Public Storage (PSA) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity File Number	001-33519
Entity Registrant Name	Public Storage
Entity Central Index Key	0001393311
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-3551121
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		174,597,753
Common Shares [Member]
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series U Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.625% Cum Pref Share, Series U, $0.01 par value
Trading Symbol	PSAPrU
Security Exchange Name	NYSE
Series V Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.375% Cum Pref Share, Series V, $0.01 par value
Trading Symbol	PSAPrV
Security Exchange Name	NYSE
Series W Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series W, $0.01 par value
Trading Symbol	PSAPrW
Security Exchange Name	NYSE
Series X Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.200% Cum Pref Share, Series X, $0.01 par value
Trading Symbol	PSAPrX
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.875% Cum Pref Share, Series A, $0.01 par value
Trading Symbol	PSAPrA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.400% Cum Pref Share, Series B, $0.01 par value
Trading Symbol	PSAPrB
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.125% Cum Pref Share, Series C, $0.01 par value
Trading Symbol	PSAPrC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.950% Cum Pref Share, Series D, $0.01 par value
Trading Symbol	PSAPrD
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.900% Cum Pref Share, Series E, $0.01 par value
Trading Symbol	PSAPrE
Security Exchange Name	NYSE
Series F Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value
Trading Symbol	PSAPrF
Security Exchange Name	NYSE
Series G Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value
Trading Symbol	PSAPrG
Security Exchange Name	NYSE
Series H Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value
Trading Symbol	PSAPrH
Security Exchange Name	NYSE

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 360,331	$ 361,218
Real estate facilities, at cost:
Land	4,116,718	4,047,982
Buildings	11,665,027	11,248,862
Real estate facilities, gross	15,781,745	15,296,844
Accumulated depreciation	(6,375,132)	(6,140,072)
Real estate facilities, net	9,406,613	9,156,772
Construction in process	191,874	285,339
Total real estate facilities	9,598,487	9,442,111
Investments in unconsolidated real estate entities	778,523	783,988
Goodwill and other intangible assets, net	210,178	209,856
Other assets	165,772	131,097
Total assets	11,113,291	10,928,270
LIABILITIES AND EQUITY
Notes payable	1,908,110	1,412,283
Accrued and other liabilities	410,671	371,259
Total liabilities	2,318,781	1,783,542
Commitments and contingencies (Note 12)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 149,500 shares issued (in series) and outstanding, (161,000 at December 31, 2018), at liquidation preference	3,737,500	4,025,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,294,523 shares issued and outstanding (174,130,881 shares at December 31, 2018)	17,429	17,413
Paid-in capital	5,729,945	5,718,485
Accumulated deficit	(648,391)	(577,360)
Accumulated other comprehensive loss	(67,549)	(64,060)
Total Public Storage shareholders’ equity	8,768,934	9,119,478
Noncontrolling interests	25,576	25,250
Total equity	8,794,510	9,144,728
Total liabilities and equity	$ 11,113,291	$ 10,928,270

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	149,500	161,000
Preferred stock, shares outstanding	149,500	161,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	174,294,523	174,130,881
Common stock, shares outstanding	174,294,523	174,130,881

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 710,950	$ 685,528	$ 1,399,988	$ 1,355,452
Expenses:
Self-storage cost of operations	196,083	179,876	389,739	362,063
Ancillary cost of operations	11,653	11,101	22,198	21,741
Depreciation and amortization	126,859	119,777	248,800	237,756
General and administrative	15,264	31,329	34,767	62,849
Interest expense	12,254	8,388	20,397	16,495
Operating expenses	362,113	350,471	715,901	700,904
Interest and other income	8,582	6,328	15,547	11,872
Equity in earnings of unconsolidated real estate entities	18,914	41,963	36,586	72,758
Foreign currency exchange (loss) gain	(5,218)	21,944	2,573	10,126
Gain on sale of real estate	341		341	424
Net income	371,456	405,292	739,134	749,728
Allocation to noncontrolling interests	(1,400)	(1,490)	(2,557)	(2,929)
Net income allocable to Public Storage shareholders	370,056	403,802	736,577	746,799
Allocation of net income to:
Preferred shareholders- distributions	(53,525)	(54,077)	(108,537)	(108,158)
Preferred shareholders - redemptions (Note 8)	(8,861)		(17,394)
Restricted share units	(1,259)	(1,425)	(2,492)	(2,522)
Net income allocable to common shareholders	$ 306,411	$ 348,300	$ 608,154	$ 636,119
Net income per common share:
Basic	$ 1.76	$ 2	$ 3.49	$ 3.66
Diluted	$ 1.76	$ 2	$ 3.49	$ 3.65
Basic weighted average common shares outstanding	174,253	173,932	174,215	173,912
Diluted weighted average common shares outstanding	174,542	174,224	174,459	174,186
Self-Storage Operations [Member]
Revenues:
Total revenues	$ 669,339	$ 645,206	$ 1,319,747	$ 1,276,743
Ancillary Operations [Member]
Revenues:
Total revenues	$ 41,611	$ 40,322	$ 80,241	$ 78,709

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statements Of Comprehensive Income [Abstract]
Net income	$ 371,456	$ 405,292	$ 739,134	$ 749,728
Other comprehensive income (loss):
Aggregate foreign currency exchange (loss) gain	(6,796)	8,194	(916)	589
Adjust for aggregate foreign currency exchange loss (gain) included in net income	5,218	(21,944)	(2,573)	(10,126)
Other comprehensive loss	(1,578)	(13,750)	(3,489)	(9,537)
Total comprehensive income	369,878	391,542	735,645	740,191
Allocation to noncontrolling interests	(1,400)	(1,490)	(2,557)	(2,929)
Comprehensive income allocable to Public Storage shareholders	$ 368,478	$ 390,052	$ 733,088	$ 737,262

