Public Storage (PSA) 10-Q 31 Jul 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		174,002,754

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 358,266	$ 183,688
Real estate facilities, at cost:
Land	3,809,491	3,781,479
Buildings	10,349,848	10,181,750
Real estate facilities, gross	14,159,339	13,963,229
Accumulated depreciation	(5,482,071)	(5,270,963)
Real estate facilities, net	8,677,268	8,692,266
Construction in process	282,374	230,310
Total real estate facilities	8,959,642	8,922,576
Investments in unconsolidated real estate entities	715,268	689,207
Goodwill and other intangible assets, net	207,203	212,719
Other assets	125,348	122,148
Total assets	10,365,727	10,130,338
LIABILITIES AND EQUITY
Senior unsecured notes	390,692	359,810
Mortgage notes	30,086	30,939
Preferred shares called for redemption (Note 7)	460,000
Accrued and other liabilities	322,923	297,935
Total liabilities	1,203,701	688,684
Commitments and contingencies (Note 11)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 167,500 shares issued (in series) and outstanding, (174,700 at December 31, 2016), at liquidation preference	4,187,500	4,367,500
Common Shares, $0.10 par value, 650,000,000 shares authorized, 173,699,438 shares issued and outstanding (173,288,787 shares at December 31, 2016)	17,370	17,329
Paid-in capital	5,625,784	5,609,768
Accumulated deficit	(609,424)	(487,581)
Accumulated other comprehensive loss	(82,143)	(95,106)
Total Public Storage shareholders’ equity	9,139,087	9,411,910
Noncontrolling interests	22,939	29,744
Total equity	9,162,026	9,441,654
Total liabilities and equity	$ 10,365,727	$ 10,130,338

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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)	167,500	174,700
Preferred stock, shares outstanding	167,500	174,700
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	173,699,438	173,288,787
Common stock, shares outstanding	173,699,438	173,288,787

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Self-storage facilities	$ 624,199	$ 594,387	$ 1,231,977	$ 1,168,973
Ancillary operations	40,113	39,801	77,882	77,001
Total revenues	664,312	634,188	1,309,859	1,245,974
Expenses:
Self-storage cost of operations	171,195	157,687	343,173	317,550
Ancillary cost of operations	11,383	14,317	22,307	27,740
Depreciation and amortization	110,177	107,013	221,106	212,141
General and administrative	14,992	18,321	40,020	41,368
Operating expenses	307,747	297,338	626,606	598,799
Operating income	356,565	336,850	683,253	647,175
Interest and other income	4,155	4,028	8,153	7,864
Interest expense	(1,116)	(1,378)	(2,164)	(2,089)
Equity in earnings of unconsolidated real estate entities	20,068	10,227	40,017	24,391
Foreign currency exchange (loss) gain	(25,440)	8,632	(31,006)	(2,322)
Gain on real estate investment sales	975		975	689
Net income	355,207	358,359	699,228	675,708
Allocation to noncontrolling interests	(1,505)	(1,700)	(3,084)	(3,176)
Net income allocable to Public Storage shareholders	353,702	356,659	696,144	672,532
Allocation of net income to:
Preferred shareholders	(61,281)	(59,216)	(121,402)	(121,488)
Preferred shareholders - redemptions (Note 7)	(14,638)	(15,537)	(14,638)	(26,873)
Restricted share units	(1,102)	(1,131)	(2,292)	(2,061)
Net income allocable to common shareholders	$ 276,681	$ 280,775	$ 557,812	$ 522,110
Net income per common share:
Basic	$ 1.59	$ 1.62	$ 3.22	$ 3.02
Diluted	$ 1.59	$ 1.61	$ 3.20	$ 3
Basic weighted average common shares outstanding	173,602	173,087	173,483	173,032
Diluted weighted average common shares outstanding	174,075	174,000	174,072	173,925

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Comprehensive Income [Abstract]
Net income	$ 355,207	$ 358,359	$ 699,228	$ 675,708
Other comprehensive income (loss):
Aggregate foreign currency exchange loss	(15,358)	(4,681)	(18,043)	(11,824)
Adjust for aggregate foreign currency exchange loss (gain) in equity in earnings of unconsolidated real estate entities		2,095		(941)
Adjust for aggregate foreign currency exchange loss (gain) included in net income	25,440	(8,632)	31,006	2,322
Other comprehensive income (loss)	10,082	(11,218)	12,963	(10,443)
Total comprehensive income	365,289	347,141	712,191	665,265
Allocation to noncontrolling interests	(1,505)	(1,700)	(3,084)	(3,176)
Comprehensive income allocable to Public Storage shareholders	$ 363,784	$ 345,441	$ 709,107	$ 662,089

Statements Of Equity

Statements Of Equity - 6 months ended Jun. 30, 2017 - 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, 2016	$ 4,367,500	$ 17,329	$ 5,609,768	$ (487,581)	$ (95,106)	$ 9,411,910	$ 29,744	$ 9,441,654
Issuance of preferred shares (Note 7)	280,000		(8,943)			271,057		271,057
Redemption of preferred shares (Note 7)	(460,000)					(460,000)		(460,000)
Issuance of common shares in connection with share-based compensation (Note 9)		41	31,861			31,902		31,902
Cash paid in lieu of common shares, net of share-based compensation expense (Note 9)			799			799		799
Acquisition of noncontrolling interests			(7,701)			(7,701)	(6,724)	(14,425)
Contributions by noncontrolling interests							584	584
Net income				699,228		699,228		699,228
Net income allocated to noncontrolling interests				(3,084)		(3,084)	3,084	(3,084)
Distributions to equity holders:
Preferred shares (Note 7)				(121,402)		(121,402)		(121,402)
Noncontrolling interests							(3,749)	(3,749)
Common shares and restricted share units				(696,585)		(696,585)		(696,585)
Other comprehensive income (Note 2)					12,963	12,963		12,963
Balances at Jun. 30, 2017	$ 4,187,500	$ 17,370	$ 5,625,784	$ (609,424)	$ (82,143)	$ 9,139,087	$ 22,939	$ 9,162,026

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	11,200
Redemption of preferred shares, shares	18,400
Issuance of common shares in connection with share-based compensation, shares	410,651
Common shares, per share distribution | $ / shares	$ 4

