Public Storage (PSA) 10-K 1 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 27, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	Public Storage
Entity Central Index Key	1,393,311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		173,638,361
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 37,898,005,000

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 183,688	$ 104,285
Real estate facilities, at cost:
Land	3,781,479	3,564,810
Buildings	10,181,750	9,640,451
Real estate facilities, gross	13,963,229	13,205,261
Accumulated depreciation	(5,270,963)	(4,866,738)
Real estate facilities, net	8,692,266	8,338,523
Construction in process	230,310	219,190
Total real estate facilities	8,922,576	8,557,713
Investments in unconsolidated real estate entities	689,207	809,308
Goodwill and other intangible assets, net	212,719	211,458
Other assets	122,148	95,468
Total assets	10,130,338	9,778,232
LIABILITIES AND EQUITY
Senior unsecured notes	359,810	263,940
Mortgage notes	30,939	55,076
Accrued and other liabilities	297,935	261,578
Total liabilities	688,684	580,594
Commitments and contingencies (Note 12)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,700 shares issued (in series) and outstanding, (162,200 at December 31, 2015), at liquidation preference	4,367,500	4,055,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 173,288,787 shares issued and outstanding (172,921,241 shares at December 31, 2015)	17,329	17,293
Paid-in capital	5,609,768	5,601,506
Accumulated deficit	(487,581)	(434,610)
Accumulated other comprehensive loss	(95,106)	(68,548)
Total Public Storage shareholders’ equity	9,411,910	9,170,641
Noncontrolling interests	29,744	26,997
Total equity	9,441,654	9,197,638
Total liabilities and equity	$ 10,130,338	$ 9,778,232

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	174,700	162,200
Preferred stock, shares outstanding	174,700	162,200
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	173,288,787	172,921,241
Common stock, shares outstanding	173,288,787	172,921,241

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Self-storage facilities	$ 2,405,828	$ 2,235,525	$ 2,049,882
Ancillary operations	154,721	146,171	127,414
Total revenues	2,560,549	2,381,696	2,177,296
Expenses:
Self-storage cost of operations	617,905	586,696	566,898
Ancillary cost of operations	51,178	48,806	46,426
Depreciation and amortization	433,314	426,008	437,114
General and administrative	83,656	88,177	71,459
Operating expenses	1,186,053	1,149,687	1,121,897
Operating income	1,374,496	1,232,009	1,055,399
Interest and other income	15,138	16,544	17,638
Interest expense	(4,210)	(610)	(6,781)
Equity in earnings of unconsolidated real estate entities	56,756	50,937	88,267
Foreign currency exchange gain (loss)	17,570	306	(7,047)
Gain on real estate investment sales	689	18,503	2,479
Net income	1,460,439	1,317,689	1,149,955
Allocation to noncontrolling interests	(6,863)	(6,445)	(5,751)
Net income allocable to Public Storage shareholders	1,453,576	1,311,244	1,144,204
Allocation of net income to:
Preferred shareholders	(238,214)	(245,097)	(232,636)
Preferred shareholders - redemptions (Note 7)	(26,873)	(8,897)
Restricted share units	(4,610)	(4,200)	(3,392)
Net income allocable to common shareholders	$ 1,183,879	$ 1,053,050	$ 908,176
Net income per common share:
Basic	$ 6.84	$ 6.10	$ 5.27
Diluted	$ 6.81	$ 6.07	$ 5.25
Basic weighted average common shares outstanding	173,091	172,699	172,251
Diluted weighted average common shares outstanding	173,878	173,510	173,138

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Comprehensive Income [Abstract]
Net income	$ 1,460,439	$ 1,317,689	$ 1,149,955
Other comprehensive loss:
Aggregate foreign currency exchange loss	(8,047)	(20,086)	(54,703)
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities	(941)
Adjust for aggregate foreign currency exchange (gain) loss included in net income	(17,570)	(306)	7,047
Other comprehensive loss	(26,558)	(20,392)	(47,656)
Total comprehensive income	1,433,881	1,297,297	1,102,299
Allocation to noncontrolling interests	(6,863)	(6,445)	(5,751)
Comprehensive income allocable to Public Storage shareholders	$ 1,427,018	$ 1,290,852	$ 1,096,548

Statements Of Equity

Statements Of Equity - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 2013	$ 3,562,500	$ 17,178	$ 5,531,034	$ (318,482)	$ (500)	$ 8,791,730	$ 27,125	$ 8,818,855
Issuance of preferred shares (Note 7)	762,500		(23,546)			738,954		738,954
Issuance of common shares in connection with share-based compensation (Note 9)		67	37,805			37,872		37,872
Share-based compensation expense, net of cash paid in lieu of common shares (Note 9)			16,926			16,926		16,926
Acquisition of noncontrolling interests			(689)			(689)	(32)	(721)
Net income				1,149,955		1,149,955		1,149,955
Net income allocated to noncontrolling interests				(5,751)		(5,751)	5,751	(5,751)
Distributions to equity holders:
Preferred shares (Note 7)				(232,636)		(232,636)		(232,636)
Noncontrolling interests							(6,469)	(6,469)
Common shares and restricted share units				(967,909)		(967,909)		(967,909)
Other comprehensive loss (Note 2)					(47,656)	(47,656)		(47,656)
Balances at Dec. 31, 2014	4,325,000	17,245	5,561,530	(374,823)	(48,156)	9,480,796	26,375	9,507,171
Redemption of preferred shares (Note 7)	(270,000)					(270,000)		(270,000)
Issuance of common shares in connection with share-based compensation (Note 9)		48	29,615			29,663		29,663
Share-based compensation expense, net of cash paid in lieu of common shares (Note 9)			15,793			15,793		15,793
Acquisition of noncontrolling interests			(5,432)			(5,432)	(60)	(5,492)
Contributions by noncontrolling interests							1,562	1,562
Net income				1,317,689		1,317,689		1,317,689
Net income allocated to noncontrolling interests				(6,445)		(6,445)	6,445	(6,445)
Distributions to equity holders:
Preferred shares (Note 7)				(245,097)		(245,097)		(245,097)
Noncontrolling interests							(7,325)	(7,325)
Common shares and restricted share units				(1,125,934)		(1,125,934)		(1,125,934)
Other comprehensive loss (Note 2)					(20,392)	(20,392)		(20,392)
Balances at Dec. 31, 2015	4,055,000	17,293	5,601,506	(434,610)	(68,548)	9,170,641	26,997	9,197,638
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)	1,175,000		(38,797)			1,136,203		1,136,203
Redemption of preferred shares (Note 7)	(862,500)					(862,500)		(862,500)
Issuance of common shares in connection with share-based compensation (Note 9)		36	25,505			25,541		25,541
Share-based compensation expense, net of cash paid in lieu of common shares (Note 9)			20,765			20,765		20,765
Contributions by noncontrolling interests							3,470	3,470
Net income				1,460,439		1,460,439		1,460,439
Net income allocated to noncontrolling interests				(6,863)		(6,863)	6,863	(6,863)
Distributions to equity holders:
Preferred shares (Note 7)				(238,214)		(238,214)		(238,214)
Noncontrolling interests							(7,586)	(7,586)
Common shares and restricted share units				(1,267,544)		(1,267,544)		(1,267,544)
Other comprehensive loss (Note 2)					(26,558)	(26,558)		(26,558)
Balances at Dec. 31, 2016	$ 4,367,500	$ 17,329	$ 5,609,768	$ (487,581)	$ (95,106)	$ 9,411,910	$ 29,744	$ 9,441,654

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	47,000		30,500
Redemption of preferred shares, shares	34,500	10,800
Issuance of common shares in connection with share-based compensation, shares	367,546	475,687	669,263
Common shares, per share distribution	$ 7.30	$ 6.50	$ 5.60

Statements Of Cash Flows

Statements Of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash flows from operating activities:
Net income	$ 1,460,439	$ 1,317,689	$ 1,149,955
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate investment sales	(689)	(18,503)	(2,479)
Depreciation and amortization	433,314	426,008	437,114
Equity in earnings of unconsolidated real estate entities	(56,756)	(50,937)	(88,267)
Distributions from retained earnings of unconsolidated real estate entities	84,397	35,695	83,458
Foreign currency exchange (gain) loss	(17,570)	(306)	7,047
Share-based compensation expense	37,483	32,570	29,541
Other	4,718	6,063	(12,827)
Total adjustments	484,897	430,590	453,587
Net cash provided by operating activities	1,945,336	1,748,279	1,603,542
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(81,435)	(65,594)	(80,962)
Construction in process	(269,916)	(228,478)	(141,569)
Acquisition of real estate facilities and intangible assets	(416,178)	(177,076)	(410,210)
Distributions in excess of retained earnings from unconsolidated real estate entities	67,420
Proceeds from sale of real estate investments	998	15,013	17,246
Disposition of portion of loan receivable from Shurgard Europe			216,217
Repayment of loan receivable from Shurgard Europe			204,947
Other	(17,615)	16,030	(4,000)
Net cash used in investing activities	(716,726)	(440,105)	(198,331)
Cash flows from financing activities:
Repayments on bank credit facility			(50,100)
Repayments on term loan			(700,000)
Repayments on notes payable	(36,459)	(17,237)	(44,406)
Issuance of senior unsecured notes	113,620	264,255
Issuance of preferred shares	1,136,203		738,954
Issuance of common shares	25,541	29,663	37,872
Redemption of preferred shares	(862,500)	(270,000)
Cash paid upon vesting of restricted share units	(15,357)	(15,678)	(11,449)
Acquisition of noncontrolling interests		(5,492)	(721)
Contributions by noncontrolling interests	3,470	1,562
Distributions paid to Public Storage shareholders	(1,505,758)	(1,371,031)	(1,200,545)
Distributions paid to noncontrolling interests	(7,586)	(7,325)	(6,469)
Net cash used in financing activities	(1,148,826)	(1,391,283)	(1,236,864)
Net increase (decrease) in cash and cash equivalents	79,784	(83,109)	168,347
Net effect of foreign exchange translation on cash and cash equivalents	(381)	(318)	196
Cash and cash equivalents at the beginning of the period	104,285	187,712	19,169
Cash and cash equivalents at the end of the period	183,688	104,285	187,712
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	1,317	500	673
Investments in unconsolidated real estate entities	24,099	19,583	47,251
Senior unsecured notes	(17,750)	(315)
Loan receivable from Shurgard Europe			6,975
Accumulated other comprehensive loss	(8,047)	(20,086)	(54,703)
Real estate acquired in exchange for assumption of mortgage notes	(12,945)	(8,311)	(20,460)
Mortgage notes assumed in connection with acquisition of real estate	12,945	8,311	20,460
Accrued construction costs and capital expenditures:
Capital expenditures to maintain real estate facilities	(4,612)	2,525	1,178
Construction in process	(18,238)	(9,623)	(8,830)
Accrued and other liabilities	$ 22,850	$ 7,098	$ 7,652

Description Of The Business

Description Of The Business	12 Months Ended
	Dec. 31, 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 December 31, 2016, we have direct and indirect equity interests in 2, 348 self -storage facilities (with approximately 1 54 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 218 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 eight states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At December 31, 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 12) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). On our statement of cash flows for the years ended December 31 , 2015 and 2014, we reclassified the $15.7 million and $11.4 million, respectively, 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 or loss 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 December 31, 2016, the Company and the Subsidiaries own 2,336 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At December 31, 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 December 31, 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 acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period and, effective October 1, 2016, the external transaction costs associated with acquisitions of real estate. Prior to October 1, 2016, transaction costs for acquisitions were included in general and administrative expense on our income statements in 2016, 2015, and 2014. This change was made due to a change in GAAP, which results in real estate fac ility acquisitions generally being considered acquisitions of assets rather than business combinations. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. 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. 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 & Po or’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At December 31, 2016, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured no tes 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 December 31, 2016 and 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 December 31, 2016 and 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 December 31, 2016, these intangibles had a net book value of $19. 3 million ( $ 18.0 million at December 31, 2015). Accumulated amortization totaled $54. 0 million at December 31, 2016 ( $66. 4 million at December 31, 2015), and amortization expense of $21. 7 million, $26. 1 million and $48. 4 million was recorded in 2016, 2015 and 2014, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2016 is approximately $ 11.2 million in 2017, $2. 3 million in 2018 and $ 5.8 million thereafter. During 2016, 2015 and 2014, intangibles were increased $ 23.0 million, $ 8.9 million and $ 30.2 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, 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 1.0 52 U.S. Dollars per Euro at December 31, 2016 ( 1. 091 at December 31, 2015), and average exchange rates of 1.1 07 , 1. 110 and 1.32 9 for the years ended December 31, 2016, 2015 and 2014, 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 comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our senior unsecured notes denominated in Euros. 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 net income 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 st ock options outstanding (Note 9 ). The following table reconciles from basic to diluted common shares outstanding:    For the Years Ended December 31,  2016 2015 2014  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,091 172,699 172,251  Net effect of dilutive stock options -  based on treasury stock method 787 811 887  Diluted weighted average common  shares outstanding 173,878 173,510 173,138 

