Public Storage (PSA) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		174,240,424

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 338,419	$ 433,376
Real estate facilities, at cost:
Land	3,993,027	3,947,123
Buildings	10,951,605	10,718,866
Real estate facilities, gross	14,944,632	14,665,989
Accumulated depreciation	(5,923,687)	(5,700,331)
Real estate facilities, net	9,020,945	8,965,658
Construction in process	234,044	264,441
Total real estate facilities	9,254,989	9,230,099
Investments in unconsolidated real estate entities	762,247	724,173
Goodwill and other intangible assets, net	207,390	214,957
Other assets	129,917	130,287
Total assets	10,692,962	10,732,892
LIABILITIES AND EQUITY
Notes Payable	1,420,834	1,431,322
Accrued and other liabilities	351,336	337,201
Total liabilities	1,772,170	1,768,523
Commitments and contingencies (Note 12)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 161,000 shares issued (in series) and outstanding, (161,000 at December 31, 2017), at liquidation preference	4,025,000	4,025,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 173,937,035 shares issued and outstanding (173,853,370 shares at December 31, 2017)	17,394	17,385
Paid-in capital	5,673,078	5,648,399
Accumulated deficit	(735,065)	(675,711)
Accumulated other comprehensive loss	(84,601)	(75,064)
Total Public Storage shareholders’ equity	8,895,806	8,940,009
Noncontrolling interests	24,986	24,360
Total equity	8,920,792	8,964,369
Total liabilities and equity	$ 10,692,962	$ 10,732,892

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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	161,000
Preferred stock, shares outstanding	161,000	161,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	173,937,035	173,853,370
Common stock, shares outstanding	173,937,035	173,853,370

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Self-storage facilities	$ 645,206	$ 624,199	$ 1,276,743	$ 1,231,977
Ancillary operations	40,322	40,113	78,709	77,882
Total revenues	685,528	664,312	1,355,452	1,309,859
Expenses:
Self-storage cost of operations	179,876	171,195	362,063	343,173
Ancillary cost of operations	11,101	11,383	21,741	22,307
Depreciation and amortization	119,777	110,177	237,756	221,106
General and administrative	31,329	14,992	62,849	40,020
Operating expenses	342,083	307,747	684,409	626,606
Operating income	343,445	356,565	671,043	683,253
Interest and other income	6,328	4,155	11,872	8,153
Interest expense	(8,388)	(1,116)	(16,495)	(2,164)
Equity in earnings of unconsolidated real estate entities	41,963	20,068	72,758	40,017
Foreign currency exchange gain (loss)	21,944	(25,440)	10,126	(31,006)
Gain on sale of real estate		975	424	975
Net income	405,292	355,207	749,728	699,228
Allocation to noncontrolling interests	(1,490)	(1,505)	(2,929)	(3,084)
Net income allocable to Public Storage shareholders	403,802	353,702	746,799	696,144
Allocation of net income to:
Preferred shareholders- distributions	(54,077)	(61,281)	(108,158)	(121,402)
Preferred shareholders - redemptions (Note 8)		(14,638)		(14,638)
Restricted share units	(1,425)	(1,102)	(2,522)	(2,292)
Net income allocable to common shareholders	$ 348,300	$ 276,681	$ 636,119	$ 557,812
Net income per common share:
Basic	$ 2	$ 1.59	$ 3.66	$ 3.22
Diluted	$ 2	$ 1.59	$ 3.65	$ 3.20
Basic weighted average common shares outstanding	173,932	173,602	173,912	173,483
Diluted weighted average common shares outstanding	174,224	174,075	174,186	174,072

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statements Of Comprehensive Income [Abstract]
Net income	$ 405,292	$ 355,207	$ 749,728	$ 699,228
Other comprehensive income (loss):
Aggregate foreign currency exchange gain (loss)	8,194	(15,358)	589	(18,043)
Adjust for aggregate foreign currency exchange gain (loss) included in net income	(21,944)	25,440	(10,126)	31,006
Other comprehensive income (loss)	(13,750)	10,082	(9,537)	12,963
Total comprehensive income	391,542	365,289	740,191	712,191
Allocation to noncontrolling interests	(1,490)	(1,505)	(2,929)	(3,084)
Comprehensive income allocable to Public Storage shareholders	$ 390,052	$ 363,784	$ 737,262	$ 709,107

Statement Of Equity

Statement Of Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 2017	$ 4,025,000	$ 17,385	$ 5,648,399	$ (675,711)	$ (75,064)	$ 8,940,009	$ 24,360	$ 8,964,369
Issuance of common shares in connection with share-based compensation (Note 10)		9	1,690			1,699		1,699
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			22,989			22,989		22,989
Contributions by noncontrolling interests							752	752
Net income				749,728		749,728		749,728
Net income allocated to noncontrolling interests				(2,929)		(2,929)	2,929	(2,929)
Distributions to equity holders:
Preferred shares (Note 8)				(108,158)		(108,158)		(108,158)
Noncontrolling interests							(3,055)	(3,055)
Common shares and restricted share units				(697,995)		(697,995)		(697,995)
Other comprehensive loss (Note 2)					(9,537)	(9,537)		(9,537)
Balances at Jun. 30, 2018	$ 4,025,000	$ 17,394	$ 5,673,078	$ (735,065)	$ (84,601)	$ 8,895,806	$ 24,986	$ 8,920,792

Statement Of Equity (Parentheti

Statement Of Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Statement Of Equity [Abstract]
Issuance of common shares in connection with share-based compensation, shares | shares	83,665
Common shares, per share distribution | $ / shares	$ 4

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 749,728	$ 699,228
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on real estate investment sales	(424)	(975)
Depreciation and amortization	237,756	221,106
Equity in earnings of unconsolidated real estate entities	(72,758)	(40,017)
Distributions from retained earnings of unconsolidated real estate entities	25,288	26,525
Foreign currency exchange (gain) loss	(10,126)	31,006
Share-based compensation expense	34,188	13,162
Other	14,258	15,292
Total adjustments	228,182	266,099
Net cash flows from operating activities	977,910	965,327
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(56,642)	(52,095)
Construction in process	(166,040)	(164,544)
Acquisition of real estate facilities and intangible assets	(33,930)	(34,407)
Proceeds from sale of real estate investments	1,947	5,596
Net cash flows from investing activities	(254,665)	(245,450)
Cash flows from financing activities:
Repayments on notes payable	(882)	(841)
Issuance of preferred shares		271,057
Issuance of common shares	1,699	31,902
Cash paid upon vesting of restricted share units	(10,242)	(11,764)
Acquisition of noncontrolling interests		(14,425)
Contributions by noncontrolling interests	752	584
Distributions paid to Public Storage shareholders	(806,153)	(817,987)
Distributions paid to noncontrolling interests	(3,055)	(3,749)
Net cash flows from financing activities	(817,881)	(545,223)
Net cash flows from operating, investing and financing activities	(94,636)	174,654
Net effect of foreign exchange translation	13	(104)
(Decrease) increase in cash, equivalents, and restricted cash	(94,623)	174,550
Cash, equivalents, and restricted cash at beginning of period:
Cash and equivalents	433,376	183,688
Restricted cash included in other assets	22,677	28,885
Cash, equivalents, and restricted cash	456,053	212,573
Cash, equivalents, and restricted cash at end of period:
Cash and equivalents	338,419	358,266
Restricted cash included in other assets	23,011	28,857
Cash, equivalents, and restricted cash	361,430	387,123
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	149	(374)
Investments in unconsolidated real estate entities	9,396	(12,569)
Notes payable	(10,121)	30,882
Accumulated other comprehensive loss	589	(18,043)
Preferred shares called for redemption and reclassified to liabilities		460,000
Preferred shares called for redemption and reclassified from equity		(460,000)
Accrued development costs and capital expenditures:
Capital expenditures to maintain real estate facilities	3,415	(1,445)
Construction in process	1,694	(2,336)
Accrued and other liabilities	$ (5,109)	$ 3,781

