Public Storage (PSA) 10-Q 30 Oct 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 29, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Entity Registrant Name	Public Storage
Entity Central Index Key	1,393,311
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	false
Entity Small Business	false
Trading Symbol	psa
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		174,364,490

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 432,525	$ 433,376
Real estate facilities, at cost:
Land	4,027,764	3,947,123
Buildings	11,108,129	10,718,866
Real estate facilities, gross	15,135,893	14,665,989
Accumulated depreciation	(6,041,262)	(5,700,331)
Real estate facilities, net	9,094,631	8,965,658
Construction in process	253,719	264,441
Total real estate facilities	9,348,350	9,230,099
Investments in unconsolidated real estate entities	619,405	724,173
Goodwill and other intangible assets, net	209,317	214,957
Other assets	138,343	130,287
Total assets	10,747,940	10,732,892
LIABILITIES AND EQUITY
Notes Payable	1,417,945	1,431,322
Accrued and other liabilities	409,973	337,201
Total liabilities	1,827,918	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, 174,059,645 shares issued and outstanding (173,853,370 shares at December 31, 2017)	17,406	17,385
Paid-in capital	5,697,308	5,648,399
Accumulated deficit	(760,284)	(675,711)
Accumulated other comprehensive loss	(84,339)	(75,064)
Total Public Storage shareholders’ equity	8,895,091	8,940,009
Noncontrolling interests	24,931	24,360
Total equity	8,920,022	8,964,369
Total liabilities and equity	$ 10,747,940	$ 10,732,892

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 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	174,059,645	173,853,370
Common stock, shares outstanding	174,059,645	173,853,370

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 706,368	$ 686,361	$ 2,061,820	$ 1,996,220
Expenses:
Self-storage cost of operations	183,637	173,315	545,700	516,488
Ancillary cost of operations	11,907	17,304	33,648	39,611
Depreciation and amortization	124,516	113,320	362,272	334,426
General and administrative	27,429	22,311	90,278	62,331
Operating expenses	347,489	326,250	1,031,898	952,856
Operating income	358,879	360,111	1,029,922	1,043,364
Interest and other income	7,020	4,569	18,892	12,722
Interest expense	(8,094)	(2,389)	(24,589)	(4,553)
Equity in earnings of unconsolidated real estate entities	17,771	17,218	90,529	57,235
Foreign currency exchange gain (loss)	2,612	(13,446)	12,738	(44,452)
Casualty loss		(7,789)		(7,789)
Gain on sale of real estate	1,401		1,825	975
Net income	379,589	358,274	1,129,317	1,057,502
Allocation to noncontrolling interests	(1,562)	(1,600)	(4,491)	(4,684)
Net income allocable to Public Storage shareholders	378,027	356,674	1,124,826	1,052,818
Allocation of net income to:
Preferred shareholders- distributions	(54,080)	(61,055)	(162,238)	(182,457)
Preferred shareholders - redemptions (Note 8)		(14,692)		(29,330)
Restricted share units	(1,268)	(1,210)	(3,790)	(3,502)
Net income allocable to common shareholders	$ 322,679	$ 279,717	$ 958,798	$ 837,529
Net income per common share:
Basic	$ 1.85	$ 1.61	$ 5.51	$ 4.83
Diluted	$ 1.85	$ 1.61	$ 5.50	$ 4.81
Basic weighted average common shares outstanding	173,975	173,715	173,933	173,560
Diluted weighted average common shares outstanding	174,348	174,240	174,240	174,128
Self-Storage Facilities [Member]
Revenues:
Total revenues	$ 666,616	$ 646,238	$ 1,943,359	$ 1,878,215
Ancillary Operations [Member]
Revenues:
Total revenues	$ 39,752	$ 40,123	$ 118,461	$ 118,005

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statements Of Comprehensive Income [Abstract]
Net income	$ 379,589	$ 358,274	$ 1,129,317	$ 1,057,502
Other comprehensive income (loss):
Aggregate foreign currency exchange gain (loss)	2,874	(6,176)	3,463	(24,219)
Adjust for aggregate foreign currency exchange gain (loss) included in net income	(2,612)	13,446	(12,738)	44,452
Other comprehensive income (loss)	262	7,270	(9,275)	20,233
Total comprehensive income	379,851	365,544	1,120,042	1,077,735
Allocation to noncontrolling interests	(1,562)	(1,600)	(4,491)	(4,684)
Comprehensive income allocable to Public Storage shareholders	$ 378,289	$ 363,944	$ 1,115,551	$ 1,073,051

Statement Of Equity

Statement Of Equity - 9 months ended Sep. 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)		21	7,922			7,943		7,943
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			40,987			40,987		40,987
Contributions by noncontrolling interests							1,342	1,342
Net income				1,129,317		1,129,317		1,129,317
Net income allocated to noncontrolling interests				(4,491)		(4,491)	4,491	(4,491)
Distributions to equity holders:
Preferred shares (Note 8)				(162,238)		(162,238)		(162,238)
Noncontrolling interests							(5,262)	(5,262)
Common shares and restricted share units				(1,047,161)		(1,047,161)		(1,047,161)
Other comprehensive loss (Note 2)					(9,275)	(9,275)		(9,275)
Balances at Sep. 30, 2018	$ 4,025,000	$ 17,406	$ 5,697,308	$ (760,284)	$ (84,339)	$ 8,895,091	$ 24,931	$ 8,920,022

Statement Of Equity (Parentheti

Statement Of Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Statement Of Equity [Abstract]
Issuance of common shares in connection with share-based compensation, shares | shares	206,275
Common shares, per share distribution | $ / shares	$ 6

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 1,129,317	$ 1,057,502
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on real estate investment sales	(1,825)	(975)
Assets damaged due to hurricanes		3,286
Depreciation and amortization	362,272	334,426
Equity in earnings of unconsolidated real estate entities	(90,529)	(57,235)
Distributions from retained earnings of unconsolidated real estate entities	94,325	39,887
Foreign currency exchange (gain) loss	(12,738)	44,452
Share-based compensation expense	51,836	25,505
Other	45,678	55,671
Total adjustments	449,019	445,017
Net cash flows from operating activities	1,578,336	1,502,519
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(92,530)	(84,797)
Construction in process	(256,592)	(240,482)
Acquisition of real estate facilities and intangible assets	(107,775)	(81,676)
Distributions in excess of retained earnings from unconsolidated real estate entities	91,927
Proceeds from sale of real estate investments	3,390	5,596
Net cash flows from investing activities	(361,580)	(401,359)
Cash flows from financing activities:
Repayments on notes payable	(1,329)	(1,267)
Issuance of notes payable		992,129
Issuance of preferred shares		561,177
Issuance of common shares	7,943	34,754
Redemption of preferred shares		(922,500)
Cash paid upon vesting of restricted share units	(10,849)	(12,409)
Acquisition of noncontrolling interests		(14,425)
Contributions by noncontrolling interests	1,342	1,066
Distributions paid to Public Storage shareholders	(1,209,399)	(1,227,597)
Distributions paid to noncontrolling interests	(5,262)	(5,540)
Net cash flows from financing activities	(1,217,554)	(594,612)
Net cash flows from operating, investing and financing activities	(798)	506,548
Net effect of foreign exchange translation	(143)	(165)
(Decrease) increase in cash, equivalents, and restricted cash	(941)	506,383
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	432,525	694,233
Restricted cash included in other assets	22,587	24,723
Cash, equivalents, and restricted cash	455,112	718,956
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	170	(595)
Investments in unconsolidated real estate entities	9,045	(19,613)
Notes payable	(12,821)	44,262
Accumulated other comprehensive gain (loss)	3,463	(24,219)
Accrued development costs and capital expenditures:
Capital expenditures to maintain real estate facilities	(877)	2,272
Construction in process	(10,819)	(10,527)
Accrued and other liabilities	$ 11,696	$ 8,255