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 699,228	$ 675,708
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate investment sales	(975)	(689)
Depreciation and amortization	221,106	212,141
Equity in earnings of unconsolidated real estate entities	(40,017)	(24,391)
Distributions from retained earnings of unconsolidated real estate entities	26,525	60,587
Foreign currency exchange loss	31,006	2,322
Share-based compensation expense	12,563	15,469
Other	15,891	23,567
Total adjustments	266,099	289,006
Net cash provided by operating activities	965,327	964,714
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(52,095)	(38,236)
Construction in process	(164,544)	(134,998)
Acquisition of real estate facilities and intangible assets	(34,407)	(184,657)
Distributions in excess of retained earnings from unconsolidated real estate entities		67,420
Proceeds from sale of real estate investments	5,596	1,393
Other	28	1,283
Net cash used in investing activities	(245,422)	(287,795)
Cash flows from financing activities:
Repayments on notes payable	(841)	(10,592)
Issuance of senior unsecured notes		113,620
Issuance of preferred shares	271,057	483,678
Issuance of common shares	31,902	10,725
Redemption of preferred shares		(375,000)
Cash paid upon vesting of restricted share units	(11,764)	(13,304)
Acquisition of noncontrolling interests	(14,425)
Contributions by noncontrolling interests	584	2,747
Distributions paid to Public Storage shareholders	(817,987)	(729,045)
Distributions paid to noncontrolling interests	(3,749)	(3,640)
Net cash used in financing activities	(545,223)	(520,811)
Net increase in cash and cash equivalents	174,682	156,108
Net effect of foreign exchange translation on cash and cash equivalents	(104)	(269)
Cash and cash equivalents at the beginning of the period	183,688	104,285
Cash and cash equivalents at the end of the period	358,266	260,124
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	(374)	641
Investments in unconsolidated real estate entities	(12,569)	8,682
Senior unsecured notes	30,882	2,232
Accumulated other comprehensive loss	(18,043)	(11,824)
Preferred shares called for redemption and reclassified to liabilities	460,000	487,500
Preferred shares called for redemption and reclassified from equity	(460,000)	(487,500)
Real estate acquired in exchange for assumption of mortgage notes		(12,945)
Mortgage notes assumed in connection with acquisition of real estate		12,945
Accrued construction costs and capital expenditures:
Capital expenditures to maintain real estate facilities	(1,445)	(6,709)
Construction in process	(2,336)	(10,904)
Accrued and other liabilities	$ 3,781	$ 17,613

Description Of The Business

Description Of The Business	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, we have direct and indirect equity interests in 2,35 8 self-storage facilities (with approximately 15 6 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 219 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 mill ion net rentable square feet of commercial space located in seven states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At June 30, 2017, we have an approximate 42% common equity interest in PSB. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 11) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification (the “Codification”) of the Financial Accounting Standards Board (“FASB"), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. 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 June 30, 2017, the Company and the Subsidiaries own 2,346 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At June 30, 2017, 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 June 30, 2017, 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. This change was made due to a change in GAAP, which results in real estate facility 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. 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 & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2017, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured notes denominated in Euros (Note 5), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at June 30, 2017 and December 31, 2016. 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 June 30, 2017 and December 31, 2016. 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 assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2017, these intangibles had a net book value of $ 13.8 million ( $ 19.3 million at December 31, 2016). Accumulated amortization totaled $ 34.8 million at June 30, 2017 ( $54. 0 million at December 31, 2016), and amortization expense of $ 8.0 million and $ 10.5 million was recorded in the six months ended June 30, 2017 and 2016, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2017 is approximately $ 4.6 million in the remainder of 2017, $3. 1 million in 2018 and $ 6.1 million thereafter. During the six months ended June 30, 2017, intangibles were increased $ 2.5 million in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate 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. 142 U.S. Dollars per Euro at June 30, 2017 ( 1. 052 at December 31, 2016), and average exchange rates of 1.099 and 1.129 for the three months ended June 30, 2017 and 2016, respectively, and average exchange rates of 1.082 and 1.116 for the six months ended June 30, 2017 and 2016, 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. Recently 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 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments . The new standard provides guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs and distributions received from equity method investees. The standard is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company adopted the new guidance effective January 1, 2017 and has elected to use the cumulative earnings approach to classify distributions received from equity method investees. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized will be treated as returns on investment and those in excess of that amount will be treated as returns of investment. The adoption of the cumulative earnings approach had no impact on our consolidated financial statements for the periods presented. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash , which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, with early adoption permitted. The standard requires the use of the retrospective transition method. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.  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 is 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 stock options outstanding (Note 9). The following table reconciles from basic to diluted common shares outstanding:   Three Months Ended June 30, Six Months Ended June 30,  2017 2016 2017 2016  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,602 173,087 173,483 173,032  Net effect of dilutive stock options -  based on treasury stock method 473 913 589 893  Diluted weighted average common  shares outstanding 174,075 174,000 174,072 173,925 

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2017
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities  Activity in real estate facilities during the six months ended June 30, 2017 is as follows :      Six Months Ended  June 30, 2017  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,963,229  Capital expenditures to maintain real estate facilities 53,540  Acquisitions 31,883  Dispositions (1,036)  Newly developed facilities opened for operation 110,794  Impact of foreign exchange rate changes 929  Ending balance 14,159,339  Accumulated depreciation:  Beginning balance (5,270,963)  Depreciation expense (210,676)  Dispositions 123  Impact of foreign exchange rate changes (555)  Ending balance (5,482,071)  Construction in process:  Beginning balance 230,310  Current development 166,880  Newly developed facilities opened for operation (110,794)  Dispositions (4,022)  Ending balance 282,374  Total real estate facilities at June 30, 2017 $ 8,959,642 During the six mon ths ended June 30, 2017, we acquired seven sel f-storage facilities ( 398,000 net rentable square feet), for a total cost of $ 34.4 million, in cash. Approximately $ 2.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities during the six months ended June 30, 2017, adding 736,000 net rentable square feet of self-storage space, at an aggregate cost of $ 110.8 million. Construction in process at June 30, 201 7 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities, which will add a total of 5. 6 million net rentable square feet of storage space at an aggregate estimated cost of approximately $ 658.6 million . During the six months ended June 30, 2017, we sold a parcel of land held for development and other portions of real estate facilities in connection with eminent domain proceedings for a total of approximately $5.9 million in cash proceeds, of which $0.3 million was collected in 2016, and recorded a related gain on real estate investment sales of approximately $1.0 million in the three and six months ended June 30, 2017.

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2017
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  June 30, 2017 December 31, 2016   PSB $ 404,610 $ 402,765  Shurgard Europe 304,217 280,019  Other Investments 6,441 6,423  Total $ 715,268 $ 689,207      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended June 30, Six Months Ended June 30,  2017 2016 2017 2016   PSB $ 12,733 $ 7,869 $ 26,433 $ 15,200  Shurgard Europe 6,650 1,706 12,241 7,942  Other Investments 685 652 1,343 1,249  Total $ 20,068 $ 10,227 $ 40,017 $ 24,391  During the six months ended June 30, 2017 and 2016, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $26. 5 million and $ 128.0 million, respectively. For the six months ended June 30, 2016, $67.4 million of the distributions received exceeded the retained earnings of the Unconsolidated Real Estate Entities and are presented as an investing activity on our statement of cash flows. At June 30, 2017, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $51.0 million ( $54.0 million at December 31, 2016). 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 $0.7 million and $ 0.9 million during the six months ended June 30, 2017 and 2016, 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 June 30, 2017 and December 31, 2016, 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 June 30, 2017 ( $1 32.39 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 9 billion. At June 30, 2017, the adjusted tax basis of our investment in PSB was less than its book value of $404.6 million. 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.    2017 2016  (Amounts in thousands)  For the six months ended June 30,  Total revenue $ 200,113 $ 192,191  Costs of operations (61,283) (61,644)  Depreciation and amortization (46,706) (50,255)  General and administrative (5,274) (9,012)  Other items (716) (4,877)  Gain on real estate investment sales 5,074 -  Net income 91,208 66,403  Allocations to preferred shareholders and  restricted share unitholders (26,327) (27,924)  Net income allocated to common shareholders  and LP Unitholders $ 64,881 $ 38,479         June 30, December 31,  2017 2016  (Amounts in thousands)   Total assets (primarily real estate) $ 1,998,058 $ 2,119,371  Debt 101,000 -  Preferred stock called for redemption - 230,000  Other liabilities 77,643 78,657  Equity:  Preferred stock 879,750 879,750  Common equity and LP units 939,665 930,964  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. The remaining 51% of the license fees are classified as interest and other income on our income statement. Changes in foreign currency exchange rates increa sed our investment in Shurgard Europe by approximately $12. 6 million and decrease d it by $8.7 million in the six months ended June 30, 2017 and 2016, respectively. 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.      2017 2016  (Amounts in thousands)  For the six months ended June 30,  Self-storage and ancillary revenues $ 124,886 $ 125,546  Self-storage and ancillary cost of operations (46,539) (49,828)  Depreciation and amortization (29,578) (34,555)  General and administrative (6,376) (7,006)  Interest expense on third party debt (10,099) (10,381)  Trademark license fee payable to Public Storage (1,249) (1,265)  Income tax expense (7,092) (5,650)  Foreign exchange loss (220) (1,919)   Net income $ 23,733 $ 14,942  Average exchange rates of Euro to the U.S. Dollar 1.082 1.116       June 30, December 31,  2017 2016  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,376,966 $ 1,261,912  Total debt to third parties 720,509 666,926  Other liabilities 116,085 106,916  Equity 540,372 488,070   Exchange rate of Euro to U.S. Dollar 1.142 1.052