Statement Of Equity

Statement Of Equity - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 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		9	1,690			1,699		1,699
Share-based compensation expense, net of cash paid in lieu of common shares			22,989			22,989		22,989
Contributions by noncontrolling interests							752	752
Net income				749,728		749,728		749,728
Net income allocated to noncontrolling interests				(2,929)		(2,929)	2,929	(2,929)
Distributions to equity holders:
Preferred shares (Note 8)				(108,158)		(108,158)		(108,158)
Noncontrolling interests							(3,055)	(3,055)
Common shares and restricted share units				(697,995)		(697,995)		(697,995)
Other comprehensive loss (Note 2)					(9,537)	(9,537)		(9,537)
Balances at Jun. 30, 2018	4,025,000	17,394	5,673,078	(735,065)	(84,601)	8,895,806	24,986	8,920,792
Balances at Mar. 31, 2018	4,025,000	17,393	5,655,267	(735,806)	(70,851)	8,891,003	24,787	8,915,790
Issuance of common shares in connection with share-based compensation		1	731			732		732
Share-based compensation expense, net of cash paid in lieu of common shares			17,080			17,080		17,080
Contributions by noncontrolling interests							49	49
Net income				405,292		405,292		405,292
Net income allocated to noncontrolling interests				(1,490)		(1,490)	1,490	(1,490)
Distributions to equity holders:
Preferred shares (Note 8)				(54,077)		(54,077)		(54,077)
Noncontrolling interests							(1,340)	(1,340)
Common shares and restricted share units				(348,984)		(348,984)		(348,984)
Other comprehensive loss (Note 2)					(13,750)	(13,750)		(13,750)
Balances at Jun. 30, 2018	4,025,000	17,394	5,673,078	(735,065)	(84,601)	8,895,806	24,986	8,920,792
Balances at Dec. 31, 2018	4,025,000	17,413	5,718,485	(577,360)	(64,060)	9,119,478	25,250	9,144,728
Issuance of 11,400 preferred shares (Note 8)	285,000					276,723		276,723
Issuance of 11,400 preferred shares (Note 8), adjustment to APIC			(8,277)
Redemption of preferred shares (Note 8)	(572,500)					(572,500)		(572,500)
Issuance of common shares in connection with share-based compensation		16	17,374			17,390		17,390
Share-based compensation expense, net of cash paid in lieu of common shares			2,363			2,363		2,363
Contributions by noncontrolling interests							1,302	1,302
Net income				739,134		739,134		739,134
Net income allocated to noncontrolling interests				(2,557)		(2,557)	2,557	(2,557)
Distributions to equity holders:
Preferred shares (Note 8)				(108,537)		(108,537)		(108,537)
Noncontrolling interests							(3,533)	(3,533)
Common shares and restricted share units				(699,071)		(699,071)		(699,071)
Other comprehensive loss (Note 2)					(3,489)	(3,489)		(3,489)
Balances at Jun. 30, 2019	3,737,500	17,429	5,729,945	(648,391)	(67,549)	8,768,934	25,576	8,794,510
Balances at Mar. 31, 2019	4,025,000	17,422	5,708,699	(615,329)	(65,971)	9,069,821	24,800	9,094,621
Redemption of preferred shares (Note 8)	(287,500)					(287,500)		(287,500)
Issuance of common shares in connection with share-based compensation		7	15,790			15,797		15,797
Share-based compensation expense, net of cash paid in lieu of common shares			5,456			5,456		5,456
Contributions by noncontrolling interests							1,106	1,106
Net income				371,456		371,456		371,456
Net income allocated to noncontrolling interests				(1,400)		(1,400)	1,400	(1,400)
Distributions to equity holders:
Preferred shares (Note 8)				(53,525)		(53,525)		(53,525)
Noncontrolling interests							(1,730)	(1,730)
Common shares and restricted share units				(349,593)		(349,593)		(349,593)
Other comprehensive loss (Note 2)					(1,578)	(1,578)		(1,578)
Balances at Jun. 30, 2019	$ 3,737,500	$ 17,429	$ 5,729,945	$ (648,391)	$ (67,549)	$ 8,768,934	$ 25,576	$ 8,794,510

Statement Of Equity (Parentheti

Statement Of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Equity [Abstract]
Issuance of preferred shares, shares			11,400
Redemption of preferred shares, shares	11,500		22,900
Issuance of common shares in connection with share-based compensation, shares	79,231	9,276	163,642	83,665
Common shares and restricted share units, per share distribution	$ 2	$ 2	$ 4	$ 4

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 739,134	$ 749,728
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on real estate investment sales	(341)	(424)
Depreciation and amortization	248,800	237,756
Equity in earnings of unconsolidated real estate entities	(36,586)	(72,758)
Distributions from retained earnings of unconsolidated real estate entities	38,562	25,288
Foreign currency exchange gain	(2,573)	(10,126)
Share-based compensation expense	12,374	33,231
Other	15,824	16,577
Total adjustments	276,060	229,544
Net cash flows from operating activities	1,015,194	979,272
Cash flows from investing activities:
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period	(61,630)	(44,189)
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods	(9,391)	(12,728)
Payments for development and expansion of real estate facilities for: Costs incurred during the period	(75,751)	(121,188)
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods	(70,624)	(45,939)
Acquisition of real estate facilities and intangible assets	(196,185)	(33,930)
Proceeds from sale of real estate investments	438	1,947
Net cash flows used in investing activities	(413,143)	(256,027)
Cash flows from financing activities:
Repayments on notes payable	(948)	(882)
Issuance of notes payable, net of issuance costs	496,900
Issuance of preferred shares	276,723
Issuance of common shares	17,390	1,699
Redemption of preferred shares	(572,500)
Cash paid upon vesting of restricted share units	(10,011)	(10,242)
Contributions by noncontrolling interests	1,302	752
Distributions paid to Public Storage shareholders	(807,608)	(806,153)
Distributions paid to noncontrolling interests	(3,533)	(3,055)
Net cash flows used in financing activities	(602,285)	(817,881)
Net cash flows from operating, investing and financing activities	(234)	(94,636)
Net effect of foreign exchange translation	46	13
Decrease in cash and equivalents, including restricted cash	(188)	(94,623)
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	361,218	433,376
Restricted cash included in other assets	22,801	22,677
Cash, equivalents, and restricted cash	384,019	456,053
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	360,331	338,419
Restricted cash included in other assets	23,500	23,011
Cash, equivalents, and restricted cash	383,831	361,430
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(10,929)	(9,038)
Construction or expansion of real estate facilities	(53,955)	(43,158)
Accrued and other liabilities	64,884	52,196
Real estate acquired in exchange for assumption of notes payable	(1,817)
Notes payable assumed in connection with acquisition of real estate	1,817
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation		149
Investments in unconsolidated real estate entities	3,489	9,396
Notes payable	(2,527)	(10,121)
Accumulated other comprehensive (loss) gain	$ (916)	$ 589