Description Of The Business

Description Of The Business	9 Months Ended
	Sep. 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 September 30, 2018, we have direct and indirect equity interests in 2,4 18 self-storage facilities (with approximately 1 61 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 Self Storage SA (“ 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 September 30, 2018, we have an approximate 42% common equity interest in PSB. See Note 13 ‘Subsequent Events” for further information on an initial global offering of Shurgard Europe’s shares. 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	9 Months Ended
	Sep. 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 September 30, 2018, the Company and the Subsidiaries own 2,4 18 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At September 30, 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 September 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 September 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 September 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 September 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 September 30, 2018, these intangibles had a net book value of $ 15.9 million ( $ 21.5 million at December 31, 2017). Accumulated amortization totaled $ 29.0 million at September 30, 2018 ( $31. 0 million at December 31, 2017), and amortization expense of $ 12.7 million and $ 11.9 million was recorded in the nine months ended September 30, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at September 30, 2018 is approximately $ 3.3 million in the remainder of 2018, $6. 3 million in 2019 and $ 6.3 million thereafter. During the nine months ended September 30, 2018, intangibles increased $ 7.1 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. During the three and nine months ended September 30, 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1. 160 U.S. Dollars per Euro at September 30, 2018 ( 1. 198 at December 31, 2017), and average exchange rates of 1. 162 and 1. 175 for the three months ended September 30, 2018 and 2017 , respectively, and average exchange rates of 1. 194 and 1. 113 for the nine months ended September 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 $4,162,000 for the nine months ended September 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 Nine Months Ended  September 30, September 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,975 173,715 173,933 173,560  Net effect of dilutive stock options -  based on treasury stock method 373 525 307 568  Diluted weighted average common  shares outstanding 174,348 174,240 174,240 174,128 

Real Estate Facilities

Real Estate Facilities	9 Months Ended
	Sep. 30, 2018
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities  Activity in real estate facilities during the nine months ended September 30 , 2018 is as follows:      Nine Months Ended  September 30, 2018  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 14,665,989  Capital expenditures to maintain real estate facilities 93,407  Acquisitions 100,632  Dispositions (1,686)  Developed or redeveloped facilities opened for operation 278,133  Impact of foreign exchange rate changes (582)  Ending balance 15,135,893  Accumulated depreciation:  Beginning balance (5,700,331)  Depreciation expense (341,464)  Dispositions 121  Impact of foreign exchange rate changes 412  Ending balance (6,041,262)  Construction in process:  Beginning balance 264,441  Current development 267,411  Developed or redeveloped facilities opened for operation (278,133)  Ending balance 253,719  Total real estate facilities at September 30, 2018 $ 9,348,350 During the nine months ended September 30, 2018, we acquired 16 self-storage facilities ( 1.0 million net rentable square feet), for a total cost of $ 107.8 million in cash, of which $ 7.1 million was allocated to intangible assets. We completed development and redevelopment activities costing $ 278.1 million during the nine months ended September 30, 2018, adding 2 .4 million net rentable square feet of self-storage space. Construction in process at September 30, 2018 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities, which will bui ld 5. 4 million net rentable square feet of storage space at an aggregate estimated cost of approximately $ 596.4 million. During the nine months ended September 30, 2018, we sold portions of real estate facilities in connection with eminent domain proceedings for $3. 4 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1. 8 million .

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	9 Months Ended
	Sep. 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  September 30, 2018 December 31, 2017   PSB $ 433,809 $ 400,133  Shurgard Europe 185,596 324,040  Total $ 619,405 $ 724,173      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended September 30, Nine Months Ended September 30,  2018 2017 2018 2017   PSB $ 13,008 $ 9,261 $ 73,451 $ 35,694  Shurgard Europe 4,763 7,243 17,078 19,484  Legacy Institutional  Partnership - 714 - 2,057  Total $ 17,771 $ 17,218 $ 90,529 $ 57,235  During the nine months ended September 30 , 2018 and 2017, we received cash distributions from our investments in the Unconsolidated Real Estate Entities totaling $186. 3 million and $ 39.9 million, respectively. For the nine months ended September 30, 2018, $ 91.9 million of the distributions received exceeded the retained earnings of the Unconsolidated Real Estate Entities and are presented as an investing activity on our statement of cash flows. At September 30, 2018, the cost of our investment in the Unconsolidated Real Estate Entities exceeds our pro rata share of the underlying equity by approximately $ 66.8 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 $ 1.1 million and $ 1.0 million during the nine months ended September 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 September 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 September 30, 2018 ( $1 27.09 per share of PSB common stock), the shares and units we owned had a market value of approximately $1. 8 billion. At September 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 nine months ended September 30,  Revenues $ 309,391 $ 300,342  Costs of operations (95,910) (92,962)  Depreciation and amortization (73,505) (70,465)  General and administrative (7,099) (7,019)  Other items 1,575 (1,131)  Gains on sale of real estate 85,283 5,074  Net income before allocation to preferred shareholders  and restricted share unitholders 219,735 133,839  Allocations to preferred shareholders and  restricted share unitholders (40,513) (45,954)  Net income allocated to common shareholders  and LP Unitholders $ 179,222 $ 87,885     September 30, December 31,  2018 2017  (Amounts in thousands)    Total assets (primarily real estate) $ 2,063,377 $ 2,100,159  Preferred stock called for redemption - 130,000  Other liabilities 85,978 80,223  Equity:  Preferred stock 959,750 959,750  Common equity and LP units 1,017,649 930,186  Investment in Shurgard Europe For all periods presented, we owned 31,268,459 shares of Shurgard Europe representing 49% of the shares outstanding and our joint venture partner own ed the remaining shares . See Note 13 “Subsequent Events” for further information on an initial global offering of Shurgard Europe’s common shares. 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. During the three months ended September 30, 2018, Shurgard Europe paid a cash dividend to its shareholders, of which our equity share was $145.4 million. Changes in foreign currency exchange rates decreased our investment in Shurgard Europe by approximately $ 9.0 million and increased it by $ 19. 6 million in the nine months ended September 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. Our equity earnings in Shurgard Europe are based upon our acquired book basis under GAAP, while Shurgard’s separate financial statements are presented in accordance with International Financial Reporting Standards (“IFRS”). For Shurgard Europe, the primary difference between IFRS and GAAP is the use of fair value accounting for its real estate under IFRS, while GAAP presents real estate at historical cost. Net income is affected by the corresponding periodic changes in the fair value of real estate under IFRS, as compared to the recognition of periodic depreciation expense under GAAP, combined with the related net impact upon deferred income tax expense.    2018 2017  (Amounts in thousands)  For the nine months ended September 30,  Self-storage and ancillary revenues $ 213,746 $ 194,973  Self-storage and ancillary cost of operations (78,242) (72,233)  Depreciation and amortization (55,429) (45,194)  General and administrative (8,729) (8,971)  Interest expense on third party debt (16,860) (15,465)  Trademark license fee payable to Public Storage (2,139) (1,947)  Income tax expense (18,618) (12,622)  Gain on real estate investment sale 1,969 -  Other, net (a) (2,984) (725)   Net income $ 32,714 $ 37,816  Average exchange rates of Euro to the U.S. Dollar 1.194 1.113   (a) Amounts for the nine months ended September 30, 2018 include $2,971,000 in incremental  costs incurred with respect to Shurgard Europe's initial global offering. See Note 13.   September 30, December 31,  2018 2017  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,406,216 $ 1,416,477  Total debt to third parties 976,217 726,617  Other liabilities 169,089 143,638  Equity 260,910 546,222   Exchange rate of Euro to U.S. Dollar 1.160 1.198  See Note 13 “Subsequent Events” for further information on an initial global offering of Shurgard Europe’s common shares.

