations	27,269	25,220	76,530	73,010
Total Net Operating Income	484,521	454,186	1,385,205	1,274,573
Depreciation and amortization	(109,432)	(106,082)	(321,573)	(319,701)
General and administrative	(22,140)	(23,573)	(63,508)	(68,721)
Interest and other income	3,750	3,659	11,614	11,509
Interest expense	(1,221)		(3,310)
Equity in earnings of unconsolidated real estate entities	17,237	12,603	41,628	36,267
Foreign currency exchange loss	(3,665)		(5,987)
Gain on real estate investment sales		343	689	18,503
Net income (loss)	369,050	341,136	1,044,758	952,430
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage facilities	623,157	580,976	1,792,130	1,662,641
Total revenues	623,157	580,976	1,792,130	1,662,641
Self-storage cost of operations	165,905	152,010	483,455	461,078
Total Cost of Operations	165,905	152,010	483,455	461,078
Net Operating Income - Self-Storage Operations	457,252	428,966	1,308,675	1,201,563
Total Net Operating Income	457,252	428,966	1,308,675	1,201,563
Depreciation and amortization	(109,432)	(106,082)	(321,573)	(319,701)
Net income (loss)	347,820	322,884	987,102	881,862
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations	39,991	37,896	116,992	109,725
Total revenues	39,991	37,896	116,992	109,725
Ancillary cost of operations	12,722	12,676	40,462	36,715
Total Cost of Operations	12,722	12,676	40,462	36,715
Net Operating Income - Ancillary Operations	27,269	25,220	76,530	73,010
Total Net Operating Income	27,269	25,220	76,530	73,010
Net income (loss)	27,269	25,220	76,530	73,010
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	10,118	10,323	25,318	25,734
Net income (loss)	10,118	10,323	25,318	25,734
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	6,362	1,616	14,304	8,707
Net income (loss)	6,362	1,616	14,304	8,707
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(22,140)	(23,573)	(63,508)	(68,721)
Interest and other income	3,750	3,659	11,614	11,509
Interest expense	(1,221)		(3,310)
Equity in earnings of unconsolidated real estate entities	757	664	2,006	1,826
Foreign currency exchange loss	(3,665)		(5,987)
Gain on real estate investment sales		343	689	18,503
Net income (loss)	$ (22,519)	$ (18,907)	$ (58,496)	$ (36,883)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	Sep. 30, 2016USD ($)item
Commitments And Contingencies [Abstract]
Deductible for property	$ 25,000,000
Deductible for general liability	2,000,000
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
Tenant certificate holders participating in insurance program, approximate | item	910,000
Aggregate coverage of tenants participating in insurance program	$ 2,700,000,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions, ft² in Millions	Oct. 14, 2016USD ($)$ / sharesshares	Nov. 02, 2016USD ($)ft²item	Sep. 30, 2016USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of preferred stock | $			$ 798,128
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of stock issued in sale | shares	14
Preferred shares per depositary share	0.10%
Issuance price per depository share | $ / shares	$ 25
Preferred Stock, Dividend Rate, Percentage	4.90%
Proceeds from issuance of preferred stock | $	$ 350,000
Original issuance costs on preferred shares redeemed during the period | $	$ 11,900
Number of self-storage facilities to be acquired		21
Net rentable square feet | ft²		1.7
Acquisition Cost, Real Estate Facilities | $		$ 149,500
Oklahoma [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		11
Ohio [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		4
Tennessee [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		4
Texas [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		1
California [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired		1