Description Of The Business

Description Of The Business	6 Months Ended
	Jun. 30, 2018
Description Of The Business [Abstract]
Description Of The Business	1. Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as merchandise sales and tenant reinsurance to the tenants at our self-storage facilities, as well as the acquisition and development of additional self-storage space. At June 30, 2018, we have direct and indirect equity interests in 2,40 2 self-storage facilities (with approximately 1 60 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 27 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 June 30, 2018, we have an approximate 42% common equity interest in PSB. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 12) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. 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 reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2018, the Company and the Subsidiaries own 2,40 2 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At June 30, 2018, the Unconsolidated Real Estate Entities are comprised of PSB 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 federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2018, 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. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash.  Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate 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 June 30, 2018, due primarily to our investment in Shurgard Europe (Note 4) and our 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 June 30, 2018 and December 31, 2017. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at June 30, 2018 and December 31, 2017. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2018, these intangibles had a net book value of $ 14.0 million ( $ 21.5 million at December 31, 2017). Accumulated amortization totaled $ 33.1 million at June 30, 2018 ( $31. 0 million at December 31, 2017), and amortization expense of $ 8.8 million and $ 8.0 million was recorded in the six months ended June 30, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2018 is approximately $ 4.8 million in the remainder of 2018, $3. 7 million in 2019 and $ 5.5 million thereafter. During the six months ended June 30, 2018, intangibles increased $ 1.3 million in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Casualty Loss We record casualty losses for a) the book value of assets destroyed and b) 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. 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. 168 U.S. Dollars per Euro at June 30, 2018 ( 1. 198 at December 31, 2017), and average exchange rates of 1. 192 and 1.09 9 for the three months ended June 30, 2018 and 2017 , respectively, and average exchange rates of 1.210 and 1.082 for the six months ended June 30, 2018 and 2017, 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 unsecured notes denominated in Euros. Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires revenue to be based upon the consideration expected from customers for promised goods or services. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance with respect to the sale of real estate facilities. The new standards permit either the retrospective or cumulative effects transition method. We adopted the new standards effective January 1, 2018 utilizing the modified retrospective transition method applied to open contracts. The new standards did not have a material impact on our results of operations or financial condition, primarily because most of our revenue is from rental revenue from self-storage facilities, and included in self-storage facilities revenue on our statements of income, which the new standards do not address, and because we do not provide any material products and services to our customers or sell material amounts of our real estate facilities. The remainder of our revenues are composed of elements that are either covered by the new standards but not impacted, or are not covered by the new standards. 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 effective January 1, 2019 with a cumulative effect through December 31, 2018 recorded through retained earnings. 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 May 2017, the FASB issued ASU 2017-09, Stock Compensation: Scope of Modification Accounting, to increase clarity and consistency of practice and reduce cost and complexity when modifying the terms of share-based awards. We prospectively adopted this guidance effective January 1, 2018, with no material impact on our financial statements. In November 2016, the FASB issued ASU 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 flows from investing activities decreased by $28,000 for the six months ended June 30, 2017 as compared to the current presentation on the statement of cash flows. 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 (amounts in thousands):   Three Months Ended June 30, Six Months Ended June 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,932 173,602 173,912 173,483  Net effect of dilutive stock options -  based on treasury stock method 292 473 274 589  Diluted weighted average common  shares outstanding 174,224 174,075 174,186 174,072 

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2018
Real Estate Facilities [Abstract]
Real Estate Facilities	 3. Real Estate Facilities  Activity in real estate facilities during the six months ended June 30, 2018 is as follows:      Six Months Ended  June 30, 2018  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 14,665,989  Capital expenditures to maintain real estate facilities 53,227  Acquisitions 32,679  Dispositions (1,603)  Developed or redeveloped facilities opened for operation 194,743  Impact of foreign exchange rate changes (403)  Ending balance 14,944,632  Accumulated depreciation:  Beginning balance (5,700,331)  Depreciation expense (223,690)  Dispositions 80  Impact of foreign exchange rate changes 254  Ending balance (5,923,687)  Construction in process:  Beginning balance 264,441  Current development 164,346  Developed or redeveloped facilities opened for operation (194,743)  Ending balance 234,044  Total real estate facilities at June 30, 2018 $ 9,254,989 During the six months ended June 30, 2018, we acquired five self-storage facilities ( 356,000 net rentable square feet), for a total cost of $ 33.9 million in cash, of which $ 1.3 million was allocated to intangible assets. We completed development and redevelopment activities costing $ 194.7 million during the six months ended June 30, 2018, adding 1 .7 million net rentable square feet of self-storage space. Construction in process at June 30, 2018 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities, which will build 6. 1 million net rentable square feet of storage space at an aggregate estimated cost of approximately $ 679.2 million. During the six months ended June 30, 2018, we sold portions of real estate facilities in connection with eminent domain proceedings for $2. 0 million in cash proceeds and recorded a related gain on sale of real estate of approximately $0. 4 million.

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2018
Investments In Unconsolidated Real Estate Entities [Abstract]
Investments In Unconsolidated Real Estate Entities	4. Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):    Investments in Unconsolidated Real Estate Entities at  June 30, 2018 December 31, 2017   PSB $ 435,987 $ 400,133  Shurgard Europe 326,260 324,040  Total $ 762,247 $ 724,173      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended June 30, Six Months Ended June 30,  2018 2017 2018 2017   PSB $ 36,612 $ 12,733 $ 60,443 $ 26,433  Shurgard Europe 5,351 6,650 12,315 12,241  Other Investments - 685 - 1,343  Total $ 41,963 $ 20,068 $ 72,758 $ 40,017  During the six months ended June 30, 2018 and 2017, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $25. 3 million and $ 26.5 million, respectively. At June 30, 2018, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $ 66.3 million ( $67.3 million at December 31, 2017). This differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities based upon allocations to the underlying net assets. Such amortization was approximately $ 0.9 million and $ 0.7 million during the six months ended June 30, 2018 and 2017, respectively. Investment in PSB PSB is a REIT traded on the New York Stock Exchange. We have an approximate 42% common equity interest in PSB as of June 30, 2018 and December 31, 2017, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units (“LP Units”) in an operating partnership controlled by PSB. The LP Units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at June 30, 2018 ( $1 28.50 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 9 billion. At June 30, 2018, the adjusted tax basis of our investment in PSB approximates book value. The following table sets forth selected financial information of PSB. The amounts represent all of PSB’s balances and not our pro-rata share.    2018 2017  (Amounts in thousands)  For the six months ended June 30,  Revenues $ 205,583 $ 199,861  Costs of operations (64,256) (61,283)  Depreciation and amortization (48,298) (46,706)  General and administrative (4,674) (5,274)  Other items 1,065 (464)  Gains on sale of real estate 85,283 5,074  Net income before allocation to preferred shareholders 174,703 91,208  and restricted share unitholders  Allocations to preferred shareholders and  restricted share unitholders (27,315) (26,327)  Net income allocated to common shareholders  and LP Unitholders $ 147,388 $ 64,881         June 30, December 31,  2018 2017  (Amounts in thousands)    Total assets (primarily real estate) $ 2,072,315 $ 2,100,159  Debt 10,000 -  Preferred stock called for redemption - 130,000  Other liabilities 81,296 80,223  Equity:  Preferred stock 959,750 959,750  Common equity and LP units 1,021,269 930,186  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 decreased our investment in Shurgard Europe by approximately $ 9.4 million and increased it by $ 12. 6 million in the six months ended June 30, 2018 and 2017, respectively. The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods, rather than our pro rata share. Such amounts are based upon our historical acquired book basis.      2018 2017  (Amounts in thousands)  For the six months ended June 30,  Self-storage and ancillary revenues $ 142,665 $ 124,886  Self-storage and ancillary cost of operations (53,186) (46,539)  Depreciation and amortization (37,114) (29,578)  General and administrative (5,488) (6,376)  Interest expense on third party debt (11,209) (10,099)  Trademark license fee payable to Public Storage (1,427) (1,249)  Income tax expense (11,873) (7,092)  Gain on real estate investment sale 1,225 -  Foreign exchange gain (loss) 113 (220)   Net income $ 23,706 $ 23,733  Average exchange rates of Euro to the U.S. Dollar 1.210 1.082       June 30, December 31,  2018 2017  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,412,300 $ 1,416,477  Total debt to third parties 708,411 726,617  Other liabilities 153,854 143,638  Equity 550,035 546,222   Exchange rate of Euro to U.S. Dollar 1.168 1.198