Description Of The Business

Description Of The Business	6 Months Ended
	Jun. 30, 2019
Description Of The Business [Abstract]
Description Of The Business	1. Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as merchandise sales and tenant reinsurance to the tenants at our self-storage facilities, as well as the acquisition and development of additional self-storage space. At June 30, 2019, we have direct and indirect equity interests in 2,456 self-storage facilities (with approximately 166 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name, and 0.9 million net rentable square feet of commercial and retail space. We own 31.3 million common shares (an approximate 35 % interest) of Shurgard Self Storage SA (“Shurgard”, referred to in previous filings as “Shurgard Europe”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 231 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also own an aggregate approximate 42 % common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 28 million aggregate net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 12) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
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, 2018. Certain amounts previously reported in our June 30, 2018 financial statements have been reclassified to conform to the June 30, 2019 presentation, including separate presentation on our Statements of Cash Flows of our cash payments for real estate investments between cash paid for amounts incurred during the current period and amounts incurred during previous periods. Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2019, the Company and the Subsidiaries own 2,456 self-storage facilities and three commercial facilities in the U.S. At June 30, 2019, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100 % of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2019, 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 . When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses, restricted cash and right-to-use assets. See “Recent Accounting Pronouncements and Guidance” below. 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, lease liabilities, and contingent loss accruals when probable and estimable. See “Recent Accounting Pronouncements and Guidance” below. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. 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. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2019, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $ 174.6 million at June 30, 2019 and December 31, 2018. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at June 30, 2019 and December 31, 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2019, these intangibles had a net book value of $ 16.8 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 29.2 million at June 30, 2019 ($ 28.9 million at December 31, 2018), and amortization expense of $ 8.4 million and $ 8.8 million was recorded in the six months ended June 30, 2019 and 2018, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2019 is approximately $ 6.7 million in the remainder of 2019, $ 5.0 million in 2020 and $ 5.1 million thereafter. During the six months ended June 30, 2019, intangibles increased $ 8.7 million in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. 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 1.137 U.S. Dollars per Euro at June 30, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.124 and 1.192 for the three months ended June 30, 2019 and 2018, respectively, and average exchange rates of 1.130 and 1.210 for the six months ended June 30, 2019 and 2018, 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 and our unsecured notes denominated in Euros. Recent Accounting Pronouncements and Guidance 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 requires a modified-retrospective approach to adoption and became effective for interim and annual periods beginning on January 1, 2019. In July 2018, the FASB further amended this standard to allow for a new transition method that offers the option to use the effective date as the date of initial application and not adjust the comparative-period financial information. We adopted the new standard effective January 1, 2019, using the new transition method, recording a total of $ 38.7 million in right of use assets, reflected in other assets, and substantially the same amount in lease liabilities, reflected in accrued and other liabilities, for leases where we are the lessee (principally ground leases and office leases) . The lease liabilities are recognized based on the present value of the remaining lease payments for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate. We estimated the incremental borrowing rate primarily by reference to average yield spread on debt issuances by companies of a similar credit rating as us, and the treasury yields as of January 1, 2019. We had no material amount of leases covered by the standard where we are the lessor (principally our storage leases) because substantially all of such leases are month to month. For leases where we are the lessee or the lessor, we applied (i) the package of practical expedients to not reassess prior conclusions related to contracts that are or that contain leases, lease classification and initial direct costs, (ii) the hindsight practical expedient to determine the lease term and in assessing impairment of the right of use assets, and (iii) the easement practical expedient to not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under this new standard. In addition, for leases where we are the lessee, we also elected to (a) not apply the new standard to our leases with an original term of 12 months or less, and (b) not separate lease and associated non-lease components. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,253 173,932 174,215 173,912 Net effect of dilutive stock options - based on treasury stock method 289 292 244 274 Diluted weighted average common shares outstanding 174,542 174,224 174,459 174,186

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2019
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities Activity in real estate facilities during the six months ended June 30, 2019 is as follows: Six Months Ended June 30, 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 Costs incurred for capital expenditures to maintain real estate facilities 72,559 Acquisitions 189,273 Dispositions ( 102 ) Developed or expanded facilities opened for operation 223,171 Ending balance 15,781,745 Accumulated depreciation: Beginning balance ( 6,140,072 ) Depreciation expense ( 235,065 ) Dispositions 5 Ending balance ( 6,375,132 ) Construction in process: Beginning balance 285,339 Costs incurred for development and expansion of real estate facilities 129,706 Developed or expanded facilities opened for operation ( 223,171 ) Ending balance 191,874 Total real estate facilities at June 30, 2019 $ 9,598,487 During the six months ended June 30, 2019, we acquired 22 self-storage facilities ( 1,428,000 net rentable square feet), for a total cost of $ 198.0 million, consisting of $ 196.2 million in cash and the assumption of $ 1.8 million in mortgage notes. Approximately $ 8.7 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 223.2 million during the six months ended June 30, 2019, adding 2.7 million net rentable square feet of self-storage space. Construction in process at June 30, 2019 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During the six months ended June 30, 2019, we paid a total of $ 146.4 million with respect to the development and expansion of real estate facilities, including $ 70.6 million to repay amounts accrued at December 31, 2018 ($ 167.1 million during the six months ended June 30, 2018, including $ 45.9 million to repay amounts accrued at December 31, 2017). Of the $ 129.7 million in costs incurred during the six months ended June 30, 2019, $ 54.0 million remains unpaid at June 30, 2019. During the six months ended June 30, 2019, we paid a total of $ 71.0 million with respect to capital expenditures to maintain real estate facilities, including $ 9.4 million to repay amounts accrued at December 31, 2018 ($ 56.9 million during the six months ended June 30, 2018, including $ 12.7 million to repay amounts accrued at December 31, 2017). Of the $ 72.6 million in costs incurred during the six months ended June 30, 2019, $ 10.9 million remains unpaid at June 30, 2019.