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2018
Credit Facility [Abstract]
Credit Facility	5. Credit Facility We have a revolving credit a greement (the “Credit Facility”) with a $500 million borrowing limit, which expires on March 31, 2020 . Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.850% to LIBOR plus 1.450% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.850% at September 30, 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 September 30, 2018). At September 30, 2018 and October 3 0 , 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 September 30 , 2018 and December 31, 2017. The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at September 30 , 2018.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2018
Notes Payable [Abstract]
Notes Payable	6. Notes Payable Our notes payable at September 30 , 2018 and December 31, 2017 a re set forth in the table below:   Amounts at September 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 $ (2,079) $ 497,921 $ 481,073 $ 497,525  Notes due September 2027 3.094% 3.218% 500,000 (4,736) 495,264 470,494 494,868  1,000,000 (6,815) 993,185 951,567 992,393   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 116,046 - 116,046 119,349 119,795  Notes due November 2025 2.175% 2.175% 280,849 - 280,849 294,039 289,921  396,895 - 396,895 413,388 409,716  Mortgage Debt , secured by 30 real  estate facilities with a net book  value of $113.9 million 4.020% 3.971% 27,865 - 27,865 28,589 29,213   $ 1,424,760 $ (6,815) $ 1,417,945 $ 1,393,544 $ 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 September 30 , 2018. Included in these covenants are a) a maximum Debt to Total Assets of 65% ( 4.3% at September 30, 2018) and b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x ( 66.8x for the twelve months ended September 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 September 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 $ 2.6 million and $ 12.7 million for the three and nine months ended September 30, 2018, respectively, as compared to losses of $13.4 million and $44. 5 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 September 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 September 30 , 2018, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):   Unsecured Mortgage  Debt Debt Total    Remainder of 2018 $ - $ 9,916 $ 9,916  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 896,895 11,285 908,180  $ 1,396,895 $ 27,865 $ 1,424,760  Weighted average effective rate 2.6% 4.0% 2.6% Cash paid for interest totaled $ 27.3 million and $ 7.6 million for the nine months ended September 30, 2018 and 2017, respectively. Interest capitalized as real estate totaled $ 3.5 million and $3 .1 million for the nine months ended September 30, 2018 and 2017, respectively .

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At September 30 , 2018, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 1 6 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 September 30, 2018, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the nine months ended September 30, 2018 and 2017, we allocated a total of $ 4.5 million and $ 4.7 million, respectively, of income to these interests; and we paid $ 5.3 million and $ 5.5 million, respectively , in distributions to these interests. During the nine months ended September 30 , 2017, we acquired Noncontrolling Interests for $ 14.4 million ( none for the nine months ended September 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 nine months ended September 30, 2018 and 2017, Nonco ntrolling Interests contributed $ 1.3 million and $1. 1 million, respectively, to our subsidiaries.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2018
Shareholders’ Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity  Preferred Shares At September 30 , 2018 and December 31, 2017, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:     At September 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 September 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. On August 9, 2017, we issued 12.0 million depositary shares, each representing 1/1 ,000 of a share of our 5.050% Series G Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $300.0 million in gross proceeds, and we incurred $9.9 million in issuance costs. In June 2017, we called for redemption of, and on July 26, 2017, we redeemed our 5.900% Series S Preferred Shares, at par. We recorded a $14.6 million allocation of income from our common shareholders to the holders of o ur Preferred Shares in the nine months ended September 30 , 2017 in connection with this redemption. In August 2017, we called for redemption of, and on September 28, 2017, we redeemed our 5.750% Series T Preferred Shares, at par. We recorded a $14.7 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and nine months ended September 30, 2017 in connection with this redemption. Dividends Common share dividends, including amounts paid to our restricted share unitholders, totaled $ 349.2 million ( $2.00 per share) and $ 348.6 million ( $2.00 per share) for the three months ended September 30, 2018 and 2017, respectively, and $ 1.0 billion ( $6.00 per share) and $ 1.0 billion ( $6.00 per share) for the nine months ended September 30, 2018 and 2017, respectively. Preferred share dividends totaled $54.1 million and $61.1 million for the three months ended September 30, 2018 and 2017, respectively, and $ 162.2 million and $ 182.5 million for the nine months ended September 30 , 2018 and 2017, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 September 30 , 2018. At September 30 , 2018, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlle d 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 Storag e” name in Canada . 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 $980,000 and $752,000 for the nine months ended September 30, 2018 and 2017, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 nine months ended September 30, 2018, we recorded $ 4.0 million and $10. 9 million, respectively, in compensation expense related to stock options, as compared to $ 2.3 million and $5.1 million , for the same periods in 2017. Amounts for the three and nine months ended September 30, 2018 include $1.8 million and $5. 3 million, respectively, in connection with the acceleration of amortization of grants to our CEO and CFO noted above. Amounts for the nine months ended September 30, 2017 reflect a reduction in compensation expense of $0.8 million related to stock options forfeited during the periods. During the nine months ended September 30, 2018, 200,000 stock options were granted, 136, 805 options were exercised and 8,000 options were forfeited. A total of 2,464, 112 stock options were outstanding at September 30, 2018 ( 2,408,917 at December 31, 2017) and have an average exercise price of $199. 64 . Restricted Share Units RSUs generally vest ratably over a five to eight -year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the nine months ended September 30, 2018, 63, 395 RSUs were granted, 50, 975 RSUs were forfeited and 121, 191 RSUs vested. This vesting resulted in the issuance of 69, 470 common shares. In addition, tax deposits totaling $10. 9 million ( $12. 4 million for the same period in 2017) were made on behalf of employees in exchange for 51, 721 common shares withheld upon vesting. A total of 690 ,358 RSUs were outstanding at September 30, 2018 ( 799,129 at December 31, 2017). A to tal of $14 .7 million and $ 41.9 million in RSU expense was recorded for the three and nine months ended September 30, 2018, respectively, which includes approximately $0.1 million and $1.0 million in employer taxes incurred upon vesting, as compared to $ 10.7 million and $21. 1 million for the same periods in 2017, which includes approximately $0.1 million and $0. 7 million, respectively, in employer taxes incurred upon vesting. Amounts for the three and nine months ended September 30, 2018 include $5. 3 million and $17. 3 million, respectively, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for the nine months ended September 30, 2017 reflect a reduction in compensation expense of $4.6 million related RSUs forfeited during the period .