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018). We are also required to pay a quarterly facility fee ranging from 0.080% per annum to 0.250% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.080% per annum at June 30, 2018). At June 30, 2018 and August 1, 2018 , we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $16.1 million at June 30, 2018 and December 31, 2017. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at June 30, 2018.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
Notes Payable	6. Notes Payable Our notes payable at June 30, 2018 and December 31, 2017 are set forth in the table below:    Amounts at June 30, 2018  Coupon Effective Unamortized Book Fair Book Value at  Rate Rate Principal Costs Value Value December 31, 2017  ($ amounts in thousands)  U.S. Dollar Denominated Unsecured Debt  Notes due September 2022 2.370% 2.483% $ 500,000 $ (2,211) $ 497,789 $ 479,952 $ 497,525  Notes due September 2027 3.094% 3.218% 500,000 (4,868) 495,132 470,908 494,868  1,000,000 (7,079) 992,921 950,860 992,393   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 116,836 - 116,836 120,040 119,795  Notes due November 2025 2.175% 2.175% 282,759 - 282,759 297,490 289,921  399,595 - 399,595 417,530 409,716  Mortgage Debt , secured by 30 real estate  facilities with a net book value  of $115.5 million 4.031% 3.980% 28,318 - 28,318 29,144 29,213   $ 1,427,913 $ (7,079) $ 1,420,834 $ 1,397,534 $ 1,431,322  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 June 30, 2018. Included in these covenants are a) a maximum Debt to Total Assets of 65% ( 4.4% at June 30, 2018) and b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x ( 74.7x for the twelve months ended June 30, 2018) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Debt Our euro denominated unsecured notes (the “Euro Notes”) are payable to institutional investors. The Euro Notes consist of two tranches, (i) €242.0 million issued on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars and (ii) €100.0 million issued 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 June 30, 2018. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange gain (loss)” on our income statement (gains of $ 21.9 million and $ 10.1 million for the three and six months ended June 30, 2018, respectively, as compared to losses of $25.4 million and $31.0 million for the same periods in 2017, 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. At June 30, 2018, the related contractual interest rates are fixed, ranging between 2.9% and 7.1% , and mature between November 2018 and September 2028 . At June 30, 2018, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):   Unsecured Mortgage  Debt Debt Total    Remainder of 2018 $ - $ 10,361 $ 10,361  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 899,595 11,293 910,888  $ 1,399,595 $ 28,318 $ 1,427,913  Weighted average effective rate 2.6% 4.0% 2.6% Cash paid for interest totaled $ 18.3 million and $4 .3 million for the six months ended June 30, 2018 and 2017, respectively. Interest capitalized as real estate totaled $ 2.3 million and $2 .1 million for the six months ended June 30, 2018 and 2017, respectively.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At June 30, 2018, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 1 4 operating self-storage facilities and s ix self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one -for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At June 30, 2018, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the six months ended June 30, 2018 and 2017, we allocated a total of $ 2.9 million and $ 3.1 million, respectively, of income to these interests; and we paid $ 3.1 million and $ 3.7 million, respectively, in distributions to these interests. During the six months ended June 30, 2017, we acquired Noncontrolling Interests for $ 14.4 million ( none for the six months ended June 30, 2018), in cash, of which $7.7 million was allocated to Paid-in capital and $6.7 million as a reduction to Noncontrolling Interests. During the six months ended June 30, 2018 and 2017, Nonco ntrolling Interests contributed $ 0.8 million and $0.6 million, respectively, to our subsidiaries.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2018
Shareholders’ Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity  Preferred Shares At June 30, 2018 and December 31, 2017, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:     At June 30, 2018 At December 31, 2017  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  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 11,200 280,000  Series G 8/9/2022 5.050% 12,000 300,000 12,000 300,000  Total Preferred Shares 161,000 $ 4,025,000 161,000 $ 4,025,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At June 30, 2018, there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital. On June 2, 2017, we issued 11.2 million depositary shares, each representing 1/1 ,000 of a share of our 5.150% Series F Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $280.0 million in gross proceeds, and we incurred $8.9 million in issuance costs. In June 2017, we called for redemption of, and on July 26, 2017, we redeemed our 5.900% Series S Preferred Shares, at par. The liquidation value (at par) of $460.0 million was reclassified as a liability at June 30, 2017. We recorded a $14.6 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2017 in connection with this redemption. Dividends Common share dividends, including amounts paid to our restricted share unitholders, totaled $ 349.0 million ( $2.00 per share) and $ 348.4 million ( $2.00 per share) for the three months ended June 30, 2018 and 2017, respectively, and $ 698.0 million ( $4.00 per share) and $ 696.6 million ( $4.00 per share) for the six months ended June 30, 2018 and 2017, respectively. Preferred share dividends totaled $54.1 million and $61.3 million for the three months ended June 30, 2018 and 2017, respectively, and $ 108.2 million and $ 121.4 million for the six months ended June 30, 2018 and 2017, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018. At June 30, 2018, 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 $625,000 and $481,000 for the six months ended June 30, 2018 and 2017, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
