Public Storage (PSA) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 26, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	Public Storage
Entity Central Index Key	1,393,311
Current Fiscal Year End Date	--12-31
Trading Symbol	psa
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		174,215,770
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 31,047,469,000

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and equivalents	$ 433,376	$ 183,688
Real estate facilities, at cost:
Land	3,947,123	3,781,479
Buildings	10,718,866	10,181,750
Real estate facilities, gross	14,665,989	13,963,229
Accumulated depreciation	(5,700,331)	(5,270,963)
Real estate facilities, net	8,965,658	8,692,266
Construction in process	264,441	230,310
Total real estate facilities	9,230,099	8,922,576
Investments in unconsolidated real estate entities	724,173	689,207
Goodwill and other intangible assets, net	214,957	212,719
Other assets	130,287	122,148
Total assets	10,732,892	10,130,338
LIABILITIES AND EQUITY
Notes Payable	1,431,322	390,749
Accrued and other liabilities	337,201	297,935
Total liabilities	1,768,523	688,684
Commitments and contingencies (Note 13)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 161,000 shares issued (in series) and outstanding, (174,700 at December 31, 2016), at liquidation preference	4,025,000	4,367,500
Common Shares, $0.10 par value, 650,000,000 shares authorized, 173,853,370 shares issued and outstanding (173,288,787 shares at December 31, 2016)	17,385	17,329
Paid-in capital	5,648,399	5,609,768
Accumulated deficit	(675,711)	(487,581)
Accumulated other comprehensive loss	(75,064)	(95,106)
Total Public Storage shareholders’ equity	8,940,009	9,411,910
Noncontrolling interests	24,360	29,744
Total equity	8,964,369	9,441,654
Total liabilities and equity	$ 10,732,892	$ 10,130,338

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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)	161,000	174,700
Preferred stock, shares outstanding	161,000	174,700
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	173,853,370	173,288,787
Common stock, shares outstanding	173,853,370	173,288,787

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Self-storage facilities	$ 2,512,433	$ 2,405,828	$ 2,235,525
Ancillary operations	156,095	154,721	146,171
Total revenues	2,668,528	2,560,549	2,381,696
Expenses:
Self-storage cost of operations	657,633	617,905	586,696
Ancillary cost of operations	50,345	51,178	48,806
Depreciation and amortization	454,526	433,314	426,008
General and administrative	82,882	83,656	88,177
Operating expenses	1,245,386	1,186,053	1,149,687
Operating income	1,423,142	1,374,496	1,232,009
Interest and other income	18,771	15,138	16,544
Interest expense	(12,690)	(4,210)	(610)
Equity in earnings of unconsolidated real estate entities	75,655	56,756	50,937
Foreign currency exchange (loss) gain	(50,045)	17,570	306
Casualty loss	(7,789)
Gain on real estate investment sales	1,421	689	18,503
Net income	1,448,465	1,460,439	1,317,689
Allocation to noncontrolling interests	(6,248)	(6,863)	(6,445)
Net income allocable to Public Storage shareholders	1,442,217	1,453,576	1,311,244
Allocation of net income to:
Preferred shareholders- distributions	(236,535)	(238,214)	(245,097)
Preferred shareholders - redemptions (Note 8)	(29,330)	(26,873)	(8,897)
Restricted share units	(4,743)	(4,610)	(4,200)
Net income allocable to common shareholders	$ 1,171,609	$ 1,183,879	$ 1,053,050
Net income per common share:
Basic	$ 6.75	$ 6.84	$ 6.10
Diluted	$ 6.73	$ 6.81	$ 6.07
Basic weighted average common shares outstanding	173,613	173,091	172,699
Diluted weighted average common shares outstanding	174,151	173,878	173,510

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Comprehensive Income [Abstract]
Net income	$ 1,448,465	$ 1,460,439	$ 1,317,689
Other comprehensive income (loss):
Aggregate foreign currency exchange loss	(30,003)	(8,047)	(20,086)
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities		(941)
Adjust for aggregate foreign currency exchange loss (gain) included in net income	50,045	(17,570)	(306)
Other comprehensive income (loss)	20,042	(26,558)	(20,392)
Total comprehensive income	1,468,507	1,433,881	1,297,297
Allocation to noncontrolling interests	(6,248)	(6,863)	(6,445)
Comprehensive income allocable to Public Storage shareholders	$ 1,462,259	$ 1,427,018	$ 1,290,852

Statement Of Equity

Statement Of Equity - USD ($)	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, 2014	$ 4,325,000,000	$ 17,245,000	$ 5,561,530,000	$ (374,823,000)	$ (48,156,000)	$ 9,480,796,000	$ 26,375,000	$ 9,507,171,000
Redemption of preferred shares (Note 8)	(270,000,000)					(270,000,000)		(270,000,000)
Issuance of common shares in connection with share-based compensation (Note 10)		48,000	29,615,000			29,663,000		29,663,000
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			15,793,000			15,793,000		15,793,000
Acquisition of noncontrolling interests			(5,432,000)			(5,432,000)	(60,000)	(5,492,000)
Contributions by noncontrolling interests							1,562,000	1,562,000
Net income				1,317,689,000		1,317,689,000		1,317,689,000
Net income allocated to noncontrolling interests				(6,445,000)		(6,445,000)	6,445,000	(6,445,000)
Distributions to equity holders:
Preferred shares (Note 8)				(245,097,000)		(245,097,000)		(245,097,000)
Noncontrolling interests							(7,325,000)	(7,325,000)
Common shares and restricted share units				(1,125,934,000)		(1,125,934,000)		(1,125,934,000)
Other comprehensive income (loss) (Note 2)					(20,392,000)	(20,392,000)		(20,392,000)
Balances at Dec. 31, 2015	4,055,000,000	17,293,000	5,601,506,000	(434,610,000)	(68,548,000)	9,170,641,000	26,997,000	9,197,638,000
Cumulative effect of a change in accounting principle (Note 10) at Dec. 31, 2015			789,000	(789,000)				789,000
Balances, as adjusted at Dec. 31, 2015	4,055,000,000	17,293,000	5,602,295,000	(435,399,000)	(68,548,000)	9,170,641,000	26,997,000	9,197,638,000
Issuance of preferred shares (Note 8)	1,175,000,000		(38,797,000)			1,136,203,000		1,136,203,000
Redemption of preferred shares (Note 8)	(862,500,000)					(862,500,000)		(862,500,000)
Issuance of common shares in connection with share-based compensation (Note 10)		36,000	25,505,000			25,541,000		25,541,000
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			20,765,000			20,765,000		20,765,000
Contributions by noncontrolling interests							3,470,000	3,470,000
Net income				1,460,439,000		1,460,439,000		1,460,439,000
Net income allocated to noncontrolling interests				(6,863,000)		(6,863,000)	6,863,000	(6,863,000)
Distributions to equity holders:
Preferred shares (Note 8)				(238,214,000)		(238,214,000)		(238,214,000)
Noncontrolling interests							(7,586,000)	(7,586,000)
Common shares and restricted share units				(1,267,544,000)		(1,267,544,000)		(1,267,544,000)
Other comprehensive income (loss) (Note 2)					(26,558,000)	(26,558,000)		(26,558,000)
Balances at Dec. 31, 2016	4,367,500,000	17,329,000	5,609,768,000	(487,581,000)	(95,106,000)	9,411,910,000	29,744,000	9,441,654,000
Issuance of preferred shares (Note 8)	580,000,000		(18,823,000)			561,177,000		561,177,000
Redemption of preferred shares (Note 8)	(922,500,000)					(922,500,000)		(922,500,000)
Issuance of common shares in connection with share-based compensation (Note 10)		56,000	42,444,000			42,500,000		42,500,000
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			22,711,000			22,711,000		22,711,000
Acquisition of noncontrolling interests			(7,701,000)			(7,701,000)	(6,724,000)	(14,425,000)
Contributions by noncontrolling interests							2,484,000	2,484,000
Net income				1,448,465,000		1,448,465,000		1,448,465,000
Net income allocated to noncontrolling interests				(6,248,000)		(6,248,000)	6,248,000	(6,248,000)
Distributions to equity holders:
Preferred shares (Note 8)				(236,535,000)		(236,535,000)		(236,535,000)
Noncontrolling interests							(7,392,000)	(7,392,000)
Common shares and restricted share units				(1,393,812,000)		(1,393,812,000)		(1,393,812,000)
Other comprehensive income (loss) (Note 2)					20,042,000	20,042,000		20,042,000
Balances at Dec. 31, 2017	$ 4,025,000,000	$ 17,385,000	$ 5,648,399,000	$ (675,711,000)	$ (75,064,000)	$ 8,940,009,000	$ 24,360,000	$ 8,964,369,000

Statement Of Equity (Parentheti

Statement Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Equity [Abstract]
Issuance of preferred shares, shares	23,200	47,000
Redemption of preferred shares, shares	36,900	34,500	10,800
Issuance of common shares in connection with share-based compensation, shares	564,583	367,546	475,687
Common shares, per share distribution	$ 8	$ 7.30	$ 6.50

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 1,448,465	$ 1,460,439	$ 1,317,689
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on real estate investment sales	(1,421)	(689)	(18,503)
Assets damaged due to hurricanes	3,286
Depreciation and amortization	454,526	433,314	426,008
Equity in earnings of unconsolidated real estate entities	(75,655)	(56,756)	(50,937)
Distributions from retained earnings of unconsolidated real estate entities	53,749	84,397	35,695
Foreign currency exchange loss (gain)	50,045	(17,570)	(306)
Share-based compensation expense	37,548	37,483	32,570
Other	5,136	4,718	6,063
Total adjustments	527,214	484,897	430,590
Net cash provided by operating activities	1,975,679	1,945,336	1,748,279
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(122,199)	(81,435)	(65,594)
Construction in process	(338,479)	(269,916)	(228,478)
Acquisition of real estate facilities and intangible assets	(285,279)	(416,178)	(177,076)
Distributions in excess of retained earnings from unconsolidated real estate entities		67,420
Proceeds from sale of real estate investments	6,103	998	15,013
Net cash used in investing activities	(739,854)	(699,111)	(456,135)
Cash flows from financing activities:
Repayments on notes payable	(1,701)	(36,459)	(17,237)
Issuance of notes payable	992,077	113,620	264,255
Issuance of preferred shares	561,177	1,136,203
Issuance of common shares	42,500	25,541	29,663
Redemption of preferred shares	(922,500)	(862,500)	(270,000)
Cash paid upon vesting of restricted share units	(14,092)	(15,357)	(15,678)
Acquisition of noncontrolling interests	(14,425)		(5,492)
Contributions by noncontrolling interests	2,484	3,470	1,562
Distributions paid to Public Storage shareholders	(1,630,347)	(1,505,758)	(1,371,031)
Distributions paid to noncontrolling interests	(7,392)	(7,586)	(7,325)
Net cash used in financing activities	(992,219)	(1,148,826)	(1,391,283)
Net increase (decrease) in cash, equivalents, and restricted cash	243,606	97,399	(99,139)
Net effect of foreign exchange translation	(126)	(381)	(318)
Cash, equivalents, and restricted cash at the beginning of the period	212,573	115,555	215,012
Cash, equivalents, and restricted cash at the end of the period	456,053	212,573	115,555
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	(659)	1,317	500
Investments in unconsolidated real estate entities	(19,370)	24,099	19,583
Notes payable	49,906	(17,750)	(315)
Accumulated other comprehensive loss	(30,003)	(8,047)	(20,086)
Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Real estate facilities	(6,310)
Investments in unconsolidated real estate entities	6,310
Real estate acquired in exchange for assumption of notes payable		(12,945)	(8,311)
Notes payable assumed in connection with acquisition of real estate		12,945	8,311
Accrued development costs and capital expenditures:
Capital expenditures to maintain real estate facilities	(2,581)	(4,612)	2,525
Construction in process	(11,233)	(18,238)	(9,623)
Accrued and other liabilities	$ 13,814	$ 22,850	$ 7,098

Description Of The Business

Description Of The Business	12 Months Ended
	Dec. 31, 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 December 31, 2017, we have direct and indirect equity interests in 2,3 86 self-storage facilities (with approximately 15 9 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 2 21 self-storage facilities (with approximately 12 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also have direct and indirect equity interests in approximately 29 million net rentable square feet of commercial space located in seven states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At December 31, 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 13) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). 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. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. When we begin consolidating an entity, we include the book value of our preexisting equity interest as part of the acquisition cost. All changes in consolidation status are reflected prospectively. Collectively, at December 31, 2017, the Company and the Subsidiaries own 2,3 86 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S . At December 31, 2017, the Unconsolidated Real Esta te Entities are comprised of PS and Shurgard Europe . 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 U.S. 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 U.S. federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 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, accrued interest, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and accruals for probable and estimable contingent losses . 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, Restricted Cash, 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 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. Cash, equivalents, and restricted cash presented on our statements of cash flows totaling $456.1 million, $212.6 million, $115.6 million, and $215.0 million at December 31, 2017, 2016, 2015, and 2014, respectively, include $433.4 million, $183.7 million, $104.3 million, and $187.7 million in cash and equivalents, and $22.7 million, $28.9 million, $11.3 million, and $27.3 million in restricted cash included in other assets. 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 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 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 December 31, 2017, due primarily to our investment in Shurgard Europe (Note 4) and o u r notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at December 31, 2017 and 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 December 31, 2017 and 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 December 31, 2017, these intangibles had a net book value of $ 21.5 million ( $ 19.3 million at December 31, 2016). Accumulated amortization totaled $ 31.0 million at December 31, 2017 ( $54. 0 million at December 31, 2016), and amortization expense of $15.0 million, $ 21.7 million and $ 26.1 million was recorded in 2017, 2016 and 2015, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2017 is approximately $1 2.5 million in 2018, $3. 5 million in 2019 and $ 5.5 million thereafter. During 2017, 2016 and 2015, intangibles increased $ 17.2 million, $ 23.0 million and $ 8.9 million, respectively, in connection with the acquisition of self-storage facilities (Note 3) . Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Casualty Loss We record casualty losses for i ) the book value of assets destroyed and ii ) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma. 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. 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 (including advertising expenditures), general and administrative expense, and interest expense 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. 198 U.S. Dollars per Euro at December 31, 2017 ( 1. 052 at December 31, 2016), and average exchange rates of 1.1 29 , 1. 107 and 1. 110 for the years ended December 31, 2017, 2016 and 2015, respectively . Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our notes payable denominated in Euros. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income 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 10). The following table reconciles from basic to diluted common shares outstanding:   For the Years Ended December 31,  2017 2016 2015    Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,613 173,091 172,699  Net effect of dilutive stock options -  based on treasury stock method 538 787 811  Diluted weighted average common  shares outstanding 174,151 173,878 173,510 