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 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 $ 666,616 $ - $ - $ - $ - $ 666,616  Ancillary operations - 39,752 - - - 39,752  666,616 39,752 - - - 706,368   Cost of operations:  Self-storage operations 183,637 - - - - 183,637  Ancillary operations - 11,907 - - - 11,907  183,637 11,907 - - - 195,544   Net operating income:  Self-storage operations 482,979 - - - - 482,979  Ancillary operations - 27,845 - - - 27,845  482,979 27,845 - - - 510,824   Other components of net income (loss):  Depreciation and amortization (124,516) - - - - (124,516)  General and administrative - - - - (27,429) (27,429)  Interest and other income - - - - 7,020 7,020  Interest expense - - - - (8,094) (8,094)  Equity in earnings of  unconsolidated real estate entities - - 13,008 4,763 - 17,771  Foreign currency exchange gain - - - - 2,612 2,612  Gain on sale of real estate - - - - 1,401 1,401  Net income (loss) $ 358,463 $ 27,845 $ 13,008 $ 4,763 $ (24,490) $ 379,589     Three months ended September 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 $ 646,238 $ - $ - $ - $ - $ 646,238  Ancillary operations - 40,123 - - - 40,123  646,238 40,123 - - - 686,361   Cost of operations:  Self-storage operations 173,315 - - - - 173,315  Ancillary operations - 17,304 - - - 17,304  173,315 17,304 - - - 190,619   Net operating income:  Self-storage operations 472,923 - - - - 472,923  Ancillary operations - 22,819 - - - 22,819  472,923 22,819 - - - 495,742   Other components of net income (loss):  Depreciation and amortization (113,320) - - - - (113,320)  General and administrative - - - - (22,311) (22,311)  Interest and other income - - - - 4,569 4,569  Interest expense - - - - (2,389) (2,389)  Equity in earnings of  unconsolidated real estate entities - - 9,261 7,243 714 17,218  Foreign currency exchange loss - - - - (13,446) (13,446)  Casualty loss - - - - (7,789) (7,789)  Net income (loss) $ 359,603 $ 22,819 $ 9,261 $ 7,243 $ (40,652) $ 358,274      Nine months ended September 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 $ 1,943,359 $ - $ - $ - $ - $ 1,943,359  Ancillary operations - 118,461 - - - 118,461  1,943,359 118,461 - - - 2,061,820   Cost of operations:  Self-storage operations 545,700 - - - - 545,700  Ancillary operations - 33,648 - - - 33,648  545,700 33,648 - - - 579,348   Net operating income:  Self-storage operations 1,397,659 - - - - 1,397,659  Ancillary operations - 84,813 - - - 84,813  1,397,659 84,813 - - - 1,482,472   Other components of net income (loss):  Depreciation and amortization (362,272) - - - - (362,272)  General and administrative - - - - (90,278) (90,278)  Interest and other income - - - - 18,892 18,892  Interest expense - - - - (24,589) (24,589)  Equity in earnings of  unconsolidated real estate entities - - 73,451 17,078 - 90,529  Foreign currency exchange gain - - - - 12,738 12,738  Gain on sale of real estate - - - - 1,825 1,825  Net income (loss) $ 1,035,387 $ 84,813 $ 73,451 $ 17,078 $ (81,412) $ 1,129,317     Nine months ended September 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 $ 1,878,215 $ - $ - $ - $ - $ 1,878,215  Ancillary operations - 118,005 - - - 118,005  1,878,215 118,005 - - - 1,996,220   Cost of operations:  Self-storage operations 516,488 - - - - 516,488  Ancillary operations - 39,611 - - - 39,611  516,488 39,611 - - - 556,099   Net operating income:  Self-storage operations 1,361,727 - - - - 1,361,727  Ancillary operations - 78,394 - - - 78,394  1,361,727 78,394 - - - 1,440,121   Other components of net income (loss):  Depreciation and amortization (334,426) - - - - (334,426)  General and administrative - - - - (62,331) (62,331)  Interest and other income - - - - 12,722 12,722  Interest expense - - - - (4,553) (4,553)  Equity in earnings of  unconsolidated real estate entities - - 35,694 19,484 2,057 57,235  Foreign currency exchange loss - - - - (44,452) (44,452)  Casualty loss - - - - (7,789) (7,789)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 1,027,301 $ 78,394 $ 35,694 $ 19,484 $ (103,371) $ 1,057,502 

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 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 carry 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 September 30 , 2018, there were approximately 924,000 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 $209. 2 million at September 30, 2018. We expect to pay approximately $ 36.6 million in the remainder of 2018, $ 146.7 milli on in 2019 and $25.9 million in 2020 for these construction commitments.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent to September 30, 2018, we acquired or were under contract to acquire (subject to customary closing conditions) nine s elf-storage facilities, with 585,000 net rentable square feet, for $ 79.7 million.  On October 15, 2018, Shurgard Europe completed an initial global offering (the “Offering”) of its common shares, and its shares commenced trading on Euronext Brussels under the “SHUR” symbol. In the Offering, Shurgard Europe issued 21.7 million of its shares to third parties at a price of €23 per share, for €500 million in gross proceeds. There is a potential “green shoe” for an additional €75 million in gross proceeds at €23 per share. Our equity interest, comprised of a direct and indirect pro-rata ownership interest in 31.3 million shares, decreased from 49% to 36.6% as a result of the Offering ( 35.2% if the “green shoe” option is exercised). While we did not sell any of our shares in the Offering, we will record a gain on disposition in the three months ending December 31, 2018, as if we had sold a proportionate share of our investment in Shurgard Europe. On October 18, 2018, we sold our property in West London to Shurgard Europe for $42. 1 million . We will record a gain on disposition in the three months ending December 31, 2018.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 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 September 30, 2018, the Company and the Subsidiaries own 2,4 18 self-storage facilities in the U.S., one self-storage facility in London, England and three commercial facilities in the U.S. At September 30, 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 September 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 September 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 September 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 September 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 September 30, 2018, these intangibles had a net book value of $ 15.9 million ( $ 21.5 million at December 31, 2017). Accumulated amortization totaled $ 29.0 million at September 30, 2018 ( $31. 0 million at December 31, 2017), and amortization expense of $ 12.7 million and $ 11.9 million was recorded in the nine months ended September 30, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at September 30, 2018 is approximately $ 3.3 million in the remainder of 2018, $6. 3 million in 2019 and $ 6.3 million thereafter. During the nine months ended September 30, 2018, intangibles increased $ 7.1 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. During the three and nine months ended September 30, 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma.
Revenue and Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1. 160 U.S. Dollars per Euro at September 30, 2018 ( 1. 198 at December 31, 2017), and average exchange rates of 1. 162 and 1. 175 for the three months ended September 30, 2018 and 2017 , respectively, and average exchange rates of 1. 194 and 1. 113 for the nine months ended September 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 $4,162,000 for the nine months ended September 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 Nine Months Ended  September 30, September 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,975 173,715 173,933 173,560  Net effect of dilutive stock options -  based on treasury stock method 373 525 307 568  Diluted weighted average common  shares outstanding 174,348 174,240 174,240 174,128 