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2016
Real Estate Facilities [Abstract]
Real Estate Facilities	 3. Real Estate Facilities Activity in real estate facilities during 2016, 2015 and 2014 is as follows :      For the Years Ended December 31,  2016 2015 2014  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,205,261 $ 12,863,235 $ 12,286,256  Capital expenditures to maintain real estate facilities 86,047 63,069 79,784  Acquisitions 406,154 176,444 400,514  Dispositions - (19,970) (112)  Newly developed facilities opened for operation 268,905 123,484 98,162  Impact of foreign exchange rate changes (3,138) (1,001) (1,369)  Ending balance 13,963,229 13,205,261 12,863,235  Accumulated depreciation:  Beginning balance (4,866,738) (4,482,520) (4,098,814)  Depreciation expense (406,046) (393,605) (384,412)  Dispositions - 8,886 10  Impact of foreign exchange rate changes 1,821 501 696  Ending balance (5,270,963) (4,866,738) (4,482,520)  Construction in process:  Beginning balance 219,190 104,573 52,336  Current development 288,154 238,101 150,399  Newly developed facilities opened for operation (268,905) (123,484) (98,162)  Transfer to other assets (8,129) - -  Ending balance 230,310 219,190 104,573  Total real estate facilities at December 31, $ 8,922,576 $ 8,557,713 $ 8,485,288 During 2016, we acquired 55 self-storage facilities ( 4,121,000 net rentable square feet), for a total cost of $429.1 million, consisting of $ 416.2 million in cash and the assumption of $12.9 million in mortgage notes . Approximately $ 23.0 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities during 2016, adding 2,275,000 net rentable square feet of self-storage space, at an aggregate cost of $ 268.9 million. Construction in process at December 31, 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 60.2 million. During 2016, we also transferred $8.1 million of accumulated construction costs to other assets, with respect to a development project that was suspended. During 2015, we acquired 17 self-storage facilities ( 1,285,000 net rentable square feet) and the leasehold interest in the land of one of our existing self-storage facilities, for a total cost of $185.4 million, consisting of $177.1 million in cash and the assumption of $8.3 million in mortgage notes. Approximately $8.9 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2015, adding 1,312,000 net rentable square feet of self-storage space, at an aggregate cost of $123.5 million. During 2015, we s old one commercial facility and two self-storage facilities in connection with eminent domain proceedings for a total of $29.7 million in cash proceeds, of which $14.7 million was collected in 2014 , and recorded related gains on real estate sales totaling $ 18.5 million . During 2014, we acquired 44 self-storage facilities ( 3,442,000 net rentable square feet), for a total cost of $430.7 million, consisting of $410.2 million in cash and the assumption of $20.5 million in mortgage notes. Approximately $30.2 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2014, adding 1,145,000 net rentable square feet of self-storage space, at an aggregate cost of $98.2 million. We received approximately $2.6 million in proceeds for real estate disposed of in 2014.  At December 31, 2016, the adjusted basis of real estate facilities for federal tax purposes was approximately $9. 4 billion (unaudited).

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 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 in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):   Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31,  2016 2015 2016 2015 2014   PSB $ 402,765 $ 414,450 $ 31,707 $ 34,155 $ 56,280  Shurgard Europe 280,019 388,367 22,324 14,272 29,900  Other Investments 6,423 6,491 2,725 2,510 2,087  Total $ 689,207 $ 809,308 $ 56,756 $ 50,937 $ 88,267  During 2016, 2015 and 2014, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $151. 8 million, $ 35.7 million and $ 83.5 million, respectively. For 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 December 31, 2016, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $54.0 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 $1.8 million, $ 2.4 million and $ 4.4 million during 2016, 2015 and 2014, 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 December 31, 2016 and 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 December 31, 2016 ( $ 116.52 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 7 billion . At December 31, 2016, the adjusted tax basis of our investment in PSB was less than its book value. Included in equity in earnings of unconsolidated real estate entities is our $11.3 million and $36.5 million share of gains on sale of facilities recorded by PSB for 2015 and 2014, respectively. PSB did not dispose of any facilities during 2016. The following table sets forth selected financial information of PSB . T he amounts represent all of PSB’s balances and not our pro-rata share.    2016 2015 2014  (Amounts in thousands)  For the year ended December 31,  Total revenue $ 387,389 $ 373,675 $ 376,915  Costs of operations (123,108) (121,224) (127,371)  Depreciation and amortization (99,486) (105,394) (110,357)  General and administrative (14,862) (13,582) (13,639)  Other items (4,949) (12,740) (13,221)  Gain on sale of facilities - 28,235 92,373  Net income 144,984 148,970 204,700  Allocations to preferred shareholders and  restricted share unitholders (65,157) (62,184) (60,817)  Net income allocated to common shareholders  and LP Unitholders $ 79,827 $ 86,786 $ 143,883       As of December 31,   Total assets (primarily real estate) $ 2,119,371 $ 2,186,658 $ 2,227,114  Debt - 250,000 250,000  Preferred stock called for redemption 230,000 - -  Other liabilities 78,657 76,059 68,905  Equity:  Preferred stock 879,750 920,000 995,000  Common equity and LP units 930,964 940,599 913,209 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 and 49% of the trademark license fees that Shurgard Europe pays to us for the use of the “Shurgard” trademark, as well as certain interest income received in 2014 on a shareholder loan described below. The remaining 51% of the license fees are classified as interest and other income on our income statement. At Decem ber 31, 2013, Shurgard Europe owed us € 311.0 million ($ 428.1 million). This loan bore interest at a 9.0 % annual rate, which we believed represented the market rate of interest for loans with similar characteristics. In January 2014, our joint venture partner in Shurgard Europe acquired a 51% interest in the loan at face value for €158.6 million ($ 216.2 million) in cash. In July 2014, Shurgard Europe fully repaid the loan, and we received our 49% share of the loan totaling €152.4 million ($ 204.9 million) in cash. We collected $12.2 million in interest on this loan during 2014, of which $10.7 million was reflected as equity in earnings of Shurgard Europe, and $1.5 million was reflected as interest and other income. During 2014, we also recorded a $7.0 million foreign currency exchange loss on the loan due to changes in foreign currency exchange rates. Changes in foreign currency exchange rates caused our investment in Shurgard Europe to decrease by approximately $24. 1 million, $19.6 million and $47.3 million in 2016, 2015 and 2014, respectively. Included in our equity in earnings of Shurgard Europe for 2016 is a $ 941,000 increase 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.     2016 2015 2014  (Amounts in thousands)  For the year ended December 31,  Self-storage and ancillary revenues $ 252,321 $ 236,990 $ 254,136  Self-storage and ancillary cost of operations (97,099) (93,575) (100,177)  Depreciation and amortization (62,829) (66,665) (61,796)  General and administrative (13,199) (12,619) (9,565)  Interest expense on third party debt (20,617) (16,695) (9,607)  Trademark license fee payable to Public Storage (2,531) (2,376) (2,544)  Income tax expense (10,669) (10,799) (5,399)  Interest expense on shareholder loan - - (21,761)  Costs of acquiring facilities and other, net (a) (2,348) (7,509) (6,573)   Net income $ 43,029 $ 26,752 $ 36,714  Average exchange rates of Euro to the U.S. Dollar 1.107 1.110 1.329  (a) Amounts during 2016 include a $1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts during 2016, 2015 and 2014 include $410,000 , $10.5 million and $4.3 million, respectively, associated with the acquisition of real estate facilities.     2016 2015 2014  (Amounts in thousands)  As of December 31,  Total assets (primarily self-storage facilities) $ 1,261,912 $ 1,476,632 $ 1,404,246  Total debt to third parties 666,926 662,336 500,767  Other liabilities 106,916 110,522 180,546  Equity 488,070 703,774 722,933   Exchange rate of Euro to U.S. Dollar 1.052 1.091 1.216 

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2016). At December 31, 2016 and February 28, 2017 , 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 December 31, 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 December 31, 2016. Senior Unsecured Notes and Term Loan At December 31, 2016 and 2015, we had €342.0 million ( $ 359.8 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 consists of two tranches, (i) €242.0 million ( 2.175% fixed rate of interest) which was issued on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars, 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 $381 .8 million at December 31, 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 (gains of $ 17.6 million and $306,000 for 2016 and 2015, respectively). The Senior Unsecured Notes have various customary financial covenants, all of which we were in compliance with at December 31, 2016. On December 2, 2013, we borrowed $700 million from Wells Fargo under an unsec ured term loan. The term l oan was repaid in 2014. We incurred origination costs of $1.9 million, which were amortized using the effective interest method through the date of extinguishment ( $1.8 million for 2014 ) .   Mortgage Notes During 2016, 2015 and 2014, we assumed mortgage notes with aggregate contractual values of $12.9 million, $8.3 million and $19.8 million, respectively, and interest rates of 4.2% , 6.2% and 5.2% , respectively, which approximated market rates, in connection with the acquisition of real estate facilities. The carrying amounts of our mortgage notes (the “Mortgage Notes”) at December 31 , 2016 and 2015, totaled $30.9 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 eff ective interest method. At December 31, 2016, the notes are secured by 3 0 real estate facilities with a net book value of approximately $ 121.6 million, have contractual interest rates between 2.9% and 7.1% , and mature between November 2018 and September 2028 . At December 31 , 2016, approximate principal maturities of our Senior Unsecured Notes and Mortgage Notes are (amounts in thousands):   Senior Mortgage  Unsecured Notes Notes Total  2017 $ - $ 1,665 $ 1,665  2018 - 11,241 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  Thereafter 359,810 13,440 373,250  $ 359,810 $ 30,939 $ 390,749  Weighted average effective rate 2.0% 4.0% 2.2% Cash paid for interest totaled $ 9.4 million, $ 3.4 million and $ 9.0 million for 2016, 2015 and 2014, respectively. Interest capitalized as real estate totaled $5.1 million, $ 2.7 million and $ 1.6 million in 2016, 2015 and 2014, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interests [Abstract]
Noncontrolling Interests	6 . Noncontrolling Interests At December 31 , 2016, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 1 4 operating self-storage facilities and seven self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2016, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2016, 2015 and 2014, we allocated a total of $6. 9 million, $ 6.4 million and $5. 8 million, respectively, of income to these interests; and we paid $7. 6 million, $ 7.3 million and $6.5 million, respectively, in distributions to these interests. During 2015 and 2014, we acquired Noncontrolling Interests for $ 5.5 million and $721,000 , respectively, in cash, substantially all of which was allocated to P aid-in-capital. During 2016 and 2015 , Noncontrolling I nterests contributed $3.5 million and $1.6 million, respectively . 