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2017
Real Estate Facilities [Abstract]
Real Estate Facilities	 3. Real Estate Facilities Activity in real estate facilities during 2017, 2016 and 2015 is as follows :      For the Years Ended December 31,  2017 2016 2015  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,963,229 $ 13,205,261 $ 12,863,235  Capital expenditures to maintain real estate facilities 124,780 86,047 63,069  Acquisitions 274,115 406,154 176,444  Dispositions (1,092) - (19,970)  Assets damaged due to hurricanes (8,226) - -  Developed or redeveloped facilities opened for operation 311,559 268,905 123,484  Impact of foreign exchange rate changes 1,624 (3,138) (1,001)  Ending balance 14,665,989 13,963,229 13,205,261  Accumulated depreciation:  Beginning balance (5,270,963) (4,866,738) (4,482,520)  Depreciation expense (433,466) (406,046) (393,605)  Dispositions 123 - 8,886  Assets damaged due to hurricanes 4,940 - -  Impact of foreign exchange rate changes (965) 1,821 501  Ending balance (5,700,331) (5,270,963) (4,866,738)  Construction in process:  Beginning balance 230,310 219,190 104,573  Current development 349,712 288,154 238,101  Developed or redeveloped facilities opened for operation (311,559) (268,905) (123,484)  Dispositions and transfers to other assets (4,022) (8,129) -  Ending balance 264,441 230,310 219,190  Total real estate facilities at December 31, 2017 $ 9,230,099 $ 8,922,576 $ 8,557,713 During 2017 , we acquired 22 self-storage facilities from third parties ( 1,365,000 net rentable square feet), for a total cost of $ 149.8 million, in cash. Approximately $ 8.2 million of the total cost was allocated to intangible assets. On December 31, 2017, we acquired the remaining 74.25% of the interests which we did not own in one of the unconsolidated entities that owned 12 self-storage facilities ( 749,000 net rentable square feet) for a total cost of $135.5 million in cash. Approximately $ 9.0 million of the $141.8 million acquisition cost (which includes the $6.3 million book value of our existing investment) was allocated to intangible assets and $0.3 million was allocated to other assets. We completed development and redevelopment activities during 2017, adding 2. 7 million net rentable square feet of self-storage space, at an aggregate cost of $ 311.6 million. Construction in process at December 31, 2017 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities, which will add a total of 4. 6 million net rentable square feet of storage space at an aggregate estimated cost of approximately $ 613.8 million (unaudited) . During 2017, we sold real estate for a total of approximately $6. 4 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. 4 million in 2017. During 2016, we acquired 55 self-storage facilities ( 4,121,000 net rentable square feet), for a total cost of $429.1 million, consisting of $ 416.2 million in cash and the assumption of $12.9 million in mortgage notes . Approximately $ 23.0 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities during 2016, adding 2,275,000 net rentable square feet of self-storage space, at an aggregate cost of $ 268.9 million. During 2016, we also transferred $8.1 million of accumulated construction costs to other assets, with respect to a development project that was suspended. During 2015, we acquired 17 self-storage facilities ( 1,285,000 net rentable square feet) and the leasehold interest in the land of one of our existing self-storage facilities, for a total cost of $185.4 million, consisting of $177.1 million in cash and the assumption of $8.3 million in mortgage notes. Approximately $8.9 million of the total cost was allocated to intangible assets. We completed expansion and development activities during 2015, adding 1,312,000 net rentable square feet of self-storage space, at an aggregate cost of $123.5 million. During 2015, we s old one commercial facility and two self-storage facilities in connection with eminent domain proceedings for a total of $29.7 million in cash proceeds, of which $14.7 million was collected in 2014 , and recorded related gains on real estate sales totaling $ 18.5 million . At December 31, 2017, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $9. 8 billion (unaudited ).

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 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 December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31,  2017 2016 2017 2016 2015   PSB $ 400,133 $ 402,765 $ 46,544 $ 31,707 $ 34,155  Shurgard Europe 324,040 280,019 25,948 22,324 14,272  Other Investments - 6,423 3,163 2,725 2,510  Total $ 724,173 $ 689,207 $ 75,655 $ 56,756 $ 50,937  During 201 7 , 201 6 and 201 5 , we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $ 53.7 million , $ 151.8 million and $ 35.7 million, respectively. For 2016, $ 67.4 million of the distributions received exceeded the retained earnings of the Unconsolidated Real Estate Entities and are presented as an investing activity on our statement of cash flows. At December 31, 2017, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $67. 3 million ( $69. 9 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 $1. 3 million , $ 1.8 million and $ 2.4 million during 2017, 2016 and 2015, respectively. Investment in PSB PSB is a REIT traded on the New York Stock Exchange. We have an approximate 42% common equity interest in PSB as of December 31, 2017 and 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 December 31, 2017 ( $1 25.09 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 8 billion . At December 31, 2017, the adjusted tax basis of our investment in PSB approximates book value (unaudited). 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 2015  (Amounts in thousands)  For the year ended December 31,  Revenues $ 402,179 $ 386,871 $ 373,135  Costs of operations (125,340) (123,108) (121,224)  Depreciation and amortization (94,270) (99,486) (105,394)  General and administrative (9,679) (14,862) (13,582)  Other items (1,148) (4,431) (12,200)  Gain on real estate investment sales 7,574 - 28,235  Net income 179,316 144,984 148,970  Allocations to preferred shareholders and  restricted share unitholders (64,612) (65,157) (62,184)  Net income allocated to common shareholders  and LP Unitholders $ 114,704 $ 79,827 $ 86,786       As of December 31,   Total assets (primarily real estate) $ 2,100,159 $ 2,119,371 $ 2,186,658  Debt - - 250,000  Preferred stock called for redemption 130,000 230,000 -  Other liabilities 80,223 78,657 76,059  Equity:  Preferred stock 959,750 879,750 920,000  Common equity and LP units 930,186 930,964 940,599  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 increased our investment in Shurgard Europe by approximately $19. 4 million in 2017 and decreased it by $24. 1 million and $19. 6 million in 2016 and 2015, respectively. Included in our equity in earnings of Shurgard Europe for 2016 is a $ 941,000 increase for the recognition of accumulated comprehensive income, representing a decrease to equity rather than an increase to investments in Unconsolidated Real Estate Entities. The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods, rather than our pro rata share. Such amounts are based upon our historical acquired book basis.    2017 2016 2015  (Amounts in thousands)  For the year ended December 31,  Self-storage and ancillary revenues $ 265,088 $ 252,321 $ 236,990  Self-storage and ancillary cost of operations (98,510) (97,099) (93,575)  Depreciation and amortization (63,282) (62,829) (66,665)  General and administrative (12,465) (13,199) (12,619)  Interest expense on third party debt (20,759) (20,617) (16,695)  Trademark license fee payable to Public Storage (2,647) (2,531) (2,376)  Income tax expense (17,601) (10,669) (10,799)  Costs of acquiring facilities and other 178 (1,667) (7,359)  Foreign exchange gain (loss) 306 (681) (150)   Net income $ 50,308 $ 43,029 $ 26,752  Average exchange rates of Euro to the U.S. Dollar 1.129 1.107 1.110      2017 2016 2015  (Amounts in thousands)  As of December 31,  Total assets (primarily self-storage facilities) $ 1,416,477 $ 1,261,912 $ 1,476,632  Total debt to third parties 726,617 666,926 662,336  Other liabilities 143,638 106,916 110,522  Equity 546,222 488,070 703,774   Exchange rate of Euro to U.S. Dollar 1.198 1.052 1.091 Other Investments  On December 31, 2017, we acquired the remaining 74.25% equity interest we did not own in the Other Investments for $135.5 million, in cash , and began to consolidate the 12 self-storage facilities owned by the Other Investments. In 2016, we sold one of the Other Investments resulting in a $689,000 gain on real estate investment sales on our income statement.

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2017
Credit Facility [Abstract]
Credit Facility	5 . Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit, which expires on March 31, 2020 . Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.850% to LIBOR plus 1.450% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.850% at December 31, 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 December 31, 2017). At December 31, 2017 and February 28, 2018, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $1 6.1 million at December 31, 2017 ( $1 5.2 million at December 31, 2016). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2017.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2017
Notes Payable [Abstract]
Notes Payable	6 . Notes Payable Our notes payable at December 31, 2017 and 2016 are set forth in the table below:    Amounts at December 31, 2017  Coupon Effective Unamortized Book Fair Book Value at  Rate Rate Principal Costs Value Value December 31, 2016  ($ amounts in thousands)  U.S. Dollar Denominated Unsecured Debt  Notes due September 2022 2.370% 2.483% $ 500,000 $ (2,475) $ 497,525 $ 492,088 $ -  Notes due September 2027 3.094% 3.218% 500,000 (5,132) 494,868 493,946 -  1,000,000 (7,607) 992,393 986,034 -   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 119,795 - 119,795 125,367 105,203  Notes due November 2025 2.175% 2.175% 289,921 - 289,921 305,445 254,607  409,716 - 409,716 430,812 359,810  Mortgage Debt, secured by 30 real estate  facilities with a net book value  of $118.3 million 4.054% 3.997% 29,213 - 29,213 30,355 30,939   $ 1,438,929 $ (7,607) $ 1,431,322 $ 1,447,201 $ 390,749  U.S. Dollar Denominated Unsecured Debt On September 18, 2017 , we issued, in a public offering, two tranches each totaling $500.0 million of U.S. Dollar denominated unsecured notes (the “U.S. Dollar Notes”). In connection with the offering, we incurred a total of $7.9 million in costs, which is reflected as a reduction in the principal amount and amortized, using the effective interest method, over the term of each respective note. Interest on the U.S. Dollar Notes is payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2018. The U.S. Dollar Notes have various financial covenants, all of which we were in compliance with at December 31, 2017. Included in these covenants are a) a maximum Debt to Total Assets of 65% ( 4.4% at December 31, 2017) and b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x ( 157.9x for the year ended December 31, 2017) as well as covenants limiting the amount we can encumber our properties with mortgage debt. These terms and all of the covenants are defined more fully in the related prospectus. Euro Denominated Unsecured Debt Our euro denominated uns ec ured notes (the “Euro Notes”) are payable to institutional investors. The Euro Notes consist of two tranches, (i) €242.0 million were issued on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars and €100.0 million were issu ed on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually. The Euro Notes have various customary financial covenants, all of which we were in compliance with at December 31, 2017. 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 ( loss of $50. 0 million for 2017 and gains of $ 17.6 million and $306,000 for 2016 and 2015, respectively). Mortgage Debt Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. During 2016 and 2015 , we assumed mortgage notes with ag gregate contractual values of $12.9 million and $8.3 million, respectively, and interest rates of 4.2 % and 6.2% , respectively, which approximated market rates, in connection with the acquisition of real estate facilities. At December 31, 2017, the notes contractual interest rates are fixed, ranging between 2.9% and 7.1% , and mature between November 2018 and September 2028 . At December 31 , 201 7 , approximate principal maturities of our Notes Payable are as follows (amounts in thousands):   Unsecured Mortgage  Debt Debt Total    2018 $ - $ 11,241 $ 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 909,716 11,308 921,024  $ 1,409,716 $ 29,213 $ 1,438,929  Weighted average effective rate 2.6% 4.0% 2.6% Cash paid for interest totaled $16. 8 million, $ 9.4 million and $ 3.3 million for 2017, 2016 and 2015, respectively. Interest capitalized as real estate totaled $4.4 million, $ 5.1 million and $ 2.7 million for 2017, 2016 and 2015, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7 . Noncontrolling Interests At December 31, 2017, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 1 2 operating self-storage facilities and eight 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”). The Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2017, 2016 and 2015, we allocated a total of $6.2 million, $6. 9 million and $ 6.4 million, respectively, of income to these interests; and we paid $7.4 million, $ 7 .6 million and $ 7. 3 million, respectively, in distributions to these interests. During 2017, we acquired Noncontrolling Interests for $ 14.4 million in cash, of which $7.7 million was allocated to Paid-in capital and $6.7 million as a reduction to Noncontrolling Interests. During 2015 , we acquired Noncontrolling Interests for $ 5.5 million in cash, substantially all of which was allocated to P aid-in-capital . During 2017, 2016 and 2015, Noncontrolling Interests contributed $2.5 million, $3.5 million and $ 1.6 million, respectively.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2017
Shareholders’ Equity [Abstract]
Shareholders' Equity	8 . Shareholders’ Equity Preferred Shares At December 31, 201 7 and 201 6 , we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:     At December 31, 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  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 - -  Series G 8/9/2022 5.050% 12,000 300,000 - -  Total Preferred Shares 161,000 $ 4,025,000 174,700 $ 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 (our “Board”) until the arrearage has been cured. At December 31, 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. In 2017, we redeemed our Series S and Series T Preferred Shares, at par, for a total of $922.5 million in cash, before payment of accrued dividends. In 2017, we issued an aggregate 23.2 million depositary shares, each representing 1/1 ,000 of a share of our Series F and Series G Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $580.0 million in gross proceeds, and we incurred $18. 8 million in issuance costs. In 2016, we redeemed our Series Q and Series R Preferred Shares at par, for a total of $862.5 million in cash, before payment of accrued dividends. In 201 6, we issued an aggregate 47.0 million depositary shares, each representing 1/1 ,000 of a share of our Series B, Series C, Series D and Series E Preferred Shares, at an issuance price of $25.00 per depositary share , for a total of $1,175. 0 m illion in gross proceeds, and we incurred $ 38.8 million in issuance costs. In 2015, we redeemed our Series O and Series P Preferred Shares at par, for a total of $270.0 million in cash, before payment of accrued dividends. In 2017, 2016 and 2015, we recorded $29.3 million, $26.9 mi llion $8.9 million, respectively, in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in connection with redemptions of Preferred Shares. Common Shares During 2017, 2016 and 2015, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands):   2017 2016 2015  Shares Amount Shares Amount Shares Amount  Employee stock-based compensation and  exercise of stock options (Note 10) 564,583 $ 42,500 367,546 $ 25,541 475,687 $ 29,663 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2017, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2017. At December 31, 201 7 and 201 6 , we had 3,208 ,046 and 2, 692,081 , respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10 ), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests. The unaudited characterization of dividends for U.S. f ederal income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends including amounts paid to our common shareholders and our restricted share unitholders totaled $1.394 billion ( $8.00 per share), $1. 268 billion ( $7.30 per share) and $ 1.126 billion ( $6.50 per share) for the years ended December 31, 2017, 2016 and 2015, respectively. Preferred share dividends totaled $236. 5 million, $2 38.2 million and $2 45.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. For the tax year ended December 31, 201 7 , distributions for the common shares and all the various series of preferred shares were classified as follows:    2017 (unaudited)  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter  Ordinary Income 99.93 % 99.92 % 100.00 % 99.46 %  Long-Term Capital Gain 0.07 % 0.08 % 0.00 % 0.54 %  Total 100.00 % 100.00 % 100.00 % 100.00 %  The ordinary income dividends distributed for the tax year ended December 31, 2017 do not constitute qualified dividend income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	9 . Related Party Transactions B. Wayne Hughes, our former Chairman and his family, including his daughter Tamara Hughes Gustavson and his son B. Wayne Hughes, Jr., who are both members of our Board, collectively own approximately 14.3% of our common shares outstanding at December 31, 2017. At December 31, 2017, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlled 5 8 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. 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 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 $1.1 million, $848,000 and $562,000 for the years ended December 31, 2017, 2016 and 2015, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2017
Share-Based Compensation [Abstract]
Share-Based Compensation	10 . 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 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 generally 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. We recorded a cumulative-effect adjustment of $789,000 to increase accumulated deficit and increase paid-in capital as of January 1, 2016, representing the impact of estimated forfeitures at December 31, 2015. Our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") are expected to retire at the end of 2018 and then serve as Trustees of the Company for the foreseeable future. While the actual vesting of such share-based compensation will not accelerate, and will continue to vest under the original schedule only if they continue to serve as Trustees, their respective service periods for their previous grants while CEO and CFO effectively end on the date of their retirement as CEO and CFO. As a result, the remaining unamortized expense on outstanding grants at December 31, 2017 will be recognized through their expected retirement dates, increasing 2018 expense $23.6 million above what it would have been without the acceleration of amortization. Any additional grants to our CEO and CFO in 2018 will also be amortized through December 31, 2018 and further increase our share-based compensation expense for 2018. See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders. Stock Options Stock options vest over a three to five -year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. The stock options outstanding at December 31, 2017 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $ 65.1 million and remaining average contractual lives of approximately s even years. The aggregate intrinsic value of exercisable stock options at December 31, 2017 amounted to approximately $57.6 million. Approximately 1,361,000 of the stock options outstanding at December 31, 2017, have an exercise price of more than $200 . We have 195,750 stock options exercisable at December 31, 2017, which expire through June 30, 2019 , with an average exercise price per share of $ 54.87 . Additional information with respect to stock options during 2017, 2016 and 2015 is as follows:     2017 2016 2015  Weighted Weighted Weighted  Average Average Average  Number Exercise Number Exercise Number Exercise  of Price of Price of Price  Options per Share Options per Share Options per Share  Options outstanding January 1, 1,995,440 $ 150.83 1,940,279 $ 130.08 2,085,544 $ 111.96  Granted 1,096,000 223.58 310,000 239.11 335,000 200.70  Exercised (482,523) 88.07 (254,839) 100.23 (365,265) 80.99  Cancelled (200,000) 203.64 - - (115,000) 163.15   Options outstanding December 31, 2,408,917 $ 192.12 1,995,440 $ 150.83 1,940,279 $ 130.08   Options exercisable at December 31, 848,250 $ 143.55 1,105,433 $ 108.84 1,150,272 $ 94.18          2017 2016 2015   Stock option expense for the year (in 000's) $ 8,707 $ 5,180 $ 3,871   Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 61,334 $ 33,228 $ 46,719   Average assumptions used in valuing options with the Black-Scholes method:  Expected life of options in years, based upon historical experience 5 5 5  Risk-free interest rate 1.9% 1.2% 1.6%  Expected volatility, based upon historical volatility 17.9% 17.9% 15.1%  Expected dividend yield 3.6% 2.9% 2.9%   Average estimated value of options granted during the year $ 23.49 $ 26.18 $ 18.39 Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. The fair value of our RSUs outstanding at December 31, 2017 was approximately $167. 0 million. Remaining compensation expense related to RSUs outstanding at December 31, 2017 totals approximately $ 130.0 million and is expected to be recognized as compensation expense over the next 2. 6 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):   2017 2016 2015  Number of Grant Date Number of Grant Date Number of Grant Date  Restricted Aggregate Restricted Aggregate Restricted Aggregate  Share Units Fair Value Share Units Fair Value Share Units Fair Value  Restricted share units outstanding January 1, 696,641 $ 136,905 737,388 $ 129,284 751,048 $ 110,874  Granted 340,957 73,953 171,144 40,263 252,376 55,307  Vested (144,473) (25,305) (180,050) (26,689) (187,342) (24,752)  Forfeited (93,996) (19,409) (31,841) (5,953) (78,694) (12,145)   Restricted share units outstanding December 31, 799,129 $ 166,144 696,641 $ 136,905 737,388 $ 129,284      2017 2016 2015  Amounts for the year (in 000's, except number of shares):  Fair value of vested shares on vesting date $ 31,962 $ 41,400 $ 38,182  Cash paid for taxes upon vesting in lieu of issuing common shares $ 14,092 $ 15,357 $ 15,678  Common shares issued upon vesting 82,060 112,707 110,422  Restricted share unit expense (a) $ 28,841 $ 32,303 $ 28,699   (a) Amounts for 2017, 2016 and 2015 include approximately $ 0.7 million, $1.4 million and $1.1 million, respectively, in employer taxes incurred upon vesting .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Information [Abstract]
Segment Information	11 . Segment Information Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.” 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 we own. 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 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):      For the year ended December 31, 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 $ 2,512,433 $ - $ - $ - $ - $ 2,512,433  Ancillary operations - 156,095 - - - 156,095  2,512,433 156,095 - - - 2,668,528   Cost of operations:  Self-storage operations 657,633 - - - - 657,633  Ancillary operations - 50,345 - - - 50,345  657,633 50,345 - - - 707,978   Net operating income:  Self-storage operations 1,854,800 - - - - 1,854,800  Ancillary operations - 105,750 - - - 105,750  1,854,800 105,750 - - - 1,960,550   Other components of net income (loss):  Depreciation and amortization (454,526) - - - - (454,526)  General and administrative - - - - (82,882) (82,882)  Interest and other income - - - - 18,771 18,771  Interest expense - - - - (12,690) (12,690)  Equity in earnings of  unconsolidated real estate entities - - 46,544 25,948 3,163 75,655  Foreign currency exchange loss - - - - (50,045) (50,045)  Casualty loss - - - - (7,789) (7,789)  Gain on real estate investment sales - - - - 1,421 1,421  Net income (loss) $ 1,400,274 $ 105,750 $ 46,544 $ 25,948 $ (130,051) $ 1,448,465      For the year ended December 31, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 2,405,828 $ - $ - $ - $ - $ 2,405,828  Ancillary operations - 154,721 - - - 154,721  2,405,828 154,721 - - - 2,560,549   Cost of operations:  Self-storage operations 617,905 - - - - 617,905  Ancillary operations - 51,178 - - - 51,178  617,905 51,178 - - - 669,083   Net operating income:  Self-storage operations 1,787,923 - - - - 1,787,923  Ancillary operations - 103,543 - - - 103,543  1,787,923 103,543 - - - 1,891,466   Other components of net income (loss):  Depreciation and amortization (433,314) - - - - (433,314)  General and administrative - - - - (83,656) (83,656)  Interest and other income - - - - 15,138 15,138  Interest expense - - - - (4,210) (4,210)  Equity in earnings of  unconsolidated real estate entities - - 31,707 22,324 2,725 56,756  Foreign currency exchange gain - - - - 17,570 17,570  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 1,354,609 $ 103,543 $ 31,707 $ 22,324 $ (51,744) $ 1,460,439    For the year ended December 31, 2015   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total   (Amounts in thousands)  Revenues:  Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525  Ancillary operations - 146,171 - - - 146,171  2,235,525 146,171 - - - 2,381,696   Cost of operations:  Self-storage operations 586,696 - - - - 586,696  Ancillary operations - 48,806 - - - 48,806  586,696 48,806 - - - 635,502   Net operating income:  Self-storage operations 1,648,829 - - - - 1,648,829  Ancillary operations - 97,365 - - - 97,365  1,648,829 97,365 - - - 1,746,194   Other components of net income (loss):  Depreciation and amortization (426,008) - - - - (426,008)  General and administrative - - - - (88,177) (88,177)  Interest and other income - - - - 16,544 16,544  Interest expense - - - - (610) (610)  Equity in earnings of  unconsolidated real estate entities - - 34,155 14,272 2,510 50,937  Foreign currency exchange gain - - - - 306 306  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689 