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 2019
Investments In Unconsolidated Real Estate Entities [Abstract]
Investments In Unconsolidated Real Estate Entities	4. Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at June 30, 2019 December 31, 2018 PSB $ 432,743 $ 434,533 Shurgard 345,780 349,455 Total $ 778,523 $ 783,988 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 PSB $ 14,864 $ 36,612 $ 28,584 $ 60,443 Shurgard 4,050 5,351 8,002 12,315 Total $ 18,914 $ 41,963 $ 36,586 $ 72,758 Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an aggregate approximately 42 % common equity interest. The limited partnership units are convertible at our option, subject to certain conditions, on a one -for-one basis into PSB common stock. Based upon the closing price at June 30, 2019 ($ 168.53 per share of PSB common stock), the shares and units we owned had a market value of approximately $ 2.4 billion. Our equity in earnings of PSB is comprised of our equity interest in PSB’s earnings, less amortization of the PSB Basis Differential (defined below). During the six months ended June 30, 2019 and 2018, we received cash distributions from PSB totaling $ 30.4 million and $ 24.6 million, respectively. At June 30, 2019, our pro-rata investment in PSB’s real estate assets included in investment in real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $ 31.9 million ($ 32.3 million at December 31, 2018). This differential (the “PSB Basis Differential”) is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $ 0.4 million and $ 0.9 million during the six months ended June 30, 2019 and 2018, respectively. PSB’s filings and selected financial information can be accessed through the SEC, and on PSB’s website, www.psbusinessparks.com. Information on this website is not incorporated by reference herein and is not a part of this Quarterly Report on Form 10-Q. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing, prior to October 15, 2018, an approximate 49 % equity interest in Shurgard. On October 15, 2018, Shurgard completed an initial global offering (the “Offering”), issuing 25.0 million of its common shares to third parties at a price of € 23 per share, reducing our ownership interest to approximately 35 %. Following the Offering, Shurgard’s shares trade on Euronext Brussels under the “SHUR” symbol. Based upon the closing price at June 30, 2019 ( € 31.80 per share of SHUR common stock, at 1.137 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $ 1.1 billion. Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus our equity share of the trademark license fees that Shurgard pays to us for the use of the “Shurgard” trademark. The remaining license fees we receive from Shurgard are classified as interest and other income on our income statement. Shurgard paid dividends to its public shareholders during the six months ended June 30, 2019 of € 0.22 per share. The aggregate dividends we received totaling $ 7.7 million in the six months ended June 30, 2019, combined with our equity share of trademark license fees collected from Shurgard, totaling $ 0.5 million and $ 0.7 million in the six months ended June 30, 2019 and 2018, are reflected as “distributions from retained earnings of unconsolidated real estate entities” on our statements of cash flows. Changes in foreign currency exchange rates decreased our investment in Shurgard by approximately $ 3.5 million and $ 9.4 million in the six months ended June 30, 2019 and 2018, respectively. Shurgard’s public filings and publicly reported information can be obtained on its website, https://corporate.shurgard.eu and on the website of the Luxembourg Stock Exchange, http://www.bourse.lu. Information on these websites is not incorporated by reference herein and is not a part of this Quarterly Report on Form 10-Q.

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 2019
Credit Facility [Abstract]
Credit Facility	5. Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $ 500 million borrowing limit, which was amended on April 19, 2019 to (i) extend the maturity date from March 31, 2020 to April 19, 2024 , (ii) decrease the current effective borrowing spread over LIBOR from 0.850 % to 0.70 %, and (iii) decrease the current effective facility fee from 0.080 % to 0.070 %. All other terms remained substantially the same. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.70 % to LIBOR plus 1.350 % depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.70 % at June 30, 2019). We are also required to pay a quarterly facility fee ranging from 0.070 % per annum to 0.250 % per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.070 % per annum at June 30, 2019). At June 30, 2019 and July 30, 2019, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $ 15.9 million at June 30, 2019 ($ 16.2 million at December 31, 2018). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at June 30, 2019 .