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Shareholders’ Equity [Abstract]
Shareholders' Equity	7 . Shareholders’ Equity Preferred Shares At December 31, 2016 and 2015, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:     At December 31, 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 - -  Series E 10/14/2021 4.900% 14,000 350,000 - -  Total Preferred Shares 174,700 $ 4,367,500 162,200 $ 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 December 31, 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. In 2016, we redeemed our Series Q and Series R Preferred Shares at par, for a total of $862.5 million in cash, before payment of accrued dividends. In 201 6, we issued an aggregate 47.0 million depositary shares, each representing 1/1 ,000 of a share of our Series B, Series C, Series D and Series E Preferred Shares, at an issuance price of $25.00 per depositary share , for a total of $1,175. 0 m illion in gross proceeds, and we incurred $ 38.8 million in issuance costs. In 2015, we redeemed our Series O and Series P Preferred Shares at par, for a total of $270.0 million in cash, before payment of accrued dividends. In 201 4 , we issued an aggregate 30.5 million depositary shares, each representing 1/1,000 of a share of our Series Y, Series Z, and Series A Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $762.5 million in gross proceeds, and we incurred $23.5 million in issuance costs. In 2016 and 2015, we recorded $26.9 million $8.9 million, respectively, in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in connection with redemptions of Preferred Shares. Common Shares During 2016, 2015 and 2014, activity with respect to the issuance or repurchase of our common shares was as follows (dollar amounts in thousands):   2016 2015 2014  Shares Amount Shares Amount Shares Amount  Employee stock-based compensation and  exercise of stock options (Note 9) 367,546 $ 25,541 475,687 $ 29,663 669,263 $ 37,872 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2016, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2016. At December 31, 2016 and 2015, we had 2,6 92,081 and 2, 677,667 , respectively , of common shares reserved in connection with our share-based incentive plans (see Note 9), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests. The unaudited characterization of dividends for Federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Internal Revenue Code. Common share dividends including amounts paid to our common shareholders and our restricted share unitholders totaled $1. 268 billion ( $7.30 per share), $ 1.126 billion ( $6.50 per share) and $ 967.9 million ( $5. 60 per share), for the years ended December 31, 2016, 2015 and 2014, respectively. Preferred share dividends totaled $238. 2 million, $2 45.1 million and $2 32.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. For the tax year ended December 31, 2016, 100% of the distributions for the common shares and all the various series of preferred shares were classified as ordinary income. Such dividends do not constitute “qualified dividend income” .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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, collectively own approximately 14.3% of our common shares outstanding at December 31, 2016. At December 31, 2016, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlled 5 7 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 $848,000 , $562,000 and $480,000 for the years ended December 31, 2016, 2015 and 2014, 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 operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada with the facilities’ owners. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities (“PS Canada”) if their owners agree to sell them.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 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 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 11, 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) to assumed exercise proceeds and measured but unrecognized compensation. The stock options outstanding at December 31, 2016 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $ 150.0 million and remaining average contractual lives of approximately six years. The aggregate intrinsic value of exercisable stock options at December 31, 2016 amounted to approximately $126. 8 million . Approximately 360,000 of the stock options outstanding at December 31, 2016, have an exercise price of more than $200 . We have 429,556 stock options exercisable at December 31, 2016, that expire through June 30, 2018 , with an average exercise price per share of $82.39 . Additional information with respect to stock options during 2016, 2015 and 2014 is as follows:    2016 2015 2014  Weighted Weighted Weighted  Average Average Average  Number Exercise Number Exercise Number Exercise  of Price of Price of Price  Options per Share Options per Share Options per Share  Options outstanding January 1, 1,940,279 $ 130.08 2,085,544 $ 111.96 2,174,211 $ 85.49  Granted 310,000 239.11 335,000 200.70 485,000 176.74  Exercised (254,839) 100.23 (365,265) 80.99 (570,417) 66.39  Cancelled - - (115,000) 163.15 (3,250) 63.76   Options outstanding December 31, 1,995,440 $ 150.83 1,940,279 $ 130.08 2,085,544 $ 111.96   Options exercisable at December 31, 1,105,433 $ 108.84 1,150,272 $ 94.18 1,321,537 $ 82.46     2016 2015 2014   Stock option expense for the year (in 000's) $ 5,180 $ 3,871 $ 3,216   Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 33,228 $ 46,719 $ 59,322   Average assumptions used in valuing options with the Black-Scholes method:  Expected life of options in years, based upon historical experience 5 5 5  Risk-free interest rate 1.2% 1.6% 1.6%  Expected volatility, based upon historical volatility 17.9% 15.1% 16.8%  Expected dividend yield 2.9% 2.9% 3.2%   Average estimated value of options granted during the year $ 26.18 $ 18.39 $ 17.66 Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. The fair value of our RSUs outstanding at December 31, 2016 was approximately $136. 9 million. Remaining compensation expense related to RSUs outstanding at December 31, 2016 totals approximately $9 8.7 million and is expected to be recognized as compensation expense over the next 2. 5 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):    2016 2015 2014  Number of Grant Date Number of Grant Date Number of Grant Date  Restricted Aggregate Restricted Aggregate Restricted Aggregate  Share Units Fair Value Share Units Fair Value Share Units Fair Value  Restricted share units outstanding January 1, 737,388 $ 129,284 751,048 $ 110,874 636,329 $ 77,284  Granted 171,144 40,263 252,376 55,307 339,607 59,009  Vested (180,050) (26,689) (187,342) (24,752) (166,905) (18,456)  Forfeited (31,841) (5,953) (78,694) (12,145) (57,983) (6,963)   Restricted share units outstanding December 31, 696,641 $ 136,905 737,388 $ 129,284 751,048 $ 110,874     2016 2015 2014  Amounts for the year (in 000's, except number of shares):  Fair value of vested shares on vesting date $ 41,400 $ 38,182 $ 27,591  Cash paid upon vesting in lieu of issuing common shares $ 15,357 $ 15,678 $ 11,449  Common shares issued upon vesting 112,707 110,422 98,846  Restricted share unit expense (a) $ 32,303 $ 28,699 $ 26,325   (a) Amounts for 2016, 2015 and 2014 include approximately $1.4 million, $1.1 million and $1.2 million, respectively, in employer taxes incurred upon vesting .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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):      For the year ended December 31, 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 $ 2,405,828 $ - $ - $ - $ - $ 2,405,828  Ancillary operations - 154,721 - - - 154,721  2,405,828 154,721 - - - 2,560,549   Cost of operations:  Self-storage operations 617,905 - - - - 617,905  Ancillary operations - 51,178 - - - 51,178  617,905 51,178 - - - 669,083   Net operating income:  Self-storage operations 1,787,923 - - - - 1,787,923  Ancillary operations - 103,543 - - - 103,543  1,787,923 103,543 - - - 1,891,466   Other components of net income (loss):  Depreciation and amortization (433,314) - - - - (433,314)  General and administrative - - - - (83,656) (83,656)  Interest and other income - - - - 15,138 15,138  Interest expense - - - - (4,210) (4,210)  Equity in earnings of  unconsolidated real estate entities - - 31,707 22,324 2,725 56,756  Foreign currency exchange gain - - - - 17,570 17,570  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 1,354,609 $ 103,543 $ 31,707 $ 22,324 $ (51,744) $ 1,460,439      For the year ended December 31, 2015   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525  Ancillary operations - 146,171 - - - 146,171  2,235,525 146,171 - - - 2,381,696   Cost of operations:  Self-storage operations 586,696 - - - - 586,696  Ancillary operations - 48,806 - - - 48,806  586,696 48,806 - - - 635,502   Net operating income:  Self-storage operations 1,648,829 - - - - 1,648,829  Ancillary operations - 97,365 - - - 97,365  1,648,829 97,365 - - - 1,746,194   Other components of net income (loss):  Depreciation and amortization (426,008) - - - - (426,008)  General and administrative - - - - (88,177) (88,177)  Interest and other income - - - - 16,544 16,544  Interest expense - - - - (610) (610)  Equity in earnings of  unconsolidated real estate entities - - 34,155 14,272 2,510 50,937  Foreign currency exchange gain - - - - 306 306  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689    Year ended December 31, 2014   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total   (Amounts in thousands)  Revenues:  Self-storage operations $ 2,049,882 $ - $ - $ - $ - $ 2,049,882  Ancillary operations - 127,414 - - - 127,414  2,049,882 127,414 - - - 2,177,296   Cost of operations:  Self-storage operations 566,898 - - - - 566,898  Ancillary operations - 46,426 - - - 46,426  566,898 46,426 - - - 613,324   Net operating income:  Self-storage operations 1,482,984 - - - - 1,482,984  Ancillary operations - 80,988 - - - 80,988  1,482,984 80,988 - - - 1,563,972   Other components of net income (loss):  Depreciation and amortization (437,114) - - - - (437,114)  General and administrative - - - - (71,459) (71,459)  Interest and other income - - - - 17,638 17,638  Interest expense - - - - (6,781) (6,781)  Equity in earnings of  unconsolidated real estate entities - - 56,280 29,900 2,087 88,267  Foreign currency exchange loss - - - - (7,047) (7,047)  Gain on real estate investment sales - - - - 2,479 2,479  Net income (loss) $ 1,045,870 $ 80,988 $ 56,280 $ 29,900 $ (63,083) $ 1,149,955 

Recent Accounting Pronouncement

Recent Accounting Pronouncements And Guidance	12 Months Ended
	Dec. 31, 2016
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	11. 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 because 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 defines management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Company adopted the new guidance during the fourth quarter of 2016 and the adoption did not require any disclosures about the Company’s ability to continue as a going concern. In February 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis, which modifies the criteria surrounding the consolidation of VIEs and 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 or significant involvement in ; 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).

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	12. 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 December 31, 2016, there were approximately 894,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2. 7 billion .

Supplementary Quarterly Financi

Supplementary Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	1 3 . Supplementary Quarterly Financial Data (unaudited)     Three Months Ended  March 31, June 30, September 30, December 31,  2016 2016 2016 2016  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 611,786 $ 634,188 $ 663,148 $ 651,427   Self-storage and ancillary cost of operations $ 173,286 $ 172,004 $ 178,627 $ 145,166   Depreciation and amortization $ 105,128 $ 107,013 $ 109,432 $ 111,741   Net Income $ 317,349 $ 358,359 $ 369,050 $ 415,681   Per Common Share  Net income - Basic $ 1.40 $ 1.62 $ 1.78 $ 2.04   Net income - Diluted $ 1.39 $ 1.61 $ 1.78 $ 2.03    Three Months Ended  March 31, June 30, September 30, December 31,  2015 2015 2015 2015  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 564,879 $ 588,615 $ 618,872 $ 609,330   Self-storage and ancillary cost of operations $ 172,010 $ 161,097 $ 164,686 $ 137,709   Depreciation and amortization $ 107,146 $ 106,473 $ 106,082 $ 106,307   Net Income $ 283,254 $ 328,040 $ 341,136 $ 365,259   Per Common Share  Net income - Basic $ 1.23 $ 1.53 $ 1.58 $ 1.75   Net income - Diluted $ 1.23 $ 1.52 $ 1.58 $ 1.74  

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	14 . Subsequent Events Subsequent to December 3 1 , 201 6 , we acquired or were under contract to acquire five self-storage facilities ( two in Ohio and one each in Minnesota, New Yo rk and North Carolina ), with 275,000 net rentable square feet, for $ 26.4 million.

Schedule III - Real Estate And

Schedule III - Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
Schedule III - Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Real Estate And Accumulated Depreciation	   Self-storage facilities by market:  Los Angeles 216 611 463,462 870,049 259,362 472,090 1,120,783 1,592,873 585,457  San Francisco 137 - 227,468 500,407 157,104 240,218 644,761 884,979 365,824  New York 90 - 216,305 488,667 144,862 222,615 627,219 849,834 329,626  Washington DC 90 - 226,934 402,488 103,971 232,128 501,265 733,393 245,447  Miami 88 - 210,096 435,932 80,465 211,980 514,513 726,493 234,906  Seattle/Tacoma 90 - 177,451 443,495 87,630 178,106 530,470 708,576 257,515  Chicago 130 - 137,165 352,595 103,618 140,047 453,331 593,378 300,655  Houston 112 - 152,174 341,413 104,841 151,949 446,479 598,428 221,091  Atlanta 101 - 122,880 327,975 58,946 123,242 386,559 509,801 208,790  Dallas/Ft. Worth 110 - 133,401 331,636 87,129 134,272 417,894 552,166 220,409  Orlando/Daytona 72 12,714 140,411 253,375 50,872 145,892 298,766 444,658 118,792  West Palm Beach 44 - 151,323 207,388 23,264 150,327 231,648 381,975 89,845  Charlotte 53 - 75,968 186,599 48,875 84,195 227,247 311,442 87,541  Minneapolis/St. Paul 45 5,438 81,895 177,533 19,740 82,060 197,108 279,168 85,704  Denver 55 10,354 82,240 154,622 43,445 82,803 197,504 280,307 112,437  Tampa 51 - 80,486 165,639 40,545 83,258 203,412 286,670 95,802  Philadelphia 57 - 51,682 152,406 50,486 50,703 203,871 254,574 138,918  Boston 25 - 61,583 158,870 19,294 62,217 177,530 239,747 70,011  Phoenix 39 - 59,267 162,505 16,411 59,259 178,924 238,183 77,396  Detroit 41 - 62,990 159,461 20,347 63,840 178,958 242,798 86,716  Portland 43 - 51,182 126,464 23,813 51,840 149,619 201,459 82,757  Austin 31 - 51,150 115,641 35,129 53,173 148,747 201,920 66,173  San Diego 20 - 47,884 108,911 26,871 49,395 134,271 183,666 68,794  Honolulu 11 - 54,184 106,299 9,736 55,101 115,118 170,219 51,054  Raleigh 25 - 41,377 81,821 16,598 42,502 97,294 139,796 44,190  Norfolk 28 - 33,316 81,267 15,461 32,755 97,289 130,044 49,461  San Antonio 28 - 27,566 76,028 23,876 27,524 99,946 127,470 55,516  Baltimore 23 - 25,176 79,734 15,689 25,300 95,299 120,599 58,842  Sacramento 34 - 25,141 69,409 25,667 25,646 94,571 120,217 64,386  St. Louis 26 - 20,037 56,237 19,785 20,680 75,379 96,059 55,021  Indianapolis 22 - 21,064 57,655 11,495 22,064 68,150 90,214 37,899  Kansas City 24 - 14,225 43,732 23,593 14,425 67,125 81,550 52,021  Las Vegas 18 - 17,879 44,357 8,926 17,128 54,034 71,162 41,216  Columbia 20 - 16,167 44,429 10,243 16,915 53,924 70,839 25,408  Savannah 12 - 33,094 42,465 2,521 32,738 45,342 78,080 9,720  Greensboro 13 - 12,737 29,811 12,384 14,826 40,106 54,932 21,399  Fort Myers/Naples 9 - 15,373 35,353 4,062 15,608 39,180 54,788 11,757  Milwaukee 15 1,822 13,189 32,071 8,904 13,158 41,006 54,164 26,342  Charleston 10 - 10,849 31,144 6,490 11,825 36,658 48,483 15,725  Jacksonville 14 - 11,252 27,714 9,451 11,301 37,116 48,417 27,288  Hartford/New Haven 11 - 6,778 19,959 20,244 8,443 38,538 46,981 26,879  Columbus 22 - 25,341 64,746 21,209 25,447 85,849 111,296 35,674  New Orleans 9 - 9,205 30,832 4,823 9,373 35,487 44,860 21,009  Richmond 10 - 13,248 23,253 3,717 13,053 27,165 40,218 14,260  Tucson 7 - 9,403 25,491 5,178 9,884 30,188 40,072 15,679  Colorado Springs 12 - 8,229 19,659 11,634 8,225 31,297 39,522 24,953  Nashville/Bowling Green 14 - 10,405 24,175 8,952 10,402 33,130 43,532 22,890  Memphis 9 - 7,962 21,981 8,183 9,315 28,811 38,126 16,253  Greensville/Spartanburg/Asheville 11 - 9,036 20,767 8,390 9,965 28,228 38,193 16,379  Monterey/Salinas 7 - 8,465 24,151 3,567 8,455 27,728 36,183 17,306  Birmingham 14 - 5,229 17,835 12,645 5,117 30,592 35,709 25,718  Cincinnati 14 - 13,178 25,988 15,201 13,096 41,271 54,367 24,507  Reno 7 - 5,487 18,704 3,486 5,487 22,190 27,677 9,674  Palm Springs 3 - 8,309 18,065 877 8,309 18,942 27,251 7,861  Buffalo/Rochester 8 - 6,159 14,850 2,594 6,157 17,446 23,603 11,147  Mobile 8 - 4,148 14,152 3,760 3,975 18,085 22,060 10,381  London, UK 1 - 5,730 14,278 (3,579) 3,172 13,257 16,429 10,348  Salt Lake City 8 - 7,846 15,947 3,554 7,495 19,852 27,347 11,524  Oklahoma City 21 - 32,708 65,664 9,246 32,708 74,910 107,618 13,736  Santa Barbara 2 - 5,733 9,106 292 5,733 9,398 15,131 4,338  Cleveland/Akron 6 - 3,778 13,928 4,009 4,171 17,544 21,715 8,983  Chattanooga 10 - 6,569 26,045 6,016 6,371 32,259 38,630 10,720  Wichita 7 - 2,017 6,691 6,186 2,130 12,764 14,894 10,500  Providence 3 - 995 11,206 2,399 995 13,605 14,600 4,730  Louisville 10 - 15,578 28,069 3,442 15,577 31,512 47,089 7,247  Augusta 4 - 1,793 5,990 2,116 1,793 8,106 9,899 4,928  Dayton 3 - 394 3,014 4,241 393 7,256 7,649 5,825  Huntsville/Decatur 3 - 1,024 3,321 2,914 971 6,288 7,259 5,659  Fort Wayne 3 - 349 3,594 2,999 349 6,593 6,942 5,644  Springfield/Holyoke 2 - 1,428 3,380 1,251 1,427 4,632 6,059 3,925  Shreveport 2 - 817 3,030 2,054 741 5,160 5,901 4,035  Rochester 2 - 1,047 2,246 1,456 980 3,769 4,749 3,408  Lansing 2 - 556 2,882 615 556 3,497 4,053 1,702  Flint 1 - 543 3,068 169 542 3,238 3,780 1,440  Evansville 2 - 899 2,096 798 871 2,922 3,793 2,372  Topeka 2 - 225 1,419 1,669 225 3,088 3,313 2,686  Roanoke 1 - 819 1,776 560 819 2,336 3,155 1,960  Syracuse 1 - 545 1,279 690 545 1,969 2,514 1,724  Omaha 1 - 109 806 1,386 109 2,192 2,301 1,730  Joplin 1 - 264 904 841 264 1,745 2,009 1,432  Modesto/Fresno/Stockton 1 - 44 206 746 193 803 996 583   Commercial and non-operating real estate - 11,517 26,939 23,777 12,541 49,692 62,233 41,363   $30,939 $3,711,932 $8,205,089 $2,046,208 $3,781,479 $10,181,750 $13,963,229 $5,270,963   Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally  between 5 to 25 years. 