Recent Accounting Pronouncement

Recent Accounting Pronouncements And Guidance	12 Months Ended
	Dec. 31, 2017
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	12. Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires revenue to be based upon the consideration expected from customers for promised goods or services. The FASB also added guidance with respect to the sale of our real estate facilities. The new standards, effective on January 1, 2018, permit either the retrospective or cumulative effects transition method and allowed for early adoption on January 1, 2017. We did not early adopt these new standards. We plan to adopt the new standards in the first quarter of 2018 utilizing the modified retrospective transition method applied to open contracts . We do not believe the new standards will have a material impact on our results of operations or financial condition, primarily because most of our revenue is from rental revenue, which the new standards do not cover, and because we do not provide any material products and services to our customers or sell material amounts of our real estate facilities. 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. The Company is currently assessing the impact of the guidance on our financial statements. However, 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 the treatment of 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. We adopted the new guidance effective January 1, 2017 and elected to use the cumulative earnings approach, whereby distributions up to the amount of cumulative equity in earnings recognized are treated as returns on investment and amounts in excess are reflected 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 primarily requires the statement of cash flows to explain not only the change in cash and equivalents, but also the change in restricted cash. The standard is effective on January 1, 2018, with early adoption permitted and requires the use of the retrospective transition method. The Company early adopted the new guidance during the fourth quarter of 2017 and, accordingly, net cash used in investing activities was adjusted from $716.7 million and $440.1 million in the years ended December 31, 2016 and 2015, respectively, in the previous presentation, to $699.1 million and $456.1 million, respectively, in the current presentation. 

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We have historically carried property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductibles for property losses are $25.0 million for first occurrence with an aggregate of $35.0 million for multiple occurrences and $5.0 million per occurrence thereafter. Insurance carriers’ 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, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At December 31, 2017, there were approximately 900,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2. 8 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $159.8 million at December 31, 2017. We expect to pay approximately $127.8 million in 2018 and $32.0 million in 2019 for these construction commitments.

Supplementary Quarterly Financi

Supplementary Quarterly Financial Data	12 Months Ended
	Dec. 31, 2017
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	1 4 . Supplementary Quarterly Financial Data (unaudited)     Three Months Ended  March 31, June 30, September 30, December 31,  2017 2017 2017 2017  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 645,547 $ 664,312 $ 686,361 $ 672,308   Self-storage and ancillary cost of operations $ 182,902 $ 182,578 $ 190,619 $ 151,879   Depreciation and amortization $ 110,929 $ 110,177 $ 113,320 $ 120,100   Net Income $ 344,021 $ 355,207 $ 358,274 $ 390,963   Per Common Share  Net income - Basic $ 1.62 $ 1.59 $ 1.61 $ 1.92   Net income - Diluted $ 1.62 $ 1.59 $ 1.61 $ 1.92    Three Months Ended  March 31, June 30, September 30, December 31,  2016 2016 2016 2016  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 611,786 $ 634,188 $ 663,148 $ 651,427   Self-storage and ancillary cost of operations $ 173,286 $ 172,004 $ 178,627 $ 145,166   Depreciation and amortization $ 105,128 $ 107,013 $ 109,432 $ 111,741   Net Income $ 317,349 $ 358,359 $ 369,050 $ 415,681   Per Common Share  Net income - Basic $ 1.40 $ 1.62 $ 1.78 $ 2.04   Net income - Diluted $ 1.39 $ 1.61 $ 1.78 $ 2.03  

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	15 . Subsequent Events Subsequent to December 3 1 , 201 7 , we acquired or were under contract to acquire two self-storage facilities ( one each in Tennessee and Nebraska) with 181,000 net rentable square feet, for $18.3 million.

Schedule III - Real Estate And

Schedule III - Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Schedule III - Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Real Estate And Accumulated Depreciation	   Self-storage facilities by market:  Los Angeles 220 576 504,267 904,163 282,538 501,879 1,189,089 1,690,968 632,991  New York 94 - 250,900 548,541 151,048 257,229 693,260 950,489 357,033  San Francisco 138 - 231,943 512,052 167,760 244,693 667,062 911,755 392,298  Washington DC 91 - 233,905 406,769 107,686 239,107 509,253 748,360 265,498  Miami 89 - 212,661 448,086 81,773 214,553 527,967 742,520 256,989  Seattle/Tacoma 91 - 177,451 443,495 92,336 178,107 535,175 713,282 279,770  Houston 119 - 166,793 411,023 106,484 166,252 518,048 684,300 238,549  Dallas/Ft. Worth 119 - 166,838 387,423 94,713 167,570 481,404 648,974 239,552  Chicago 130 - 137,165 352,595 110,723 140,002 460,481 600,483 319,109  Atlanta 101 - 122,880 327,975 63,069 123,242 390,682 513,924 225,677  Orlando/Daytona 72 12,450 140,411 253,375 52,494 145,892 300,388 446,280 132,531  West Palm Beach 44 - 151,323 207,388 34,358 151,908 241,161 393,069 100,920  Charlotte 53 - 75,968 186,599 50,814 83,831 229,550 313,381 97,806  Tampa 53 - 87,165 174,499 43,210 89,937 214,937 304,874 105,200  Denver 55 10,013 82,240 154,622 63,230 82,969 217,123 300,092 120,812  Minneapolis/St. Paul 48 4,702 85,484 186,528 22,090 85,649 208,453 294,102 94,282  Philadelphia 57 - 51,682 152,406 52,303 50,703 205,688 256,391 145,875  Phoenix 39 - 60,974 169,042 23,286 60,965 192,337 253,302 85,465  Detroit 41 - 62,990 159,461 21,799 63,840 180,410 244,250 93,877  Boston 25 - 61,583 158,870 20,179 62,149 178,483 240,632 77,297  Austin 31 - 51,150 115,641 37,236 53,173 150,854 204,027 72,725  Portland 43 - 51,182 126,464 25,521 51,840 151,327 203,167 88,705  San Diego 20 - 47,884 108,911 37,976 50,392 144,379 194,771 74,585  Raleigh 28 - 50,348 99,583 27,010 51,477 125,464 176,941 49,330  Honolulu 11 - 54,184 106,299 10,793 55,101 116,175 171,276 56,286  Norfolk 28 - 33,316 81,267 16,192 32,755 98,020 130,775 53,478  San Antonio 28 - 27,566 76,028 25,438 27,524 101,508 129,032 59,598  Baltimore 23 - 25,176 79,734 16,677 25,300 96,287 121,587 62,675  Sacramento 34 - 25,141 69,409 26,734 25,646 95,638 121,284 67,951  Columbus 22 - 25,341 64,746 25,712 25,448 90,351 115,799 39,438  Oklahoma City 21 - 32,708 65,664 11,088 32,708 76,752 109,460 16,871  St. Louis 26 - 20,037 56,237 20,514 20,680 76,108 96,788 58,304  Columbia 22 - 19,608 54,653 17,965 20,367 71,859 92,226 28,345  Indianapolis 22 - 21,064 57,655 12,365 22,064 69,020 91,084 40,808  Las Vegas 20 - 23,168 52,723 9,655 22,417 63,129 85,546 43,534  Kansas City 24 - 14,225 43,732 25,763 14,425 69,295 83,720 54,044  Savannah 12 - 33,094 42,465 3,237 32,738 46,058 78,796 12,094  Cincinnati 16 - 14,927 31,822 17,119 14,845 49,023 63,868 26,134  Louisville 12 - 18,800 34,861 4,185 18,799 39,047 57,846 8,899  Greensboro 13 - 12,737 29,811 12,608 14,826 40,330 55,156 22,955  Fort Myers/Naples 9 - 15,373 35,353 4,348 15,608 39,466 55,074 13,533  Milwaukee 15 1,472 13,189 32,071 9,543 13,158 41,645 54,803 27,938  Jacksonville 14 - 11,252 27,714 10,175 11,301 37,840 49,141 28,809  Charleston 10 - 10,849 31,144 6,987 11,825 37,155 48,980 17,439  Hartford/New Haven 11 - 6,778 19,959 20,623 8,443 38,917 47,360 28,197  New Orleans 9 - 9,205 30,832 5,548 9,373 36,212 45,585 22,620  Nashville/Bowling Green 14 - 10,405 24,175 9,254 10,402 33,432 43,834 24,463  Richmond 10 - 13,248 23,253 4,059 13,053 27,507 40,560 15,360  Colorado Springs 12 - 8,229 19,659 12,521 8,225 32,184 40,409 26,100  Tucson 7 - 9,403 25,491 5,390 9,884 30,400 40,284 16,866  Chattanooga 10 - 6,569 26,045 6,550 6,371 32,793 39,164 12,019  Greensville/Spartanburg/Asheville 11 - 9,036 20,767 8,970 9,965 28,808 38,773 17,705  Memphis 9 - 7,962 21,981 8,515 9,315 29,143 38,458 17,549  Monterey/Salinas 7 - 8,465 24,151 3,848 8,455 28,009 36,464 18,415  Birmingham 14 - 5,229 17,835 13,024 5,117 30,971 36,088 26,662  Reno 7 - 5,487 18,704 3,932 5,487 22,636 28,123 10,622  Salt Lake City 8 - 7,846 15,947 4,264 7,495 20,562 28,057 12,310  Buffalo/Rochester 9 - 6,785 17,954 2,986 6,783 20,942 27,725 11,987  Palm Springs 3 - 8,309 18,065 1,218 8,309 19,283 27,592 8,653  Mobile 9 - 4,257 17,441 3,883 4,084 21,497 25,581 11,124  Cleveland/Akron 6 - 3,778 13,928 4,705 4,171 18,240 22,411 9,679  London, UK 1 - 5,730 14,278 (1,921) 3,509 14,578 18,087 11,998  Wichita 7 - 2,017 6,691 6,766 2,130 13,344 15,474 10,835  Santa Barbara 2 - 5,733 9,106 338 5,733 9,444 15,177 4,730  Providence 3 - 995 11,206 2,684 995 13,890 14,885 5,252  Dayton 5 - 1,074 8,975 4,642 1,073 13,618 14,691 6,073  Evansville 4 - 1,826 8,445 1,093 1,798 9,566 11,364 2,690  Augusta 4 - 1,793 5,990 2,242 1,793 8,232 10,025 5,235  Huntsville/Decatur 3 - 1,024 3,321 2,963 971 6,337 7,308 5,822  Fort Wayne 3 - 349 3,594 3,073 349 6,667 7,016 5,733  Springfield/Holyoke 2 - 1,428 3,380 1,709 1,427 5,090 6,517 4,121  Shreveport 2 - 817 3,030 2,221 741 5,327 6,068 4,184  Rochester 2 - 1,047 2,246 1,695 980 4,008 4,988 3,571  Lansing 2 - 556 2,882 806 556 3,688 4,244 1,887  Flint 1 - 543 3,068 180 542 3,249 3,791 1,579  Topeka 2 - 225 1,419 1,756 225 3,175 3,400 2,737  Roanoke 1 - 819 1,776 569 819 2,345 3,164 2,058  Syracuse 1 - 545 1,279 744 545 2,023 2,568 1,818  Omaha 1 - 109 806 1,398 109 2,204 2,313 1,779  Joplin 1 - 264 904 939 264 1,843 2,107 1,468  Modesto/Fresno/Stockton 1 - 44 206 962 193 1,019 1,212 648   Commercial and non-operating  real estate - 11,517 26,939 24,091 12,545 50,002 62,547 39,773   $29,213 $3,886,388 $8,544,627 $2,234,974 $3,947,123 $10,718,866 $14,665,989 $5,700,331   Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally  between 5 to 25 years. 