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017). 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 June 30, 2017). At June 30, 2017, we had no outstanding borrowings under this Credit Facility. At July 28, 2017, outstanding borrowings under this Credit Facility totaled $ 55.2 million. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $15. 4 million at June 30, 2017 ( $15.2 million at December 31, 2016. The Credit Facility has various customary restrictive covenants , all of which we were in compliance with at June 30, 2017 . Senior Uns ecured Notes At June 30, 2017 and December 31, 2016, we had €342.0 million ( $ 390.7 million) and €342.0 million ( $ 359.8 million), respectively, of Euro-denominated senior unsecured notes payable ( collectively, the “Senior Unsecured Notes”) to institutional investors . 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 $403 .3 million at June 30, 2017 ( $ 381.8 million at December 31, 2016 ). 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 (loss) gain” on our income statement (losses of $25 .4 million and $ 31.0 million for the three and six months ended June 30, 2017, respectively, as compared to a gain of $8.6 million and a loss of $2.3 million for the same periods in 2016, respectively). The Senior Unsecured Notes have various customary financial covenants, all of which we were in compliance with at June 30, 2017. Mortgage Notes The carrying amounts of our mortgage notes (the “Mortgage Notes”) at June 30, 2017 and December 31, 201 6 , totaled $30. 1 million and $ 30.9 million, respectively, which approximates contractual note values and estimated fair values. These notes were assumed in connection with acquisitions of real estate facilities and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At June 30, 2017, the notes are secured by 3 0 real estate facilities with a net book value of approximately $ 119.8 million , have contractual interest rates between 2.9% and 7.1% , and mature between November 2018 and September 2028 . At June 30, 2017 , approximate principal maturities of our Senior Unsecured Notes and Mortgage Notes are (amounts in thousands):   Senior Mortgage  Unsecured Notes Notes Total  Remainder of 2017 $ - $ 857 $ 857  2018 - 11,241 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  Thereafter 390,692 13,395 404,087  $ 390,692 $ 30,086 $ 420,778  Weighted average effective rate 2.0% 4.0% 2.1% Cash paid for interest totaled $ 4.3 million and $ 4.7 million for the six months ended June 30, 2017 and 2016, respectively. Interest capitalized as real estate totaled $ 2.1 million and $ 2.6 million for the six months ended June 30, 2017 and 2016, respectively .

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2017
Noncontrolling Interests [Abstract]
Noncontrolling Interests	6. Noncontrolling Interests At June 30, 2017, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 1 1 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 June 30, 2017, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the six months ended June 30, 2017 and 2016, we allocated a total of $3.1 million and $ 3.2 million, respectively, of income to these interests; and we paid $ 3.7 million and $ 3.6 million, respectively, in distributions to these interests. During the six months ended June 30, 2017, we acquired Noncontrolling Interests for $ 14.4 million (none in the six months ended June 30, 2016), in cash, of which $7.7 million was allocated to Paid-in capital and $6.7 million as a reduction to Noncontrolling I nterests. During the six months ended June 30, 2017 and 2016, Noncontrolling Interests contributed $ 0. 6 million and $ 2. 7 million, respectively.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Shareholders’ Equity [Abstract]
Shareholders' Equity	7 . Shareholders’ Equity  Preferred Shares At June 30, 2017 and December 31, 2016 , we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:      At June 30, 2017 At December 31, 2016  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  Series S 1/12/2017 5.900% - $ - 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 12,000 300,000  Series C 5/17/2021 5.125% 8,000 200,000 8,000 200,000  Series D 7/20/2021 4.950% 13,000 325,000 13,000 325,000  Series E 10/14/2021 4.900% 14,000 350,000 14,000 350,000  Series F 6/2/2022 5.150% 11,200 280,000 - -  Total Preferred Shares 167,500 $ 4,187,500 174,700 $ 4,367,500 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 June 30, 2017, 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. On January 20 , 2016, we issued 12.0 million depositary shares, each representing 1/1 ,000 of a share of our 5.40% Series B Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $300.0 million in gross proceeds, and we incurred $9.9 million in issuance costs. On May 17, 2016, we issued 8.0 million depositary shares, each representing 1/1 ,000 of a share of our 5.125% Series C Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $200.0 million in gross proceeds, and we incurred $6.4 million in issuance costs. In March 2016, we called for redemption of, and on April 15, 2016, we redeemed our 6.500% Series Q Preferred Shares, at par. We recorded a $11.3 million allocation of income from our common shareholders to the holders of our Preferred Shares in the six months ended June 30 , 2016, in connection with this redemption. In June 2016, we called for redemption of, and on July 26, 2016, we redeemed our 6.350% Series R Preferred Shares, at par. We recorded a $15.5 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2016 in connection with this redemption. On June 2, 2017, we issued 11.2 million depositary shares, each representing 1/1 ,000 of a share of our 5.150% Series F Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $280.0 million in gross proceeds, and we incurred $8.9 million in issuance costs. In June 2017, we called for redemption of, and on July 26, 2017, we redeemed our 5.900% Series S Preferred Shares, at par. The liquidation value (at par) of $460.0 million was reclassified as a liability at June 30, 2017. We recorded a $14.6 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2017 in connection with this redemption. Common share dividends, including amounts paid to our restricted share unitholders, totaled $ 348.4 million ( $2.00 per share) and $ 312.5 million ( $1.80 per share) for the three months ended June 30, 2017 and 2016, respectively, and $696. 6 million ( $4.00 per share ) and $607.6 million ( $3.50 per share) for the six months ended June 30, 2017 and 2016, respectively. Preferred share dividends totaled $61.3 million and $59.2 million for the three months ended June 30, 2017 and 2016, respectively, and $121.4 million and $121.5 million for the six months ended June 30, 2017 and 2016, respectively .