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	  Three Months Ended Nine Months Ended  September 30, September 30,  2018 2017 2018 2017   Weighted average common shares and equivalents  outstanding:  Basic weighted average common  shares outstanding 173,975 173,715 173,933 173,560  Net effect of dilutive stock options -  based on treasury stock method 373 525 307 568  Diluted weighted average common  shares outstanding 174,348 174,240 174,240 174,128 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	   Nine Months Ended  September 30, 2018  (Amounts in thousands)  Operating facilities, at cost:  Beginning balance $ 14,665,989  Capital expenditures to maintain real estate facilities 93,407  Acquisitions 100,632  Dispositions (1,686)  Developed or redeveloped facilities opened for operation 278,133  Impact of foreign exchange rate changes (582)  Ending balance 15,135,893  Accumulated depreciation:  Beginning balance (5,700,331)  Depreciation expense (341,464)  Dispositions 121  Impact of foreign exchange rate changes 412  Ending balance (6,041,262)  Construction in process:  Beginning balance 264,441  Current development 267,411  Developed or redeveloped facilities opened for operation (278,133)  Ending balance 253,719  Total real estate facilities at September 30, 2018 $ 9,348,350 

Investments In Unconsolidated_2

Investments In Unconsolidated Real Estate Entities (Tables)	9 Months Ended
	Sep. 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  September 30, 2018 December 31, 2017   PSB $ 433,809 $ 400,133  Shurgard Europe 185,596 324,040  Total $ 619,405 $ 724,173      Equity in Earnings of Unconsolidated Real Estate Entities for the  Three Months Ended September 30, Nine Months Ended September 30,  2018 2017 2018 2017   PSB $ 13,008 $ 9,261 $ 73,451 $ 35,694  Shurgard Europe 4,763 7,243 17,078 19,484  Legacy Institutional  Partnership - 714 - 2,057  Total $ 17,771 $ 17,218 $ 90,529 $ 57,235 
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2018 2017  (Amounts in thousands)  For the nine months ended September 30,  Revenues $ 309,391 $ 300,342  Costs of operations (95,910) (92,962)  Depreciation and amortization (73,505) (70,465)  General and administrative (7,099) (7,019)  Other items 1,575 (1,131)  Gains on sale of real estate 85,283 5,074  Net income before allocation to preferred shareholders  and restricted share unitholders 219,735 133,839  Allocations to preferred shareholders and  restricted share unitholders (40,513) (45,954)  Net income allocated to common shareholders  and LP Unitholders $ 179,222 $ 87,885     September 30, December 31,  2018 2017  (Amounts in thousands)    Total assets (primarily real estate) $ 2,063,377 $ 2,100,159  Preferred stock called for redemption - 130,000  Other liabilities 85,978 80,223  Equity:  Preferred stock 959,750 959,750  Common equity and LP units 1,017,649 930,186 
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Schedule Of Selected Financial Information	  2018 2017  (Amounts in thousands)  For the nine months ended September 30,  Self-storage and ancillary revenues $ 213,746 $ 194,973  Self-storage and ancillary cost of operations (78,242) (72,233)  Depreciation and amortization (55,429) (45,194)  General and administrative (8,729) (8,971)  Interest expense on third party debt (16,860) (15,465)  Trademark license fee payable to Public Storage (2,139) (1,947)  Income tax expense (18,618) (12,622)  Gain on real estate investment sale 1,969 -  Other, net (a) (2,984) (725)   Net income $ 32,714 $ 37,816  Average exchange rates of Euro to the U.S. Dollar 1.194 1.113   (a) Amounts for the nine months ended September 30, 2018 include $2,971,000 in incremental  costs incurred with respect to Shurgard Europe's initial global offering. See Note 13.   September 30, December 31,  2018 2017  (Amounts in thousands)   Total assets (primarily self-storage facilities) $ 1,406,216 $ 1,416,477  Total debt to third parties 976,217 726,617  Other liabilities 169,089 143,638  Equity 260,910 546,222   Exchange rate of Euro to U.S. Dollar 1.160 1.198 