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2019
Notes Payable [Abstract]
Notes Payable	6. Notes Payable Our notes payable at June 30, 2019 and December 31, 2018 are set forth in the tables below: Amounts at June 30, 2019 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 1,683 ) $ 498,317 $ 502,766 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,340 ) 495,660 509,595 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 3,031 ) 496,969 521,481 1,500,000 ( 9,054 ) 1,490,946 1,533,842 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 113,712 - 113,712 118,086 Notes due November 3, 2025 2.175 % 2.175 % 275,192 - 275,192 297,656 388,904 - 388,904 415,742 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 109.5 million 4.051 % 4.015 % 28,260 - 28,260 29,013 $ 1,917,164 $ ( 9,054 ) $ 1,908,110 $ 1,978,597 Amounts at December 31, 2018 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,053 $ 482,017 Notes due September 15, 2027 495,396 469,055 Notes due May 1, 2029 - - 993,449 951,072 Euro Denominated Unsecured Debt Notes due April 12, 2024 114,449 115,964 Notes due November 3, 2025 276,982 286,078 391,431 402,042 Mortgage Debt 27,403 27,613 $ 1,412,283 $ 1,380,727 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. 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 such notes is payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2018. On April 12, 2019, we completed a public offering of $ 500 million in aggregate principal amount of senior notes bearing interest at an annual rate of 3.385 % maturing on May 1, 2029 . In connection with the offering, we incurred a total of $ 3.1 million in costs. The notes issued on April 12, 2019 and on September 18, 2017 are referred to hereinafter as the “U.S. Dollar Notes.” The U.S. Dollar Notes have various financial covenants, all of which we were in compliance with at June 30, 2019. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 6 % at June 30, 2019) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 62 x for the twelve months ended June 30, 2019) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Debt Our euro denominated unsecured notes (the “Euro Notes”) are payable to institutional investors. The Euro Notes consist of two tranches, (i) € 242.0 million issued on November 3, 2015 for $ 264.3 million in net proceeds upon converting the Euros to U.S. Dollars and (ii) € 100.0 million issued on April 12, 2016 for $ 113.6 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually. The Euro Notes have various customary financial covenants, all of which we were in compliance with at June 30, 2019. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange (loss) gain” on our income statement (losses of $ 5.2 million and gains of $ 2.6 million for the three and six months ended June 30, 2019, respectively, as compared to gains of $ 21.9 million and $ 10.1 million for the same periods in 2018). Mortgage Debt Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. During the six months ended June 30, 2019 , we assumed a mortgage note with a contractual value of $ 1.8 million and an interest rate of 3.9 %, which approximated market rate, in connection with the acquisition of a real estate facility. At June 30, 2019, the related contractual interest rates are fixed, ranging between 3.2 % and 7.1 %, and mature between January 1, 20 22 and July 1, 20 30 . At June 30, 2019 , approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Mortgage Debt Debt Total Remainder of 2019 $ - $ 971 $ 971 2020 - 2,015 2,015 2021 - 1,883 1,883 2022 500,000 2,584 502,584 2023 - 19,226 19,226 Thereafter 1,388,904 1,581 1,390,485 $ 1,888,904 $ 28,260 $ 1,917,164 Weighted average effective rate 2.8 % 4.0 % 2.9 % Cash paid for interest totaled $ 21.8 million and $ 18.3 million for the six months ended June 30, 2019 and 2018, respectively. Interest capitalized as real estate totaled $ 2.0 million and $ 2.3 million for the six months ended June 30, 2019 and 2018, respectively.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At June 30, 2019, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 19 operating self-storage facilities and five self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one -for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At June 30, 2019, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the six months ended June 30, 2019 and 2018, we allocated a total of $ 2.6 million and $ 2.9 million, respectively, of income to these interests; and we paid $ 3.5 million and $ 3.1 million, respectively, in distributions to these interests. During the six months ended June 30, 2019 and 2018, Noncontrolling Interests contributed $ 1.3 million and $ 0.8 million, respectively, to our subsidiaries.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Shareholders’ Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Preferred Shares At June 30, 2019 and December 31, 2018, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At June 30, 2019 At December 31, 2018 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 Series Z 6/4/2019 6.000 % - - 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 Series H 3/11/2024 5.600 % 11,400 285,000 - - Total Preferred Shares 149,500 $ 3,737,500 161,000 $ 4,025,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At June 30, 2019, 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 March 11, 2019, we issued 11.4 million depositary shares, each representing 0.001 of a share of our 5.600 % Series H Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 285.0 million in gross proceeds, and we incurred $ 8.3 million in issuance costs. On March 28, 2019, we redeemed our 6.375 % Series Y Preferred Shares, at par. We recorded an $ 8.5 million allocation of income from our common shareholders to the holders of our Preferred Shares in the six months ended June 30, 2019 in connection with this redemption. On June 27, 2019, we redeemed our 6.000 % Series Z Preferred Shares, at par. We recorded an $ 8.9 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2019 in connection with this redemption. Dividends Common share dividends, including amounts paid to our restricted share unitholders, totaled $ 349.6 million ($ 2.00 per share) and $ 349.0 million ($ 2.00 per share) for the three months ended June 30, 2019 and 2018, respectively, and $ 699.1 million ($ 4.00 per share) and $ 698.0 million ($ 4.00 per share) for the six months ended June 30, 2019 and 2018, respectively. Preferred share dividends totaled $ 53.5 million and $ 54.1 million for the three months ended June 30, 2019 and 2018, respectively, and $ 108.5 million and $ 108.2 million for the six months ended June 30, 2019 and 2018, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
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 14.5 % of our common shares outstanding at June 30, 2019. At June 30, 2019, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlled 62 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada. 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 $ 696,000 and $ 625,000 for the six months ended June 30, 2019 and 2018, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-Based Compensation [Abstract]
Share-Based Compensation	10. Share-Based Compensation Under various share-based compensation plans and under terms established by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees. Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance conditions will be met. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends generally on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In February 2018, we announced that our Chief Executive Officer and Chief Financial Officer at the time were retiring from their executive roles at the end of 2018 and would 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 during their service as Trustees. For financial reporting, the end of the service periods for previous stock option and RSU grants for these executives changed from (i) the various vesting dates to (ii) December 31, 2018 when they retired. Accordingly, all remaining share-based compensation expense for these two executives was amortized in the year ended December 31, 2018. See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders. Stock Options Stock options vest over 3 to 5 years, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. For the three and six months ended June 30, 2019, we recorded $ 1.4 million and $ 2.2 million, respectively, in compensation expense related to stock options, as compared to $ 3.5 million and $ 7.0 million for the same periods in 2018. Amounts for the three and six months ended June 30, 2018 include $ 1.8 million and $ 3.6 million in connection with the acceleration of amortization on grants as discussed above. During the six months ended June 30, 2019, 105,000 stock options were granted, 106,755 options were exercised and 10,000 options were forfeited. A total of 2,409,167 stock options were outstanding at June 30, 2019 ( 2,420,922 at December 31, 2018) and have an average exercise price of $ 203.78 . Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the six months ended June 30, 2019, 50,775 RSUs were granted, 29,892 RSUs were forfeited and 97,556 RSUs vested. This vesting resulted in the issuance of 56,887 common shares. In addition, tax deposits totaling $ 10.0 million ($ 10.3 million for the same period in 2018) were made on behalf of employees in exchange for 40,669 common shares withheld upon vesting. A total of 641,023 RSUs were outstanding at June 30, 2019 ( 717,696 at December 31, 2018). A total of $ 4.3 million and $ 11.1 million in RSU expense was recorded for the three and six months ended June 30, 2019, respectively, which includes approximately $ 0.1 million and $ 1.1 million in employer taxes incurred upon vesting, as compared to $ 13.8 million and $ 27.2 million for the same periods in 2018, which includes approximately $ 0.1 million and $ 1.0 million in employer taxes incurred upon vesting. Amounts for the three and six months ended June 30, 2018 include $ 6.0 million and $ 12.1 million, respectively, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
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. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard This segment represents our equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard. Presentation of Segment Information The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands): Three months ended June 30, 2019 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 669,339 $ - $ - $ - $ - $ 669,339 Ancillary operations - 41,611 - - - 41,611 669,339 41,611 - - - 710,950 Cost of operations: Self-storage operations 196,083 - - - - 196,083 Ancillary operations - 11,653 - - - 11,653 196,083 11,653 - - - 207,736 Net operating income: Self-storage operations 473,256 - - - - 473,256 Ancillary operations - 29,958 - - - 29,958 473,256 29,958 - - - 503,214 Other components of net income (loss): Depreciation and amortization ( 126,859 ) - - - - ( 126,859 ) General and administrative - - - - ( 15,264 ) ( 15,264 ) Interest and other income - - - - 8,582 8,582 Interest expense - - - - ( 12,254 ) ( 12,254 ) Equity in earnings of unconsolidated real estate entities - - 14,864 4,050 - 18,914 Foreign currency exchange loss - - - - ( 5,218 ) ( 5,218 ) Gain on sale of real estate - - - - 341 341 Net income (loss) $ 346,397 $ 29,958 $ 14,864 $ 4,050 $ ( 23,813 ) $ 371,456 Three months ended June 30, 2018 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 645,206 $ - $ - $ - $ - $ 645,206 Ancillary operations - 40,322 - - - 40,322 645,206 40,322 - - - 685,528 Cost of operations: Self-storage operations 179,876 - - - - 179,876 Ancillary operations - 11,101 - - - 11,101 179,876 11,101 - - - 190,977 Net operating income: Self-storage operations 465,330 - - - - 465,330 Ancillary operations - 29,221 - - - 29,221 465,330 29,221 - - - 494,551 Other components of net income (loss): Depreciation and amortization ( 119,777 ) - - - - ( 119,777 ) General and administrative - - - - ( 31,329 ) ( 31,329 ) Interest and other income - - - - 6,328 6,328 Interest expense - - - - ( 8,388 ) ( 8,388 ) Equity in earnings of unconsolidated real estate entities - - 36,612 5,351 - 41,963 Foreign currency exchange gain - - - - 21,944 21,944 Net income (loss) $ 345,553 $ 29,221 $ 36,612 $ 5,351 $ ( 11,445 ) $ 405,292 Six months ended June 30, 2019 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,319,747 $ - $ - $ - $ - $ 1,319,747 Ancillary operations - 80,241 - - - 80,241 1,319,747 80,241 - - - 1,399,988 Cost of operations: Self-storage operations 389,739 - - - - 389,739 Ancillary operations - 22,198 - - - 22,198 389,739 22,198 - - - 411,937 Net operating income: Self-storage operations 930,008 - - - - 930,008 Ancillary operations - 58,043 - - - 58,043 930,008 58,043 - - - 988,051 Other components of net income (loss): Depreciation and amortization ( 248,800 ) - - - - ( 248,800 ) General and administrative - - - - ( 34,767 ) ( 34,767 ) Interest and other income - - - - 15,547 15,547 Interest expense - - - - ( 20,397 ) ( 20,397 ) Equity in earnings of unconsolidated real estate entities - - 28,584 8,002 - 36,586 Foreign currency exchange gain - - - - 2,573 2,573 Gain on sale of real estate - - - - 341 341 Net income (loss) $ 681,208 $ 58,043 $ 28,584 $ 8,002 $ ( 36,703 ) $ 739,134 Six months ended June 30, 2018 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,276,743 $ - $ - $ - $ - $ 1,276,743 Ancillary operations - 78,709 - - - 78,709 1,276,743 78,709 - - - 1,355,452 Cost of operations: Self-storage operations 362,063 - - - - 362,063 Ancillary operations - 21,741 - - - 21,741 362,063 21,741 - - - 383,804 Net operating income: Self-storage operations 914,680 - - - - 914,680 Ancillary operations - 56,968 - - - 56,968 914,680 56,968 - - - 971,648 Other components of net income (loss): Depreciation and amortization ( 237,756 ) - - - - ( 237,756 ) General and administrative - - - - ( 62,849 ) ( 62,849 ) Interest and other income - - - - 11,872 11,872 Interest expense - - - - ( 16,495 ) ( 16,495 ) Equity in earnings of unconsolidated real estate entities - - 60,443 12,315 - 72,758 Foreign currency exchange gain - - - - 10,126 10,126 Gain on sale of real estate - - - - 424 424 Net income (loss) $ 676,924 $ 56,968 $ 60,443 $ 12,315 $ ( 56,922 ) $ 749,728