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017. At June 30, 2017, 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 roy alty-free, non-exclusive basis. 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. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $481,000 and $326,000 for the six months ended June 30, 2017 and 2016 , respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2017
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. 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). In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. 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. For the three and six months ended June 30, 2017, we recorded $ 1.0 million and $ 2.8 million, respectively, in compensation expense related to stock options, as compared to $ 1.0 million and $1.9 million , for the same periods in 2016. Amounts for the three and six months ended June 30, 2017 reflect a reduction in compensation expense of $0.8 million related to stock options forfeited during the period. During the six months ended June 30, 2017, 1,076,000 stock options were granted, 352,295 options were exercised and 200,000 options were forfeited. A total of 2,519,145 stock options were outstanding at June 30, 2017 ( 1,995,440 at December 31, 2016). Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the six months ended June 30, 2017, 194,4 27 RSUs were granted, 73,994 RSUs were forfeited and 106, 068 RSUs vested. This vesting resulted in the issuance of 58, 356 common shares. In addition, tax deposits totaling $11. 8 million ( $13. 3 million for the same period in 2016) were made on behalf of employees in exchange for 47, 712 common shares withheld upon vesting. A total of 711,006 RSUs were outstanding at June 30, 2017 ( 696,641 at December 31, 2016 ). A total of $ 3.3 million and $10. 4 million in RSU expense was recorded for the three and six months ended June 30, 2017, which includes approximately $0. 1 million and $0.6 million in employer taxes incurred upon vesting, as compared to $7.5 million and $ 14.5 million for the same periods in 2016, which includes approximately $0.1 million and $ 1.0 million, respectively, in employer taxes incurred upon vesting . Amounts for the three and six months ended June 30, 2017 reflect a reduction in RSU expense of $4.6 million related to RSUs forfeited during the period.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
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 is included in Note 4. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard Europe This segment represents our 49 % equity interest in Shurgard Europe, which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard Europe has a separate management team reporting to our CODM and our joint venture partner. In making resource allocation decisions with respect to our investment in Shurgard Europe, the CODM reviews Shurgard Europe’s net income, which is detailed in Note 4. The segment presentation below includes our equity earnings from Shurgard Europe. Presentation of Segment Information The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands):    Three months ended June 30, 2017   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 $ 624,199 $ - $ - $ - $ - $ 624,199  Ancillary operations - 40,113 - - - 40,113  624,199 40,113 - - - 664,312   Cost of operations:  Self-storage operations 171,195 - - - - 171,195  Ancillary operations - 11,383 - - - 11,383  171,195 11,383 - - - 182,578   Net operating income:  Self-storage operations 453,004 - - - - 453,004  Ancillary operations - 28,730 - - - 28,730  453,004 28,730 - - - 481,734   Other components of net income (loss):  Depreciation and amortization (110,177) - - - - (110,177)  General and administrative - - - - (14,992) (14,992)  Interest and other income - - - - 4,155 4,155  Interest expense - - - - (1,116) (1,116)  Equity in earnings of  unconsolidated real estate entities - - 12,733 6,650 685 20,068  Foreign currency exchange loss - - - - (25,440) (25,440)  Gain on real estate investment sales - - - - 975 975  Net income (loss) $ 342,827 $ 28,730 $ 12,733 $ 6,650 $ (35,733) $ 355,207       Three months ended June 30, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 594,387 $ - $ - $ - $ - $ 594,387  Ancillary operations - 39,801 - - - 39,801  594,387 39,801 - - - 634,188   Cost of operations:  Self-storage operations 157,687 - - - - 157,687  Ancillary operations - 14,317 - - - 14,317  157,687 14,317 - - - 172,004   Net operating income:  Self-storage operations 436,700 - - - - 436,700  Ancillary operations - 25,484 - - - 25,484  436,700 25,484 - - - 462,184   Other components of net income (loss):  Depreciation and amortization (107,013) - - - - (107,013)  General and administrative - - - - (18,321) (18,321)  Interest and other income - - - - 4,028 4,028  Interest expense - - - - (1,378) (1,378)  Equity in earnings of  unconsolidated real estate entities - - 7,869 1,706 652 10,227  Foreign currency exchange gain - - - - 8,632 8,632  Net income (loss) $ 329,687 $ 25,484 $ 7,869 $ 1,706 $ (6,387) $ 358,359      Six months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,231,977 $ - $ - $ - $ - $ 1,231,977  Ancillary operations - 77,882 - - - 77,882  1,231,977 77,882 - - - 1,309,859   Cost of operations:  Self-storage operations 343,173 - - - - 343,173  Ancillary operations - 22,307 - - - 22,307  343,173 22,307 - - - 365,480   Net operating income:  Self-storage operations 888,804 - - - - 888,804  Ancillary operations - 55,575 - - - 55,575  888,804 55,575 - - - 944,379   Other components of net income (loss):  Depreciation and amortization (221,106) - - - - (221,106)  General and administrative - - - - (40,020) (40,020)  Interest and other income - - - - 8,153 8,153  Interest expense - - - - (2,164) (2,164)  Equity in earnings of  unconsolidated real estate entities - - 26,433 12,241 1,343 40,017  Foreign currency exchange loss - - - - (31,006) (31,006)  Gain on real estate investment sales - - - - 975 975  Net income (loss) $ 667,698 $ 55,575 $ 26,433 $ 12,241 $ (62,719) $ 699,228      Six months ended June 30, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,168,973 $ - $ - $ - $ - $ 1,168,973  Ancillary operations - 77,001 - - - 77,001  1,168,973 77,001 - - - 1,245,974   Cost of operations:  Self-storage operations 317,550 - - - - 317,550  Ancillary operations - 27,740 - - - 27,740  317,550 27,740 - - - 345,290   Net operating income:  Self-storage operations 851,423 - - - - 851,423  Ancillary operations - 49,261 - - - 49,261  851,423 49,261 - - - 900,684   Other components of net income (loss):  Depreciation and amortization (212,141) - - - - (212,141)  General and administrative - - - - (41,368) (41,368)  Interest and other income - - - - 7,864 7,864  Interest expense - - - - (2,089) (2,089)  Equity in earnings of  unconsolidated real estate entities - - 15,200 7,942 1,249 24,391  Foreign currency exchange loss - - - - (2,322) (2,322)  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 639,282 $ 49,261 $ 15,200 $ 7,942 $ (35,977) $ 675,708

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies	11. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We have historically carried property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Deductibles for property and general liability are $25.0 million and $2.0 million, respectively, per occurrence. The aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers tenant claims for losses to goods stored at our facilities as a result of specific named perils ( earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program. We are subject to licensing requirements and regulations in several states. At June 30, 2017, there were approximately 936,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2. 9 billion .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	12 . Subsequent Events Subsequent to June 3 0, 2 0 1 7 , we acquired or were under contract to acquire (subject to customary closing conditions) seven self-stor age facilities , with 432,000 net rentable square feet, for $ 47.1 million.