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”).
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. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. When we begin consolidating an entity, we include the book value of our preexisting equity interest as part of the acquisition cost. All changes in consolidation status are reflected prospectively. Collectively, at December 31, 2017, the Company and the Subsidiaries own 2,3 86 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S . At December 31, 2017, the Unconsolidated Real Esta te Entities are comprised of PS and Shurgard Europe .
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 U.S. 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 U.S. federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 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, accrued interest, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and accruals for probable and estimable contingent losses . 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, Restricted Cash, Marketable Securities and Other Financial Instruments	Cash Equivalents, Restricted Cash, 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 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. Cash, equivalents, and restricted cash presented on our statements of cash flows totaling $456.1 million, $212.6 million, $115.6 million, and $215.0 million at December 31, 2017, 2016, 2015, and 2014, respectively, include $433.4 million, $183.7 million, $104.3 million, and $187.7 million in cash and equivalents, and $22.7 million, $28.9 million, $11.3 million, and $27.3 million in restricted cash included in other assets.
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 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 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 December 31, 2017, due primarily to our investment in Shurgard Europe (Note 4) and o u r notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $174.6 million at December 31, 2017 and 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 December 31, 2017 and 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 December 31, 2017, these intangibles had a net book value of $ 21.5 million ( $ 19.3 million at December 31, 2016). Accumulated amortization totaled $ 31.0 million at December 31, 2017 ( $54. 0 million at December 31, 2016), and amortization expense of $15.0 million, $ 21.7 million and $ 26.1 million was recorded in 2017, 2016 and 2015, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2017 is approximately $1 2.5 million in 2018, $3. 5 million in 2019 and $ 5.5 million thereafter. During 2017, 2016 and 2015, intangibles increased $ 17.2 million, $ 23.0 million and $ 8.9 million, respectively, in connection with the acquisition of self-storage facilities (Note 3) .
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Casualty Loss	Casualty Loss We record casualty losses for i ) the book value of assets destroyed and ii ) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma.
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. 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 (including advertising expenditures), general and administrative expense, and interest expense 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. 198 U.S. Dollars per Euro at December 31, 2017 ( 1. 052 at December 31, 2016), and average exchange rates of 1.1 29 , 1. 107 and 1. 110 for the years ended December 31, 2017, 2016 and 2015, respectively . Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).
Comprehensive Income	Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our notes payable denominated in Euros.
Net Income Per Common Share	Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income 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 10). The following table reconciles from basic to diluted common shares outstanding:   For the Years Ended December 31,  2017 2016 2015    Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,613 173,091 172,699  Net effect of dilutive stock options -  based on treasury stock method 538 787 811  Diluted weighted average common  shares outstanding 174,151 173,878 173,510 

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	  For the Years Ended December 31,  2017 2016 2015    Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,613 173,091 172,699  Net effect of dilutive stock options -  based on treasury stock method 538 787 811  Diluted weighted average common  shares outstanding 174,151 173,878 173,510 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   For the Years Ended December 31,  2017 2016 2015  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 13,963,229 $ 13,205,261 $ 12,863,235  Capital expenditures to maintain real estate facilities 124,780 86,047 63,069  Acquisitions 274,115 406,154 176,444  Dispositions (1,092) - (19,970)  Assets damaged due to hurricanes (8,226) - -  Developed or redeveloped facilities opened for operation 311,559 268,905 123,484  Impact of foreign exchange rate changes 1,624 (3,138) (1,001)  Ending balance 14,665,989 13,963,229 13,205,261  Accumulated depreciation:  Beginning balance (5,270,963) (4,866,738) (4,482,520)  Depreciation expense (433,466) (406,046) (393,605)  Dispositions 123 - 8,886  Assets damaged due to hurricanes 4,940 - -  Impact of foreign exchange rate changes (965) 1,821 501  Ending balance (5,700,331) (5,270,963) (4,866,738)  Construction in process:  Beginning balance 230,310 219,190 104,573  Current development 349,712 288,154 238,101  Developed or redeveloped facilities opened for operation (311,559) (268,905) (123,484)  Dispositions and transfers to other assets (4,022) (8,129) -  Ending balance 264,441 230,310 219,190  Total real estate facilities at December 31, 2017 $ 9,230,099 $ 8,922,576 $ 8,557,713 

Investments In Unconsolidated28

Investments In Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31,  2017 2016 2017 2016 2015   PSB $ 400,133 $ 402,765 $ 46,544 $ 31,707 $ 34,155  Shurgard Europe 324,040 280,019 25,948 22,324 14,272  Other Investments - 6,423 3,163 2,725 2,510  Total $ 724,173 $ 689,207 $ 75,655 $ 56,756 $ 50,937 
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2017 2016 2015  (Amounts in thousands)  For the year ended December 31,  Revenues $ 402,179 $ 386,871 $ 373,135  Costs of operations (125,340) (123,108) (121,224)  Depreciation and amortization (94,270) (99,486) (105,394)  General and administrative (9,679) (14,862) (13,582)  Other items (1,148) (4,431) (12,200)  Gain on real estate investment sales 7,574 - 28,235  Net income 179,316 144,984 148,970  Allocations to preferred shareholders and  restricted share unitholders (64,612) (65,157) (62,184)  Net income allocated to common shareholders  and LP Unitholders $ 114,704 $ 79,827 $ 86,786       As of December 31,   Total assets (primarily real estate) $ 2,100,159 $ 2,119,371 $ 2,186,658  Debt - - 250,000  Preferred stock called for redemption 130,000 230,000 -  Other liabilities 80,223 78,657 76,059  Equity:  Preferred stock 959,750 879,750 920,000  Common equity and LP units 930,186 930,964 940,599 
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	 2017 2016 2015  (Amounts in thousands)  For the year ended December 31,  Self-storage and ancillary revenues $ 265,088 $ 252,321 $ 236,990  Self-storage and ancillary cost of operations (98,510) (97,099) (93,575)  Depreciation and amortization (63,282) (62,829) (66,665)  General and administrative (12,465) (13,199) (12,619)  Interest expense on third party debt (20,759) (20,617) (16,695)  Trademark license fee payable to Public Storage (2,647) (2,531) (2,376)  Income tax expense (17,601) (10,669) (10,799)  Costs of acquiring facilities and other 178 (1,667) (7,359)  Foreign exchange gain (loss) 306 (681) (150)   Net income $ 50,308 $ 43,029 $ 26,752  Average exchange rates of Euro to the U.S. Dollar 1.129 1.107 1.110      2017 2016 2015  (Amounts in thousands)  As of December 31,  Total assets (primarily self-storage facilities) $ 1,416,477 $ 1,261,912 $ 1,476,632  Total debt to third parties 726,617 666,926 662,336  Other liabilities 143,638 106,916 110,522  Equity 546,222 488,070 703,774   Exchange rate of Euro to U.S. Dollar 1.198 1.052 1.091 

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Payable [Abstract]
Notes Payable	  Amounts at December 31, 2017  Coupon Effective Unamortized Book Fair Book Value at  Rate Rate Principal Costs Value Value December 31, 2016  ($ amounts in thousands)  U.S. Dollar Denominated Unsecured Debt  Notes due September 2022 2.370% 2.483% $ 500,000 $ (2,475) $ 497,525 $ 492,088 $ -  Notes due September 2027 3.094% 3.218% 500,000 (5,132) 494,868 493,946 -  1,000,000 (7,607) 992,393 986,034 -   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 119,795 - 119,795 125,367 105,203  Notes due November 2025 2.175% 2.175% 289,921 - 289,921 305,445 254,607  409,716 - 409,716 430,812 359,810  Mortgage Debt, secured by 30 real estate  facilities with a net book value  of $118.3 million 4.054% 3.997% 29,213 - 29,213 30,355 30,939   $ 1,438,929 $ (7,607) $ 1,431,322 $ 1,447,201 $ 390,749  
Maturities Of Notes Payable	  Unsecured Mortgage  Debt Debt Total    2018 $ - $ 11,241 $ 11,241  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 909,716 11,308 921,024  $ 1,409,716 $ 29,213 $ 1,438,929  Weighted average effective rate 2.6% 4.0% 2.6% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At December 31, 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  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 - -  Series G 8/9/2022 5.050% 12,000 300,000 - -  Total Preferred Shares 161,000 $ 4,025,000 174,700 $ 4,367,500 
Schedule Of Issuance And Repurchases Of Common Shares	  2017 2016 2015  Shares Amount Shares Amount Shares Amount  Employee stock-based compensation and  exercise of stock options (Note 10) 564,583 $ 42,500 367,546 $ 25,541 475,687 $ 29,663 
Schedule Of Distribution Classification	  2017 (unaudited)  1st Quarter 2nd Quarter 3rd Quarter 4th Quarter  Ordinary Income 99.93 % 99.92 % 100.00 % 99.46 %  Long-Term Capital Gain 0.07 % 0.08 % 0.00 % 0.54 %  Total 100.00 % 100.00 % 100.00 % 100.00 %  

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Share-Based Compensation [Abstract]
Share-Based Compensation Options Outstanding Rollforward	  2017 2016 2015  Weighted Weighted Weighted  Average Average Average  Number Exercise Number Exercise Number Exercise  of Price of Price of Price  Options per Share Options per Share Options per Share  Options outstanding January 1, 1,995,440 $ 150.83 1,940,279 $ 130.08 2,085,544 $ 111.96  Granted 1,096,000 223.58 310,000 239.11 335,000 200.70  Exercised (482,523) 88.07 (254,839) 100.23 (365,265) 80.99  Cancelled (200,000) 203.64 - - (115,000) 163.15   Options outstanding December 31, 2,408,917 $ 192.12 1,995,440 $ 150.83 1,940,279 $ 130.08   Options exercisable at December 31, 848,250 $ 143.55 1,105,433 $ 108.84 1,150,272 $ 94.18 
Share-Based Compensation Valuation Assumptions	  2017 2016 2015   Stock option expense for the year (in 000's) $ 8,707 $ 5,180 $ 3,871   Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 61,334 $ 33,228 $ 46,719   Average assumptions used in valuing options with the Black-Scholes method:  Expected life of options in years, based upon historical experience 5 5 5  Risk-free interest rate 1.9% 1.2% 1.6%  Expected volatility, based upon historical volatility 17.9% 17.9% 15.1%  Expected dividend yield 3.6% 2.9% 2.9%   Average estimated value of options granted during the year $ 23.49 $ 26.18 $ 18.39 
Share-Based Compensation Restricted Units Outstanding And Vesting	  2017 2016 2015  Number of Grant Date Number of Grant Date Number of Grant Date  Restricted Aggregate Restricted Aggregate Restricted Aggregate  Share Units Fair Value Share Units Fair Value Share Units Fair Value  Restricted share units outstanding January 1, 696,641 $ 136,905 737,388 $ 129,284 751,048 $ 110,874  Granted 340,957 73,953 171,144 40,263 252,376 55,307  Vested (144,473) (25,305) (180,050) (26,689) (187,342) (24,752)  Forfeited (93,996) (19,409) (31,841) (5,953) (78,694) (12,145)   Restricted share units outstanding December 31, 799,129 $ 166,144 696,641 $ 136,905 737,388 $ 129,284 
Share-Based Compensation Shares Vesting During Year	  2017 2016 2015  Amounts for the year (in 000's, except number of shares):  Fair value of vested shares on vesting date $ 31,962 $ 41,400 $ 38,182  Cash paid for taxes upon vesting in lieu of issuing common shares $ 14,092 $ 15,357 $ 15,678  Common shares issued upon vesting 82,060 112,707 110,422  Restricted share unit expense (a) $ 28,841 $ 32,303 $ 28,699   (a) Amounts for 2017, 2016 and 2015 include approximately $ 0.7 million, $1.4 million and $1.1 million, respectively, in employer taxes incurred upon vesting .