Summary Of Significant Accoun24

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). On our statement of cash flows for the years ended December 31 , 2015 and 2014, we reclassified the $15.7 million and $11.4 million, respectively, 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 or loss 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 December 31, 2016, the Company and the Subsidiaries own 2,336 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At December 31, 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 December 31, 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 acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period and, effective October 1, 2016, the external transaction costs associated with acquisitions of real estate. Prior to October 1, 2016, transaction costs for acquisitions were included in general and administrative expense on our income statements in 2016, 2015, and 2014. This change was made due to a change in GAAP, which results in real estate fac ility acquisitions generally being considered acquisitions of assets rather than business combinations. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.
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. 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 & Po or’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At December 31, 2016, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured no tes 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 December 31, 2016 and 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 December 31, 2016 and 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 December 31, 2016, these intangibles had a net book value of $19. 3 million ( $ 18.0 million at December 31, 2015). Accumulated amortization totaled $54. 0 million at December 31, 2016 ( $66. 4 million at December 31, 2015), and amortization expense of $21. 7 million, $26. 1 million and $48. 4 million was recorded in 2016, 2015 and 2014, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2016 is approximately $ 11.2 million in 2017, $2. 3 million in 2018 and $ 5.8 million thereafter. During 2016, 2015 and 2014, intangibles were increased $ 23.0 million, $ 8.9 million and $ 30.2 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Revenue and Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, 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 1.0 52 U.S. Dollars per Euro at December 31, 2016 ( 1. 091 at December 31, 2015), and average exchange rates of 1.1 07 , 1. 110 and 1.32 9 for the years ended December 31, 2016, 2015 and 2014, 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 comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our senior unsecured notes denominated in Euros.
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 net income 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 st ock options outstanding (Note 9 ). The following table reconciles from basic to diluted common shares outstanding:    For the Years Ended December 31,  2016 2015 2014  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,091 172,699 172,251  Net effect of dilutive stock options -  based on treasury stock method 787 811 887  Diluted weighted average common  shares outstanding 173,878 173,510 173,138 

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	   For the Years Ended December 31,  2016 2015 2014  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,091 172,699 172,251  Net effect of dilutive stock options -  based on treasury stock method 787 811 887  Diluted weighted average common  shares outstanding 173,878 173,510 173,138 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   For the Years Ended December 31,  2016 2015 2014  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,205,261 $ 12,863,235 $ 12,286,256  Capital expenditures to maintain real estate facilities 86,047 63,069 79,784  Acquisitions 406,154 176,444 400,514  Dispositions - (19,970) (112)  Newly developed facilities opened for operation 268,905 123,484 98,162  Impact of foreign exchange rate changes (3,138) (1,001) (1,369)  Ending balance 13,963,229 13,205,261 12,863,235  Accumulated depreciation:  Beginning balance (4,866,738) (4,482,520) (4,098,814)  Depreciation expense (406,046) (393,605) (384,412)  Dispositions - 8,886 10  Impact of foreign exchange rate changes 1,821 501 696  Ending balance (5,270,963) (4,866,738) (4,482,520)  Construction in process:  Beginning balance 219,190 104,573 52,336  Current development 288,154 238,101 150,399  Newly developed facilities opened for operation (268,905) (123,484) (98,162)  Transfer to other assets (8,129) - -  Ending balance 230,310 219,190 104,573  Total real estate facilities at December 31, $ 8,922,576 $ 8,557,713 $ 8,485,288 

Investments In Unconsolidated27

Investments In Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31,  2016 2015 2016 2015 2014   PSB $ 402,765 $ 414,450 $ 31,707 $ 34,155 $ 56,280  Shurgard Europe 280,019 388,367 22,324 14,272 29,900  Other Investments 6,423 6,491 2,725 2,510 2,087  Total $ 689,207 $ 809,308 $ 56,756 $ 50,937 $ 88,267 
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	 2016 2015 2014  (Amounts in thousands)  For the year ended December 31,  Total revenue $ 387,389 $ 373,675 $ 376,915  Costs of operations (123,108) (121,224) (127,371)  Depreciation and amortization (99,486) (105,394) (110,357)  General and administrative (14,862) (13,582) (13,639)  Other items (4,949) (12,740) (13,221)  Gain on sale of facilities - 28,235 92,373  Net income 144,984 148,970 204,700  Allocations to preferred shareholders and  restricted share unitholders (65,157) (62,184) (60,817)  Net income allocated to common shareholders  and LP Unitholders $ 79,827 $ 86,786 $ 143,883       As of December 31,   Total assets (primarily real estate) $ 2,119,371 $ 2,186,658 $ 2,227,114  Debt - 250,000 250,000  Preferred stock called for redemption 230,000 - -  Other liabilities 78,657 76,059 68,905  Equity:  Preferred stock 879,750 920,000 995,000  Common equity and LP units 930,964 940,599 913,209 
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	 2016 2015 2014  (Amounts in thousands)  For the year ended December 31,  Self-storage and ancillary revenues $ 252,321 $ 236,990 $ 254,136  Self-storage and ancillary cost of operations (97,099) (93,575) (100,177)  Depreciation and amortization (62,829) (66,665) (61,796)  General and administrative (13,199) (12,619) (9,565)  Interest expense on third party debt (20,617) (16,695) (9,607)  Trademark license fee payable to Public Storage (2,531) (2,376) (2,544)  Income tax expense (10,669) (10,799) (5,399)  Interest expense on shareholder loan - - (21,761)  Costs of acquiring facilities and other, net (a) (2,348) (7,509) (6,573)   Net income $ 43,029 $ 26,752 $ 36,714  Average exchange rates of Euro to the U.S. Dollar 1.107 1.110 1.329  (a) Amounts during 2016 include a $1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts during 2016, 2015 and 2014 include $410,000 , $10.5 million and $4.3 million, respectively, associated with the acquisition of real estate facilities.     2016 2015 2014  (Amounts in thousands)  As of December 31,  Total assets (primarily self-storage facilities) $ 1,261,912 $ 1,476,632 $ 1,404,246  Total debt to third parties 666,926 662,336 500,767  Other liabilities 106,916 110,522 180,546  Equity 488,070 703,774 722,933   Exchange rate of Euro to U.S. Dollar 1.052 1.091 1.216 

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2016
Borrowings [Abstract]
Maturities Of Notes Payable	  Senior Mortgage  Unsecured Notes Notes Total  2017 $ - $ 1,665 $ 1,665  2018 - 11,241 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  Thereafter 359,810 13,440 373,250  $ 359,810 $ 30,939 $ 390,749  Weighted average effective rate 2.0% 4.0% 2.2% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At December 31, 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 - -  Series E 10/14/2021 4.900% 14,000 350,000 - -  Total Preferred Shares 174,700 $ 4,367,500 162,200 $ 4,055,000 
Schedule Of Issuance And Repurchases Of Common Shares	  2016 2015 2014  Shares Amount Shares Amount Shares Amount  Employee stock-based compensation and  exercise of stock options (Note 9) 367,546 $ 25,541 475,687 $ 29,663 669,263 $ 37,872 

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Share-Based Compensation [Abstract]
Share-Based Compensation Options Outstanding Rollforward	  2016 2015 2014  Weighted Weighted Weighted  Average Average Average  Number Exercise Number Exercise Number Exercise  of Price of Price of Price  Options per Share Options per Share Options per Share  Options outstanding January 1, 1,940,279 $ 130.08 2,085,544 $ 111.96 2,174,211 $ 85.49  Granted 310,000 239.11 335,000 200.70 485,000 176.74  Exercised (254,839) 100.23 (365,265) 80.99 (570,417) 66.39  Cancelled - - (115,000) 163.15 (3,250) 63.76   Options outstanding December 31, 1,995,440 $ 150.83 1,940,279 $ 130.08 2,085,544 $ 111.96   Options exercisable at December 31, 1,105,433 $ 108.84 1,150,272 $ 94.18 1,321,537 $ 82.46 
Share-Based Compensation Valuation Assumptions	  2016 2015 2014   Stock option expense for the year (in 000's) $ 5,180 $ 3,871 $ 3,216   Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 33,228 $ 46,719 $ 59,322   Average assumptions used in valuing options with the Black-Scholes method:  Expected life of options in years, based upon historical experience 5 5 5  Risk-free interest rate 1.2% 1.6% 1.6%  Expected volatility, based upon historical volatility 17.9% 15.1% 16.8%  Expected dividend yield 2.9% 2.9% 3.2%   Average estimated value of options granted during the year $ 26.18 $ 18.39 $ 17.66 
Share-Based Compensation Restricted Units Outstanding And Vesting	  2016 2015 2014  Number of Grant Date Number of Grant Date Number of Grant Date  Restricted Aggregate Restricted Aggregate Restricted Aggregate  Share Units Fair Value Share Units Fair Value Share Units Fair Value  Restricted share units outstanding January 1, 737,388 $ 129,284 751,048 $ 110,874 636,329 $ 77,284  Granted 171,144 40,263 252,376 55,307 339,607 59,009  Vested (180,050) (26,689) (187,342) (24,752) (166,905) (18,456)  Forfeited (31,841) (5,953) (78,694) (12,145) (57,983) (6,963)   Restricted share units outstanding December 31, 696,641 $ 136,905 737,388 $ 129,284 751,048 $ 110,874     2016 2015 2014  Amounts for the year (in 000's, except number of shares):  Fair value of vested shares on vesting date $ 41,400 $ 38,182 $ 27,591  Cash paid upon vesting in lieu of issuing common shares $ 15,357 $ 15,678 $ 11,449  Common shares issued upon vesting 112,707 110,422 98,846  Restricted share unit expense (a) $ 32,303 $ 28,699 $ 26,325   (a) Amounts for 2016, 2015 and 2014 include approximately $1.4 million, $1.1 million and $1.2 million, respectively, in employer taxes incurred upon vesting