Summary Of Significant Accoun21

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification (the “Codification”) of the Financial Accounting Standards Board (“FASB"), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
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 June 30, 2017, the Company and the Subsidiaries own 2,346 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At June 30, 2017, 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 June 30, 2017, 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. This change was made due to a change in GAAP, which results in real estate facility 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.
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 & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2017, due primarily to our investment in Shurgard Europe (Note 4) and our senior unsecured notes denominated in Euros (Note 5), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at June 30, 2017 and December 31, 2016. 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 June 30, 2017 and December 31, 2016. 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 assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2017, these intangibles had a net book value of $ 13.8 million ( $ 19.3 million at December 31, 2016). Accumulated amortization totaled $ 34.8 million at June 30, 2017 ( $54. 0 million at December 31, 2016), and amortization expense of $ 8.0 million and $ 10.5 million was recorded in the six months ended June 30, 2017 and 2016, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2017 is approximately $ 4.6 million in the remainder of 2017, $3. 1 million in 2018 and $ 6.1 million thereafter. During the six months ended June 30, 2017, intangibles were increased $ 2.5 million in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate 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. 142 U.S. Dollars per Euro at June 30, 2017 ( 1. 052 at December 31, 2016), and average exchange rates of 1.099 and 1.129 for the three months ended June 30, 2017 and 2016, respectively, and average exchange rates of 1.082 and 1.116 for the six months ended June 30, 2017 and 2016, 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.
Recent Accounting Pronouncements And Guidance	Recently 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 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments . The new standard provides guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs and distributions received from equity method investees. The standard is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company adopted the new guidance effective January 1, 2017 and has elected to use the cumulative earnings approach to classify distributions received from equity method investees. Under the cumulative earnings approach, distributions up to the amount of cumulative equity in earnings recognized will be treated as returns on investment and those in excess of that amount will be treated as returns of investment. The adoption of the cumulative earnings approach had no impact on our consolidated financial statements for the periods presented. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash , which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The standard is effective on January 1, 2018, with early adoption permitted. The standard requires the use of the retrospective transition method. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. 
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 is 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 stock options outstanding (Note 9). The following table reconciles from basic to diluted common shares outstanding:   Three Months Ended June 30, Six Months Ended June 30,  2017 2016 2017 2016  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,602 173,087 173,483 173,032  Net effect of dilutive stock options -  based on treasury stock method 473 913 589 893  Diluted weighted average common  shares outstanding 174,075 174,000 174,072 173,925 

Summary Of Significant Accoun22

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	  Three Months Ended June 30, Six Months Ended June 30,  2017 2016 2017 2016  (Amounts in thousands)   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,602 173,087 173,483 173,032  Net effect of dilutive stock options -  based on treasury stock method 473 913 589 893  Diluted weighted average common  shares outstanding 174,075 174,000 174,072 173,925 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   Six Months Ended  June 30, 2017  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,963,229  Capital expenditures to maintain real estate facilities 53,540  Acquisitions 31,883  Dispositions (1,036)  Newly developed facilities opened for operation 110,794  Impact of foreign exchange rate changes 929  Ending balance 14,159,339  Accumulated depreciation:  Beginning balance (5,270,963)  Depreciation expense (210,676)  Dispositions 123  Impact of foreign exchange rate changes (555)  Ending balance (5,482,071)  Construction in process:  Beginning balance 230,310  Current development 166,880  Newly developed facilities opened for operation (110,794)  Dispositions (4,022)  Ending balance 282,374  Total real estate facilities at June 30, 2017 $ 8,959,642 

Investments In Unconsolidated24

Investments In Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2017
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  June 30, 2017 December 31, 2016   PSB $ 404,610 $ 402,765  Shurgard Europe 304,217 280,019  Other Investments 6,441 6,423  Total $ 715,268 $ 689,207      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended June 30, Six Months Ended June 30,  2017 2016 2017 2016   PSB $ 12,733 $ 7,869 $ 26,433 $ 15,200  Shurgard Europe 6,650 1,706 12,241 7,942  Other Investments 685 652 1,343 1,249  Total $ 20,068 $ 10,227 $ 40,017 $ 24,391 
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2017 2016  (Amounts in thousands)  For the six months ended June 30,  Total revenue $ 200,113 $ 192,191  Costs of operations (61,283) (61,644)  Depreciation and amortization (46,706) (50,255)  General and administrative (5,274) (9,012)  Other items (716) (4,877)  Gain on real estate investment sales 5,074 -  Net income 91,208 66,403  Allocations to preferred shareholders and  restricted share unitholders (26,327) (27,924)  Net income allocated to common shareholders  and LP Unitholders $ 64,881 $ 38,479         June 30, December 31,  2017 2016  (Amounts in thousands)   Total assets (primarily real estate) $ 1,998,058 $ 2,119,371  Debt 101,000 -  Preferred stock called for redemption - 230,000  Other liabilities 77,643 78,657  Equity:  Preferred stock 879,750 879,750  Common equity and LP units 939,665 930,964 
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2017 2016  (Amounts in thousands)  For the six months ended June 30,  Self-storage and ancillary revenues $ 124,886 $ 125,546  Self-storage and ancillary cost of operations (46,539) (49,828)  Depreciation and amortization (29,578) (34,555)  General and administrative (6,376) (7,006)  Interest expense on third party debt (10,099) (10,381)  Trademark license fee payable to Public Storage (1,249) (1,265)  Income tax expense (7,092) (5,650)  Foreign exchange loss (220) (1,919)   Net income $ 23,733 $ 14,942  Average exchange rates of Euro to the U.S. Dollar 1.082 1.116       June 30, December 31,  2017 2016  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,376,966 $ 1,261,912  Total debt to third parties 720,509 666,926  Other liabilities 116,085 106,916  Equity 540,372 488,070   Exchange rate of Euro to U.S. Dollar 1.142 1.052 