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Information [Abstract]
Summary Of Segment Information	  For the year ended December 31, 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 $ 2,512,433 $ - $ - $ - $ - $ 2,512,433  Ancillary operations - 156,095 - - - 156,095  2,512,433 156,095 - - - 2,668,528   Cost of operations:  Self-storage operations 657,633 - - - - 657,633  Ancillary operations - 50,345 - - - 50,345  657,633 50,345 - - - 707,978   Net operating income:  Self-storage operations 1,854,800 - - - - 1,854,800  Ancillary operations - 105,750 - - - 105,750  1,854,800 105,750 - - - 1,960,550   Other components of net income (loss):  Depreciation and amortization (454,526) - - - - (454,526)  General and administrative - - - - (82,882) (82,882)  Interest and other income - - - - 18,771 18,771  Interest expense - - - - (12,690) (12,690)  Equity in earnings of  unconsolidated real estate entities - - 46,544 25,948 3,163 75,655  Foreign currency exchange loss - - - - (50,045) (50,045)  Casualty loss - - - - (7,789) (7,789)  Gain on real estate investment sales - - - - 1,421 1,421  Net income (loss) $ 1,400,274 $ 105,750 $ 46,544 $ 25,948 $ (130,051) $ 1,448,465      For the year ended December 31, 2016   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 2,405,828 $ - $ - $ - $ - $ 2,405,828  Ancillary operations - 154,721 - - - 154,721  2,405,828 154,721 - - - 2,560,549   Cost of operations:  Self-storage operations 617,905 - - - - 617,905  Ancillary operations - 51,178 - - - 51,178  617,905 51,178 - - - 669,083   Net operating income:  Self-storage operations 1,787,923 - - - - 1,787,923  Ancillary operations - 103,543 - - - 103,543  1,787,923 103,543 - - - 1,891,466   Other components of net income (loss):  Depreciation and amortization (433,314) - - - - (433,314)  General and administrative - - - - (83,656) (83,656)  Interest and other income - - - - 15,138 15,138  Interest expense - - - - (4,210) (4,210)  Equity in earnings of  unconsolidated real estate entities - - 31,707 22,324 2,725 56,756  Foreign currency exchange gain - - - - 17,570 17,570  Gain on real estate investment sales - - - - 689 689  Net income (loss) $ 1,354,609 $ 103,543 $ 31,707 $ 22,324 $ (51,744) $ 1,460,439    For the year ended December 31, 2015   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total   (Amounts in thousands)  Revenues:  Self-storage operations $ 2,235,525 $ - $ - $ - $ - $ 2,235,525  Ancillary operations - 146,171 - - - 146,171  2,235,525 146,171 - - - 2,381,696   Cost of operations:  Self-storage operations 586,696 - - - - 586,696  Ancillary operations - 48,806 - - - 48,806  586,696 48,806 - - - 635,502   Net operating income:  Self-storage operations 1,648,829 - - - - 1,648,829  Ancillary operations - 97,365 - - - 97,365  1,648,829 97,365 - - - 1,746,194   Other components of net income (loss):  Depreciation and amortization (426,008) - - - - (426,008)  General and administrative - - - - (88,177) (88,177)  Interest and other income - - - - 16,544 16,544  Interest expense - - - - (610) (610)  Equity in earnings of  unconsolidated real estate entities - - 34,155 14,272 2,510 50,937  Foreign currency exchange gain - - - - 306 306  Gain on real estate investment sales - - - - 18,503 18,503  Net income (loss) $ 1,222,821 $ 97,365 $ 34,155 $ 14,272 $ (50,924) $ 1,317,689 

Supplementary Quarterly Finan33

Supplementary Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	  Three Months Ended  March 31, June 30, September 30, December 31,  2017 2017 2017 2017  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 645,547 $ 664,312 $ 686,361 $ 672,308   Self-storage and ancillary cost of operations $ 182,902 $ 182,578 $ 190,619 $ 151,879   Depreciation and amortization $ 110,929 $ 110,177 $ 113,320 $ 120,100   Net Income $ 344,021 $ 355,207 $ 358,274 $ 390,963   Per Common Share  Net income - Basic $ 1.62 $ 1.59 $ 1.61 $ 1.92   Net income - Diluted $ 1.62 $ 1.59 $ 1.61 $ 1.92    Three Months Ended  March 31, June 30, September 30, December 31,  2016 2016 2016 2016  (Amounts in thousands, except per share data)   Self-storage and ancillary revenues $ 611,786 $ 634,188 $ 663,148 $ 651,427   Self-storage and ancillary cost of operations $ 173,286 $ 172,004 $ 178,627 $ 145,166   Depreciation and amortization $ 105,128 $ 107,013 $ 109,432 $ 111,741   Net Income $ 317,349 $ 358,359 $ 369,050 $ 415,681   Per Common Share  Net income - Basic $ 1.40 $ 1.62 $ 1.78 $ 2.04   Net income - Diluted $ 1.39 $ 1.61 $ 1.78 $ 2.03  

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2017ft²statecountryitem	Dec. 31, 2016
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,386
Net rentable square feet | ft²	159
Number of states with facilities | state	38
London [Member]
Nature Of Business [Line Items]
Owned Self Storage Facilities | item	1
Western Europe [Member]
Nature Of Business [Line Items]
Direct interest in self-storage facilities, number of countries | country	7
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	221
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 Accoun35

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	Dec. 31, 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	2,386
Commercial facilities in U.S.	3

Summary Of Significant Accoun36

Summary Of Significant Accounting Policies (Income Taxes, Real Estate Facilities and Cash Equivalents, Restricted Cash, Marketables Securities and Other Finanical Instruments) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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
Cash equivalents and restricted cash	456,053	$ 212,573	$ 115,555	$ 215,012
Cash and equivalents	433,376	183,688	104,300	187,700
Restricted cash included in other assets	$ 22,700	$ 28,900	$ 11,300	$ 27,300
Maximum [Member]
Estimated useful lives of buildings and improvements	5 years
Minimum [Member]
Estimated useful lives of buildings and improvements	25 years

Summary Of Significant Accoun37

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Goodwill balance	$ 174.6	$ 174.6
Shurgard trade name, book value	18.8	18.8
Tenant intangibles net book value	21.5	19.3
Accumulated amortization, tenant intangibles	31	54
Amortization expense, tenant intangibles	15	21.7	$ 26.1
Estimated future amortization expense, 2018	12.5
Estimated future amortization expense, 2019	3.5
Estimated future amortization expense, thereafter	5.5
Increase in tenant intangibles	17.2	$ 23	$ 8.9
Impairments	$ 0

Summary Of Significant Accoun38

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment And Foreign Currency Exchange Translation) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016	Dec. 31, 2015
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes	$ 7,789
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro	1.129	1.107	1.110
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro	1.198	1.052
Physical Damage To Facilities [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes	$ 3,300
Repairs, Cleanup, And Disposal [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes	$ 4,500

Summary Of Significant Accoun39

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,613	173,091	172,699
Net effect of dilutive stock options - based on treasury stock method	538	787	811
Diluted weighted average common shares outstanding	174,151	173,878	173,510

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	Dec. 31, 2017USD ($)ft²item	Dec. 31, 2017USD ($)ft²item	Dec. 31, 2016USD ($)ft²item	Dec. 31, 2015USD ($)ft²item	Dec. 31, 2014USD ($)
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities		$ 285,279	$ 416,178	$ 177,076
Cash proceeds from sale of real estate facilities				29,700	$ 14,700
Gain on real estate investment sales		1,421	689	$ 18,503
Real estate facilities for federal tax purposes	$ 9,800,000	9,800,000
Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Construction costs moved to other assets			8,100
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		6,400	$ 300
Gain on real estate investment sales		$ 1,400
Disposal Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item				1
Disposal Of Two Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of facilities disposed | item				2
Acquisition Of Self-Storage Facilities From Third Parties [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item		22	55	17
Net rentable square feet | ft²		1,365,000	4,121,000	1,285,000
Acquisition cost of real estate facilities		$ 149,800	$ 429,100	$ 185,400
Mortgage debt assumed			12,900	8,300
Aggregate cost, intangibles		$ 8,200	23,000	8,900
Cash to acquire self-storage facilities			$ 416,200	$ 177,100
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item	12
Net rentable square feet | ft²	749,000
Acquisition cost of real estate facilities	$ 141,800
Ownership interest, percentage	74.25%	74.25%
Book Value of acquired storage facility	$ 6,300
Aggregate cost, intangibles	9,000
Aggregate cost, other assets	300
Cash to acquire self-storage facilities	$ 135,500
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²		4,600,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 613,800
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²			2,275,000	1,312,000
Addtional net rentable square feet | ft²		2.7
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 311,600	$ 268,900	$ 123,500

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 13,963,229	$ 13,205,261	$ 12,863,235
Capital expenditures to maintain real estate facilities	124,780	86,047	63,069
Acquisitions	274,115	406,154	176,444
Dispositions	(1,092)		(19,970)
Assets damaged due to hurricanes	(8,226)
Developed or redeveloped facilities opened for operation	311,559	268,905	123,484
Impact of foreign exchange rate changes	1,624	(3,138)	(1,001)
Ending balance (Operating facilities, at cost)	14,665,989	13,963,229	13,205,261
Beginning balance, (Accumulated depreciation)	(5,270,963)	(4,866,738)	(4,482,520)
Depreciation expense	(433,466)	(406,046)	(393,605)
Dispositions	123		8,886
Assets damaged due to hurricanes	4,940
Impact of foreign exchange rate changes	(965)	1,821	501
Ending balance, (Accumulated depreciation)	(5,700,331)	(5,270,963)	(4,866,738)
Beginning Balance (Construction in process)	230,310	219,190	104,573
Current development	349,712	288,154	238,101
Developed or redeveloped facilities opened for operation	(311,559)	(268,905)	(123,484)
Dispositions and transfers to other assets	(4,022)	(8,129)
Ending Balance (Construction in process)	264,441	230,310	219,190
Total real estate facilities	$ 9,230,099	$ 8,922,576	$ 8,557,713

Investments In Unconsolidated42

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments In Unconsolidated Real Estate Entities [Abstract]
Cash distributions from Unconsolidated Real Estate Entities	$ 53,700	$ 151,800	$ 35,700
Distributions in excess of retained earnings from unconsolidated real estate entities		67,420
Amount of investment exceeding pro rata share of underlying equity	67,300	69,900
Equity earnings, amortization amount	$ 1,300	$ 1,800	$ 2,400

Investments In Unconsolidated43

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain on real estate investment sales	$ 1,421	$ 689	$ 18,503
PSB [Member]
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	$ 125.09
Market value of PSB stock and LP units	$ 1,800,000

Investments In Unconsolidated44

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities		$ (941,000)
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates	$ 19,400,000	(24,100,000)	$ (19,600,000)
Shurgard Europe [Member] | Accumulated Comprehensive Income [Member]
Schedule of Equity Method Investments [Line Items]
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities		$ 941,000

Investments In Unconsolidated45

Investments In Unconsolidated Real Estate Entities (Other Investments) (Narrative) (Details)	Dec. 31, 2017USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Cash to acquire self-storage facilities		$ 285,279,000	$ 416,178,000	$ 177,076,000
Gain on real estate investment sales		$ 1,421,000	$ 689,000	$ 18,503,000
Other Investments [Member]
Ownership interest, percentage	74.25%	74.25%
Cash to acquire self-storage facilities	$ 135,500,000
Number of facilities owned | item	12
Number of Facilites sold | item			1
Gain on real estate investment sales			$ 689,000

Investments In Unconsolidated46

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 724,173	$ 689,207
Equity in Earnings of Unconsolidated Real Estate Entities	75,655	56,756	$ 50,937
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities		6,423
Equity in Earnings of Unconsolidated Real Estate Entities	3,163	2,725	2,510
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	400,133	402,765
Equity in Earnings of Unconsolidated Real Estate Entities	46,544	31,707	34,155
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	324,040	280,019
Equity in Earnings of Unconsolidated Real Estate Entities	$ 25,948	$ 22,324	$ 14,272

Investments In Unconsolidated47

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / €	Dec. 31, 2016USD ($)$ / €	Dec. 31, 2015USD ($)$ / €
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	402,179	$ 386,871	$ 373,135
Self-storage and ancillary cost of operations	(125,340)	(123,108)	(121,224)
Depreciation and amortization	(94,270)	(99,486)	(105,394)
General and administrative	(9,679)	(14,862)	(13,582)
Other items	(1,148)	(4,431)	(12,200)
Gain on real estate investment sales	7,574		28,235
Net income	179,316	144,984	148,970
Allocations to preferred shareholders and restricted share unitholders	(64,612)	(65,157)	(62,184)
Net income allocated to common shareholders and LP Unitholders	114,704	79,827	86,786
Total assets	2,100,159	2,119,371	2,186,658
Debt			250,000
Preferred stock called for redemption	130,000	230,000
Other liabilities	80,223	78,657	76,059
Preferred stock	959,750	879,750	920,000
Common equity and LP units	930,186	930,964	940,599
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	265,088	252,321	236,990
Self-storage and ancillary cost of operations	(98,510)	(97,099)	(93,575)
Depreciation and amortization	(63,282)	(62,829)	(66,665)
General and administrative	(12,465)	(13,199)	(12,619)
Interest expense on third party debt	(20,759)	(20,617)	(16,695)
Trademark license fee payable to Public Storage	(2,647)	(2,531)	(2,376)
Income tax expense	(17,601)	(10,669)	(10,799)
Costs of acquiring facilities and other, net	178	(1,667)	(7,359)
Foreign exchange gain (loss)	306	(681)	(150)
Net income	$ 50,308	$ 43,029	$ 26,752
Average exchange rates of Euro to the U.S. Dollar | $ / €	1.129	1.107	1.110
Total assets	$ 1,416,477	$ 1,261,912	$ 1,476,632
Total debt to third parties	726,617	666,926	662,336
Other liabilities	143,638	106,916	110,522
Equity	$ 546,222	$ 488,070	$ 703,774
Exchange rate of Euro to U.S. Dollar | $ / €	1.198	1.052	1.091

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Feb. 28, 2018
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500
Expiration of Credit Facility	Mar. 31, 2020
Interest at period end spread (LIBOR)	0.85%
Facility fee percentage at end of quarter	0.08%
Borrowings on Credit Facility	$ 0
Reduction in borrowing capacity to amount of letters of credit	$ 16.1	$ 15.2
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	1.45%
Quarterly facility fee	0.08%
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	0.85%
Quarterly facility fee	0.25%
Subsequent Event [Member]
Schedule Of Debt [Line Items]
Borrowings on Credit Facility			$ 0