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2019
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 deductible for property loss is $ 25.0 million per occurrence. This deductible decreases to $ 5.0 million once we reach $ 35.0 million in aggregate losses for occurrences that exceed $ 5.0 million. Insurance carriers’ aggregate limits on these policies of $ 75.0 million for property losses and $ 102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $ 5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $ 15.0 million for losses in excess of $ 5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At June 30, 2019, there were approximately 970,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $ 3.1 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $ 87.1 million at June 30, 2019. We expect to pay approximately $ 45.2 million in the remainder of 2019 and $ 41.9 million in 2020 for these construction commitments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Subsequent to June 30, 2019, we acquired or were under contract to acquire (subject to customary closing conditions) ten self-storage facilities with 815,000 net rentable square feet, for $ 86.5 million.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2019
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, 2018. Certain amounts previously reported in our June 30, 2018 financial statements have been reclassified to conform to the June 30, 2019 presentation, including separate presentation on our Statements of Cash Flows of our cash payments for real estate investments between cash paid for amounts incurred during the current period and amounts incurred during previous periods.
Consolidation and Equity Method of Accounting	Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2019, the Company and the Subsidiaries own 2,456 self-storage facilities and three commercial facilities in the U.S. At June 30, 2019, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard.
Use of Estimates	Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.
Income Taxes	Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100 % of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2019, 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 . When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value.
Other Assets	Other Assets Other assets primarily consist of rents receivable from our tenants, prepaid expenses, restricted cash and right-to-use assets. See “Recent Accounting Pronouncements and Guidance” below.
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, lease liabilities, and contingent loss accruals when probable and estimable. See “Recent Accounting Pronouncements and Guidance” below. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.
Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments	Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity.
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. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs.
Currency and Credit Risk	Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2019, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land. Goodwill totaled $ 174.6 million at June 30, 2019 and December 31, 2018. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at June 30, 2019 and December 31, 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At June 30, 2019, these intangibles had a net book value of $ 16.8 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 29.2 million at June 30, 2019 ($ 28.9 million at December 31, 2018), and amortization expense of $ 8.4 million and $ 8.8 million was recorded in the six months ended June 30, 2019 and 2018, respectively. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2019 is approximately $ 6.7 million in the remainder of 2019, $ 5.0 million in 2020 and $ 5.1 million thereafter. During the six months ended June 30, 2019, intangibles increased $ 8.7 million in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Revenue and Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. 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 1.137 U.S. Dollars per Euro at June 30, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.124 and 1.192 for the three months ended June 30, 2019 and 2018, respectively, and average exchange rates of 1.130 and 1.210 for the six months ended June 30, 2019 and 2018, 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 and our unsecured notes denominated in Euros.
Recent Accounting Pronouncements And Guidance	Recent Accounting Pronouncements and Guidance 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 requires a modified-retrospective approach to adoption and became effective for interim and annual periods beginning on January 1, 2019. In July 2018, the FASB further amended this standard to allow for a new transition method that offers the option to use the effective date as the date of initial application and not adjust the comparative-period financial information. We adopted the new standard effective January 1, 2019, using the new transition method, recording a total of $ 38.7 million in right of use assets, reflected in other assets, and substantially the same amount in lease liabilities, reflected in accrued and other liabilities, for leases where we are the lessee (principally ground leases and office leases) . The lease liabilities are recognized based on the present value of the remaining lease payments for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate. We estimated the incremental borrowing rate primarily by reference to average yield spread on debt issuances by companies of a similar credit rating as us, and the treasury yields as of January 1, 2019. We had no material amount of leases covered by the standard where we are the lessor (principally our storage leases) because substantially all of such leases are month to month. For leases where we are the lessee or the lessor, we applied (i) the package of practical expedients to not reassess prior conclusions related to contracts that are or that contain leases, lease classification and initial direct costs, (ii) the hindsight practical expedient to determine the lease term and in assessing impairment of the right of use assets, and (iii) the easement practical expedient to not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under this new standard. In addition, for leases where we are the lessee, we also elected to (a) not apply the new standard to our leases with an original term of 12 months or less, and (b) not separate lease and associated non-lease components.
Net Income Per Common Share	Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,253 173,932 174,215 173,912 Net effect of dilutive stock options - based on treasury stock method 289 292 244 274 Diluted weighted average common shares outstanding 174,542 174,224 174,459 174,186