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 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. In February 2018, we announced that our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) are retiring from their executive roles at the end of 2018 and will then serve only as Trustees of the Company. Pursuant to our share-based compensation plans, their unvested grants will continue to vest over the original vesting periods as long as they remain Trustees. For financial reporting, the service periods for previous stock option and RSU grants for these executives have changed from (i) the grants’ vesting periods to (ii) the end of 2018 when they will retire. Accordingly, all remaining share-based compensation expense for these two executives will now be amortized by the end of 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 ratably over a three to five -year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. For the three and six months ended June 30, 2018, we recorded $ 3.5 million and $7.0 million, respectively, in compensation expense related to stock options, as compared to $ 1.0 million and $2.8 million , for the same periods in 2017. Amounts for the three and six months ended June 30, 2018 include $1.8 million and $3.6 million, respectively, in connection with the acceleration of amortization of grants to our CEO and CFO noted above. Amounts for the three and six months ended June 30, 2017 reflect a reduction in compensation expense of $0.8 million related to stock options forfeited during the periods. During the six months ended June 30, 2018, 200,000 stock options were granted, 18, 778 options were exercised and 8,000 options were forfeited. A total of 2,582, 139 stock options were outstanding at June 30, 2018 ( 2,408,917 at December 31, 2017) and have an average exercise price of $192. 93 . Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the six months ended June 30, 2018, 71, 595 RSUs were granted, 35, 242 RSUs were forfeited and 113, 885 RSUs vested. This vesting resulted in the issuance of 64, 887 common shares. In addition, tax deposits totaling $10. 3 million ( $11.8 million for the same period in 2017) were made on behalf of employees in exchange for 48, 998 common shares withheld upon vesting. A total of 7 21,597 RSUs were outstanding at June 30, 2018 ( 799,129 at December 31, 2017). A total of $13.8 million and $ 27.2 million in RSU expense was recorded for the three and six months ended June 30, 2018, respectively, which includes approximately $0.1 million and $1.0 million in employer taxes incurred upon vesting, as compared to $ 3.3 million and $10.4 million for the same periods in 2017, which includes approximately $0.1 million and $0.6 million, respectively, in employer taxes incurred upon vesting. Amounts for the three and six months ended June 30, 2018 include $6. 0 million and $12.1 million, respectively, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for the three and six months ended June 30, 2017 reflect a reduction in compensation expense of $4.6 million related RSUs forfeited during the period.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
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):   Three months ended June 30, 2018   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 $ 645,206 $ - $ - $ - $ - $ 645,206  Ancillary operations - 40,322 - - - 40,322  645,206 40,322 - - - 685,528   Cost of operations:  Self-storage operations 179,876 - - - - 179,876  Ancillary operations - 11,101 - - - 11,101  179,876 11,101 - - - 190,977   Net operating income:  Self-storage operations 465,330 - - - - 465,330  Ancillary operations - 29,221 - - - 29,221  465,330 29,221 - - - 494,551   Other components of net income (loss):  Depreciation and amortization (119,777) - - - - (119,777)  General and administrative - - - - (31,329) (31,329)  Interest and other income - - - - 6,328 6,328  Interest expense - - - - (8,388) (8,388)  Equity in earnings of  unconsolidated real estate entities - - 36,612 5,351 - 41,963  Foreign currency exchange gain - - - - 21,944 21,944  Net income (loss) $ 345,553 $ 29,221 $ 36,612 $ 5,351 $ (11,445) $ 405,292      Three months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 624,199 $ - $ - $ - $ - $ 624,199  Ancillary operations - 40,113 - - - 40,113  624,199 40,113 - - - 664,312   Cost of operations:  Self-storage operations 171,195 - - - - 171,195  Ancillary operations - 11,383 - - - 11,383  171,195 11,383 - - - 182,578   Net operating income:  Self-storage operations 453,004 - - - - 453,004  Ancillary operations - 28,730 - - - 28,730  453,004 28,730 - - - 481,734   Other components of net income (loss):  Depreciation and amortization (110,177) - - - - (110,177)  General and administrative - - - - (14,992) (14,992)  Interest and other income - - - - 4,155 4,155  Interest expense - - - - (1,116) (1,116)  Equity in earnings of  unconsolidated real estate entities - - 12,733 6,650 685 20,068  Foreign currency exchange loss - - - - (25,440) (25,440)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 342,827 $ 28,730 $ 12,733 $ 6,650 $ (35,733) $ 355,207      Six months ended June 30, 2018   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,276,743 $ - $ - $ - $ - $ 1,276,743  Ancillary operations - 78,709 - - - 78,709  1,276,743 78,709 - - - 1,355,452   Cost of operations:  Self-storage operations 362,063 - - - - 362,063  Ancillary operations - 21,741 - - - 21,741  362,063 21,741 - - - 383,804   Net operating income:  Self-storage operations 914,680 - - - - 914,680  Ancillary operations - 56,968 - - - 56,968  914,680 56,968 - - - 971,648   Other components of net income (loss):  Depreciation and amortization (237,756) - - - - (237,756)  General and administrative - - - - (62,849) (62,849)  Interest and other income - - - - 11,872 11,872  Interest expense - - - - (16,495) (16,495)  Equity in earnings of  unconsolidated real estate entities - - 60,443 12,315 - 72,758  Foreign currency exchange gain - - - - 10,126 10,126  Gain on sale of real estate - - - - 424 424  Net income (loss) $ 676,924 $ 56,968 $ 60,443 $ 12,315 $ (56,922) $ 749,728     Six months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,231,977 $ - $ - $ - $ - $ 1,231,977  Ancillary operations - 77,882 - - - 77,882  1,231,977 77,882 - - - 1,309,859   Cost of operations:  Self-storage operations 343,173 - - - - 343,173  Ancillary operations - 22,307 - - - 22,307  343,173 22,307 - - - 365,480   Net operating income:  Self-storage operations 888,804 - - - - 888,804  Ancillary operations - 55,575 - - - 55,575  888,804 55,575 - - - 944,379   Other components of net income (loss):  Depreciation and amortization (221,106) - - - - (221,106)  General and administrative - - - - (40,020) (40,020)  Interest and other income - - - - 8,153 8,153  Interest expense - - - - (2,164) (2,164)  Equity in earnings of  unconsolidated real estate entities - - 26,433 12,241 1,343 40,017  Foreign currency exchange loss - - - - (31,006) (31,006)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 667,698 $ 55,575 $ 26,433 $ 12,241 $ (62,719) $ 699,228 