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Payable [Abstract]
Notes Payable	  Amounts at September 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 $ (2,079) $ 497,921 $ 481,073 $ 497,525  Notes due September 2027 3.094% 3.218% 500,000 (4,736) 495,264 470,494 494,868  1,000,000 (6,815) 993,185 951,567 992,393   Euro Denominated Unsecured Debt  Notes due April 2024 1.540% 1.540% 116,046 - 116,046 119,349 119,795  Notes due November 2025 2.175% 2.175% 280,849 - 280,849 294,039 289,921  396,895 - 396,895 413,388 409,716  Mortgage Debt , secured by 30 real  estate facilities with a net book  value of $113.9 million 4.020% 3.971% 27,865 - 27,865 28,589 29,213   $ 1,424,760 $ (6,815) $ 1,417,945 $ 1,393,544 $ 1,431,322  
Maturities Of Notes Payable	  Unsecured Mortgage  Debt Debt Total    Remainder of 2018 $ - $ 9,916 $ 9,916  2019 - 1,505 1,505  2020 - 1,585 1,585  2021 - 1,503 1,503  2022 500,000 2,071 502,071  Thereafter 896,895 11,285 908,180  $ 1,396,895 $ 27,865 $ 1,424,760  Weighted average effective rate 2.6% 4.0% 2.6% 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	  At September 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)	9 Months Ended
	Sep. 30, 2018
Segment Information [Abstract]
Summary Of Segment Information	  Three months ended September 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 $ 666,616 $ - $ - $ - $ - $ 666,616  Ancillary operations - 39,752 - - - 39,752  666,616 39,752 - - - 706,368   Cost of operations:  Self-storage operations 183,637 - - - - 183,637  Ancillary operations - 11,907 - - - 11,907  183,637 11,907 - - - 195,544   Net operating income:  Self-storage operations 482,979 - - - - 482,979  Ancillary operations - 27,845 - - - 27,845  482,979 27,845 - - - 510,824   Other components of net income (loss):  Depreciation and amortization (124,516) - - - - (124,516)  General and administrative - - - - (27,429) (27,429)  Interest and other income - - - - 7,020 7,020  Interest expense - - - - (8,094) (8,094)  Equity in earnings of  unconsolidated real estate entities - - 13,008 4,763 - 17,771  Foreign currency exchange gain - - - - 2,612 2,612  Gain on sale of real estate - - - - 1,401 1,401  Net income (loss) $ 358,463 $ 27,845 $ 13,008 $ 4,763 $ (24,490) $ 379,589     Three months ended September 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 $ 646,238 $ - $ - $ - $ - $ 646,238  Ancillary operations - 40,123 - - - 40,123  646,238 40,123 - - - 686,361   Cost of operations:  Self-storage operations 173,315 - - - - 173,315  Ancillary operations - 17,304 - - - 17,304  173,315 17,304 - - - 190,619   Net operating income:  Self-storage operations 472,923 - - - - 472,923  Ancillary operations - 22,819 - - - 22,819  472,923 22,819 - - - 495,742   Other components of net income (loss):  Depreciation and amortization (113,320) - - - - (113,320)  General and administrative - - - - (22,311) (22,311)  Interest and other income - - - - 4,569 4,569  Interest expense - - - - (2,389) (2,389)  Equity in earnings of  unconsolidated real estate entities - - 9,261 7,243 714 17,218  Foreign currency exchange loss - - - - (13,446) (13,446)  Casualty loss - - - - (7,789) (7,789)  Net income (loss) $ 359,603 $ 22,819 $ 9,261 $ 7,243 $ (40,652) $ 358,274      Nine months ended September 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 $ 1,943,359 $ - $ - $ - $ - $ 1,943,359  Ancillary operations - 118,461 - - - 118,461  1,943,359 118,461 - - - 2,061,820   Cost of operations:  Self-storage operations 545,700 - - - - 545,700  Ancillary operations - 33,648 - - - 33,648  545,700 33,648 - - - 579,348   Net operating income:  Self-storage operations 1,397,659 - - - - 1,397,659  Ancillary operations - 84,813 - - - 84,813  1,397,659 84,813 - - - 1,482,472   Other components of net income (loss):  Depreciation and amortization (362,272) - - - - (362,272)  General and administrative - - - - (90,278) (90,278)  Interest and other income - - - - 18,892 18,892  Interest expense - - - - (24,589) (24,589)  Equity in earnings of  unconsolidated real estate entities - - 73,451 17,078 - 90,529  Foreign currency exchange gain - - - - 12,738 12,738  Gain on sale of real estate - - - - 1,825 1,825  Net income (loss) $ 1,035,387 $ 84,813 $ 73,451 $ 17,078 $ (81,412) $ 1,129,317     Nine months ended September 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 $ 1,878,215 $ - $ - $ - $ - $ 1,878,215  Ancillary operations - 118,005 - - - 118,005  1,878,215 118,005 - - - 1,996,220   Cost of operations:  Self-storage operations 516,488 - - - - 516,488  Ancillary operations - 39,611 - - - 39,611  516,488 39,611 - - - 556,099   Net operating income:  Self-storage operations 1,361,727 - - - - 1,361,727  Ancillary operations - 78,394 - - - 78,394  1,361,727 78,394 - - - 1,440,121   Other components of net income (loss):  Depreciation and amortization (334,426) - - - - (334,426)  General and administrative - - - - (62,331) (62,331)  Interest and other income - - - - 12,722 12,722  Interest expense - - - - (4,553) (4,553)  Equity in earnings of  unconsolidated real estate entities - - 35,694 19,484 2,057 57,235  Foreign currency exchange loss - - - - (44,452) (44,452)  Casualty loss - - - - (7,789) (7,789)  Gain on sale of real estate - - - - 975 975  Net income (loss) $ 1,027,301 $ 78,394 $ 35,694 $ 19,484 $ (103,371) $ 1,057,502   

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2018ft²statecountyitem	Dec. 31, 2017
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,418
Net rentable square feet | ft²	161
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 Accoun_4

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details)	Sep. 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	2,418
Commercial facilities in U.S.	3

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Income Taxes and Real Estate Facilities) (Narrative) (Details)	9 Months Ended
	Sep. 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 Accoun_6

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 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	15.9		21.5
Accumulated amortization, tenant intangibles	29		$ 31
Amortization expense, tenant intangibles	12.7	$ 11.9
Estimated future amortization expense, remainder of 2018	3.3
Estimated future amortization expense, 2019	6.3
Estimated future amortization expense, thereafter	6.3
Increase in tenant intangibles	$ 7.1

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment, Foreign Currency Exchange Translation, And Recent Accounting Pronouncements And Guidance) (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes		$ 7,789,000		$ 7,789,000
Impairment charge on real estate and intangible assets			$ 0		$ 0
investing activities decreased cash flows			$ (361,580,000)	(401,359,000)
Accounting Standards Update 2016-18 [Member]
Trading Activity, Gains and Losses, Net [Line Items]
investing activities decreased cash flows				$ 4,162,000
Foreign Currency Average Exchange Rate [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro	1.162	1.175	1.194	1.113
Foreign Currency Actual [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rates USD to Euro			1.160		1.198
Book Value of Assets Damaged [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes		$ 3,300,000		$ 3,300,000
Repairs And Maintenance [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes		$ 4,500,000		$ 4,500,000

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,975	173,715	173,933	173,560
Net effect of dilutive stock options - based on treasury stock method	373	525	307	568
Diluted weighted average common shares outstanding	174,348	174,240	174,240	174,128

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)ft²item	Sep. 30, 2017USD ($)
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate	$ 1,401	$ 1,825	$ 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		3,400
Gain on sale of real estate		$ 1,800
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item		16
Net rentable square feet | ft²		1
Acquisition cost of real estate facilities		$ 107,800
Aggregate cost, intangibles		$ 7,100
Newly Developed and Expansion Projects [Member] | Construction In Process [Member]
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²		5.4
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 596,400
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		2.4
Aggregate costs to develop new self-storage facilities and expand existing self-storage facilities		$ 278,100

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	93,407
Acquisitions	100,632
Dispositions	(1,686)
Developed or redeveloped facilities opened for operation	278,133
Impact of foreign exchange rate changes	(582)
Ending balance (Operating facilities, at cost)	15,135,893
Beginning balance, (Accumulated depreciation)	(5,700,331)
Depreciation expense	(341,464)
Dispositions	121
Impact of foreign exchange rate changes	412
Ending balance, (Accumulated depreciation)	(6,041,262)
Beginning Balance (Construction in process)	264,441
Current development	267,411
Developed or redeveloped facilities opened for operation	(278,133)
Ending Balance (Construction in process)	253,719
Total real estate facilities	$ 9,348,350	$ 9,230,099

Investments In Unconsolidated_3

Investments In Unconsolidated Real Estate Entities (Investments) (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investments In Unconsolidated Real Estate Entities [Abstract]
Cash distributions from Unconsolidated Real Estate Entities	$ 186,300	$ 39,900
Distributions in excess of retained earnings from unconsolidated real estate entities	91,927
Amount of investment exceeding pro rata share of underlying equity	66,800		$ 67,300
Equity earnings, amortization amount	$ 1,100	$ 1,000

Investments In Unconsolidated_4

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Billions	Sep. 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	$ 127.09
Market value of PSB stock and LP units	$ 1.8