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Information [Abstract]
Summary Of Segment Information	  For the year ended December 31, 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 $ 2,405,828 $ - $ - $ - $ - $ 2,405,828  Ancillary operations - 154,721 - - - 154,721  2,405,828 154,721 - - - 2,560,549   Cost of operations:  Self-storage operations 617,905 - - - - 617,905  Ancillary operations - 51,178 - - - 51,178  617,905 51,178 - - - 669,083   Net operating income:  Self-storage operations 1,787,923 - - - - 1,787,923  Ancillary operations - 103,543 - - - 103,543  1,787,923 103,543 - - - 1,891,466   Other components of net income (loss):  Depreciation and amortization (433,314) - - - - (433,314)  General and administrative - - - - (83,656) (83,656)  Interest and other income - - - - 15,138 15,138  Interest expense - - - - (4,210) (4,210)  Equity in earnings of  unconsolidated real estate entities - - 31,707 22,324 2,725 56,756  Foreign currency exchange gain - - - - 17,570 17,570  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 1,354,609 $ 103,543 $ 31,707 $ 22,324 $ (51,744) $ 1,460,439      For the year ended December 31, 2015   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525  Ancillary operations - 146,171 - - - 146,171  2,235,525 146,171 - - - 2,381,696   Cost of operations:  Self-storage operations 586,696 - - - - 586,696  Ancillary operations - 48,806 - - - 48,806  586,696 48,806 - - - 635,502   Net operating income:  Self-storage operations 1,648,829 - - - - 1,648,829  Ancillary operations - 97,365 - - - 97,365  1,648,829 97,365 - - - 1,746,194   Other components of net income (loss):  Depreciation and amortization (426,008) - - - - (426,008)  General and administrative - - - - (88,177) (88,177)  Interest and other income - - - - 16,544 16,544  Interest expense - - - - (610) (610)  Equity in earnings of  unconsolidated real estate entities - - 34,155 14,272 2,510 50,937  Foreign currency exchange gain - - - - 306 306  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689    Year ended December 31, 2014   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total   (Amounts in thousands)  Revenues:  Self-storage operations $ 2,049,882 $ - $ - $ - $ - $ 2,049,882  Ancillary operations - 127,414 - - - 127,414  2,049,882 127,414 - - - 2,177,296   Cost of operations:  Self-storage operations 566,898 - - - - 566,898  Ancillary operations - 46,426 - - - 46,426  566,898 46,426 - - - 613,324   Net operating income:  Self-storage operations 1,482,984 - - - - 1,482,984  Ancillary operations - 80,988 - - - 80,988  1,482,984 80,988 - - - 1,563,972   Other components of net income (loss):  Depreciation and amortization (437,114) - - - - (437,114)  General and administrative - - - - (71,459) (71,459)  Interest and other income - - - - 17,638 17,638  Interest expense - - - - (6,781) (6,781)  Equity in earnings of  unconsolidated real estate entities - - 56,280 29,900 2,087 88,267  Foreign currency exchange loss - - - - (7,047) (7,047)  Gain on real estate investment sales - - - - 2,479 2,479  Net income (loss) $ 1,045,870 $ 80,988 $ 56,280 $ 29,900 $ (63,083) $ 1,149,955 

Supplementary Quarterly Finan32

Supplementary Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	  Three Months Ended  March 31, June 30, September 30, December 31,  2016 2016 2016 2016  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 611,786 $ 634,188 $ 663,148 $ 651,427   Self-storage and ancillary cost of operations $ 173,286 $ 172,004 $ 178,627 $ 145,166   Depreciation and amortization $ 105,128 $ 107,013 $ 109,432 $ 111,741   Net Income $ 317,349 $ 358,359 $ 369,050 $ 415,681   Per Common Share  Net income - Basic $ 1.40 $ 1.62 $ 1.78 $ 2.04   Net income - Diluted $ 1.39 $ 1.61 $ 1.78 $ 2.03    Three Months Ended  March 31, June 30, September 30, December 31,  2015 2015 2015 2015  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 564,879 $ 588,615 $ 618,872 $ 609,330   Self-storage and ancillary cost of operations $ 172,010 $ 161,097 $ 164,686 $ 137,709   Depreciation and amortization $ 107,146 $ 106,473 $ 106,082 $ 106,307   Net Income $ 283,254 $ 328,040 $ 341,136 $ 365,259   Per Common Share  Net income - Basic $ 1.23 $ 1.53 $ 1.58 $ 1.75   Net income - Diluted $ 1.23 $ 1.52 $ 1.58 $ 1.74  

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2016ft²stateitemcounty	Dec. 31, 2015	Jul. 31, 2014
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,348
Net rentable square feet | ft²	154
Number of states with facilities | state	38
Western Europe [Member]
Nature Of Business [Line Items]
Direct interest in self-storage facilities, number of countries | county	7
London [Member]
Nature Of Business [Line Items]
Owned Self Storage Facilities | item	1
Shurgard Europe [Member]
Nature Of Business [Line Items]
Net rentable square feet | ft²	12
Ownership interest, percentage	49.00%		49.00%
Number of facilities owned by Shurgard Europe | item	218
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet | ft²	29
Number of states with facilities | state	8
Ownership interest, percentage	42.00%	42.00%

Summary Of Significant Accoun34

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash paid upon vesting in lieu of issuing common shares | $	$ 15,357	$ 15,678	$ 11,449
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	2,336
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 Accoun35

Summary Of Significant Accounting Policies (Income Taxes And Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 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 Accoun36

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	19.3	18
Accumulated amortization, tenant intangibles	54	66.4
Amortization expense, tenant intangibles	21.7	26.1	$ 48.4
Estimated future amortization expense, 2017	11.2
Estimated future amortization expense, 2018	2.3
Estimated future amortization expense, thereafter	5.8
Increase in tenant intangibles	$ 23	$ 8.9	$ 30.2

Summary Of Significant Accoun37

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment And Foreign Currency Exchange Translation) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015	Dec. 31, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Impairment charge on real estate and intangible assets	$ 0
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro	1.107	1.110	1.329
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average exchange rates USD to Euro	1.052	1.091

Summary Of Significant Accoun38

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,091	172,699	172,251
Net effect of dilutive stock options - based on treasury stock method	787	811	887
Diluted weighted average common shares outstanding	173,878	173,510	173,138

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)ft²item	Dec. 31, 2015USD ($)ft²item	Dec. 31, 2014USD ($)ft²item
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities	$ 416,178	$ 177,076	$ 410,210
Construction costs moved to other assets	(8,129)
Allocated To Real Estate Facilities	406,154	176,444	400,514
Gain on real estate sales	689	$ 18,503	2,479
Cash proceeds from sale of real estate facilities			14,700
Real estate facilities for federal tax purposes	9,400,000
Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Construction costs moved to other assets	$ 8,100
Disposal Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item		1
Disposal Of Real Estate [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities			$ 2,600
Disposal Of Two Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item		2
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item	55	17	44
Net rentable square feet | ft²	4,121,000	1,285,000	3,442,000
Acquisition cost of real estate facilities	$ 429,100	$ 185,400	$ 430,700
Cash to acquire self-storage facilities	416,200	177,100	410,200
Mortgage debt assumed	12,900	8,300	20,500
Aggregate cost, intangibles	$ 23,000	$ 8,900	$ 30,200
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	$ 660,200
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²	2,275,000	1,312,000	1,145,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities	$ 268,900	$ 123,500	$ 98,200
Total Sales Of One Commercial Facility And Two Self-Storage Facilities In 2014 And 2015 [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities		$ 29,700

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 13,205,261	$ 12,863,235	$ 12,286,256
Capital expenditures to maintain real estate facilities	86,047	63,069	79,784
Acquisitions	406,154	176,444	400,514
Dispositions		(19,970)	(112)
Newly developed facilities opened for operation	268,905	123,484	98,162
Impact of foreign exchange rate changes	(3,138)	(1,001)	(1,369)
Ending balance (Operating facilities, at cost)	13,963,229	13,205,261	12,863,235
Beginning balance, (Accumulated depreciation)	(4,866,738)	(4,482,520)	(4,098,814)
Depreciation expense	(406,046)	(393,605)	(384,412)
Dispositions		8,886	10
Impact of foreign exchange rate changes	1,821	501	696
Ending balance, (Accumulated depreciation)	(5,270,963)	(4,866,738)	(4,482,520)
Beginning Balance (Construction in process)	219,190	104,573	52,336
Current development	288,154	238,101	150,399
Newly developed facilities opened for operation	(268,905)	(123,484)	(98,162)
Transfer to other assets	(8,129)
Ending Balance (Construction in process)	230,310	219,190	104,573
Total real estate facilities at December 31,	$ 8,922,576	$ 8,557,713	$ 8,485,288

Investments In Unconsolidated41

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Cash distributions from Unconsolidated Real Estate Entities	$ 151,800	$ 35,700	$ 83,500
Distributions in excess of retained earnings from unconsolidated real estate entities	67,420
Amount of investment exceeding pro rata share of underlying equity	54,000	62,000
Equity earnings, amortization amount	1,800	2,400	4,400
Gain on real estate sales	$ 689	$ 18,503	2,479
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	$ 116.52
Market value of PSB stock and LP units	$ 1,700,000
Gain on real estate sales		$ 11,300	$ 36,500

Investments In Unconsolidated42

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) € in Millions	Jan. 28, 2014EUR (€)	Jan. 28, 2014USD ($)	Jul. 31, 2014EUR (€)	Jul. 31, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013EUR (€)	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in earnings of real estate entities					$ 56,756,000	$ 50,937,000	$ 88,267,000
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities					$ (941,000)
Excess of cumulative undistributed earnings							204,947,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe			49.00%	49.00%	49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates					$ (24,100,000)	(19,600,000)	(47,300,000)
Acquisition costs					410,000	10,500,000	4,300,000
Equity in earnings of real estate entities					22,324,000	$ 14,272,000	29,900,000
Shurgard Europe [Member] | Foreign Exchange Gain [Member]
Schedule of Equity Method Investments [Line Items]
Acquisition costs					1,900,000
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					$ 941,000
Existing Loan [Member] | Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Equity in earnings of real estate entities							10,700,000
Loan receivable from Shurgard Europe								€ 311	$ 428,100,000
Interest rate for real estate loans								9.00%
Percentage of Shareholder Loan acquired by our Shurgard Europe JV Partner	51.00%	51.00%
Amount received from sale of loan	€ 158.6	$ 216,200,000
Excess of cumulative undistributed earnings			€ 152.4	$ 204,900,000
Interest collected							12,200,000
Interest and other income							1,500,000
Realized foreign currency exchange gain (loss) upon disposition of loan							$ 7,000,000

Investments In Unconsolidated43

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 689,207	$ 809,308
Equity in Earnings of Unconsolidated Real Estate Entities	56,756	50,937	$ 88,267
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	6,423	6,491
Equity in Earnings of Unconsolidated Real Estate Entities	2,725	2,510	2,087
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	402,765	414,450
Equity in Earnings of Unconsolidated Real Estate Entities	31,707	34,155	56,280
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	280,019	388,367
Equity in Earnings of Unconsolidated Real Estate Entities	$ 22,324	$ 14,272	$ 29,900

Investments In Unconsolidated44

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details)		12 Months Ended
		Dec. 31, 2016USD ($)$ / €	Dec. 31, 2015USD ($)$ / €	Dec. 31, 2014USD ($)$ / €
Schedule of Equity Method Investments [Line Items]
Income tax expense		$ 0
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues		387,389,000	$ 373,675,000	$ 376,915,000
Self-storage and ancillary cost of operations		(123,108,000)	(121,224,000)	(127,371,000)
Depreciation and amortization		(99,486,000)	(105,394,000)	(110,357,000)
General and administrative		(14,862,000)	(13,582,000)	(13,639,000)
Other items, net		(4,949,000)	(12,740,000)	(13,221,000)
Gain on sale of facilities			28,235,000	92,373,000
Net income		144,984,000	148,970,000	204,700,000
Allocations to preferred shareholders and restricted share unitholders		(65,157,000)	(62,184,000)	(60,817,000)
Net income allocated to common shareholders and LP Unitholders		79,827,000	86,786,000	143,883,000
Total assets (primarily real estate and self-storage facilities)		2,119,371,000	2,186,658,000	2,227,114,000
Debt			250,000,000	250,000,000
Preferred stock called for redemption		230,000,000
Other liabilities		78,657,000	76,059,000	68,905,000
Preferred stock		879,750,000	920,000,000	995,000,000
Common equity and LP units		930,964,000	940,599,000	913,209,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues		252,321,000	236,990,000	254,136,000
Self-storage and ancillary cost of operations		(97,099,000)	(93,575,000)	(100,177,000)
Depreciation and amortization		(62,829,000)	(66,665,000)	(61,796,000)
General and administrative		(13,199,000)	(12,619,000)	(9,565,000)
Interest expense on third party debt		(20,617,000)	(16,695,000)	(9,607,000)
Trademark license fee payable to Public Storage		(2,531,000)	(2,376,000)	(2,544,000)
Income tax expense		(10,669,000)	(10,799,000)	(5,399,000)
Interest expense on shareholder loan				(21,761,000)
Costs of acquiring facilities and other, net	[1]	(2,348,000)	(7,509,000)	(6,573,000)
Net income		$ 43,029,000	$ 26,752,000	$ 36,714,000
Average exchange rates Euro to the U.S. Dollar | $ / €		1.107	1.110	1.329
Total assets (primarily real estate and self-storage facilities)		$ 1,261,912,000	$ 1,476,632,000	$ 1,404,246,000
Total debt to third parties		666,926,000	662,336,000	500,767,000
Other liabilities		106,916,000	110,522,000	180,546,000
Equity		$ 488,070,000	$ 703,774,000	$ 722,933,000
Exchange rate of Euro to U.S. Dollar | $ / €		1.052	1.091	1.216
[1]	Amounts during 2016 include a $1.9 million foreign exchange gain on a repaid intercompany note between entities consolidated by Shurgard Europe, and amounts during 2016, 2015 and 2014 include $410,000, $10.5 million and $4.3 million, respectively, associated with the acquisition of real estate facilities.