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2017
Borrowings [Abstract]
Maturities Of Notes Payable	  Senior Mortgage  Unsecured Notes Notes Total  Remainder of 2017 $ - $ 857 $ 857  2018 - 11,241 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  Thereafter 390,692 13,395 404,087  $ 390,692 $ 30,086 $ 420,778  Weighted average effective rate 2.0% 4.0% 2.1% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At June 30, 2017 At December 31, 2016  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  Series S 1/12/2017 5.900% - $ - 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 12,000 300,000  Series C 5/17/2021 5.125% 8,000 200,000 8,000 200,000  Series D 7/20/2021 4.950% 13,000 325,000 13,000 325,000  Series E 10/14/2021 4.900% 14,000 350,000 14,000 350,000  Series F 6/2/2022 5.150% 11,200 280,000 - -  Total Preferred Shares 167,500 $ 4,187,500 174,700 $ 4,367,500 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Information [Abstract]
Summary Of Segment Information	 Three months ended June 30, 2017   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 $ 624,199 $ - $ - $ - $ - $ 624,199  Ancillary operations - 40,113 - - - 40,113  624,199 40,113 - - - 664,312   Cost of operations:  Self-storage operations 171,195 - - - - 171,195  Ancillary operations - 11,383 - - - 11,383  171,195 11,383 - - - 182,578   Net operating income:  Self-storage operations 453,004 - - - - 453,004  Ancillary operations - 28,730 - - - 28,730  453,004 28,730 - - - 481,734   Other components of net income (loss):  Depreciation and amortization (110,177) - - - - (110,177)  General and administrative - - - - (14,992) (14,992)  Interest and other income - - - - 4,155 4,155  Interest expense - - - - (1,116) (1,116)  Equity in earnings of  unconsolidated real estate entities - - 12,733 6,650 685 20,068  Foreign currency exchange loss - - - - (25,440) (25,440)  Gain on real estate investment sales - - - - 975 975  Net income (loss) $ 342,827 $ 28,730 $ 12,733 $ 6,650 $ (35,733) $ 355,207       Three months ended June 30, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 594,387 $ - $ - $ - $ - $ 594,387  Ancillary operations - 39,801 - - - 39,801  594,387 39,801 - - - 634,188   Cost of operations:  Self-storage operations 157,687 - - - - 157,687  Ancillary operations - 14,317 - - - 14,317  157,687 14,317 - - - 172,004   Net operating income:  Self-storage operations 436,700 - - - - 436,700  Ancillary operations - 25,484 - - - 25,484  436,700 25,484 - - - 462,184   Other components of net income (loss):  Depreciation and amortization (107,013) - - - - (107,013)  General and administrative - - - - (18,321) (18,321)  Interest and other income - - - - 4,028 4,028  Interest expense - - - - (1,378) (1,378)  Equity in earnings of  unconsolidated real estate entities - - 7,869 1,706 652 10,227  Foreign currency exchange gain - - - - 8,632 8,632  Net income (loss) $ 329,687 $ 25,484 $ 7,869 $ 1,706 $ (6,387) $ 358,359      Six months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,231,977 $ - $ - $ - $ - $ 1,231,977  Ancillary operations - 77,882 - - - 77,882  1,231,977 77,882 - - - 1,309,859   Cost of operations:  Self-storage operations 343,173 - - - - 343,173  Ancillary operations - 22,307 - - - 22,307  343,173 22,307 - - - 365,480   Net operating income:  Self-storage operations 888,804 - - - - 888,804  Ancillary operations - 55,575 - - - 55,575  888,804 55,575 - - - 944,379   Other components of net income (loss):  Depreciation and amortization (221,106) - - - - (221,106)  General and administrative - - - - (40,020) (40,020)  Interest and other income - - - - 8,153 8,153  Interest expense - - - - (2,164) (2,164)  Equity in earnings of  unconsolidated real estate entities - - 26,433 12,241 1,343 40,017  Foreign currency exchange loss - - - - (31,006) (31,006)  Gain on real estate investment sales - - - - 975 975  Net income (loss) $ 667,698 $ 55,575 $ 26,433 $ 12,241 $ (62,719) $ 699,228      Six months ended June 30, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,168,973 $ - $ - $ - $ - $ 1,168,973  Ancillary operations - 77,001 - - - 77,001  1,168,973 77,001 - - - 1,245,974   Cost of operations:  Self-storage operations 317,550 - - - - 317,550  Ancillary operations - 27,740 - - - 27,740  317,550 27,740 - - - 345,290   Net operating income:  Self-storage operations 851,423 - - - - 851,423  Ancillary operations - 49,261 - - - 49,261  851,423 49,261 - - - 900,684   Other components of net income (loss):  Depreciation and amortization (212,141) - - - - (212,141)  General and administrative - - - - (41,368) (41,368)  Interest and other income - - - - 7,864 7,864  Interest expense - - - - (2,089) (2,089)  Equity in earnings of  unconsolidated real estate entities - - 15,200 7,942 1,249 24,391  Foreign currency exchange loss - - - - (2,322) (2,322)  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 639,282 $ 49,261 $ 15,200 $ 7,942 $ (35,977) $ 675,708 

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2017ft²stateitemcounty	Dec. 31, 2016
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,358
Net rentable square feet | ft²	156
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%
Number of facilities owned by Shurgard Europe | item	219
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet | ft²	29
Number of states with facilities | state	7
Ownership interest, percentage	42.00%	42.00%

Summary Of Significant Accoun29

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	Jun. 30, 2017item
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	2,346
Commercial facilities in U.S.	3
Other Investments [Member] | U.S. [Member]
Summary Of Significant Accounting Policies [Line Items]
Owned self-storage facilities	12

Summary Of Significant Accoun30

Summary Of Significant Accounting Policies (Income Taxes And Real Estate Facilities) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Percentage of real estate investment trust taxable income distributed for exemption of federal income tax	100.00%
Income tax expense	$ 0
Unrecognized tax benefits	$ 0
Maximum [Member]
Estimated useful lives of buildings and improvements	25 years
Minimum [Member]
Estimated useful lives of buildings and improvements	5 years

Summary Of Significant Accoun31

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
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	13.8		19.3
Accumulated amortization, tenant intangibles	34.8		$ 54
Amortization expense, tenant intangibles	8	$ 10.5
Estimated future amortization expense, remainder of 2017	4.6
Estimated future amortization expense, 2018	3.1
Estimated future amortization expense, thereafter	6.1
Increase in tenant intangibles	$ 2.5

Summary Of Significant Accoun32

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment And Foreign Currency Exchange Translation) (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Impairment charge on real estate and intangible assets			$ 0	$ 0	$ 0
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro	1.099	1.129	1.082	1.116
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro			1.142		1.052

Summary Of Significant Accoun33

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,602	173,087	173,483	173,032
Net effect of dilutive stock options - based on treasury stock method	473	913	589	893
Diluted weighted average common shares outstanding	174,075	174,000	174,072	173,925

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)ft²item	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities		$ 34,407	$ 184,657
Allocated To Real Estate Facilities		31,883
Gain on real estate investment sales	$ 975	975	$ 689
Land Held For Development And Other Real Estate Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities		5,900		$ 300
Gain on real estate investment sales	$ 1,000	$ 1,000
Acquisition Of Self-Storage Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item		7
Net rentable square feet | ft²		398,000
Acquisition cost of real estate facilities		$ 34,400
Aggregate cost, intangibles		$ 2,500
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²		5,600,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 658,600
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²		736,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 110,800

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 13,963,229
Capital expenditures to maintain real estate facilities	53,540
Acquisitions	31,883
Dispositions	(1,036)
Newly developed facilities opened for operation	110,794
Impact of foreign exchange rate changes	929
Ending balance (Operating facilities, at cost)	14,159,339
Beginning balance, (Accumulated depreciation)	(5,270,963)
Depreciation expense	(210,676)
Dispositions	123
Impact of foreign exchange rate changes	(555)
Ending balance, (Accumulated depreciation)	(5,482,071)
Beginning Balance (Construction in process)	230,310
Current development	166,880
Newly developed facilities opened for operation	(110,794)
Dispositions	(4,022)
Ending Balance (Construction in process)	282,374
Total real estate facilities	$ 8,959,642	$ 8,922,576

Investments In Unconsolidated36

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Cash distributions from Unconsolidated Real Estate Entities	$ 26,500	$ 128,000
Distributions in excess of retained earnings from unconsolidated real estate entities		67,420
Amount of investment exceeding pro rata share of underlying equity	51,000		$ 54,000
Equity earnings, amortization amount	$ 700	$ 900
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	$ 132.39
Market value of PSB stock and LP units	$ 1,900,000
Book Value of PSB investment	$ 404,600