Investments In Unconsolidated_5

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) - Shurgard Europe [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Schedule of Equity Method Investments [Line Items]
Shares owned	31,268,459	31,268,459
Interest in Shurgard Europe	49.00%	49.00%
Cash dividend received	$ 145.4
Increase (decrease) in Shurgard Europe investment from foreign currency exchange rates		$ (9)	$ 19.6
Joint Venture Partner [Member]
Schedule of Equity Method Investments [Line Items]
Interest in Shurgard Europe	51.00%	51.00%

Investments In Unconsolidated_6

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 619,405		$ 619,405		$ 724,173
Equity in Earnings of Unconsolidated Real Estate Entities	17,771	$ 17,218	90,529	$ 57,235
Legacy Institutional Partnership [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities		714		2,057
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	433,809		433,809		400,133
Equity in Earnings of Unconsolidated Real Estate Entities	13,008	9,261	73,451	35,694
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	185,596		185,596		$ 324,040
Equity in Earnings of Unconsolidated Real Estate Entities	$ 4,763	$ 7,243	$ 17,078	$ 19,484

Investments In Unconsolidated_7

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details)	9 Months Ended
	Sep. 30, 2018USD ($)$ / €	Sep. 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	309,391,000	$ 300,342,000
Self-storage and ancillary cost of operations	(95,910,000)	(92,962,000)
Depreciation and amortization	(73,505,000)	(70,465,000)
General and administrative	(7,099,000)	(7,019,000)
Other items, net	1,575,000	(1,131,000)
Gain on sale of real estate investment sale	85,283,000	5,074,000
Net income before allocation to preferred shareholders and restricted share unitholders	219,735,000	133,839,000
Allocations to preferred shareholders and restricted share unitholders	(40,513,000)	(45,954,000)
Net income allocated to common shareholders and LP Unitholders	179,222,000	87,885,000
Total assets	2,063,377,000		$ 2,100,159,000
Preferred stock called for redemption			130,000,000
Other liabilities	85,978,000		80,223,000
Preferred stock	959,750,000		959,750,000
Common equity and LP units	1,017,649,000		930,186,000
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	213,746,000	194,973,000
Self-storage and ancillary cost of operations	(78,242,000)	(72,233,000)
Depreciation and amortization	(55,429,000)	(45,194,000)
General and administrative	(8,729,000)	(8,971,000)
Interest expense on third party debt	(16,860,000)	(15,465,000)
Trademark license fee payable to Public Storage	(2,139,000)	(1,947,000)
Income tax expense	(18,618,000)	(12,622,000)
Other items, net	(2,984,000)	(725,000)
Gain on sale of real estate investment sale	1,969,000
Net income	$ 32,714,000	$ 37,816,000
Average exchange rates of Euro to the U.S. Dollar | $ / €	1.194	1.113
Total assets	$ 1,406,216,000		1,416,477,000
Total debt to third parties	976,217,000		726,617,000
Other liabilities	169,089,000		143,638,000
Equity	$ 260,910,000		$ 546,222,000
Exchange rate of Euro to U.S. Dollar | $ / €	1.160		1.198
Shurgard Europe [Member] | Initial Public Offering [Member]
Schedule of Equity Method Investments [Line Items]
Other items, net	$ 2,971,000

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Oct. 30, 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 ($)item	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)	Sep. 30, 2018EUR (€)	Sep. 30, 2018USD ($)
Proceeds on date of Issuance of Unsecured Debt					$ 992,129,000
Foreign currency exchange gain (loss)		$ 2,612,000	$ (13,446,000)	$ 12,738,000	(44,452,000)
Cash paid for interest expense				$ 27,300,000	7,600,000
Interest capitalized as real estate			3,100,000		3,100,000		$ 3,500,000
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				4.30%
Adjusted EBTIDA to interest Expense ratio				66.8
Incurred costs	$ 7,900,000
Unsecured Debt [Member] | The Euro Notes [Member]
Foreign currency exchange gain (loss)		$ 2,600,000	$ 13,400,000	$ 12,700,000	$ 44,500,000
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)	9 Months Ended
	Sep. 30, 2018USD ($)item	Dec. 31, 2017USD ($)
Principal	$ 1,424,760,000
Unamortized Costs	(6,815,000)
Book Value	1,417,945,000	$ 1,431,322,000
Fair Value	1,393,544,000
U.S. Dollar Denominated Unsecured Debt [Member]
Principal	1,000,000,000
Unamortized Costs	(6,815,000)
Book Value	993,185,000	992,393,000
Fair Value	$ 951,567,000
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 2022 [Member]
Coupon Rate	2.37%
Effective Rate	2.483%
Principal	$ 500,000,000
Unamortized Costs	(2,079,000)
Book Value	497,921,000	497,525,000
Fair Value	$ 481,073,000
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%
Principal	$ 500,000,000
Unamortized Costs	(4,736,000)
Book Value	495,264,000	494,868,000
Fair Value	$ 470,494,000
Maturity date	Sep. 1, 2027
Euro Denominated Unsecured Debt [Member]
Principal	$ 396,895,000
Book Value	396,895,000	409,716,000
Fair Value	$ 413,388,000
Euro Denominated Unsecured Debt [Member] | Notes Due April 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 116,046,000
Book Value	116,046,000	119,795,000
Fair Value	$ 119,349,000
Maturity date	Apr. 1, 2024
Euro Denominated Unsecured Debt [Member] | Notes Due November 2025 [Member]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 280,849,000
Book Value	280,849,000	289,921,000
Fair Value	$ 294,039,000
Maturity date	Nov. 1, 2025
Mortgage Debt [Member]
Coupon Rate	4.02%
Effective Rate	3.971%
Principal	$ 27,865,000
Book Value	27,865,000	$ 29,213,000
Fair Value	28,589,000
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable	$ 113,900,000
Real estate facilities securing debt | item	30

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Notes Payable	$ 1,417,945	$ 1,431,322
Unsecured Debt [Member]
Debt Instrument [Line Items]
2,022	500,000
Thereafter	896,895
Notes Payable	$ 1,396,895
Weighted average effective rate	2.60%
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2018	$ 9,916
2,019	1,505
2,020	1,585
2,021	1,503
2,022	2,071
Thereafter	11,285
Notes Payable	$ 27,865
Weighted average effective rate	4.00%
Total [Member]
Debt Instrument [Line Items]
Remainder of 2018	$ 9,916
2,019	1,505
2,020	1,585
2,021	1,503
2,022	502,071
Thereafter	908,180
Notes Payable	$ 1,424,760
Weighted average effective rate	2.60%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)itemshares	Sep. 30, 2017USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 5,262
Contributions by noncontrolling interests	1,342
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	16
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	$ 4,500	4,700
Distributions paid	5,262	5,500
Contributions by noncontrolling interests	$ 1,342	1,100
Acquisition of noncontrolling interests		$ 6,700