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) € in Millions	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 28, 2017USD ($)	Dec. 31, 2016EUR (€)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 02, 2013USD ($)
Schedule Of Debt [Line Items]
Unsecured Debt						$ 359,810,000		$ 263,940,000
Mortgage notes						30,939,000		55,076,000
Proceeds from Issuance of Unsecured Debt	$ 113,620,000	$ 264,255,000
Foreign currency exchange gain (loss)	17,570,000	306,000	$ (7,047,000)
Cash paid for interest expense	9,400,000	3,400,000	9,000,000
Interest capitalized as real estate			1,600,000			5,100,000		2,700,000
Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Unsecured Debt					€ 342	359,800,000	€ 242	263,900,000
Fair value of unsecured senior debt						381,800,000		$ 263,900,000
Foreign currency exchange gain (loss)	$ 17,600,000	306,000
Term Loan [Member]
Schedule Of Debt [Line Items]
Debt issuance amount									$ 700,000,000
Loan origination costs			1,900,000
Term loan amoritzation costs			$ 1,800,000
Credit Facility [Member]
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity						$ 500,000,000
Expiration of Credit Facility	Mar. 31, 2020
Interest at period end spread (LIBOR)					0.85%	0.85%
Facility fee percentage at end of quarter					0.08%	0.08%
Outstanding borrowings on Credit Facility						$ 0
Reduction in borrowing capacity to amount of letters of credit	$ 15,200,000	14,900,000
Maximum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	1.45%
Quarterly facility fee	0.08%
Minimum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	0.85%
Quarterly facility fee	0.25%
Mortgage Notes[Member]
Schedule Of Debt [Line Items]
Secured by real estate facilities | item					30	30
Net book value of real estate facilities securing notes payable						$ 121,600,000
Interest rate			5.20%		4.20%	4.20%	6.20%	6.20%
Mortgage debt assumed	$ 12,900,000	$ 8,300,000	$ 19,800,000
Mortgage notes						$ 30,900,000		$ 55,100,000
Mortgage Notes[Member] | Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate					7.10%	7.10%
Maturity date	Sep. 1, 2028
Mortgage Notes[Member] | Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate					2.90%	2.90%
Maturity date	Nov. 1, 2018
Senior Unsecured Notes Maturing November 2025 [Member] | Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Issuance date	Nov. 3, 2015
Interest rate					2.175%	2.175%
Maturity date	Nov. 1, 2025
Unsecured Debt | €					€ 242
Proceeds from Issuance of Unsecured Debt	$ 264,300,000
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	$ 113,600,000
Subsequent Event [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings on Credit Facility				$ 0

Borrowings (Maturities Of Notes

Borrowings (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
2,017	$ 1,665
2,018	11,241
2,019	1,505
2,020	1,585
2,021	1,503
Thereafter	373,250
Total notes payable	390,749
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Thereafter	359,810
Total notes payable	$ 359,810
Weighted average effective rate	2.00%
Mortgage Notes [Member]
Debt Instrument [Line Items]
2,017	$ 1,665
2,018	11,241
2,019	1,505
2,020	1,585
2,021	1,503
Thereafter	13,440
Total notes payable	$ 30,939
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	12 Months Ended
	Dec. 31, 2016USD ($)itemshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Noncontrolling Interest [Line Items]
Contributions by noncontrolling interests	$ 3,470	$ 1,562
Distributions paid	$ 7,586	7,325	$ 6,469
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | item	14
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities under construction | item	7
Convertible partnership units | shares	231,978
Contributions by noncontrolling interests	$ 3,470	1,562
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	6,900	6,400	5,800
Distributions paid	$ 7,586	7,325	6,469
Acquisition cost		$ 5,500	$ 721

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / sharesshares
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
Issuance price per depository share | $ / shares	$ 25
Proceeds from issuance of preferred stock	$ 1,136,203		$ 738,954
EITF D-42 allocations	26,873	$ 8,897
Series Q and R Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares	862,500
EITF D-42 allocations	$ 26,900
Series B, Series C, Series D, and Series E Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares	47
Preferred shares per depositary share	0.10%
Issuance price per depository share | $ / shares	$ 25
Proceeds from issuance of preferred stock	$ 1,175,000
Original issuance costs on preferred shares redeemed during the period	$ 38,800
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	6.50%
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.40%
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.125%
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	6.35%
Series O and P Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares		270,000
EITF D-42 allocations		$ 8,900
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	4.95%
Series Y, Series Z And Series A Preferred Shares [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares			30.5
Preferred shares per depositary share			0.10%
Issuance price per depository share | $ / shares			$ 25
Proceeds from issuance of preferred stock			$ 762,500
Original issuance costs on preferred shares redeemed during the period			$ 23,500

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Shareholders’ Equity [Abstract]
Number of shares authorized for repurchase	35,000,000			35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000			0
Common shares reserved in connection with share-based incentive plan	2,692,081	2,677,667		2,692,081
Common shares reserved for conversion of Convertable Partnership Units	231,978	231,978		231,978
Common stock dividends paid per share	$ 7.30	$ 6.50	$ 5.60
Common stock dividends paid in aggregate	$ 1,268,000	$ 1,126,000	$ 967,900
Preferred shareholders based on distributions paid	$ 238,214	$ 245,097	$ 232,636
Percentage of shares classified as ordinary income	100.00%

Shareholders' Equity (Preferr50

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Preferred stock, shares outstanding	174,700	162,200
Liquidation Preference	$ 4,367,500	$ 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%
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%
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%
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%
Preferred stock, shares outstanding	13,000
Liquidation Preference	$ 325,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 14, 2021
Dividend Rate %	4.90%
Preferred stock, shares outstanding	14,000
Liquidation Preference	$ 350,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
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	57
Tenants reinsurance premiums earned by Public Storage from the Canadian facilities Hughes Family has an interest in | $	$ 848,000	$ 562,000	$ 480,000
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of a change in accounting principle	$ 789,000
Stock options granted	310,000	335,000	485,000
Stock options exercised	254,839	365,265	570,417
Stock options outstanding	1,995,440	1,940,279	2,085,544	2,174,211
Exercisable, average exercise price per share	$ 108.84	$ 94.18	$ 82.46
Stock options exercisable	1,105,433	1,150,272	1,321,537
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years	10 years
Expiration date	Jun. 30, 2018
Stock options outstanding, aggregate intrinsic value	$ 150,000,000
Average remaining contractual lives	6 years
Aggregate intrinsic value for stock options exercisable	$ 126,800,000
Exercisable, average exercise price per share	$ 82.39
Stock options exercisable	429,556
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years
Exercise Price Above $200 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	360,000
Range of exercise prices, upper	$ 200

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units outstanding	$ 136.9
Restricted stock, compensation expense not yet recognized	$ 98.7
Compensation recognition period	2 years 6 months
Maximum [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	5 years

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	1,940,279	2,085,544	2,174,211
Granted, Number of Options	310,000	335,000	485,000
Exercised, Number of Options	(254,839)	(365,265)	(570,417)
Cancelled, Number of Options		(115,000)	(3,250)
Options outstanding December 31, Number of Options	1,995,440	1,940,279	2,085,544
Options exercisable at December 31, Number of Options	1,105,433	1,150,272	1,321,537
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 130.08	$ 111.96	$ 85.49
Granted, Weighted Average Exercise Price Per Share	239.11	200.70	176.74
Exercised. Weighted Average Exercise Price Per Share	100.23	80.99	66.39
Cancelled, Weighted Average Exercise Price Per Share		163.15	63.76
Options outstanding December 31, Weighted Average Exercise Price Per Share	150.83	130.08	111.96
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 108.84	$ 94.18	$ 82.46

Share-Based Compensation (Sha55

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 5,180	$ 3,871	$ 3,216
Aggregate exercise date intrinsic value of options exercised during the year	$ 33,228	$ 46,719	$ 59,322
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	1.20%	1.60%	1.60%
Expected volatility, based upon historical volatility	17.90%	15.10%	16.80%
Expected dividend yield	2.90%	2.90%	3.20%
Average estimated value of options granted during the year	$ 26.18	$ 18.39	$ 17.66

Share-Based Compensation (Sha56

Share-Based Compensation (Share-Based Compensation Restricted Units Outstanding Rollforward) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	737,388	751,048	636,329
Granted, Number Of Restricted Share Units	171,144	252,376	339,607
Vested, Number Of Restricted Share Units	(180,050)	(187,342)	(166,905)
Forfeited, Number Of Restricted Share Units	(31,841)	(78,694)	(57,983)
Restricted share units outstanding December 31, Number Of Restricted Share Units	696,641	737,388	751,048
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 129,284	$ 110,874	$ 77,284
Granted, Grant Date Aggregate Fair Value	40,263	55,307	59,009
Vested, Grant Date Aggregate Fair Value	(26,689)	(24,752)	(18,456)
Forfeited, Grant Date Aggregate Fair Value	(5,953)	(12,145)	(6,963)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 136,905	$ 129,284	$ 110,874

Share-Based Compensation (Sha57

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	$ 41,400	$ 38,182	$ 27,591
Cash paid upon vesting in lieu of issuing common shares	$ 15,357	$ 15,678	$ 11,449
Common shares issued upon vesting	112,707	110,422	98,846
Restricted share unit expense	$ 32,303	$ 28,699	$ 26,325
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Taxes incurred upon vesting of restricted share units	$ 1,400	$ 1,100	$ 1,200

Segment Information (Narrative)

Segment Information (Narrative) (Details)	Dec. 31, 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%	49.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Self-storage operations									$ 2,405,828	$ 2,235,525	$ 2,049,882
Ancillary operations									154,721	146,171	127,414
Total revenues	$ 651,427	$ 663,148	$ 634,188	$ 611,786	$ 609,330	$ 618,872	$ 588,615	$ 564,879	2,560,549	2,381,696	2,177,296
Self-storage cost of operations									617,905	586,696	566,898
Ancillary cost of operations									51,178	48,806	46,426
Total Cost of Operations	145,166	178,627	172,004	173,286	137,709	164,686	161,097	172,010	669,083	635,502	613,324
Net Operating Income - Self-Storage Operations									1,787,923	1,648,829	1,482,984
Net Operating Income - Ancillary Operations									103,543	97,365	80,988
Total Net Operating Income									1,891,466	1,746,194	1,563,972
Depreciation and amortization	(111,741)	(109,432)	(107,013)	(105,128)	(106,307)	(106,082)	(106,473)	(107,146)	(433,314)	(426,008)	(437,114)
General and administrative									(83,656)	(88,177)	(71,459)
Interest and other income									15,138	16,544	17,638
Interest expense									(4,210)	(610)	(6,781)
Equity in earnings of unconsolidated real estate entities									56,756	50,937	88,267
Foreign currency exchange gain (loss)									17,570	306	(7,047)
Gain on real estate investment sales									689	18,503	2,479
Net income (loss)	$ 415,681	$ 369,050	$ 358,359	$ 317,349	$ 365,259	$ 341,136	$ 328,040	$ 283,254	1,460,439	1,317,689	1,149,955
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage operations									2,405,828	2,235,525	2,049,882
Total revenues									2,405,828	2,235,525	2,049,882
Self-storage cost of operations									617,905	586,696	566,898
Total Cost of Operations									617,905	586,696	566,898
Net Operating Income - Self-Storage Operations									1,787,923	1,648,829	1,482,984
Total Net Operating Income									1,787,923	1,648,829	1,482,984
Depreciation and amortization									(433,314)	(426,008)	(437,114)
Net income (loss)									1,354,609	1,222,821	1,045,870
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations									154,721	146,171	127,414
Total revenues									154,721	146,171	127,414
Ancillary cost of operations									51,178	48,806	46,426
Total Cost of Operations									51,178	48,806	46,426
Net Operating Income - Ancillary Operations									103,543	97,365	80,988
Total Net Operating Income									103,543	97,365	80,988
Net income (loss)									103,543	97,365	80,988
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									31,707	34,155	56,280
Net income (loss)									31,707	34,155	56,280
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									22,324	14,272	29,900
Net income (loss)									22,324	14,272	29,900
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative									(83,656)	(88,177)	(71,459)
Interest and other income									15,138	16,544	17,638
Interest expense									(4,210)	(610)	(6,781)
Equity in earnings of unconsolidated real estate entities									2,725	2,510	2,087
Foreign currency exchange gain (loss)									17,570	306	(7,047)
Gain on real estate investment sales									689	18,503	2,479
Net income (loss)									$ (51,744)	$ (50,924)	$ (63,083)

Recent Accounting Pronounceme60

Recent Accounting Pronouncements And Guidance (Narrative) (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Recent Accounting Pronouncements And Guidance [Abstract]
Cumulative effect of a change in accounting principle	$ 789,000

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	Dec. 31, 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	894,000
Aggregate coverage of tenants participating in insurance program	$ 2,700,000,000

Supplementary Quarterly Finan62

Supplementary Quarterly Financial Data (Supplementary Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplementary Quarterly Financial Data [Abstract]
Self-storage and ancillary revenues	$ 651,427	$ 663,148	$ 634,188	$ 611,786	$ 609,330	$ 618,872	$ 588,615	$ 564,879	$ 2,560,549	$ 2,381,696	$ 2,177,296
Self storage and ancillary cost of operations	145,166	178,627	172,004	173,286	137,709	164,686	161,097	172,010	669,083	635,502	613,324
Depreciation and amortization	111,741	109,432	107,013	105,128	106,307	106,082	106,473	107,146	433,314	426,008	437,114
Net income	$ 415,681	$ 369,050	$ 358,359	$ 317,349	$ 365,259	$ 341,136	$ 328,040	$ 283,254	$ 1,460,439	$ 1,317,689	$ 1,149,955
Net income - Basic	$ 2.04	$ 1.78	$ 1.62	$ 1.40	$ 1.75	$ 1.58	$ 1.53	$ 1.23	$ 6.84	$ 6.10	$ 5.27
Net income - Diluted	$ 2.03	$ 1.78	$ 1.61	$ 1.39	$ 1.74	$ 1.58	$ 1.52	$ 1.23	$ 6.81	$ 6.07	$ 5.25

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	2 Months Ended
	Feb. 28, 2017USD ($)ft²item
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	5
Net rentable square feet | ft²	275,000
Acquisition Cost, Real Estate Facilities | $	$ 26.4
Ohio [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	2
Minnesota [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	1
New York [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	1
North Carolina [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	1