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,253 173,932 174,215 173,912 Net effect of dilutive stock options - based on treasury stock method 289 292 244 274 Diluted weighted average common shares outstanding 174,542 174,224 174,459 174,186

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	Six Months Ended June 30, 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 Costs incurred for capital expenditures to maintain real estate facilities 72,559 Acquisitions 189,273 Dispositions ( 102 ) Developed or expanded facilities opened for operation 223,171 Ending balance 15,781,745 Accumulated depreciation: Beginning balance ( 6,140,072 ) Depreciation expense ( 235,065 ) Dispositions 5 Ending balance ( 6,375,132 ) Construction in process: Beginning balance 285,339 Costs incurred for development and expansion of real estate facilities 129,706 Developed or expanded facilities opened for operation ( 223,171 ) Ending balance 191,874 Total real estate facilities at June 30, 2019 $ 9,598,487

Investments In Unconsolidated_2

Investments In Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Investments In Unconsolidated Real Estate Entities [Abstract]
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities	Investments in Unconsolidated Real Estate Entities at June 30, 2019 December 31, 2018 PSB $ 432,743 $ 434,533 Shurgard 345,780 349,455 Total $ 778,523 $ 783,988 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 PSB $ 14,864 $ 36,612 $ 28,584 $ 60,443 Shurgard 4,050 5,351 8,002 12,315 Total $ 18,914 $ 41,963 $ 36,586 $ 72,758