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Narrative) (Details)	Sep. 18, 2017USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017EUR (€)	Dec. 31, 2017USD ($)	Apr. 12, 2016EUR (€)
Debt issuance amount			$ 390,749,000
Proceeds on date of Issuance of Unsecured Debt		$ 992,077,000	113,620,000	$ 264,255,000
Foreign currency exchange (loss) gain		(50,045,000)	17,570,000	306,000
Cash paid for interest expense		$ 16,800,000	9,400,000	3,300,000
Interest capitalized as real estate			$ 5,100,000	2,700,000		$ 4,400,000
Mortgage Notes [Member]
interest rate			6.20%		4.20%	4.20%
Mortgage debt assumed			$ 12,900,000	8,300,000
Mortgage Notes [Member] | Maximum [Member]
interest rate					7.10%	7.10%
Maturity date		Sep. 1, 2028
Mortgage Notes [Member] | Minimum [Member]
interest rate					2.90%	2.90%
Maturity date		Nov. 1, 2018
Unsecured Debt [Member]
Foreign currency exchange (loss) gain		$ (50,000,000)	$ 17,600,000	$ 306,000
Unsecured Debt [Member] | The U.S. Dollar Notes [Member]
Issuance date		Sep. 18, 2017
Number of Tranches | item	2
Debt issuance amount	$ 500,000,000
Debt to Total Assets ratio		4.40%
Adjusted EBTIDA to interest Expense ratio		157.90%
Incurred costs		$ 7,900,000
Unsecured Debt [Member] | The U.S. Dollar Notes [Member] | Maximum [Member]
Debt to Total Assets ratio		65.00%
Unsecured Debt [Member] | The U.S. Dollar Notes [Member] | Minimum [Member]
Adjusted EBTIDA to interest Expense ratio		1.50%
Unsecured Debt [Member] | Notes Due April 2024 [Member]
Issuance date		Apr. 12, 2016
Debt issuance amount | €							€ 100,000,000
Proceeds on date of Issuance of Unsecured Debt		$ 113,600,000
Unsecured Debt [Member] | Notes Due November 2025 [Member]
Issuance date		Nov. 3, 2015
Debt issuance amount | €					€ 242,000,000
Proceeds on date of Issuance of Unsecured Debt		$ 264,300,000

Notes Payable (Notes Payable)50

Notes Payable (Notes Payable) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Principle	$ 1,438,929,000
Unamortized Costs	(7,607,000)
Book Value	1,431,322,000	$ 390,749,000
Fair Value	1,447,201,000
Debt issuance amount		390,749,000
U.S. Dollar Denominated Unsecured Debt [Member]
Principle	1,000,000,000
Unamortized Costs	(7,607,000)
Book Value	992,393,000
Fair Value	$ 986,034,000
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 2022 [Member]
Coupon Rate	2.37%
Effective Rate	2.483%
Principle	$ 500,000,000
Unamortized Costs	(2,475,000)
Book Value	497,525,000
Fair Value	$ 492,088,000
U.S. Dollar Denominated Unsecured Debt [Member] | Notes due, September 2027 [Member]
Coupon Rate	3.094%
Effective Rate	3.218%
Principle	$ 500,000,000
Unamortized Costs	(5,132,000)
Book Value	494,868,000
Fair Value	493,946,000
Euro Denominated Unsecured Debt [Member]
Principle	409,716,000
Book Value	409,716,000	359,810,000
Fair Value	$ 430,812,000
Euro Denominated Unsecured Debt [Member] | Notes Due April 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principle	$ 119,795,000
Book Value	119,795,000	105,203,000
Fair Value	$ 125,367,000
Euro Denominated Unsecured Debt [Member] | Notes Due November 2025 [Member]
Coupon Rate	2.175%
Effective Rate	2.175%
Principle	$ 289,921,000
Book Value	289,921,000	254,607,000
Fair Value	$ 305,445,000
Mortgage Debt [Member]
Coupon Rate	4.054%
Effective Rate	3.997%
Principle	$ 29,213,000
Book Value	29,213,000	$ 30,939,000
Fair Value	30,355,000
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable	$ 118,300,000
Real estate facilities securing debt | item	30

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Notes Payable	$ 1,431,322	$ 390,749
Unsecured Debt [Member]
Debt Instrument [Line Items]
2,022	500,000
Thereafter	909,716
Notes Payable	$ 1,409,716
Weighted average effective rate	2.60%
Mortgage Notes [Member]
Debt Instrument [Line Items]
2,018	$ 11,241
2,019	1,505
2,020	1,585
2,021	1,503
2,022	2,071
Thereafter	11,308
Notes Payable	$ 29,213
Weighted average effective rate	4.00%
Total [Member]
Debt Instrument [Line Items]
2,018	$ 11,241
2,019	1,505
2,020	1,585
2,021	1,503
2,022	502,071
Thereafter	921,024
Notes Payable	$ 1,438,929
Weighted average effective rate	2.60%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)itemshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Noncontrolling Interest [Line Items]
Allocation to reduction in redeemable noncontrolling interests	$ (6,700)
Distributions paid	7,392	$ 7,586	$ 7,325
Contributions by noncontrolling interests	2,484	3,470	1,562
Allocated to paid-in capital	7,700
Acquisition of noncontrolling interests	$ 14,425		5,492
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | item	12
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities under construction | item	8
Convertible partnership units | shares	231,978
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	$ 6,200	6,900	6,400
Distributions paid	7,392	7,586	7,325
Contributions by noncontrolling interests	2,484	$ 3,470	1,562
Acquisition of noncontrolling interests	$ 6,724		$ 60

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2017USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares
Class of Stock [Line Items]
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
EITF D-42 allocations	$ 29,330	$ 26,873	$ 8,897
Common stock dividends paid in aggregate	$ 1,394,000	$ 1,268,000	$ 1,126,000
Common stock dividends paid per share | $ / shares	$ 8	$ 7.30	$ 6.50
Preferred shareholders based on distributions paid	$ 236,535	$ 238,214	$ 245,097
Series O And P Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares			$ 270,000
Series Q and R Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares		$ 862,500
Series B, Series C, Series D, and Series E Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares		47
Preferred shares per depositary share		0.10%
Issuance price per depository share | $ / shares		$ 25
Gross proceeds from issuance of preferred stock		$ 1,175,000
Original issuance costs on preferred shares redeemed during the period		$ 38,800
Series F and G Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares	23.2
Preferred shares per depositary share	0.10%
Issuance price per depository share | $ / shares	$ 25
Gross proceeds from issuance of preferred stock	$ 580,000
Original issuance costs on preferred shares redeemed during the period	18,800
Series S and T Preferred Stock [Member]
Class of Stock [Line Items]
Redemption of cumulative preferred shares	$ 922,500

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Shareholders’ Equity [Abstract]
Number of shares authorized for repurchase	35,000,000			35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000			0
Common shares reserved in connection with share-based incentive plan	3,208,046	2,692,081		3,208,046
Common shares reserved for conversion of Convertable Partnership Units	231,978	231,978		231,978
Common stock dividends paid per share	$ 8	$ 7.30	$ 6.50
Common stock dividends paid in aggregate	$ 1,394,000	$ 1,268,000	$ 1,126,000
Preferred shareholders based on distributions paid	$ 236,535	$ 238,214	$ 245,097

Shareholders' Equity (Preferr55

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Preferred stock, shares outstanding	161,000	174,700
Liquidation Preference	$ 4,025,000	$ 4,367,500
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 12, 2017
Dividend Rate %	5.90%
Preferred stock, shares outstanding		18,400
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
Liquidation Preference		$ 462,500
Series U Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 15, 2017
Dividend Rate %	5.625%
Preferred stock, shares outstanding	11,500	11,500
Liquidation Preference	$ 287,500	$ 287,500
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 20, 2017
Dividend Rate %	5.375%
Preferred stock, shares outstanding	19,800	19,800
Liquidation Preference	$ 495,000	$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 16, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	20,000	20,000
Liquidation Preference	$ 500,000	$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 13, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	9,000	9,000
Liquidation Preference	$ 225,000	$ 225,000
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 17, 2019
Dividend Rate %	6.375%
Preferred stock, shares outstanding	11,400	11,400
Liquidation Preference	$ 285,000	$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 4, 2019
Dividend Rate %	6.00%
Preferred stock, shares outstanding	11,500	11,500
Liquidation Preference	$ 287,500	$ 287,500
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 2, 2019
Dividend Rate %	5.875%
Preferred stock, shares outstanding	7,600	7,600
Liquidation Preference	$ 190,000	$ 190,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 20, 2021
Dividend Rate %	5.40%
Preferred stock, shares outstanding	12,000	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%
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%
Preferred stock, shares outstanding	11,200
Liquidation Preference	$ 280,000
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 9, 2022
Dividend Rate %	5.05%
Preferred stock, shares outstanding	12,000
Liquidation Preference	$ 300,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shareholders’ Equity [Abstract]
Employee stock-based compensation and exercise of stock options (Note 9), Shares	564,583	367,546	475,687
Employee stock-based compensation and exercise of stock options (Note 9), Amount	$ 42,500	$ 25,541	$ 29,663

Shareholders' Equity (Schedul57

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Shareholders’ Equity [Abstract]
Ordinary Income	99.46%	100.00%	99.92%	99.93%
Long-Term Capital Gain	0.54%	0.00%	0.08%	0.07%
Total	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Hughes Family percentage ownership of common shares outstanding	14.30%
Ownership interest	0.00%
PS Canada [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities Hughes Family owns and operates in Canada | item	58
Tenants reinsurance premiums earned by Public Storage from the Canadian facilities Hughes Family has an interest in | $	$ 1,100,000	$ 848,000	$ 562,000

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of a change in accounting principle				$ 789,000
Stock options outstanding		2,408,917	1,995,440	1,940,279	2,085,544
Exercisable, average exercise price per share		$ 143.55	$ 108.84	$ 94.18
Stock options exercisable		848,250	1,105,433	1,150,272
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration date		Jun. 30, 2019
Stock options outstanding, aggregate intrinsic value		$ 65,100,000
Average remaining contractual lives		7 years
Aggregate intrinsic value for stock options exercisable		$ 57,600,000
Exercisable, average exercise price per share		$ 54.87
Stock options exercisable		195,750
Stock Options [Member] | Forecasted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 23,600,000
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years		5 years
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years		3 years
Exercise Price Above $200 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding		1,361,000
Range of exercise prices, upper		$ 200

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units outstanding	$ 167
Restricted stock, compensation expense not yet recognized	$ 130
Compensation recognition period	2 years 7 months 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	8 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	1,995,440	1,940,279	2,085,544
Granted, Number of Options	1,096,000	310,000	335,000
Exercised, Number of Options	(482,523)	(254,839)	(365,265)
Cancelled, Number of Options	(200,000)		(115,000)
Options outstanding December 31, Number of Options	2,408,917	1,995,440	1,940,279
Options exercisable at December 31, Number of Options	848,250	1,105,433	1,150,272
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 150.83	$ 130.08	$ 111.96
Granted, Weighted Average Exercise Price Per Share	223.58	239.11	200.70
Exercised. Weighted Average Exercise Price Per Share	88.07	100.23	80.99
Cancelled, Weighted Average Exercise Price Per Share	203.64		163.15
Options outstanding December 31, Weighted Average Exercise Price Per Share	192.12	150.83	130.08
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 143.55	$ 108.84	$ 94.18

Share-Based Compensation (Sha62

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 8,707	$ 5,180	$ 3,871
Aggregate exercise date intrinsic value of options exercised during the year	$ 61,334	$ 33,228	$ 46,719
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	1.90%	1.20%	1.60%
Expected volatility, based upon historical volatility	17.90%	17.90%	15.10%
Expected dividend yield	3.60%	2.90%	2.90%
Average estimated value of options granted during the year	$ 23.49	$ 26.18	$ 18.39

Share-Based Compensation (Sha63

Share-Based Compensation (Share-Based Compensation Restricted Units Outstanding Rollforward) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	696,641	737,388	751,048
Granted, Number Of Restricted Share Units	340,957	171,144	252,376
Vested, Number Of Restricted Share Units	(144,473)	(180,050)	(187,342)
Forfeited, Number Of Restricted Share Units	(93,996)	(31,841)	(78,694)
Restricted share units outstanding December 31, Number Of Restricted Share Units	799,129	696,641	737,388
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 136,905	$ 129,284	$ 110,874
Granted, Grant Date Aggregate Fair Value	73,953	40,263	55,307
Vested, Grant Date Aggregate Fair Value	(25,305)	(26,689)	(24,752)
Forfeited, Grant Date Aggregate Fair Value	(19,409)	(5,953)	(12,145)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 166,144	$ 136,905	$ 129,284

Share-Based Compensation (Sha64

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date		$ 31,962	$ 41,400	$ 38,182
Cash paid for taxes upon vesting in lieu of issuing common shares		$ 14,092	$ 15,357	$ 15,678
Common shares issued upon vesting		82,060	112,707	110,422
Restricted share unit expense	[1]	$ 28,841	$ 32,303	$ 28,699
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Taxes incurred upon vesting of restricted share units		$ 700	$ 1,400	$ 1,100
[1]	Amounts for 2017, 2016 and 2015 include approximately $0.7 million, $1.4 million and $1.1 million, respectively, in employer taxes incurred upon vesting.