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies [Abstract]
Commitments And Contingencies	12. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We have historically carried property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. 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 customer 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 June 30, 2018, there were approximately 942,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2. 9 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $162. 4 million at June 30, 2018 . We expect to pay approximately $134. 6 million in the remainder of 2018 and $ 27.8 million in 2019 for these construction commitments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent to June 30, 2018, we acquired or were under contract to acquire (subject to customary closing conditions) 14 self-storage facilities, with 842,000 net rentable square feet, for $ 95.2 million. On July 13, 2018, we received a cash distribution from Shurgard Europe totaling $145.4 million.

Summary Of Significant Accoun22

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
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 reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2018, the Company and the Subsidiaries own 2,40 2 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At June 30, 2018, the Unconsolidated Real Estate Entities are comprised of PSB 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 federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2018, 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. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.
Other Assets	Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash. 
Accrued and Other Liabilities	 Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.
Cash Equivalents, Marketable Securities and Other Financial Instruments	Cash Equivalents, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity.
Fair Value	Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate 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 June 30, 2018, due primarily to our investment in Shurgard Europe (Note 4) and our 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 June 30, 2018 and December 31, 2017. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at June 30, 2018 and December 31, 2017. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2018, these intangibles had a net book value of $ 14.0 million ( $ 21.5 million at December 31, 2017). Accumulated amortization totaled $ 33.1 million at June 30, 2018 ( $31. 0 million at December 31, 2017), and amortization expense of $ 8.8 million and $ 8.0 million was recorded in the six months ended June 30, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2018 is approximately $ 4.8 million in the remainder of 2018, $3. 7 million in 2019 and $ 5.5 million thereafter. During the six months ended June 30, 2018, intangibles increased $ 1.3 million in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Casualty Loss	Casualty Loss We record casualty losses for a) the book value of assets destroyed and b) 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.
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. 168 U.S. Dollars per Euro at June 30, 2018 ( 1. 198 at December 31, 2017), and average exchange rates of 1. 192 and 1.09 9 for the three months ended June 30, 2018 and 2017 , respectively, and average exchange rates of 1.210 and 1.082 for the six months ended June 30, 2018 and 2017, 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 unsecured notes denominated in Euros.
Recent Accounting Pronouncements And Guidance	Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires revenue to be based upon the consideration expected from customers for promised goods or services. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance with respect to the sale of real estate facilities. The new standards permit either the retrospective or cumulative effects transition method. We adopted the new standards effective January 1, 2018 utilizing the modified retrospective transition method applied to open contracts. The new standards did not have a material impact on our results of operations or financial condition, primarily because most of our revenue is from rental revenue from self-storage facilities, and included in self-storage facilities revenue on our statements of income, which the new standards do not address, and because we do not provide any material products and services to our customers or sell material amounts of our real estate facilities. The remainder of our revenues are composed of elements that are either covered by the new standards but not impacted, or are not covered by the new standards. 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 effective January 1, 2019 with a cumulative effect through December 31, 2018 recorded through retained earnings. 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 May 2017, the FASB issued ASU 2017-09, Stock Compensation: Scope of Modification Accounting, to increase clarity and consistency of practice and reduce cost and complexity when modifying the terms of share-based awards. We prospectively adopted this guidance effective January 1, 2018, with no material impact on our financial statements. In November 2016, the FASB issued ASU 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 flows from investing activities decreased by $28,000 for the six months ended June 30, 2017 as compared to the current presentation on the statement of cash flows.
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 (amounts in thousands):   Three Months Ended June 30, Six Months Ended June 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,932 173,602 173,912 173,483  Net effect of dilutive stock options -  based on treasury stock method 292 473 274 589  Diluted weighted average common  shares outstanding 174,224 174,075 174,186 174,072 

Summary Of Significant Accoun23

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	  Three Months Ended June 30, Six Months Ended June 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,932 173,602 173,912 173,483  Net effect of dilutive stock options -  based on treasury stock method 292 473 274 589  Diluted weighted average common  shares outstanding 174,224 174,075 174,186 174,072 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   Six Months Ended  June 30, 2018  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 14,665,989  Capital expenditures to maintain real estate facilities 53,227  Acquisitions 32,679  Dispositions (1,603)  Developed or redeveloped facilities opened for operation 194,743  Impact of foreign exchange rate changes (403)  Ending balance 14,944,632  Accumulated depreciation:  Beginning balance (5,700,331)  Depreciation expense (223,690)  Dispositions 80  Impact of foreign exchange rate changes 254  Ending balance (5,923,687)  Construction in process:  Beginning balance 264,441  Current development 164,346  Developed or redeveloped facilities opened for operation (194,743)  Ending balance 234,044  Total real estate facilities at June 30, 2018 $ 9,254,989 

Investments In Unconsolidated25

Investments In Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate	  Investments in Unconsolidated Real Estate Entities at  June 30, 2018 December 31, 2017   PSB $ 435,987 $ 400,133  Shurgard Europe 326,260 324,040  Total $ 762,247 $ 724,173      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended June 30, Six Months Ended June 30,  2018 2017 2018 2017   PSB $ 36,612 $ 12,733 $ 60,443 $ 26,433  Shurgard Europe 5,351 6,650 12,315 12,241  Other Investments - 685 - 1,343  Total $ 41,963 $ 20,068 $ 72,758 $ 40,017 
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2018 2017  (Amounts in thousands)  For the six months ended June 30,  Revenues $ 205,583 $ 199,861  Costs of operations (64,256) (61,283)  Depreciation and amortization (48,298) (46,706)  General and administrative (4,674) (5,274)  Other items 1,065 (464)  Gains on sale of real estate 85,283 5,074  Net income before allocation to preferred shareholders 174,703 91,208  and restricted share unitholders  Allocations to preferred shareholders and  restricted share unitholders (27,315) (26,327)  Net income allocated to common shareholders  and LP Unitholders $ 147,388 $ 64,881         June 30, December 31,  2018 2017  (Amounts in thousands)    Total assets (primarily real estate) $ 2,072,315 $ 2,100,159  Debt 10,000 -  Preferred stock called for redemption - 130,000  Other liabilities 81,296 80,223  Equity:  Preferred stock 959,750 959,750  Common equity and LP units 1,021,269 930,186 
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2018 2017  (Amounts in thousands)  For the six months ended June 30,  Self-storage and ancillary revenues $ 142,665 $ 124,886  Self-storage and ancillary cost of operations (53,186) (46,539)  Depreciation and amortization (37,114) (29,578)  General and administrative (5,488) (6,376)  Interest expense on third party debt (11,209) (10,099)  Trademark license fee payable to Public Storage (1,427) (1,249)  Income tax expense (11,873) (7,092)  Gain on real estate investment sale 1,225 -  Foreign exchange gain (loss) 113 (220)   Net income $ 23,706 $ 23,733  Average exchange rates of Euro to the U.S. Dollar 1.210 1.082       June 30, December 31,  2018 2017  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,412,300 $ 1,416,477  Total debt to third parties 708,411 726,617  Other liabilities 153,854 143,638  Equity 550,035 546,222   Exchange rate of Euro to U.S. Dollar 1.168 1.198 