Investments In Unconsolidated37

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - Shurgard Europe [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates	$ 12.6	$ (8.7)
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%		51.00%

Investments In Unconsolidated38

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 715,268		$ 715,268		$ 689,207
Equity in Earnings of Unconsolidated Real Estate Entities	20,068	$ 10,227	40,017	$ 24,391
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	6,441		6,441		6,423
Equity in Earnings of Unconsolidated Real Estate Entities	685	652	1,343	1,249
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	404,610		404,610		402,765
Equity in Earnings of Unconsolidated Real Estate Entities	12,733	7,869	26,433	15,200
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	304,217		304,217		$ 280,019
Equity in Earnings of Unconsolidated Real Estate Entities	$ 6,650	$ 1,706	$ 12,241	$ 7,942

Investments In Unconsolidated39

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)$ / €	Jun. 30, 2016USD ($)$ / €	Dec. 31, 2016USD ($)$ / €
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	200,113,000	$ 192,191,000
Self-storage and ancillary cost of operations	(61,283,000)	(61,644,000)
Depreciation and amortization	(46,706,000)	(50,255,000)
General and administrative	(5,274,000)	(9,012,000)
Other items	(716,000)	(4,877,000)
Gain on real estate investment sales	5,074,000
Net income	91,208,000	66,403,000
Allocations to preferred shareholders and restricted share unitholders	(26,327,000)	(27,924,000)
Net income allocated to common shareholders and LP Unitholders	64,881,000	38,479,000
Total assets	1,998,058,000		$ 2,119,371,000
Debt	101,000,000
Preferred stock called for redemption			230,000,000
Other liabilities	77,643,000		78,657,000
Preferred stock	879,750,000		879,750,000
Common equity and LP units	939,665,000		930,964,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	124,886,000	125,546,000
Self-storage and ancillary cost of operations	(46,539,000)	(49,828,000)
Depreciation and amortization	(29,578,000)	(34,555,000)
General and administrative	(6,376,000)	(7,006,000)
Interest expense on third party debt	(10,099,000)	(10,381,000)
Trademark license fee payable to Public Storage	(1,249,000)	(1,265,000)
Income tax expense	(7,092,000)	(5,650,000)
Foreign exchange loss	(220,000)	(1,919,000)
Net income	$ 23,733,000	$ 14,942,000
Average exchange rates Euro to the U.S. Dollar | $ / €	1.082	1.116
Total assets	$ 1,376,966,000		1,261,912,000
Total debt to third parties	720,509,000		666,926,000
Other liabilities	116,085,000		106,916,000
Equity	$ 540,372,000		$ 488,070,000
Exchange rate of Euro to U.S. Dollar | $ / €	1.142		1.052

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jul. 28, 2017USD ($)	Jun. 30, 2017EUR (€)	Jun. 30, 2017USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)
Schedule Of Debt [Line Items]
Unsecured Debt								$ 390,692		$ 359,810
Mortgage notes								30,086		30,939
Proceeds on date of Issuance of Unsecured Debt				$ 113,620
Foreign currency exchange (loss) gain	$ (25,440)	$ 8,632	$ (31,006)	(2,322)
Cash paid for interest expense			$ 4,300	4,700
Interest capitalized as real estate		$ 2,600		$ 2,600				2,100
Senior Unsecured Notes [Member]
Schedule Of Debt [Line Items]
Unsecured Debt							€ 342	390,700	€ 342	359,800
Fair value of unsecured senior debt								403,300		381,800
Credit Facility [Member]
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity								$ 500,000
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			$ 15,400		$ 15,200
Maximum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)			1.45%
Quarterly facility fee			0.25%
Minimum [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)			0.85%
Quarterly facility fee			0.08%
Mortgage Notes[Member]
Schedule Of Debt [Line Items]
Secured by real estate facilities | item			30
Net book value of real estate facilities securing notes payable								119,800
Mortgage notes								$ 30,100		$ 30,900
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 on date of Issuance of Unsecured Debt			$ 264,300
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 on date of Issuance of Unsecured Debt			$ 113,600
Subsequent Event [Member] | Credit Facility [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings on Credit Facility						$ 55,200

Borrowings (Maturities Of Notes

Borrowings (Maturities Of Notes Payable) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Remainder of 2017	$ 857
2,018	11,241
2,019	1,505
2,020	1,585
2,021	1,503
Thereafter	404,087
Total notes payable	420,778
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Thereafter	390,692
Total notes payable	$ 390,692
Weighted average effective rate	2.00%
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2017	$ 857
2,018	11,241
2,019	1,505
2,020	1,585
2,021	1,503
Thereafter	13,395
Total notes payable	$ 30,086
Weighted average effective rate	4.00%
Total Notes [Member]
Debt Instrument [Line Items]
Weighted average effective rate	2.10%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)itemshares	Jun. 30, 2016USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 3,749
Contributions by noncontrolling interests	584
Acquisition of noncontrolling interests	$ 14,425
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | item	11
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities under construction | item	7
Convertible partnership units | shares	231,978
Partnership Units Conversion Ratio	1
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	$ 3,100	$ 3,200
Distributions paid	3,749	3,600
Contributions by noncontrolling interests	584	2,700
Allocated to paid-in capital	7,700
Acquisition of noncontrolling interests	$ 6,724	$ 0

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 02, 2017USD ($)$ / sharesshares	May 17, 2016USD ($)$ / sharesshares	Jan. 20, 2016USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Jun. 30, 2017USD ($)item$ / shares	Jun. 30, 2016USD ($)$ / shares
Class of Stock [Line Items]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item						6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item						2
Preferred stock, amount of preferred dividends in arrears						$ 0
Issuance price per depository share | $ / shares				$ 25		$ 25
Proceeds from issuance of preferred stock						$ 271,057	$ 483,678
EITF D-42 allocations				$ 14,638	$ 15,537	14,638	26,873
Common stock dividends paid in aggregate				$ 348,400	$ 312,500	$ 696,600	$ 607,600
Common stock dividends paid per share | $ / shares				$ 2	$ 1.80	$ 4	$ 3.50
Preferred shareholders based on distributions paid				$ 61,281	$ 59,216	$ 121,402	$ 121,488
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares			12
Preferred shares per depositary share			0.10%
Preferred Stock, Dividend Rate, Percentage			5.40%			5.40%
Issuance price per depository share | $ / shares			$ 25
Proceeds from issuance of preferred stock			$ 300,000
Original issuance costs on preferred shares redeemed during the period			$ 9,900
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares		8
Preferred shares per depositary share		0.10%
Preferred Stock, Dividend Rate, Percentage		5.125%				5.125%
Issuance price per depository share | $ / shares		$ 25
Proceeds from issuance of preferred stock		$ 200,000
Original issuance costs on preferred shares redeemed during the period		$ 6,400
Series Q Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage							6.50%
EITF D-42 allocations							$ 11,300
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage							6.35%
EITF D-42 allocations					$ 15,500		$ 15,500
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares	11.2
Preferred shares per depositary share	0.10%
Preferred Stock, Dividend Rate, Percentage	5.15%					5.15%
Issuance price per depository share | $ / shares	$ 25
Proceeds from issuance of preferred stock	$ 280,000
Original issuance costs on preferred shares redeemed during the period	$ 8,900
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage						5.90%
Aggregate liquidation value (at par)				460,000		$ 460,000
EITF D-42 allocations				$ 14,600		$ 14,600