Segment Information (Narrative)

Segment Information (Narrative) (Details)	Dec. 31, 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]
Ownership interest, percentage	49.00%	49.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Self-storage operations									$ 2,512,433	$ 2,405,828	$ 2,235,525
Ancillary operations									156,095	154,721	146,171
Total revenues	$ 672,308	$ 686,361	$ 664,312	$ 645,547	$ 651,427	$ 663,148	$ 634,188	$ 611,786	2,668,528	2,560,549	2,381,696
Self-storage cost of operations									657,633	617,905	586,696
Ancillary cost of operations									50,345	51,178	48,806
Total Cost of Operations	151,879	190,619	182,578	182,902	145,166	178,627	172,004	173,286	707,978	669,083	635,502
Net Operating Income - Self-Storage Operations									1,854,800	1,787,923	1,648,829
Net Operating Income - Ancillary Operations									105,750	103,543	97,365
Total Net Operating Income									1,960,550	1,891,466	1,746,194
Depreciation and amortization	(120,100)	(113,320)	(110,177)	(110,929)	(111,741)	(109,432)	(107,013)	(105,128)	(454,526)	(433,314)	(426,008)
General and administrative									(82,882)	(83,656)	(88,177)
Interest and other income									18,771	15,138	16,544
Interest expense									(12,690)	(4,210)	(610)
Equity in earnings of unconsolidated real estate entities									75,655	56,756	50,937
Foreign currency exchange (loss) gain									(50,045)	17,570	306
Casualty loss									(7,789)
Gain on real estate investment sales									1,421	689	18,503
Net income (loss)	$ 390,963	$ 358,274	$ 355,207	$ 344,021	$ 415,681	$ 369,050	$ 358,359	$ 317,349	1,448,465	1,460,439	1,317,689
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage operations									2,512,433	2,405,828	2,235,525
Total revenues									2,512,433	2,405,828	2,235,525
Self-storage cost of operations									657,633	617,905	586,696
Total Cost of Operations									657,633	617,905	586,696
Net Operating Income - Self-Storage Operations									1,854,800	1,787,923	1,648,829
Total Net Operating Income									1,854,800	1,787,923	1,648,829
Depreciation and amortization									(454,526)	(433,314)	(426,008)
Net income (loss)									1,400,274	1,354,609	1,222,821
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations									156,095	154,721	146,171
Total revenues									156,095	154,721	146,171
Ancillary cost of operations									50,345	51,178	48,806
Total Cost of Operations									50,345	51,178	48,806
Net Operating Income - Ancillary Operations									105,750	103,543	97,365
Total Net Operating Income									105,750	103,543	97,365
Net income (loss)									105,750	103,543	97,365
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									46,544	31,707	34,155
Net income (loss)									46,544	31,707	34,155
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									25,948	22,324	14,272
Net income (loss)									25,948	22,324	14,272
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative									(82,882)	(83,656)	(88,177)
Interest and other income									18,771	15,138	16,544
Interest expense									(12,690)	(4,210)	(610)
Equity in earnings of unconsolidated real estate entities									3,163	2,725	2,510
Foreign currency exchange (loss) gain									(50,045)	17,570	306
Casualty loss									(7,789)
Gain on real estate investment sales									1,421	689	18,503
Net income (loss)									$ (130,051)	$ (51,744)	$ (50,924)

Recent Accounting Pronounceme67

Recent Accounting Pronouncements And Guidance (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net cash used in investing activities	$ (739,854)	$ (699,111)	$ (456,135)
Accounting Standards Update 2016-18 [Member]
Net cash used in investing activities		$ 716,700	$ 440,100

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017USD ($)item
Commitments And Contingencies [Abstract]
Deductible for property	$ 25,000,000
Deductible for general liability	2,000,000
Aggregate per occurance property coverage	35,000,000
Aggregate per occurance general liability	5,000,000
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
Third-party insurance coverage for claims paid exceeding amount for individual event	15,000,000
Third-party limit for insurance coverage claims paid for individual event	$ 5,000,000
Tenant certificate holders participating in insurance program, approximate | item	900,000
Aggregate coverage of tenants participating in insurance program	$ 2,800,000,000
Construction commitments	159,800,000
Construction commitments 2018	127,800,000
Construction commitments 2019	$ 32,000,000

Supplementary Quarterly Finan69

Supplementary Quarterly Financial Data (Supplementary Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Quarterly Financial Data [Abstract]
Self-storage and ancillary revenues	$ 672,308	$ 686,361	$ 664,312	$ 645,547	$ 651,427	$ 663,148	$ 634,188	$ 611,786	$ 2,668,528	$ 2,560,549	$ 2,381,696
Self storage and ancillary cost of operations	151,879	190,619	182,578	182,902	145,166	178,627	172,004	173,286	707,978	669,083	635,502
Depreciation and amortization	120,100	113,320	110,177	110,929	111,741	109,432	107,013	105,128	454,526	433,314	426,008
Net income	$ 390,963	$ 358,274	$ 355,207	$ 344,021	$ 415,681	$ 369,050	$ 358,359	$ 317,349	$ 1,448,465	$ 1,460,439	$ 1,317,689
Net income - Basic	$ 1.92	$ 1.61	$ 1.59	$ 1.62	$ 2.04	$ 1.78	$ 1.62	$ 1.40	$ 6.75	$ 6.84	$ 6.10
Net income - Diluted	$ 1.92	$ 1.61	$ 1.59	$ 1.62	$ 2.03	$ 1.78	$ 1.61	$ 1.39	$ 6.73	$ 6.81	$ 6.07

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	2 Months Ended
	Feb. 28, 2018USD ($)ft²item
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	2
Net rentable square feet | ft²	181,000
Acquisition Cost, Real Estate Facilities | $	$ 18.3
Tennessee [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	1
Nebraska [Member]
Subsequent Event [Line Items]
Number of self-storage facilities to be acquired	1