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	Sep. 28, 2017USD ($)	Aug. 09, 2017USD ($)$ / sharesshares	Jul. 26, 2017USD ($)	Jun. 02, 2017USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Sep. 30, 2018USD ($)item$ / shares	Sep. 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								$ 561,177
EITF D-42 allocations						$ 14,692		29,330
Common stock dividends paid in aggregate					$ 349,200	$ 348,600	$ 1,000,000	$ 1,000,000
Common stock dividends paid per share | $ / shares					$ 2	$ 2	$ 6	$ 6
Preferred shareholders based on distributions paid					$ 54,080	$ 61,055	$ 162,238	$ 182,457
Series T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	5.75%
EITF D-42 allocations	$ 14,700
Series S Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage			5.90%
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
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock issued in sale | shares		12
Preferred shares per depositary share		0.01%
Preferred Stock, Dividend Rate, Percentage		5.05%					5.05%
Issuance price per depository share | $ / shares		$ 25
Gross proceeds from issuance of preferred stock		$ 300,000
Original issuance costs on preferred shares redeemed during the period		$ 9,900

Shareholders' Equity (Preferr_2

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Sep. 28, 2017	Aug. 09, 2017	Jul. 26, 2017	Jun. 02, 2017	Sep. 30, 2018	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 T Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate %	5.75%
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%			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)	9 Months Ended
	Sep. 30, 2018USD ($)item	Sep. 30, 2017USD ($)
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 | $	$ 980,000	$ 752,000
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)item$ / sharesshares	Sep. 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 | $	$ 4	$ 2.3	$ 10.9	$ 5.1
Stock options granted			200,000
Stock options exercised			136,805
Stock options forfeited			8,000
Reduction in compensation expense related to options forfeited | $		$ 0.8		$ 0.8
Stock options outstanding	2,464,112		2,464,112		2,408,917
Average exercise price | $ / shares	$ 199.64		$ 199.64
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		$ 5.3
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax deposits made in exchange for RSUs			$ 10,849	$ 12,409
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares issued upon vesting			69,470
Tax deposits made in exchange for RSUs			$ 10,900	12,400
Restricted share units granted			63,395
Restricted share units forfeited			50,975
Restricted share units vested			121,191
Common shares withheld upon vesting in exchange for tax deposits			51,721
Restricted share units outstanding	690,358		690,358		799,129
Restricted share unit expense	$ 14,700	$ 10,700	$ 41,900	21,100
Restricted Stock Units, Taxes Incurred Upon Vesting	100	100	1,000	700
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	$ 5,300		$ 17,300
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	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Total revenues	$ 706,368	$ 686,361	$ 2,061,820	$ 1,996,220
Self-storage cost of operations	183,637	173,315	545,700	516,488
Ancillary cost of operations	11,907	17,304	33,648	39,611
Total Cost of Operations	195,544	190,619	579,348	556,099
Net Operating Income - Self-Storage Operations	482,979	472,923	1,397,659	1,361,727
Net Operating Income - Ancillary Operations	27,845	22,819	84,813	78,394
Total Net Operating Income	510,824	495,742	1,482,472	1,440,121
Depreciation and amortization	(124,516)	(113,320)	(362,272)	(334,426)
General and administrative	(27,429)	(22,311)	(90,278)	(62,331)
Interest and other income	7,020	4,569	18,892	12,722
Interest expense	(8,094)	(2,389)	(24,589)	(4,553)
Equity in earnings of unconsolidated real estate entities	17,771	17,218	90,529	57,235
Foreign currency exchange gain (loss)	2,612	(13,446)	12,738	(44,452)
Casualty loss		(7,789)		(7,789)
Gain on sale of real estate	1,401		1,825	975
Net income (loss)	379,589	358,274	1,129,317	1,057,502
Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues	666,616	646,238	1,943,359	1,878,215
Self-storage cost of operations	183,637	173,315	545,700	516,488
Total Cost of Operations	183,637	173,315	545,700	516,488
Net Operating Income - Self-Storage Operations	482,979	472,923	1,397,659	1,361,727
Total Net Operating Income	482,979	472,923	1,397,659	1,361,727
Depreciation and amortization	(124,516)	(113,320)	(362,272)	(334,426)
Net income (loss)	358,463	359,603	1,035,387	1,027,301
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	39,752	40,123	118,461	118,005
Ancillary cost of operations	11,907	17,304	33,648	39,611
Total Cost of Operations	11,907	17,304	33,648	39,611
Net Operating Income - Ancillary Operations	27,845	22,819	84,813	78,394
Total Net Operating Income	27,845	22,819	84,813	78,394
Net income (loss)	27,845	22,819	84,813	78,394
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	13,008	9,261	73,451	35,694
Net income (loss)	13,008	9,261	73,451	35,694
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	4,763	7,243	17,078	19,484
Net income (loss)	4,763	7,243	17,078	19,484
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(27,429)	(22,311)	(90,278)	(62,331)
Interest and other income	7,020	4,569	18,892	12,722
Interest expense	(8,094)	(2,389)	(24,589)	(4,553)
Equity in earnings of unconsolidated real estate entities		714		2,057
Foreign currency exchange gain (loss)	2,612	(13,446)	12,738	(44,452)
Casualty loss		(7,789)		(7,789)
Gain on sale of real estate	1,401		1,825	975
Net income (loss)	(24,490)	(40,652)	(81,412)	(103,371)
Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues	666,616	646,238	1,943,359	1,878,215
Self-Storage Facilities [Member] | Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues	666,616	646,238	1,943,359	1,878,215
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	39,752	40,123	118,461	118,005
Ancillary Operations [Member] | Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 39,752	$ 40,123	$ 118,461	$ 118,005

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	9 Months Ended
	Sep. 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	924,000
Aggregate coverage of tenants participating in insurance program	$ 2,900,000,000
Construction commitments	209,200,000
Construction commitments 2018	36,600,000
Construction commitments 2019	146,700,000
Construction commitments 2020	$ 25,900,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) € / shares in Units, $ in Thousands, € in Millions	Oct. 18, 2018USD ($)	Oct. 15, 2018EUR (€)€ / sharesshares	Oct. 30, 2018USD ($)ft²item	Sep. 30, 2018USD ($)shares	Sep. 30, 2018USD ($)ft²shares	Sep. 30, 2017USD ($)
Subsequent Event [Line Items]
Sale of property					$ 3,390	$ 5,596
Gain on sale of real estate				$ 1,401	$ 1,825	$ 975
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | item			9
Net rentable square feet | ft²			585,000
Acquisition Cost, Real Estate Facilities			$ 79,700
Shurgard Europe [Member]
Subsequent Event [Line Items]
Net rentable square feet | ft²					12,000,000
Shares owned | shares				31,268,459	31,268,459
Equity share percentage in Shurgard Europe				49.00%	49.00%
Shurgard Europe [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares issued, Shurgard | shares		21,700,000
Price per share, Shurgard | € / shares		€ 23
Gross proceeds from issuance, Shurgard | €		€ 500
Equity share percentage in Shurgard Europe		36.60%
Sale of property	$ 42,100
Shurgard Europe [Member] | Subsequent Event [Member] | Potential Green Shoe [Member]
Subsequent Event [Line Items]
Price per share, Shurgard | € / shares		€ 23
Gross proceeds from issuance, Shurgard | €		€ 75
Equity share percentage in Shurgard Europe		35.20%