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
Notes Payable	  Amounts at June 30, 2018  Coupon Effective Unamortized Book Fair Book Value at  Rate Rate Principal Costs Value Value December 31, 2017  ($ amounts in thousands)  U.S. Dollar Denominated Unsecured Debt  Notes due September 2022 2.370% 2.483% $ 500,000 $ (2,211) $ 497,789 $ 479,952 $ 497,525  Notes due September 2027 3.094% 3.218% 500,000 (4,868) 495,132 470,908 494,868  1,000,000 (7,079) 992,921 950,860 992,393   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 116,836 - 116,836 120,040 119,795  Notes due November 2025 2.175% 2.175% 282,759 - 282,759 297,490 289,921  399,595 - 399,595 417,530 409,716  Mortgage Debt , secured by 30 real estate  facilities with a net book value  of $115.5 million 4.031% 3.980% 28,318 - 28,318 29,144 29,213   $ 1,427,913 $ (7,079) $ 1,420,834 $ 1,397,534 $ 1,431,322  
Maturities Of Notes Payable	  Unsecured Mortgage  Debt Debt Total    Remainder of 2018 $ - $ 10,361 $ 10,361  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 899,595 11,293 910,888  $ 1,399,595 $ 28,318 $ 1,427,913  Weighted average effective rate 2.6% 4.0% 2.6% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At June 30, 2018 At December 31, 2017  Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference  (Dollar amounts in thousands)  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 11,200 280,000  Series G 8/9/2022 5.050% 12,000 300,000 12,000 300,000  Total Preferred Shares 161,000 $ 4,025,000 161,000 $ 4,025,000 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Information [Abstract]
Summary Of Segment Information	  Three months ended June 30, 2018   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 $ 645,206 $ - $ - $ - $ - $ 645,206  Ancillary operations - 40,322 - - - 40,322  645,206 40,322 - - - 685,528   Cost of operations:  Self-storage operations 179,876 - - - - 179,876  Ancillary operations - 11,101 - - - 11,101  179,876 11,101 - - - 190,977   Net operating income:  Self-storage operations 465,330 - - - - 465,330  Ancillary operations - 29,221 - - - 29,221  465,330 29,221 - - - 494,551   Other components of net income (loss):  Depreciation and amortization (119,777) - - - - (119,777)  General and administrative - - - - (31,329) (31,329)  Interest and other income - - - - 6,328 6,328  Interest expense - - - - (8,388) (8,388)  Equity in earnings of  unconsolidated real estate entities - - 36,612 5,351 - 41,963  Foreign currency exchange gain - - - - 21,944 21,944  Net income (loss) $ 345,553 $ 29,221 $ 36,612 $ 5,351 $ (11,445) $ 405,292      Three months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 624,199 $ - $ - $ - $ - $ 624,199  Ancillary operations - 40,113 - - - 40,113  624,199 40,113 - - - 664,312   Cost of operations:  Self-storage operations 171,195 - - - - 171,195  Ancillary operations - 11,383 - - - 11,383  171,195 11,383 - - - 182,578   Net operating income:  Self-storage operations 453,004 - - - - 453,004  Ancillary operations - 28,730 - - - 28,730  453,004 28,730 - - - 481,734   Other components of net income (loss):  Depreciation and amortization (110,177) - - - - (110,177)  General and administrative - - - - (14,992) (14,992)  Interest and other income - - - - 4,155 4,155  Interest expense - - - - (1,116) (1,116)  Equity in earnings of  unconsolidated real estate entities - - 12,733 6,650 685 20,068  Foreign currency exchange loss - - - - (25,440) (25,440)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 342,827 $ 28,730 $ 12,733 $ 6,650 $ (35,733) $ 355,207      Six months ended June 30, 2018   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,276,743 $ - $ - $ - $ - $ 1,276,743  Ancillary operations - 78,709 - - - 78,709  1,276,743 78,709 - - - 1,355,452   Cost of operations:  Self-storage operations 362,063 - - - - 362,063  Ancillary operations - 21,741 - - - 21,741  362,063 21,741 - - - 383,804   Net operating income:  Self-storage operations 914,680 - - - - 914,680  Ancillary operations - 56,968 - - - 56,968  914,680 56,968 - - - 971,648   Other components of net income (loss):  Depreciation and amortization (237,756) - - - - (237,756)  General and administrative - - - - (62,849) (62,849)  Interest and other income - - - - 11,872 11,872  Interest expense - - - - (16,495) (16,495)  Equity in earnings of  unconsolidated real estate entities - - 60,443 12,315 - 72,758  Foreign currency exchange gain - - - - 10,126 10,126  Gain on sale of real estate - - - - 424 424  Net income (loss) $ 676,924 $ 56,968 $ 60,443 $ 12,315 $ (56,922) $ 749,728     Six months ended June 30, 2017   Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Europe Other Items Not Allocated to Segments Total  (Amounts in thousands)  Revenues:  Self-storage operations $ 1,231,977 $ - $ - $ - $ - $ 1,231,977  Ancillary operations - 77,882 - - - 77,882  1,231,977 77,882 - - - 1,309,859   Cost of operations:  Self-storage operations 343,173 - - - - 343,173  Ancillary operations - 22,307 - - - 22,307  343,173 22,307 - - - 365,480   Net operating income:  Self-storage operations 888,804 - - - - 888,804  Ancillary operations - 55,575 - - - 55,575  888,804 55,575 - - - 944,379   Other components of net income (loss):  Depreciation and amortization (221,106) - - - - (221,106)  General and administrative - - - - (40,020) (40,020)  Interest and other income - - - - 8,153 8,153  Interest expense - - - - (2,164) (2,164)  Equity in earnings of  unconsolidated real estate entities - - 26,433 12,241 1,343 40,017  Foreign currency exchange loss - - - - (31,006) (31,006)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 667,698 $ 55,575 $ 26,433 $ 12,241 $ (62,719) $ 699,228   

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2018ft²statecountyitem	Dec. 31, 2017
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,402
Net rentable square feet | ft²	160
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 | county	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	227
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 Accoun30

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	Jun. 30, 2018item
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	2,402
Commercial facilities in U.S.	3

Summary Of Significant Accoun31

Summary Of Significant Accounting Policies (Income Taxes and Real Estate Facilities) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018USD ($)
Percentage of real estate investment trust taxable income distributed for exemption of federal income tax	100.00%
Income tax expense	$ 0
Unrecognized tax benefits	$ 0
Maximum [Member]
Estimated useful lives of buildings and improvements	25 years
Minimum [Member]
Estimated useful lives of buildings and improvements	5 years

Summary Of Significant Accoun32

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
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	14		21.5
Accumulated amortization, tenant intangibles	33.1		$ 31
Amortization expense, tenant intangibles	8.8	$ 8
Estimated future amortization expense, remainder of 2018	4.8
Estimated future amortization expense, 2019	3.7
Estimated future amortization expense, thereafter	5.5
Increase in tenant intangibles	$ 1.3

Summary Of Significant Accoun33

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment, Foreign Currency Exchange Translation, And Recent Accounting Pronouncements And Guidance) (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Impairment charge on real estate and intangible assets			$ 0		$ 0
investing activities decreased cash flows			$ (254,665,000)	$ (245,450,000)
Accounting Standards Update 2016-18 [Member]
Trading Activity, Gains and Losses, Net [Line Items]
investing activities decreased cash flows				$ 28,000
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro	1.192	1.099	1.210	1.082
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro			1.168		1.198

Summary Of Significant Accoun34

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,932	173,602	173,912	173,483
Net effect of dilutive stock options - based on treasury stock method	292	473	274	589
Diluted weighted average common shares outstanding	174,224	174,075	174,186	174,072

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)ft²item	Jun. 30, 2017USD ($)
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate	$ 975	$ 424	$ 975
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		2,000
Gain on sale of real estate		$ 400
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item		5
Net rentable square feet | ft²		356,000
Acquisition cost of real estate facilities		$ 33,900
Aggregate cost, intangibles		$ 1,300
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²		6,100,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 679,200
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Addtional net rentable square feet | ft²		1,700,000
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 194,700

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 14,665,989
Capital expenditures to maintain real estate facilities	53,227
Acquisitions	32,679
Dispositions	(1,603)
Developed or redeveloped facilities opened for operation	194,743
Impact of foreign exchange rate changes	(403)
Ending balance (Operating facilities, at cost)	14,944,632
Beginning balance, (Accumulated depreciation)	(5,700,331)
Depreciation expense	(223,690)
Dispositions	80
Impact of foreign exchange rate changes	254
Ending balance, (Accumulated depreciation)	(5,923,687)
Beginning Balance (Construction in process)	264,441
Current development	164,346
Developed or redeveloped facilities opened for operation	(194,743)
Ending Balance (Construction in process)	234,044
Total real estate facilities	$ 9,254,989	$ 9,230,099

Investments In Unconsolidated37

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Investments In Unconsolidated Real Estate Entities [Abstract]
Cash distributions from Unconsolidated Real Estate Entities	$ 25.3	$ 26.5
Amount of investment exceeding pro rata share of underlying equity	66.3		$ 67.3
Equity earnings, amortization amount	$ 0.9	$ 0.7

Investments In Unconsolidated38

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Billions	Jun. 30, 2018	Dec. 31, 2017
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	$ 128.50
Market value of PSB stock and LP units	$ 1.9

Investments In Unconsolidated39

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - Shurgard Europe [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	49.00%
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates	$ (9.4)	$ 12.6
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%		51.00%