Schedule III - Real Estate An71

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item
Real Estate and Accumulated Depreciation [Line Items]
2017 Encumbrances	$ 29,213
Initial Cost, Land	3,886,388
Initial Cost, Buildings & Improvements	8,544,627
Costs Subsequent to Acquisition	2,234,974
Gross Carrying Amount, Land	3,947,123
Gross Carrying Amount, Buildings	10,718,866
Gross Carrying Amount, Total	14,665,989
Accumulated Depreciation	$ 5,700,331
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	25 years
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	5 years
Los Angeles [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Los Angeles
No. of Facilities | item	220
2017 Encumbrances	$ 576
Initial Cost, Land	504,267
Initial Cost, Buildings & Improvements	904,163
Costs Subsequent to Acquisition	282,538
Gross Carrying Amount, Land	501,879
Gross Carrying Amount, Buildings	1,189,089
Gross Carrying Amount, Total	1,690,968
Accumulated Depreciation	$ 632,991
New York [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New York
No. of Facilities | item	94
Initial Cost, Land	$ 250,900
Initial Cost, Buildings & Improvements	548,541
Costs Subsequent to Acquisition	151,048
Gross Carrying Amount, Land	257,229
Gross Carrying Amount, Buildings	693,260
Gross Carrying Amount, Total	950,489
Accumulated Depreciation	$ 357,033
San Francisco [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Francisco
No. of Facilities | item	138
Initial Cost, Land	$ 231,943
Initial Cost, Buildings & Improvements	512,052
Costs Subsequent to Acquisition	167,760
Gross Carrying Amount, Land	244,693
Gross Carrying Amount, Buildings	667,062
Gross Carrying Amount, Total	911,755
Accumulated Depreciation	$ 392,298
Washington DC [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Washington DC
No. of Facilities | item	91
Initial Cost, Land	$ 233,905
Initial Cost, Buildings & Improvements	406,769
Costs Subsequent to Acquisition	107,686
Gross Carrying Amount, Land	239,107
Gross Carrying Amount, Buildings	509,253
Gross Carrying Amount, Total	748,360
Accumulated Depreciation	$ 265,498
Miami [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Miami
No. of Facilities | item	89
Initial Cost, Land	$ 212,661
Initial Cost, Buildings & Improvements	448,086
Costs Subsequent to Acquisition	81,773
Gross Carrying Amount, Land	214,553
Gross Carrying Amount, Buildings	527,967
Gross Carrying Amount, Total	742,520
Accumulated Depreciation	$ 256,989
Seattle/Tacoma [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Seattle/Tacoma
No. of Facilities | item	91
Initial Cost, Land	$ 177,451
Initial Cost, Buildings & Improvements	443,495
Costs Subsequent to Acquisition	92,336
Gross Carrying Amount, Land	178,107
Gross Carrying Amount, Buildings	535,175
Gross Carrying Amount, Total	713,282
Accumulated Depreciation	$ 279,770
Houston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Houston
No. of Facilities | item	119
Initial Cost, Land	$ 166,793
Initial Cost, Buildings & Improvements	411,023
Costs Subsequent to Acquisition	106,484
Gross Carrying Amount, Land	166,252
Gross Carrying Amount, Buildings	518,048
Gross Carrying Amount, Total	684,300
Accumulated Depreciation	$ 238,549
Dallas/Ft. Worth [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dallas/Ft. Worth
No. of Facilities | item	119
Initial Cost, Land	$ 166,838
Initial Cost, Buildings & Improvements	387,423
Costs Subsequent to Acquisition	94,713
Gross Carrying Amount, Land	167,570
Gross Carrying Amount, Buildings	481,404
Gross Carrying Amount, Total	648,974
Accumulated Depreciation	$ 239,552
Chicago [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chicago
No. of Facilities | item	130
Initial Cost, Land	$ 137,165
Initial Cost, Buildings & Improvements	352,595
Costs Subsequent to Acquisition	110,723
Gross Carrying Amount, Land	140,002
Gross Carrying Amount, Buildings	460,481
Gross Carrying Amount, Total	600,483
Accumulated Depreciation	$ 319,109
Atlanta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Atlanta
No. of Facilities | item	101
Initial Cost, Land	$ 122,880
Initial Cost, Buildings & Improvements	327,975
Costs Subsequent to Acquisition	63,069
Gross Carrying Amount, Land	123,242
Gross Carrying Amount, Buildings	390,682
Gross Carrying Amount, Total	513,924
Accumulated Depreciation	$ 225,677
Orlando/Daytona [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Orlando/Daytona
No. of Facilities | item	72
2017 Encumbrances	$ 12,450
Initial Cost, Land	140,411
Initial Cost, Buildings & Improvements	253,375
Costs Subsequent to Acquisition	52,494
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	300,388
Gross Carrying Amount, Total	446,280
Accumulated Depreciation	$ 132,531
West Palm Beach [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	West Palm Beach
No. of Facilities | item	44
Initial Cost, Land	$ 151,323
Initial Cost, Buildings & Improvements	207,388
Costs Subsequent to Acquisition	34,358
Gross Carrying Amount, Land	151,908
Gross Carrying Amount, Buildings	241,161
Gross Carrying Amount, Total	393,069
Accumulated Depreciation	$ 100,920
Charlotte [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charlotte
No. of Facilities | item	53
Initial Cost, Land	$ 75,968
Initial Cost, Buildings & Improvements	186,599
Costs Subsequent to Acquisition	50,814
Gross Carrying Amount, Land	83,831
Gross Carrying Amount, Buildings	229,550
Gross Carrying Amount, Total	313,381
Accumulated Depreciation	$ 97,806
Tampa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tampa
No. of Facilities | item	53
Initial Cost, Land	$ 87,165
Initial Cost, Buildings & Improvements	174,499
Costs Subsequent to Acquisition	43,210
Gross Carrying Amount, Land	89,937
Gross Carrying Amount, Buildings	214,937
Gross Carrying Amount, Total	304,874
Accumulated Depreciation	$ 105,200
Denver [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Denver
No. of Facilities | item	55
2017 Encumbrances	$ 10,013
Initial Cost, Land	82,240
Initial Cost, Buildings & Improvements	154,622
Costs Subsequent to Acquisition	63,230
Gross Carrying Amount, Land	82,969
Gross Carrying Amount, Buildings	217,123
Gross Carrying Amount, Total	300,092
Accumulated Depreciation	$ 120,812
Minneapolis/St. Paul [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Minneapolis/St. Paul
No. of Facilities | item	48
2017 Encumbrances	$ 4,702
Initial Cost, Land	85,484
Initial Cost, Buildings & Improvements	186,528
Costs Subsequent to Acquisition	22,090
Gross Carrying Amount, Land	85,649
Gross Carrying Amount, Buildings	208,453
Gross Carrying Amount, Total	294,102
Accumulated Depreciation	$ 94,282
Philadelphia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Philadelphia
No. of Facilities | item	57
Initial Cost, Land	$ 51,682
Initial Cost, Buildings & Improvements	152,406
Costs Subsequent to Acquisition	52,303
Gross Carrying Amount, Land	50,703
Gross Carrying Amount, Buildings	205,688
Gross Carrying Amount, Total	256,391
Accumulated Depreciation	$ 145,875
Phoenix [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Phoenix
No. of Facilities | item	39
Initial Cost, Land	$ 60,974
Initial Cost, Buildings & Improvements	169,042
Costs Subsequent to Acquisition	23,286
Gross Carrying Amount, Land	60,965
Gross Carrying Amount, Buildings	192,337
Gross Carrying Amount, Total	253,302
Accumulated Depreciation	$ 85,465
Detroit [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Detroit
No. of Facilities | item	41
Initial Cost, Land	$ 62,990
Initial Cost, Buildings & Improvements	159,461
Costs Subsequent to Acquisition	21,799
Gross Carrying Amount, Land	63,840
Gross Carrying Amount, Buildings	180,410
Gross Carrying Amount, Total	244,250
Accumulated Depreciation	$ 93,877
Boston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Boston
No. of Facilities | item	25
Initial Cost, Land	$ 61,583
Initial Cost, Buildings & Improvements	158,870
Costs Subsequent to Acquisition	20,179
Gross Carrying Amount, Land	62,149
Gross Carrying Amount, Buildings	178,483
Gross Carrying Amount, Total	240,632
Accumulated Depreciation	$ 77,297
Austin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Austin
No. of Facilities | item	31
Initial Cost, Land	$ 51,150
Initial Cost, Buildings & Improvements	115,641
Costs Subsequent to Acquisition	37,236
Gross Carrying Amount, Land	53,173
Gross Carrying Amount, Buildings	150,854
Gross Carrying Amount, Total	204,027
Accumulated Depreciation	$ 72,725
Portland [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Portland
No. of Facilities | item	43
Initial Cost, Land	$ 51,182
Initial Cost, Buildings & Improvements	126,464
Costs Subsequent to Acquisition	25,521
Gross Carrying Amount, Land	51,840
Gross Carrying Amount, Buildings	151,327
Gross Carrying Amount, Total	203,167
Accumulated Depreciation	$ 88,705
San Diego [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Diego
No. of Facilities | item	20
Initial Cost, Land	$ 47,884
Initial Cost, Buildings & Improvements	108,911
Costs Subsequent to Acquisition	37,976
Gross Carrying Amount, Land	50,392
Gross Carrying Amount, Buildings	144,379
Gross Carrying Amount, Total	194,771
Accumulated Depreciation	$ 74,585
Raleigh [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Raleigh
No. of Facilities | item	28
Initial Cost, Land	$ 50,348
Initial Cost, Buildings & Improvements	99,583
Costs Subsequent to Acquisition	27,010
Gross Carrying Amount, Land	51,477
Gross Carrying Amount, Buildings	125,464
Gross Carrying Amount, Total	176,941
Accumulated Depreciation	$ 49,330
Honolulu [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Honolulu
No. of Facilities | item	11
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	10,793
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	116,175
Gross Carrying Amount, Total	171,276
Accumulated Depreciation	$ 56,286
Norfolk [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Norfolk
No. of Facilities | item	28
Initial Cost, Land	$ 33,316
Initial Cost, Buildings & Improvements	81,267
Costs Subsequent to Acquisition	16,192
Gross Carrying Amount, Land	32,755
Gross Carrying Amount, Buildings	98,020
Gross Carrying Amount, Total	130,775
Accumulated Depreciation	$ 53,478
San Antonio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Antonio
No. of Facilities | item	28
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	25,438
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	101,508
Gross Carrying Amount, Total	129,032
Accumulated Depreciation	$ 59,598
Baltimore [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Baltimore
No. of Facilities | item	23
Initial Cost, Land	$ 25,176
Initial Cost, Buildings & Improvements	79,734
Costs Subsequent to Acquisition	16,677
Gross Carrying Amount, Land	25,300
Gross Carrying Amount, Buildings	96,287
Gross Carrying Amount, Total	121,587
Accumulated Depreciation	$ 62,675
Sacramento [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Sacramento
No. of Facilities | item	34
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	26,734
Gross Carrying Amount, Land	25,646
Gross Carrying Amount, Buildings	95,638
Gross Carrying Amount, Total	121,284
Accumulated Depreciation	$ 67,951
Columbus [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbus
No. of Facilities | item	22
Initial Cost, Land	$ 25,341
Initial Cost, Buildings & Improvements	64,746
Costs Subsequent to Acquisition	25,712
Gross Carrying Amount, Land	25,448
Gross Carrying Amount, Buildings	90,351
Gross Carrying Amount, Total	115,799
Accumulated Depreciation	$ 39,438
Oaklahoma City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Oklahoma City
No. of Facilities | item	21
Initial Cost, Land	$ 32,708
Initial Cost, Buildings & Improvements	65,664
Costs Subsequent to Acquisition	11,088
Gross Carrying Amount, Land	32,708
Gross Carrying Amount, Buildings	76,752
Gross Carrying Amount, Total	109,460
Accumulated Depreciation	$ 16,871
St. Louis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	St. Louis
No. of Facilities | item	26
Initial Cost, Land	$ 20,037
Initial Cost, Buildings & Improvements	56,237
Costs Subsequent to Acquisition	20,514
Gross Carrying Amount, Land	20,680
Gross Carrying Amount, Buildings	76,108
Gross Carrying Amount, Total	96,788
Accumulated Depreciation	$ 58,304
Columbia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbia
No. of Facilities | item	22
Initial Cost, Land	$ 19,608
Initial Cost, Buildings & Improvements	54,653
Costs Subsequent to Acquisition	17,965
Gross Carrying Amount, Land	20,367
Gross Carrying Amount, Buildings	71,859
Gross Carrying Amount, Total	92,226
Accumulated Depreciation	$ 28,345
Indianapolis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Indianapolis
No. of Facilities | item	22
Initial Cost, Land	$ 21,064
Initial Cost, Buildings & Improvements	57,655
Costs Subsequent to Acquisition	12,365
Gross Carrying Amount, Land	22,064
Gross Carrying Amount, Buildings	69,020
Gross Carrying Amount, Total	91,084
Accumulated Depreciation	$ 40,808
Las Vegas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Las Vegas
No. of Facilities | item	20
Initial Cost, Land	$ 23,168
Initial Cost, Buildings & Improvements	52,723
Costs Subsequent to Acquisition	9,655
Gross Carrying Amount, Land	22,417
Gross Carrying Amount, Buildings	63,129
Gross Carrying Amount, Total	85,546
Accumulated Depreciation	$ 43,534
Kansas City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Kansas City
No. of Facilities | item	24
Initial Cost, Land	$ 14,225
Initial Cost, Buildings & Improvements	43,732
Costs Subsequent to Acquisition	25,763
Gross Carrying Amount, Land	14,425
Gross Carrying Amount, Buildings	69,295
Gross Carrying Amount, Total	83,720
Accumulated Depreciation	$ 54,044
Savannah [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Savannah
No. of Facilities | item	12
Initial Cost, Land	$ 33,094
Initial Cost, Buildings & Improvements	42,465
Costs Subsequent to Acquisition	3,237
Gross Carrying Amount, Land	32,738
Gross Carrying Amount, Buildings	46,058
Gross Carrying Amount, Total	78,796
Accumulated Depreciation	$ 12,094
Cincinnati [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cincinnati
No. of Facilities | item	16
Initial Cost, Land	$ 14,927
Initial Cost, Buildings & Improvements	31,822
Costs Subsequent to Acquisition	17,119
Gross Carrying Amount, Land	14,845
Gross Carrying Amount, Buildings	49,023
Gross Carrying Amount, Total	63,868
Accumulated Depreciation	$ 26,134
Louisville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Louisville
No. of Facilities | item	12
Initial Cost, Land	$ 18,800
Initial Cost, Buildings & Improvements	34,861
Costs Subsequent to Acquisition	4,185
Gross Carrying Amount, Land	18,799
Gross Carrying Amount, Buildings	39,047
Gross Carrying Amount, Total	57,846
Accumulated Depreciation	$ 8,899
Greensboro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensboro
No. of Facilities | item	13
Initial Cost, Land	$ 12,737
Initial Cost, Buildings & Improvements	29,811
Costs Subsequent to Acquisition	12,608
Gross Carrying Amount, Land	14,826
Gross Carrying Amount, Buildings	40,330
Gross Carrying Amount, Total	55,156
Accumulated Depreciation	$ 22,955
Fort Myers/Naples [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Myers/Naples
No. of Facilities | item	9
Initial Cost, Land	$ 15,373
Initial Cost, Buildings & Improvements	35,353
Costs Subsequent to Acquisition	4,348
Gross Carrying Amount, Land	15,608
Gross Carrying Amount, Buildings	39,466
Gross Carrying Amount, Total	55,074
Accumulated Depreciation	$ 13,533
Milwaukee [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Milwaukee
No. of Facilities | item	15
2017 Encumbrances	$ 1,472
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	9,543
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	41,645
Gross Carrying Amount, Total	54,803
Accumulated Depreciation	$ 27,938
Jacksonville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Jacksonville
No. of Facilities | item	14
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	10,175
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	37,840
Gross Carrying Amount, Total	49,141
Accumulated Depreciation	$ 28,809
Charleston [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charleston
No. of Facilities | item	10
Initial Cost, Land	$ 10,849
Initial Cost, Buildings & Improvements	31,144
Costs Subsequent to Acquisition	6,987
Gross Carrying Amount, Land	11,825
Gross Carrying Amount, Buildings	37,155
Gross Carrying Amount, Total	48,980
Accumulated Depreciation	$ 17,439
Hartford/New Haven [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Hartford/New Haven
No. of Facilities | item	11
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	20,623
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	38,917
Gross Carrying Amount, Total	47,360
Accumulated Depreciation	$ 28,197
New Orleans [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New Orleans
No. of Facilities | item	9
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	5,548
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	36,212
Gross Carrying Amount, Total	45,585
Accumulated Depreciation	$ 22,620
Nashville/Bowling Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Nashville/Bowling Green
No. of Facilities | item	14
Initial Cost, Land	$ 10,405
Initial Cost, Buildings & Improvements	24,175
Costs Subsequent to Acquisition	9,254
Gross Carrying Amount, Land	10,402
Gross Carrying Amount, Buildings	33,432
Gross Carrying Amount, Total	43,834
Accumulated Depreciation	$ 24,463
Richmond [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Richmond
No. of Facilities | item	10
Initial Cost, Land	$ 13,248
Initial Cost, Buildings & Improvements	23,253
Costs Subsequent to Acquisition	4,059
Gross Carrying Amount, Land	13,053
Gross Carrying Amount, Buildings	27,507
Gross Carrying Amount, Total	40,560
Accumulated Depreciation	$ 15,360
Colorado Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Colorado Springs
No. of Facilities | item	12
Initial Cost, Land	$ 8,229
Initial Cost, Buildings & Improvements	19,659
Costs Subsequent to Acquisition	12,521
Gross Carrying Amount, Land	8,225
Gross Carrying Amount, Buildings	32,184
Gross Carrying Amount, Total	40,409
Accumulated Depreciation	$ 26,100
Tucson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tucson
No. of Facilities | item	7
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	5,390
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	30,400
Gross Carrying Amount, Total	40,284
Accumulated Depreciation	$ 16,866
Chattanooga [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chattanooga
No. of Facilities | item	10
Initial Cost, Land	$ 6,569
Initial Cost, Buildings & Improvements	26,045
Costs Subsequent to Acquisition	6,550
Gross Carrying Amount, Land	6,371
Gross Carrying Amount, Buildings	32,793
Gross Carrying Amount, Total	39,164
Accumulated Depreciation	$ 12,019
Greensville/Spartanburg/Asheville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensville/Spartanburg/Asheville
No. of Facilities | item	11
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	8,970
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	28,808
Gross Carrying Amount, Total	38,773
Accumulated Depreciation	$ 17,705
Memphis [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Memphis
No. of Facilities | item	9
Initial Cost, Land	$ 7,962
Initial Cost, Buildings & Improvements	21,981
Costs Subsequent to Acquisition	8,515
Gross Carrying Amount, Land	9,315
Gross Carrying Amount, Buildings	29,143
Gross Carrying Amount, Total	38,458
Accumulated Depreciation	$ 17,549
Monterey/Salinas [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Monterey/Salinas
No. of Facilities | item	7
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	3,848
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	28,009
Gross Carrying Amount, Total	36,464
Accumulated Depreciation	$ 18,415
Birmingham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Birmingham
No. of Facilities | item	14
Initial Cost, Land	$ 5,229
Initial Cost, Buildings & Improvements	17,835
Costs Subsequent to Acquisition	13,024
Gross Carrying Amount, Land	5,117
Gross Carrying Amount, Buildings	30,971
Gross Carrying Amount, Total	36,088
Accumulated Depreciation	$ 26,662
Reno [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Reno
No. of Facilities | item	7
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	3,932
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,636
Gross Carrying Amount, Total	28,123
Accumulated Depreciation	$ 10,622
Salt Lake City [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Salt Lake City
No. of Facilities | item	8
Initial Cost, Land	$ 7,846
Initial Cost, Buildings & Improvements	15,947
Costs Subsequent to Acquisition	4,264
Gross Carrying Amount, Land	7,495
Gross Carrying Amount, Buildings	20,562
Gross Carrying Amount, Total	28,057
Accumulated Depreciation	$ 12,310
Buffalo/Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Buffalo/Rochester
No. of Facilities | item	9
Initial Cost, Land	$ 6,785
Initial Cost, Buildings & Improvements	17,954
Costs Subsequent to Acquisition	2,986
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	20,942
Gross Carrying Amount, Total	27,725
Accumulated Depreciation	$ 11,987
Palm Springs [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Palm Springs
No. of Facilities | item	3
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	1,218
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	19,283
Gross Carrying Amount, Total	27,592
Accumulated Depreciation	$ 8,653
Mobile [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Mobile
No. of Facilities | item	9
Initial Cost, Land	$ 4,257
Initial Cost, Buildings & Improvements	17,441
Costs Subsequent to Acquisition	3,883
Gross Carrying Amount, Land	4,084
Gross Carrying Amount, Buildings	21,497
Gross Carrying Amount, Total	25,581
Accumulated Depreciation	$ 11,124
Cleveland/Akron [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cleveland/Akron
No. of Facilities | item	6
Initial Cost, Land	$ 3,778
Initial Cost, Buildings & Improvements	13,928
Costs Subsequent to Acquisition	4,705
Gross Carrying Amount, Land	4,171
Gross Carrying Amount, Buildings	18,240
Gross Carrying Amount, Total	22,411
Accumulated Depreciation	$ 9,679
London, UK [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	London, UK
No. of Facilities | item	1
Initial Cost, Land	$ 5,730
Initial Cost, Buildings & Improvements	14,278
Costs Subsequent to Acquisition	(1,921)
Gross Carrying Amount, Land	3,509
Gross Carrying Amount, Buildings	14,578
Gross Carrying Amount, Total	18,087
Accumulated Depreciation	$ 11,998
Wichita [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Wichita
No. of Facilities | item	7
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	6,766
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	13,344
Gross Carrying Amount, Total	15,474
Accumulated Depreciation	$ 10,835
Santa Barbara [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Santa Barbara
No. of Facilities | item	2
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	338
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,444
Gross Carrying Amount, Total	15,177
Accumulated Depreciation	$ 4,730
Providence [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Providence
No. of Facilities | item	3
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	2,684
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	13,890
Gross Carrying Amount, Total	14,885
Accumulated Depreciation	$ 5,252
Dayton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dayton
No. of Facilities | item	5
Initial Cost, Land	$ 1,074
Initial Cost, Buildings & Improvements	8,975
Costs Subsequent to Acquisition	4,642
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,618
Gross Carrying Amount, Total	14,691
Accumulated Depreciation	$ 6,073
Evansville [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Evansville
No. of Facilities | item	4
Initial Cost, Land	$ 1,826
Initial Cost, Buildings & Improvements	8,445
Costs Subsequent to Acquisition	1,093
Gross Carrying Amount, Land	1,798
Gross Carrying Amount, Buildings	9,566
Gross Carrying Amount, Total	11,364
Accumulated Depreciation	$ 2,690
Augusta [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Augusta
No. of Facilities | item	4
Initial Cost, Land	$ 1,793
Initial Cost, Buildings & Improvements	5,990
Costs Subsequent to Acquisition	2,242
Gross Carrying Amount, Land	1,793
Gross Carrying Amount, Buildings	8,232
Gross Carrying Amount, Total	10,025
Accumulated Depreciation	$ 5,235
Huntsville/Decatur [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Huntsville/Decatur
No. of Facilities | item	3
Initial Cost, Land	$ 1,024
Initial Cost, Buildings & Improvements	3,321
Costs Subsequent to Acquisition	2,963
Gross Carrying Amount, Land	971
Gross Carrying Amount, Buildings	6,337
Gross Carrying Amount, Total	7,308
Accumulated Depreciation	$ 5,822
Fort Wayne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Wayne
No. of Facilities | item	3
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	3,073
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,667
Gross Carrying Amount, Total	7,016
Accumulated Depreciation	$ 5,733
Springfield/Holyoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Springfield/Holyoke
No. of Facilities | item	2
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,709
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,090
Gross Carrying Amount, Total	6,517
Accumulated Depreciation	$ 4,121
Shreveport [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Shreveport
No. of Facilities | item	2
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	2,221
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,327
Gross Carrying Amount, Total	6,068
Accumulated Depreciation	$ 4,184
Rochester [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Rochester
No. of Facilities | item	2
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	1,695
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,008
Gross Carrying Amount, Total	4,988
Accumulated Depreciation	$ 3,571
Lansing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Lansing
No. of Facilities | item	2
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	806
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,688
Gross Carrying Amount, Total	4,244
Accumulated Depreciation	$ 1,887
Flint [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Flint
No. of Facilities | item	1
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	180
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,249
Gross Carrying Amount, Total	3,791
Accumulated Depreciation	$ 1,579
Topeka [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Topeka
No. of Facilities | item	2
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	1,756
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,175
Gross Carrying Amount, Total	3,400
Accumulated Depreciation	$ 2,737
Roanoke [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Roanoke
No. of Facilities | item	1
Initial Cost, Land	$ 819
Initial Cost, Buildings & Improvements	1,776
Costs Subsequent to Acquisition	569
Gross Carrying Amount, Land	819
Gross Carrying Amount, Buildings	2,345
Gross Carrying Amount, Total	3,164
Accumulated Depreciation	$ 2,058
Syracuse [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Syracuse
No. of Facilities | item	1
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	744
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,023
Gross Carrying Amount, Total	2,568
Accumulated Depreciation	$ 1,818
Omaha [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Omaha
No. of Facilities | item	1
Initial Cost, Land	$ 109
Initial Cost, Buildings & Improvements	806
Costs Subsequent to Acquisition	1,398
Gross Carrying Amount, Land	109
Gross Carrying Amount, Buildings	2,204
Gross Carrying Amount, Total	2,313
Accumulated Depreciation	$ 1,779
Joplin [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Joplin
No. of Facilities | item	1
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	939
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,843
Gross Carrying Amount, Total	2,107
Accumulated Depreciation	$ 1,468
Modesto/Fresno/Stockton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Modesto/Fresno/Stockton
No. of Facilities | item	1
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	962
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,019
Gross Carrying Amount, Total	1,212
Accumulated Depreciation	$ 648
Commercial and Non-Operating Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	real estate
Initial Cost, Land	$ 11,517
Initial Cost, Buildings & Improvements	26,939
Costs Subsequent to Acquisition	24,091
Gross Carrying Amount, Land	12,545
Gross Carrying Amount, Buildings	50,002
Gross Carrying Amount, Total	62,547
Accumulated Depreciation	$ 39,773