Shareholders' Equity (Preferr44

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Jun. 02, 2017	May 17, 2016	Jan. 20, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares outstanding				167,500		174,700
Liquidation Preference				$ 4,187,500		$ 4,367,500
Series R Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate %					6.35%
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
Liquidation Preference						$ 460,000
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Mar. 13, 2017
Dividend Rate %				5.75%
Preferred stock, shares outstanding				18,500		18,500
Liquidation Preference				$ 462,500		$ 462,500
Series U Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jun. 15, 2017
Dividend Rate %				5.625%
Preferred stock, shares outstanding				11,500		11,500
Liquidation Preference				$ 287,500		$ 287,500
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Sep. 20, 2017
Dividend Rate %				5.375%
Preferred stock, shares outstanding				19,800		19,800
Liquidation Preference				$ 495,000		$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jan. 16, 2018
Dividend Rate %				5.20%
Preferred stock, shares outstanding				20,000		20,000
Liquidation Preference				$ 500,000		$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Mar. 13, 2018
Dividend Rate %				5.20%
Preferred stock, shares outstanding				9,000		9,000
Liquidation Preference				$ 225,000		$ 225,000
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Mar. 17, 2019
Dividend Rate %				6.375%
Preferred stock, shares outstanding				11,400		11,400
Liquidation Preference				$ 285,000		$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jun. 4, 2019
Dividend Rate %				6.00%
Preferred stock, shares outstanding				11,500		11,500
Liquidation Preference				$ 287,500		$ 287,500
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Dec. 2, 2019
Dividend Rate %				5.875%
Preferred stock, shares outstanding				7,600		7,600
Liquidation Preference				$ 190,000		$ 190,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jan. 20, 2021
Dividend Rate %			5.40%	5.40%
Preferred stock, shares outstanding				12,000		12,000
Liquidation Preference				$ 300,000		$ 300,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				May 17, 2021
Dividend Rate %		5.125%		5.125%
Preferred stock, shares outstanding				8,000		8,000
Liquidation Preference				$ 200,000		$ 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		13,000
Liquidation Preference				$ 325,000		$ 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		14,000
Liquidation Preference				$ 350,000		$ 350,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jun. 2, 2022
Dividend Rate %	5.15%			5.15%
Preferred stock, shares outstanding				11,200
Liquidation Preference				$ 280,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended
	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)
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 | $	$ 481,000	$ 326,000
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - Stock Options [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years			10 years
Compensation expense	$ 1	$ 1	$ 2.8	$ 1.9
Stock options granted			1,076,000
Stock options exercised			352,295
Stock options forfeited			200,000
Reduction in compensation expense related to options forfeited	$ 0.8		$ 0.8
Stock options outstanding	2,519,145		2,519,145		1,995,440
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			5 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			3 years

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax deposits made in exchange for RSUs			$ 11,764	$ 13,304
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units granted			194,427
Restricted share units forfeited			73,994
Restricted share units vested			106,068
Common Stock Shares Issued Upon Vesting			58,356
Tax deposits made in exchange for RSUs			$ 11,800	13,300
Common shares withheld upon vesting in exchange for tax deposits			47,712
Restricted share units outstanding	711,006		711,006		696,641
Restricted Stock Expense	$ 3,300	$ 7,500	$ 10,400	14,500
Restricted Stock Units, Taxes Incurred Upon Vesting	100	$ 100	600	$ 1,000
Reduction to RSU expense related to RSU's forfeited	$ 4,600		$ 4,600
Maximum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			8 years
Minimum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			5 years

Segment Information (Narrative)

Segment Information (Narrative) (Details) - country	Jun. 30, 2017	Dec. 31, 2016
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]
Number of countries in which Shurgard Europe operates	7
Ownership interest, percentage	49.00%	49.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Self-storage operations	$ 624,199	$ 594,387	$ 1,231,977	$ 1,168,973
Ancillary operations	40,113	39,801	77,882	77,001
Total revenues	664,312	634,188	1,309,859	1,245,974
Self-storage cost of operations	171,195	157,687	343,173	317,550
Ancillary cost of operations	11,383	14,317	22,307	27,740
Total Cost of Operations	182,578	172,004	365,480	345,290
Net Operating Income - Self-Storage Operations	453,004	436,700	888,804	851,423
Net Operating Income - Ancillary Operations	28,730	25,484	55,575	49,261
Total Net Operating Income	481,734	462,184	944,379	900,684
Depreciation and amortization	(110,177)	(107,013)	(221,106)	(212,141)
General and administrative	(14,992)	(18,321)	(40,020)	(41,368)
Interest and other income	4,155	4,028	8,153	7,864
Interest expense	(1,116)	(1,378)	(2,164)	(2,089)
Equity in earnings of unconsolidated real estate entities	20,068	10,227	40,017	24,391
Foreign currency exchange (loss) gain	(25,440)	8,632	(31,006)	(2,322)
Gain on real estate investment sales	975		975	689
Net income (loss)	355,207	358,359	699,228	675,708
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage operations	624,199	594,387	1,231,977	1,168,973
Total revenues	624,199	594,387	1,231,977	1,168,973
Self-storage cost of operations	171,195	157,687	343,173	317,550
Total Cost of Operations	171,195	157,687	343,173	317,550
Net Operating Income - Self-Storage Operations	453,004	436,700	888,804	851,423
Total Net Operating Income	453,004	436,700	888,804	851,423
Depreciation and amortization	(110,177)	(107,013)	(221,106)	(212,141)
Net income (loss)	342,827	329,687	667,698	639,282
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations	40,113	39,801	77,882	77,001
Total revenues	40,113	39,801	77,882	77,001
Ancillary cost of operations	11,383	14,317	22,307	27,740
Total Cost of Operations	11,383	14,317	22,307	27,740
Net Operating Income - Ancillary Operations	28,730	25,484	55,575	49,261
Total Net Operating Income	28,730	25,484	55,575	49,261
Net income (loss)	28,730	25,484	55,575	49,261
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	12,733	7,869	26,433	15,200
Net income (loss)	12,733	7,869	26,433	15,200
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	6,650	1,706	12,241	7,942
Net income (loss)	6,650	1,706	12,241	7,942
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(14,992)	(18,321)	(40,020)	(41,368)
Interest and other income	4,155	4,028	8,153	7,864
Interest expense	(1,116)	(1,378)	(2,164)	(2,089)
Equity in earnings of unconsolidated real estate entities	685	652	1,343	1,249
Foreign currency exchange (loss) gain	(25,440)	8,632	(31,006)	(2,322)
Gain on real estate investment sales	975		975	689
Net income (loss)	$ (35,733)	$ (6,387)	$ (62,719)	$ (35,977)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	Jun. 30, 2017USD ($)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	936,000
Aggregate coverage of tenants participating in insurance program	$ 2,900,000,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Jul. 28, 2017USD ($)ft²item
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired | item	7
Net rentable square feet | ft²	432,000
Acquisition Cost, Real Estate Facilities | $	$ 47.1