Investments In Unconsolidated40

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 762,247		$ 762,247		$ 724,173
Equity in Earnings of Unconsolidated Real Estate Entities	41,963	$ 20,068	72,758	$ 40,017
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities		685		1,343
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	435,987		435,987		400,133
Equity in Earnings of Unconsolidated Real Estate Entities	36,612	12,733	60,443	26,433
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	326,260		326,260		$ 324,040
Equity in Earnings of Unconsolidated Real Estate Entities	$ 5,351	$ 6,650	$ 12,315	$ 12,241

Investments In Unconsolidated41

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details)	6 Months Ended
	Jun. 30, 2018USD ($)$ / €	Jun. 30, 2017USD ($)$ / €	Dec. 31, 2017USD ($)$ / €
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	205,583,000	$ 199,861,000
Self-storage and ancillary cost of operations	(64,256,000)	(61,283,000)
Depreciation and amortization	(48,298,000)	(46,706,000)
General and administrative	(4,674,000)	(5,274,000)
Other items	1,065,000	(464,000)
Gain on sale of real estate	85,283,000	5,074,000
Net income before allocation to preferred shareholders and restricted share unitholders	174,703,000	91,208,000
Allocations to preferred shareholders and restricted share unitholders	(27,315,000)	(26,327,000)
Net income allocated to common shareholders and LP Unitholders	147,388,000	64,881,000
Total assets	2,072,315,000		$ 2,100,159,000
Debt	10,000,000
Preferred stock called for redemption			130,000,000
Other liabilities	81,296,000		80,223,000
Preferred stock	959,750,000		959,750,000
Common equity and LP units	1,021,269,000		930,186,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	142,665,000	124,886,000
Self-storage and ancillary cost of operations	(53,186,000)	(46,539,000)
Depreciation and amortization	(37,114,000)	(29,578,000)
General and administrative	(5,488,000)	(6,376,000)
Interest expense on third party debt	(11,209,000)	(10,099,000)
Trademark license fee payable to Public Storage	(1,427,000)	(1,249,000)
Income tax expense	(11,873,000)	(7,092,000)
Gain on sale of real estate	1,225,000
Foreign exchange gain (loss)	113,000	(220,000)
Net income	$ 23,706,000	$ 23,733,000
Average exchange rates of Euro to the U.S. Dollar | $ / €	1.210	1.082
Total assets	$ 1,412,300,000		1,416,477,000
Total debt to third parties	708,411,000		726,617,000
Other liabilities	153,854,000		143,638,000
Equity	$ 550,035,000		$ 546,222,000
Exchange rate of Euro to U.S. Dollar | $ / €	1.168		1.198

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Aug. 01, 2018
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500,000,000
Expiration of Credit Facility	Mar. 31, 2020
Interest at period end spread (LIBOR)	0.85%
Facility fee percentage at end of quarter	0.08%
Borrowings on Credit Facility	$ 0
Reduction in borrowing capacity to amount of letters of credit	$ 16,100,000	$ 16,100,000
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	1.45%
Quarterly facility fee	0.25%
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	0.85%
Quarterly facility fee	0.08%
Subsequent Event [Member]
Schedule Of Debt [Line Items]
Borrowings on Credit Facility			$ 0

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) € in Millions	Sep. 18, 2017USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)	Jun. 30, 2018EUR (€)	Jun. 30, 2018USD ($)
Foreign currency exchange gain (loss)		$ 21,944,000	$ (25,440,000)	$ 10,126,000	$ (31,006,000)
Cash paid for interest expense				$ 18,300,000	4,300,000
Interest capitalized as real estate			2,100,000		2,100,000		$ 2,300,000
The Euro Notes [Member]
Number of Tranches | item				2
Notes Due April 2024 [Member]
Issuance date				Apr. 12, 2016
Proceeds on date of Issuance of Unsecured Debt				$ 113,600,000
Total notes payable | €						€ 100
Notes Due November 2025 [Member]
Issuance date				Nov. 3, 2015
Proceeds on date of Issuance of Unsecured Debt				$ 264,300,000
Total notes payable | €						€ 242
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] | 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				74.7
Incurred costs	$ 7,900,000
Unsecured Debt [Member] | The Euro Notes [Member]
Foreign currency exchange gain (loss)		$ 21,900,000	$ 25,400,000	$ 10,100,000	$ 31,000,000
Unsecured Debt [Member] | Minimum Covenant [Member]
Adjusted EBTIDA to interest Expense ratio				1.5
Unsecured Debt [Member] | Maximum Covenant [Member]
Debt to Total Assets ratio				65.00%

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Details)	6 Months Ended
	Jun. 30, 2018USD ($)item	Dec. 31, 2017USD ($)
Principle	$ 1,427,913,000
Unamortized Costs	(7,079,000)
Book Value	1,420,834,000	$ 1,431,322,000
Fair Value	1,397,534,000
U.S. Dollar Denominated Unsecured Debt [Member]
Principle	1,000,000,000
Unamortized Costs	(7,079,000)
Book Value	992,921,000	992,393,000
Fair Value	$ 950,860,000
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	(2,211,000)
Book Value	497,789,000	497,525,000
Fair Value	$ 479,952,000
Maturity date	Sep. 1, 2022
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	(4,868,000)
Book Value	495,132,000	494,868,000
Fair Value	$ 470,908,000
Maturity date	Sep. 1, 2027
Euro Denominated Unsecured Debt [Member]
Principle	$ 399,595,000
Book Value	399,595,000	409,716,000
Fair Value	$ 417,530,000
Euro Denominated Unsecured Debt [Member] | Notes Due April 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principle	$ 116,836,000
Book Value	116,836,000	119,795,000
Fair Value	$ 120,040,000
Maturity date	Apr. 1, 2024
Euro Denominated Unsecured Debt [Member] | Notes Due November 2025 [Member]
Coupon Rate	2.175%
Effective Rate	2.175%
Principle	$ 282,759,000
Book Value	282,759,000	289,921,000
Fair Value	$ 297,490,000
Maturity date	Nov. 1, 2025
Mortgage Debt [Member]
Coupon Rate	4.031%
Effective Rate	3.98%
Principle	$ 28,318,000
Book Value	28,318,000	$ 29,213,000
Fair Value	29,144,000
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable	$ 115,500,000
Real estate facilities securing debt | item	30

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Notes Payable	$ 1,420,834	$ 1,431,322
Unsecured Debt [Member]
Debt Instrument [Line Items]
2,022	500,000
Thereafter	899,595
Notes Payable	$ 1,399,595
Weighted average effective rate	2.60%
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2018	$ 10,361
2,019	1,505
2,020	1,585
2,021	1,503
2,022	2,071
Thereafter	11,293
Notes Payable	$ 28,318
Weighted average effective rate	4.00%
Total [Member]
Debt Instrument [Line Items]
Remainder of 2018	$ 10,361
2,019	1,505
2,020	1,585
2,021	1,503
2,022	502,071
Thereafter	910,888
Notes Payable	$ 1,427,913
Weighted average effective rate	2.60%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)itemshares	Jun. 30, 2017USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 3,055
Contributions by noncontrolling interests	752
Acquisition of noncontrolling interests	$ 0	$ 14,400
Paid-In Capital [Member]
Noncontrolling Interest [Line Items]
Allocated to paid-in capital		7,700
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interests in Subsidiaries, number of self-storage facilities | item	14
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities under construction | item	6
Convertible partnership units | shares	231,978
Partnership Units Conversion Ratio	1
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	$ 2,900	3,100
Distributions paid	3,055	3,700
Contributions by noncontrolling interests	$ 752	600
Acquisition of noncontrolling interests		$ 6,700