Schedule III - Real Estate An64

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item
Real Estate and Accumulated Depreciation [Line Items]
2016 Encumbrances	$ 30,939
Initial Cost, Land	3,711,932
Initial Cost, Buildings & Improvements	8,205,089
Costs Subsequent to Acquisition	2,046,208
Gross Carrying Amount, Land	3,781,479
Gross Carrying Amount, Buildings	10,181,750
Gross Carrying Amount, Total	13,963,229
Accumulated Depreciation	$ 5,270,963
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	25 years
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	5 years
Los Angeles [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Los Angeles
No. of Facilities | item	216
2016 Encumbrances	$ 611
Initial Cost, Land	463,462
Initial Cost, Buildings & Improvements	870,049
Costs Subsequent to Acquisition	259,362
Gross Carrying Amount, Land	472,090
Gross Carrying Amount, Buildings	1,120,783
Gross Carrying Amount, Total	1,592,873
Accumulated Depreciation	$ 585,457
San Francisco [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Francisco
No. of Facilities | item	137
Initial Cost, Land	$ 227,468
Initial Cost, Buildings & Improvements	500,407
Costs Subsequent to Acquisition	157,104
Gross Carrying Amount, Land	240,218
Gross Carrying Amount, Buildings	644,761
Gross Carrying Amount, Total	884,979
Accumulated Depreciation	$ 365,824
New York [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New York
No. of Facilities | item	90
Initial Cost, Land	$ 216,305
Initial Cost, Buildings & Improvements	488,667
Costs Subsequent to Acquisition	144,862
Gross Carrying Amount, Land	222,615
Gross Carrying Amount, Buildings	627,219
Gross Carrying Amount, Total	849,834
Accumulated Depreciation	$ 329,626
Washington DC [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Washington DC
No. of Facilities | item	90
Initial Cost, Land	$ 226,934
Initial Cost, Buildings & Improvements	402,488
Costs Subsequent to Acquisition	103,971
Gross Carrying Amount, Land	232,128
Gross Carrying Amount, Buildings	501,265
Gross Carrying Amount, Total	733,393
Accumulated Depreciation	$ 245,447
Miami [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Miami
No. of Facilities | item	88
Initial Cost, Land	$ 210,096
Initial Cost, Buildings & Improvements	435,932
Costs Subsequent to Acquisition	80,465
Gross Carrying Amount, Land	211,980
Gross Carrying Amount, Buildings	514,513
Gross Carrying Amount, Total	726,493
Accumulated Depreciation	$ 234,906
Seattle/Tacoma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Seattle/Tacoma
No. of Facilities | item	90
Initial Cost, Land	$ 177,451
Initial Cost, Buildings & Improvements	443,495
Costs Subsequent to Acquisition	87,630
Gross Carrying Amount, Land	178,106
Gross Carrying Amount, Buildings	530,470
Gross Carrying Amount, Total	708,576
Accumulated Depreciation	$ 257,515
Chicago [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chicago
No. of Facilities | item	130
Initial Cost, Land	$ 137,165
Initial Cost, Buildings & Improvements	352,595
Costs Subsequent to Acquisition	103,618
Gross Carrying Amount, Land	140,047
Gross Carrying Amount, Buildings	453,331
Gross Carrying Amount, Total	593,378
Accumulated Depreciation	$ 300,655
Houston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Houston
No. of Facilities | item	112
Initial Cost, Land	$ 152,174
Initial Cost, Buildings & Improvements	341,413
Costs Subsequent to Acquisition	104,841
Gross Carrying Amount, Land	151,949
Gross Carrying Amount, Buildings	446,479
Gross Carrying Amount, Total	598,428
Accumulated Depreciation	$ 221,091
Atlanta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Atlanta
No. of Facilities | item	101
Initial Cost, Land	$ 122,880
Initial Cost, Buildings & Improvements	327,975
Costs Subsequent to Acquisition	58,946
Gross Carrying Amount, Land	123,242
Gross Carrying Amount, Buildings	386,559
Gross Carrying Amount, Total	509,801
Accumulated Depreciation	$ 208,790
Dallas/Ft. Worth [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dallas/Ft. Worth
No. of Facilities | item	110
Initial Cost, Land	$ 133,401
Initial Cost, Buildings & Improvements	331,636
Costs Subsequent to Acquisition	87,129
Gross Carrying Amount, Land	134,272
Gross Carrying Amount, Buildings	417,894
Gross Carrying Amount, Total	552,166
Accumulated Depreciation	$ 220,409
Orlando/Daytona [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Orlando/Daytona
No. of Facilities | item	72
2016 Encumbrances	$ 12,714
Initial Cost, Land	140,411
Initial Cost, Buildings & Improvements	253,375
Costs Subsequent to Acquisition	50,872
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	298,766
Gross Carrying Amount, Total	444,658
Accumulated Depreciation	$ 118,792
West Palm Beach [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	West Palm Beach
No. of Facilities | item	44
Initial Cost, Land	$ 151,323
Initial Cost, Buildings & Improvements	207,388
Costs Subsequent to Acquisition	23,264
Gross Carrying Amount, Land	150,327
Gross Carrying Amount, Buildings	231,648
Gross Carrying Amount, Total	381,975
Accumulated Depreciation	$ 89,845
Charlotte [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charlotte
No. of Facilities | item	53
Initial Cost, Land	$ 75,968
Initial Cost, Buildings & Improvements	186,599
Costs Subsequent to Acquisition	48,875
Gross Carrying Amount, Land	84,195
Gross Carrying Amount, Buildings	227,247
Gross Carrying Amount, Total	311,442
Accumulated Depreciation	$ 87,541
Minneapolis/St. Paul [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Minneapolis/St. Paul
No. of Facilities | item	45
2016 Encumbrances	$ 5,438
Initial Cost, Land	81,895
Initial Cost, Buildings & Improvements	177,533
Costs Subsequent to Acquisition	19,740
Gross Carrying Amount, Land	82,060
Gross Carrying Amount, Buildings	197,108
Gross Carrying Amount, Total	279,168
Accumulated Depreciation	$ 85,704
Denver [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Denver
No. of Facilities | item	55
2016 Encumbrances	$ 10,354
Initial Cost, Land	82,240
Initial Cost, Buildings & Improvements	154,622
Costs Subsequent to Acquisition	43,445
Gross Carrying Amount, Land	82,803
Gross Carrying Amount, Buildings	197,504
Gross Carrying Amount, Total	280,307
Accumulated Depreciation	$ 112,437
Tampa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tampa
No. of Facilities | item	51
Initial Cost, Land	$ 80,486
Initial Cost, Buildings & Improvements	165,639
Costs Subsequent to Acquisition	40,545
Gross Carrying Amount, Land	83,258
Gross Carrying Amount, Buildings	203,412
Gross Carrying Amount, Total	286,670
Accumulated Depreciation	$ 95,802
Philadelphia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Philadelphia
No. of Facilities | item	57
Initial Cost, Land	$ 51,682
Initial Cost, Buildings & Improvements	152,406
Costs Subsequent to Acquisition	50,486
Gross Carrying Amount, Land	50,703
Gross Carrying Amount, Buildings	203,871
Gross Carrying Amount, Total	254,574
Accumulated Depreciation	$ 138,918
Boston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Boston
No. of Facilities | item	25
Initial Cost, Land	$ 61,583
Initial Cost, Buildings & Improvements	158,870
Costs Subsequent to Acquisition	19,294
Gross Carrying Amount, Land	62,217
Gross Carrying Amount, Buildings	177,530
Gross Carrying Amount, Total	239,747
Accumulated Depreciation	$ 70,011
Phoenix [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Phoenix
No. of Facilities | item	39
Initial Cost, Land	$ 59,267
Initial Cost, Buildings & Improvements	162,505
Costs Subsequent to Acquisition	16,411
Gross Carrying Amount, Land	59,259
Gross Carrying Amount, Buildings	178,924
Gross Carrying Amount, Total	238,183
Accumulated Depreciation	$ 77,396
Detroit [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Detroit
No. of Facilities | item	41
Initial Cost, Land	$ 62,990
Initial Cost, Buildings & Improvements	159,461
Costs Subsequent to Acquisition	20,347
Gross Carrying Amount, Land	63,840
Gross Carrying Amount, Buildings	178,958
Gross Carrying Amount, Total	242,798
Accumulated Depreciation	$ 86,716
Portland [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Portland
No. of Facilities | item	43
Initial Cost, Land	$ 51,182
Initial Cost, Buildings & Improvements	126,464
Costs Subsequent to Acquisition	23,813
Gross Carrying Amount, Land	51,840
Gross Carrying Amount, Buildings	149,619
Gross Carrying Amount, Total	201,459
Accumulated Depreciation	$ 82,757
Austin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Austin
No. of Facilities | item	31
Initial Cost, Land	$ 51,150
Initial Cost, Buildings & Improvements	115,641
Costs Subsequent to Acquisition	35,129
Gross Carrying Amount, Land	53,173
Gross Carrying Amount, Buildings	148,747
Gross Carrying Amount, Total	201,920
Accumulated Depreciation	$ 66,173
San Diego [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Diego
No. of Facilities | item	20
Initial Cost, Land	$ 47,884
Initial Cost, Buildings & Improvements	108,911
Costs Subsequent to Acquisition	26,871
Gross Carrying Amount, Land	49,395
Gross Carrying Amount, Buildings	134,271
Gross Carrying Amount, Total	183,666
Accumulated Depreciation	$ 68,794
Honolulu [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Honolulu
No. of Facilities | item	11
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	9,736
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	115,118
Gross Carrying Amount, Total	170,219
Accumulated Depreciation	$ 51,054
Raleigh [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Raleigh
No. of Facilities | item	25
Initial Cost, Land	$ 41,377
Initial Cost, Buildings & Improvements	81,821
Costs Subsequent to Acquisition	16,598
Gross Carrying Amount, Land	42,502
Gross Carrying Amount, Buildings	97,294
Gross Carrying Amount, Total	139,796
Accumulated Depreciation	$ 44,190
Norfolk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Norfolk
No. of Facilities | item	28
Initial Cost, Land	$ 33,316
Initial Cost, Buildings & Improvements	81,267
Costs Subsequent to Acquisition	15,461
Gross Carrying Amount, Land	32,755
Gross Carrying Amount, Buildings	97,289
Gross Carrying Amount, Total	130,044
Accumulated Depreciation	$ 49,461
San Antonio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Antonio
No. of Facilities | item	28
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	23,876
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	99,946
Gross Carrying Amount, Total	127,470
Accumulated Depreciation	$ 55,516
Baltimore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Baltimore
No. of Facilities | item	23
Initial Cost, Land	$ 25,176
Initial Cost, Buildings & Improvements	79,734
Costs Subsequent to Acquisition	15,689
Gross Carrying Amount, Land	25,300
Gross Carrying Amount, Buildings	95,299
Gross Carrying Amount, Total	120,599
Accumulated Depreciation	$ 58,842
Sacramento [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Sacramento
No. of Facilities | item	34
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	25,667
Gross Carrying Amount, Land	25,646
Gross Carrying Amount, Buildings	94,571
Gross Carrying Amount, Total	120,217
Accumulated Depreciation	$ 64,386
St. Louis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	St. Louis
No. of Facilities | item	26
Initial Cost, Land	$ 20,037
Initial Cost, Buildings & Improvements	56,237
Costs Subsequent to Acquisition	19,785
Gross Carrying Amount, Land	20,680
Gross Carrying Amount, Buildings	75,379
Gross Carrying Amount, Total	96,059
Accumulated Depreciation	$ 55,021
Indianapolis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Indianapolis
No. of Facilities | item	22
Initial Cost, Land	$ 21,064
Initial Cost, Buildings & Improvements	57,655
Costs Subsequent to Acquisition	11,495
Gross Carrying Amount, Land	22,064
Gross Carrying Amount, Buildings	68,150
Gross Carrying Amount, Total	90,214
Accumulated Depreciation	$ 37,899
Kansas City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Kansas City
No. of Facilities | item	24
Initial Cost, Land	$ 14,225
Initial Cost, Buildings & Improvements	43,732
Costs Subsequent to Acquisition	23,593
Gross Carrying Amount, Land	14,425
Gross Carrying Amount, Buildings	67,125
Gross Carrying Amount, Total	81,550
Accumulated Depreciation	$ 52,021
Las Vegas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Las Vegas
No. of Facilities | item	18
Initial Cost, Land	$ 17,879
Initial Cost, Buildings & Improvements	44,357
Costs Subsequent to Acquisition	8,926
Gross Carrying Amount, Land	17,128
Gross Carrying Amount, Buildings	54,034
Gross Carrying Amount, Total	71,162
Accumulated Depreciation	$ 41,216
Columbia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbia
No. of Facilities | item	20
Initial Cost, Land	$ 16,167
Initial Cost, Buildings & Improvements	44,429
Costs Subsequent to Acquisition	10,243
Gross Carrying Amount, Land	16,915
Gross Carrying Amount, Buildings	53,924
Gross Carrying Amount, Total	70,839
Accumulated Depreciation	$ 25,408
Savannah [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Savannah
No. of Facilities | item	12
Initial Cost, Land	$ 33,094
Initial Cost, Buildings & Improvements	42,465
Costs Subsequent to Acquisition	2,521
Gross Carrying Amount, Land	32,738
Gross Carrying Amount, Buildings	45,342
Gross Carrying Amount, Total	78,080
Accumulated Depreciation	$ 9,720
Greensboro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensboro
No. of Facilities | item	13
Initial Cost, Land	$ 12,737
Initial Cost, Buildings & Improvements	29,811
Costs Subsequent to Acquisition	12,384
Gross Carrying Amount, Land	14,826
Gross Carrying Amount, Buildings	40,106
Gross Carrying Amount, Total	54,932
Accumulated Depreciation	$ 21,399
Fort Myers/Naples [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Myers/Naples
No. of Facilities | item	9
Initial Cost, Land	$ 15,373
Initial Cost, Buildings & Improvements	35,353
Costs Subsequent to Acquisition	4,062
Gross Carrying Amount, Land	15,608
Gross Carrying Amount, Buildings	39,180
Gross Carrying Amount, Total	54,788
Accumulated Depreciation	$ 11,757
Milwaukee [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Milwaukee
No. of Facilities | item	15
2016 Encumbrances	$ 1,822
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	8,904
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	41,006
Gross Carrying Amount, Total	54,164
Accumulated Depreciation	$ 26,342
Charleston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charleston