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jun. 02, 2018USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2018USD ($)item$ / shares	Jun. 30, 2017USD ($)$ / shares
Class of Stock [Line Items]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item				6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item				2
Preferred stock, amount of preferred dividends in arrears				$ 0
Issuance price per depository share | $ / shares		$ 25		$ 25
Gross proceeds from issuance of preferred stock					$ 271,057
EITF D-42 allocations			$ 14,638		14,638
Common stock dividends paid in aggregate		$ 349,000	$ 348,400	$ 698,000	$ 696,600
Common stock dividends paid per share | $ / shares		$ 2	$ 2	$ 4	$ 4
Preferred shareholders based on distributions paid		$ 54,077	$ 61,281	$ 108,158	$ 121,402
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage					5.90%
Aggregate liquidation value (at par)			$ 460,000		$ 460,000
EITF D-42 allocations					$ 14,600
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares	11.2
Preferred shares per depositary share	0.01%
Preferred Stock, Dividend Rate, Percentage	5.15%			5.15%
Issuance price per depository share | $ / shares	$ 25
Gross proceeds from issuance of preferred stock	$ 280,000
Original issuance costs on preferred shares redeemed during the period	$ 8,900

Shareholders' Equity (Preferr48

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Jun. 02, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding		161,000		161,000
Liquidation Preference		$ 4,025,000		$ 4,025,000
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate %			5.90%
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%	5.15%
Preferred stock, shares outstanding		11,200		11,200
Liquidation Preference		$ 280,000		$ 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		12,000
Liquidation Preference		$ 300,000		$ 300,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)
Related Party Transaction [Line Items]
Hughes Family percentage ownership of common shares outstanding	14.30%
PS Canada [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities Hughes Family owns and operates in Canada | item	58
Tenants reinsurance premiums earned by Public Storage from the Canadian facilities Hughes Family has an interest in | $	$ 625,000	$ 481,000
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)item$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives retiring | item			2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years			10 years
Compensation expense | $	$ 3.5	$ 1	$ 7	$ 2.8
Stock options granted			200,000
Stock options exercised			18,778
Stock options forfeited			8,000
Reduction in compensation expense related to options forfeited | $		$ 0.8		$ 0.8
Stock options outstanding	2,582,139		2,582,139		2,408,917
Average exercise price | $ / shares	$ 192.93		$ 192.93
Stock Options [Member] | CEO And CFO Acceleration Of Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $	$ 1.8		$ 3.6
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

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax deposits made in exchange for RSUs			$ 10,242	$ 11,764
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued upon vesting			64,887
Tax deposits made in exchange for RSUs			$ 10,300	11,800
Restricted share units granted			71,595
Restricted share units forfeited			35,242
Restricted share units vested			113,885
Common shares withheld upon vesting in exchange for tax deposits			48,998
Restricted share units outstanding	721,597		721,597		799,129
Restricted share unit expense	$ 13,800	$ 3,300	$ 27,200	10,400
Restricted Stock Units, Taxes Incurred Upon Vesting	100	100	1,000	600
Reduction to RSU expense related to RSU's forfeited		$ 4,600		$ 4,600
Restricted Share Units [Member] | CEO and CFO Acceleration of Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share unit expense	$ 6,000		$ 12,100
Maximum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			8 years
Minimum [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			5 years

Segment Information (Narrative)

Segment Information (Narrative) (Details) - country	Jun. 30, 2018	Dec. 31, 2017
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%	42.00%
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Number of countries in which Shurgard Europe operates	7
Ownership interest, percentage	49.00%	49.00%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Self-storage operations	$ 645,206	$ 624,199	$ 1,276,743	$ 1,231,977
Ancillary operations	40,322	40,113	78,709	77,882
Total revenues	685,528	664,312	1,355,452	1,309,859
Self-storage cost of operations	179,876	171,195	362,063	343,173
Ancillary cost of operations	11,101	11,383	21,741	22,307
Total Cost of Operations	190,977	182,578	383,804	365,480
Net Operating Income - Self-Storage Operations	465,330	453,004	914,680	888,804
Net Operating Income - Ancillary Operations	29,221	28,730	56,968	55,575
Total Net Operating Income	494,551	481,734	971,648	944,379
Depreciation and amortization	(119,777)	(110,177)	(237,756)	(221,106)
General and administrative	(31,329)	(14,992)	(62,849)	(40,020)
Interest and other income	6,328	4,155	11,872	8,153
Interest expense	(8,388)	(1,116)	(16,495)	(2,164)
Equity in earnings of unconsolidated real estate entities	41,963	20,068	72,758	40,017
Foreign currency exchange gain (loss)	21,944	(25,440)	10,126	(31,006)
Gain on sale of real estate		975	424	975
Net income (loss)	405,292	355,207	749,728	699,228
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Self-storage operations	645,206	624,199	1,276,743	1,231,977
Total revenues	645,206	624,199	1,276,743	1,231,977
Self-storage cost of operations	179,876	171,195	362,063	343,173
Total Cost of Operations	179,876	171,195	362,063	343,173
Net Operating Income - Self-Storage Operations	465,330	453,004	914,680	888,804
Total Net Operating Income	465,330	453,004	914,680	888,804
Depreciation and amortization	(119,777)	(110,177)	(237,756)	(221,106)
Net income (loss)	345,553	342,827	676,924	667,698
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Ancillary operations	40,322	40,113	78,709	77,882
Total revenues	40,322	40,113	78,709	77,882
Ancillary cost of operations	11,101	11,383	21,741	22,307
Total Cost of Operations	11,101	11,383	21,741	22,307
Net Operating Income - Ancillary Operations	29,221	28,730	56,968	55,575
Total Net Operating Income	29,221	28,730	56,968	55,575
Net income (loss)	29,221	28,730	56,968	55,575
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	36,612	12,733	60,443	26,433
Net income (loss)	36,612	12,733	60,443	26,433
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	5,351	6,650	12,315	12,241
Net income (loss)	5,351	6,650	12,315	12,241
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(31,329)	(14,992)	(62,849)	(40,020)
Interest and other income	6,328	4,155	11,872	8,153
Interest expense	(8,388)	(1,116)	(16,495)	(2,164)
Equity in earnings of unconsolidated real estate entities		685		1,343
Foreign currency exchange gain (loss)	21,944	(25,440)	10,126	(31,006)
Gain on sale of real estate		975	424	975
Net income (loss)	$ (11,445)	$ (35,733)	$ (56,922)	$ (62,719)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018USD ($)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	942,000
Aggregate coverage of tenants participating in insurance program	$ 2,900,000,000
Construction commitments	162,400,000
Construction commitments 2018	134,600,000
Construction commitments 2019	$ 27,800,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ in Millions	Jul. 13, 2018USD ($)	Aug. 01, 2018USD ($)ft²item	Jun. 30, 2018USD ($)ft²	Jun. 30, 2017USD ($)
Subsequent Event [Line Items]
Payments for (Proceeds from) Real Estate Partnership Investment, Net			$ 25.3	$ 26.5
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | item		14
Net rentable square feet | ft²		842,000
Acquisition Cost, Real Estate Facilities		$ 95.2
Shurgard Europe [Member]
Subsequent Event [Line Items]
Net rentable square feet | ft²			12,000,000
Shurgard Europe [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments for (Proceeds from) Real Estate Partnership Investment, Net	$ 145.4