No. of Facilities | item	10
Initial Cost, Land	$ 10,849
Initial Cost, Buildings & Improvements	31,144
Costs Subsequent to Acquisition	6,490
Gross Carrying Amount, Land	11,825
Gross Carrying Amount, Buildings	36,658
Gross Carrying Amount, Total	48,483
Accumulated Depreciation	$ 15,725
Jacksonville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Jacksonville
No. of Facilities | item	14
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	9,451
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	37,116
Gross Carrying Amount, Total	48,417
Accumulated Depreciation	$ 27,288
Hartford/New Haven [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Hartford/New Haven
No. of Facilities | item	11
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	20,244
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	38,538
Gross Carrying Amount, Total	46,981
Accumulated Depreciation	$ 26,879
Columbus [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbus
No. of Facilities | item	22
Initial Cost, Land	$ 25,341
Initial Cost, Buildings & Improvements	64,746
Costs Subsequent to Acquisition	21,209
Gross Carrying Amount, Land	25,447
Gross Carrying Amount, Buildings	85,849
Gross Carrying Amount, Total	111,296
Accumulated Depreciation	$ 35,674
New Orleans [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New Orleans
No. of Facilities | item	9
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	4,823
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	35,487
Gross Carrying Amount, Total	44,860
Accumulated Depreciation	$ 21,009
Richmond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Richmond
No. of Facilities | item	10
Initial Cost, Land	$ 13,248
Initial Cost, Buildings & Improvements	23,253
Costs Subsequent to Acquisition	3,717
Gross Carrying Amount, Land	13,053
Gross Carrying Amount, Buildings	27,165
Gross Carrying Amount, Total	40,218
Accumulated Depreciation	$ 14,260
Tucson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tucson
No. of Facilities | item	7
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	5,178
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	30,188
Gross Carrying Amount, Total	40,072
Accumulated Depreciation	$ 15,679
Colorado Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Colorado Springs
No. of Facilities | item	12
Initial Cost, Land	$ 8,229
Initial Cost, Buildings & Improvements	19,659
Costs Subsequent to Acquisition	11,634
Gross Carrying Amount, Land	8,225
Gross Carrying Amount, Buildings	31,297
Gross Carrying Amount, Total	39,522
Accumulated Depreciation	$ 24,953
Nashville/Bowling Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Nashville/Bowling Green
No. of Facilities | item	14
Initial Cost, Land	$ 10,405
Initial Cost, Buildings & Improvements	24,175
Costs Subsequent to Acquisition	8,952
Gross Carrying Amount, Land	10,402
Gross Carrying Amount, Buildings	33,130
Gross Carrying Amount, Total	43,532
Accumulated Depreciation	$ 22,890
Memphis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Memphis
No. of Facilities | item	9
Initial Cost, Land	$ 7,962
Initial Cost, Buildings & Improvements	21,981
Costs Subsequent to Acquisition	8,183
Gross Carrying Amount, Land	9,315
Gross Carrying Amount, Buildings	28,811
Gross Carrying Amount, Total	38,126
Accumulated Depreciation	$ 16,253
Greensville/Spartanburg/Asheville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensville/Spartanburg/Asheville
No. of Facilities | item	11
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	8,390
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	28,228
Gross Carrying Amount, Total	38,193
Accumulated Depreciation	$ 16,379
Monterey/Salinas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Monterey/Salinas
No. of Facilities | item	7
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	3,567
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	27,728
Gross Carrying Amount, Total	36,183
Accumulated Depreciation	$ 17,306
Birmingham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Birmingham
No. of Facilities | item	14
Initial Cost, Land	$ 5,229
Initial Cost, Buildings & Improvements	17,835
Costs Subsequent to Acquisition	12,645
Gross Carrying Amount, Land	5,117
Gross Carrying Amount, Buildings	30,592
Gross Carrying Amount, Total	35,709
Accumulated Depreciation	$ 25,718
Cincinnati [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cincinnati
No. of Facilities | item	14
Initial Cost, Land	$ 13,178
Initial Cost, Buildings & Improvements	25,988
Costs Subsequent to Acquisition	15,201
Gross Carrying Amount, Land	13,096
Gross Carrying Amount, Buildings	41,271
Gross Carrying Amount, Total	54,367
Accumulated Depreciation	$ 24,507
Reno [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Reno
No. of Facilities | item	7
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	3,486
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,190
Gross Carrying Amount, Total	27,677
Accumulated Depreciation	$ 9,674
Palm Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Palm Springs
No. of Facilities | item	3
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	877
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	18,942
Gross Carrying Amount, Total	27,251
Accumulated Depreciation	$ 7,861
Buffalo/Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Buffalo/Rochester
No. of Facilities | item	8
Initial Cost, Land	$ 6,159
Initial Cost, Buildings & Improvements	14,850
Costs Subsequent to Acquisition	2,594
Gross Carrying Amount, Land	6,157
Gross Carrying Amount, Buildings	17,446
Gross Carrying Amount, Total	23,603
Accumulated Depreciation	$ 11,147
Mobile [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Mobile
No. of Facilities | item	8
Initial Cost, Land	$ 4,148
Initial Cost, Buildings & Improvements	14,152
Costs Subsequent to Acquisition	3,760
Gross Carrying Amount, Land	3,975
Gross Carrying Amount, Buildings	18,085
Gross Carrying Amount, Total	22,060
Accumulated Depreciation	$ 10,381
London, UK [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	London, UK
No. of Facilities | item	1
Initial Cost, Land	$ 5,730
Initial Cost, Buildings & Improvements	14,278
Costs Subsequent to Acquisition	(3,579)
Gross Carrying Amount, Land	3,172
Gross Carrying Amount, Buildings	13,257
Gross Carrying Amount, Total	16,429
Accumulated Depreciation	$ 10,348
Salt Lake City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Salt Lake City
No. of Facilities | item	8
Initial Cost, Land	$ 7,846
Initial Cost, Buildings & Improvements	15,947
Costs Subsequent to Acquisition	3,554
Gross Carrying Amount, Land	7,495
Gross Carrying Amount, Buildings	19,852
Gross Carrying Amount, Total	27,347
Accumulated Depreciation	$ 11,524
Oaklahoma City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Oklahoma City
No. of Facilities | item	21
Initial Cost, Land	$ 32,708
Initial Cost, Buildings & Improvements	65,664
Costs Subsequent to Acquisition	9,246
Gross Carrying Amount, Land	32,708
Gross Carrying Amount, Buildings	74,910
Gross Carrying Amount, Total	107,618
Accumulated Depreciation	$ 13,736
Santa Barbara [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Santa Barbara
No. of Facilities | item	2
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	292
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,398
Gross Carrying Amount, Total	15,131
Accumulated Depreciation	$ 4,338
Cleveland/Akron [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cleveland/Akron
No. of Facilities | item	6
Initial Cost, Land	$ 3,778
Initial Cost, Buildings & Improvements	13,928
Costs Subsequent to Acquisition	4,009
Gross Carrying Amount, Land	4,171
Gross Carrying Amount, Buildings	17,544
Gross Carrying Amount, Total	21,715
Accumulated Depreciation	$ 8,983
Chattanooga [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chattanooga
No. of Facilities | item	10
Initial Cost, Land	$ 6,569
Initial Cost, Buildings & Improvements	26,045
Costs Subsequent to Acquisition	6,016
Gross Carrying Amount, Land	6,371
Gross Carrying Amount, Buildings	32,259
Gross Carrying Amount, Total	38,630
Accumulated Depreciation	$ 10,720
Wichita [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Wichita
No. of Facilities | item	7
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	6,186
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	12,764
Gross Carrying Amount, Total	14,894
Accumulated Depreciation	$ 10,500
Providence [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Providence
No. of Facilities | item	3
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	2,399
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	13,605
Gross Carrying Amount, Total	14,600
Accumulated Depreciation	$ 4,730
Louisville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Louisville
No. of Facilities | item	10
Initial Cost, Land	$ 15,578
Initial Cost, Buildings & Improvements	28,069
Costs Subsequent to Acquisition	3,442
Gross Carrying Amount, Land	15,577
Gross Carrying Amount, Buildings	31,512
Gross Carrying Amount, Total	47,089
Accumulated Depreciation	$ 7,247
Augusta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Augusta
No. of Facilities | item	4
Initial Cost, Land	$ 1,793
Initial Cost, Buildings & Improvements	5,990
Costs Subsequent to Acquisition	2,116
Gross Carrying Amount, Land	1,793
Gross Carrying Amount, Buildings	8,106
Gross Carrying Amount, Total	9,899
Accumulated Depreciation	$ 4,928
Dayton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dayton
No. of Facilities | item	3
Initial Cost, Land	$ 394
Initial Cost, Buildings & Improvements	3,014
Costs Subsequent to Acquisition	4,241
Gross Carrying Amount, Land	393
Gross Carrying Amount, Buildings	7,256
Gross Carrying Amount, Total	7,649
Accumulated Depreciation	$ 5,825
Huntsville/Decatur [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Huntsville/Decatur
No. of Facilities | item	3
Initial Cost, Land	$ 1,024
Initial Cost, Buildings & Improvements	3,321
Costs Subsequent to Acquisition	2,914
Gross Carrying Amount, Land	971
Gross Carrying Amount, Buildings	6,288
Gross Carrying Amount, Total	7,259
Accumulated Depreciation	$ 5,659
Fort Wayne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Wayne
No. of Facilities | item	3
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	2,999
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,593
Gross Carrying Amount, Total	6,942
Accumulated Depreciation	$ 5,644
Springfield/Holyoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Springfield/Holyoke
No. of Facilities | item	2
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,251
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	4,632
Gross Carrying Amount, Total	6,059
Accumulated Depreciation	$ 3,925
Shreveport [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Shreveport
No. of Facilities | item	2
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	2,054
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,160
Gross Carrying Amount, Total	5,901
Accumulated Depreciation	$ 4,035
Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Rochester
No. of Facilities | item	2
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	1,456
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	3,769
Gross Carrying Amount, Total	4,749
Accumulated Depreciation	$ 3,408
Lansing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Lansing
No. of Facilities | item	2
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	615
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,497
Gross Carrying Amount, Total	4,053
Accumulated Depreciation	$ 1,702
Flint [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Flint
No. of Facilities | item	1
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	169
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,238
Gross Carrying Amount, Total	3,780
Accumulated Depreciation	$ 1,440
Evansville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Evansville
No. of Facilities | item	2
Initial Cost, Land	$ 899
Initial Cost, Buildings & Improvements	2,096
Costs Subsequent to Acquisition	798
Gross Carrying Amount, Land	871
Gross Carrying Amount, Buildings	2,922
Gross Carrying Amount, Total	3,793
Accumulated Depreciation	$ 2,372
Topeka [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Topeka
No. of Facilities | item	2
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	1,669
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,088
Gross Carrying Amount, Total	3,313
Accumulated Depreciation	$ 2,686
Roanoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Roanoke
No. of Facilities | item	1
Initial Cost, Land	$ 819
Initial Cost, Buildings & Improvements	1,776
Costs Subsequent to Acquisition	560
Gross Carrying Amount, Land	819
Gross Carrying Amount, Buildings	2,336
Gross Carrying Amount, Total	3,155
Accumulated Depreciation	$ 1,960
Syracuse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Syracuse
No. of Facilities | item	1
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	690
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	1,969
Gross Carrying Amount, Total	2,514
Accumulated Depreciation	$ 1,724
Omaha [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Omaha
No. of Facilities | item	1
Initial Cost, Land	$ 109
Initial Cost, Buildings & Improvements	806
Costs Subsequent to Acquisition	1,386
Gross Carrying Amount, Land	109
Gross Carrying Amount, Buildings	2,192
Gross Carrying Amount, Total	2,301
Accumulated Depreciation	$ 1,730
Joplin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Joplin
No. of Facilities | item	1
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	841
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,745
Gross Carrying Amount, Total	2,009
Accumulated Depreciation	$ 1,432
Modesto/Fresno/Stockton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Modesto/Fresno/Stockton
No. of Facilities | item	1
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	746
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	803
Gross Carrying Amount, Total	996
Accumulated Depreciation	$ 583
Commercial and Other Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Commercial and non-operating real estate
Initial Cost, Land	$ 11,517
Initial Cost, Buildings & Improvements	26,939
Costs Subsequent to Acquisition	23,777
Gross Carrying Amount, Land	12,541
Gross Carrying Amount, Buildings	49,692
Gross Carrying Amount, Total	62,233
Accumulated Depreciation	$ 41,363