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Payable [Abstract]
Notes Payable	Amounts at June 30, 2019 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 1,683 ) $ 498,317 $ 502,766 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,340 ) 495,660 509,595 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 3,031 ) 496,969 521,481 1,500,000 ( 9,054 ) 1,490,946 1,533,842 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 113,712 - 113,712 118,086 Notes due November 3, 2025 2.175 % 2.175 % 275,192 - 275,192 297,656 388,904 - 388,904 415,742 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 109.5 million 4.051 % 4.015 % 28,260 - 28,260 29,013 $ 1,917,164 $ ( 9,054 ) $ 1,908,110 $ 1,978,597 Amounts at December 31, 2018 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,053 $ 482,017 Notes due September 15, 2027 495,396 469,055 Notes due May 1, 2029 - - 993,449 951,072 Euro Denominated Unsecured Debt Notes due April 12, 2024 114,449 115,964 Notes due November 3, 2025 276,982 286,078 391,431 402,042 Mortgage Debt 27,403 27,613 $ 1,412,283 $ 1,380,727
Maturities Of Notes Payable	Unsecured Mortgage Debt Debt Total Remainder of 2019 $ - $ 971 $ 971 2020 - 2,015 2,015 2021 - 1,883 1,883 2022 500,000 2,584 502,584 2023 - 19,226 19,226 Thereafter 1,388,904 1,581 1,390,485 $ 1,888,904 $ 28,260 $ 1,917,164 Weighted average effective rate 2.8 % 4.0 % 2.9 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	At June 30, 2019 At December 31, 2018 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 Series Z 6/4/2019 6.000 % - - 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 Series H 3/11/2024 5.600 % 11,400 285,000 - - Total Preferred Shares 149,500 $ 3,737,500 161,000 $ 4,025,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Information [Abstract]
Summary Of Segment Information	Three months ended June 30, 2019 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 669,339 $ - $ - $ - $ - $ 669,339 Ancillary operations - 41,611 - - - 41,611 669,339 41,611 - - - 710,950 Cost of operations: Self-storage operations 196,083 - - - - 196,083 Ancillary operations - 11,653 - - - 11,653 196,083 11,653 - - - 207,736 Net operating income: Self-storage operations 473,256 - - - - 473,256 Ancillary operations - 29,958 - - - 29,958 473,256 29,958 - - - 503,214 Other components of net income (loss): Depreciation and amortization ( 126,859 ) - - - - ( 126,859 ) General and administrative - - - - ( 15,264 ) ( 15,264 ) Interest and other income - - - - 8,582 8,582 Interest expense - - - - ( 12,254 ) ( 12,254 ) Equity in earnings of unconsolidated real estate entities - - 14,864 4,050 - 18,914 Foreign currency exchange loss - - - - ( 5,218 ) ( 5,218 ) Gain on sale of real estate - - - - 341 341 Net income (loss) $ 346,397 $ 29,958 $ 14,864 $ 4,050 $ ( 23,813 ) $ 371,456 Three months ended June 30, 2018 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 645,206 $ - $ - $ - $ - $ 645,206 Ancillary operations - 40,322 - - - 40,322 645,206 40,322 - - - 685,528 Cost of operations: Self-storage operations 179,876 - - - - 179,876 Ancillary operations - 11,101 - - - 11,101 179,876 11,101 - - - 190,977 Net operating income: Self-storage operations 465,330 - - - - 465,330 Ancillary operations - 29,221 - - - 29,221 465,330 29,221 - - - 494,551 Other components of net income (loss): Depreciation and amortization ( 119,777 ) - - - - ( 119,777 ) General and administrative - - - - ( 31,329 ) ( 31,329 ) Interest and other income - - - - 6,328 6,328 Interest expense - - - - ( 8,388 ) ( 8,388 ) Equity in earnings of unconsolidated real estate entities - - 36,612 5,351 - 41,963 Foreign currency exchange gain - - - - 21,944 21,944 Net income (loss) $ 345,553 $ 29,221 $ 36,612 $ 5,351 $ ( 11,445 ) $ 405,292 Six months ended June 30, 2019 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,319,747 $ - $ - $ - $ - $ 1,319,747 Ancillary operations - 80,241 - - - 80,241 1,319,747 80,241 - - - 1,399,988 Cost of operations: Self-storage operations 389,739 - - - - 389,739 Ancillary operations - 22,198 - - - 22,198 389,739 22,198 - - - 411,937 Net operating income: Self-storage operations 930,008 - - - - 930,008 Ancillary operations - 58,043 - - - 58,043 930,008 58,043 - - - 988,051 Other components of net income (loss): Depreciation and amortization ( 248,800 ) - - - - ( 248,800 ) General and administrative - - - - ( 34,767 ) ( 34,767 ) Interest and other income - - - - 15,547 15,547 Interest expense - - - - ( 20,397 ) ( 20,397 ) Equity in earnings of unconsolidated real estate entities - - 28,584 8,002 - 36,586 Foreign currency exchange gain - - - - 2,573 2,573 Gain on sale of real estate - - - - 341 341 Net income (loss) $ 681,208 $ 58,043 $ 28,584 $ 8,002 $ ( 36,703 ) $ 739,134 Six months ended June 30, 2018 Self-Storage Operations Ancillary Operations Investment in PSB Investment in Shurgard Other Items Not Allocated to Segments Total (Amounts in thousands) Revenues: Self-storage operations $ 1,276,743 $ - $ - $ - $ - $ 1,276,743 Ancillary operations - 78,709 - - - 78,709 1,276,743 78,709 - - - 1,355,452 Cost of operations: Self-storage operations 362,063 - - - - 362,063 Ancillary operations - 21,741 - - - 21,741 362,063 21,741 - - - 383,804 Net operating income: Self-storage operations 914,680 - - - - 914,680 Ancillary operations - 56,968 - - - 56,968 914,680 56,968 - - - 971,648 Other components of net income (loss): Depreciation and amortization ( 237,756 ) - - - - ( 237,756 ) General and administrative - - - - ( 62,849 ) ( 62,849 ) Interest and other income - - - - 11,872 11,872 Interest expense - - - - ( 16,495 ) ( 16,495 ) Equity in earnings of unconsolidated real estate entities - - 60,443 12,315 - 72,758 Foreign currency exchange gain - - - - 10,126 10,126 Gain on sale of real estate - - - - 424 424 Net income (loss) $ 676,924 $ 56,968 $ 60,443 $ 12,315 $ ( 56,922 ) $ 749,728

Description Of The Business (Na

Description Of The Business (Narrative) (Details) ft² in Millions	6 Months Ended
	Jun. 30, 2019ft²stateitemcountyshares	Dec. 31, 2018shares	Oct. 15, 2018	Oct. 14, 2018	Sep. 30, 2018
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,456
Net rentable square feet	166
Number of states with facilities | state	38
Public Storage [Member] | Commercial and Retail Space [Member]
Nature Of Business [Line Items]
Net rentable square feet	0.9
Shurgard [Member]
Nature Of Business [Line Items]
Net rentable square feet	13
Shares owned | shares	31,268,459	31,268,459
Ownership interest, percentage	35.00%		35.00%	49.00%	49.00%
Number of facilities owned by Shurgard Europe | item	231
Direct interest in self-storage facilities, number of countries | county	7
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet	28
Number of states with facilities | state	6
Ownership interest, percentage	42.00%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member]	Jun. 30, 2019item
Summary Of Significant Accounting Policies [Line Items]
Number of self-storage facilities owned	2,456
Commercial facilities in U.S.	3

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Summary Of Significant Accounting Policies [Abstract]
Percentage of taxable income distributed for exemption of federal income tax	100.00%
Income tax expense	$ 0
Unrecognized tax benefits	$ 0

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019
Percentage of interest in real estate sold at fair value	100.00%
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_7

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Summary Of Significant Accounting Policies [Abstract]
Goodwill balance	$ 174.6		$ 174.6
Shurgard trade name, book value	18.8		18.8
In-place and leasehold interests in land, net book value	16.8		16.5
In-place and leasehold interests in land, accumulated amortization	29.2		$ 28.9
In-place and leasehold interests in land, amortization expense	8.4	$ 8.8
Estimated future amortization expense, remainder of 2019	6.7
Estimated future amortization expense, 2020	5
Estimated future amortization expense, thereafter	5.1
Increase in in-place and leasehold interests in land	$ 8.7

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Abstract]
Impairments	$ 0	$ 0

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation	1.137		1.137		1.144
Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate	1.124	1.192	1.130	1.210

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Recent Accounting Pronouncements and Guidance) (Narrative) (Details) $ in Millions	Jun. 30, 2019USD ($)
Summary Of Significant Accounting Policies [Abstract]
Right-of-use assets from operating leases	$ 38.7

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	174,253	173,932	174,215	173,912
Net effect of dilutive stock options - based on treasury stock method	289	292	244	274
Diluted weighted average common shares outstanding	174,542	174,224	174,459	174,186

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)ft²item	Jun. 30, 2018USD ($)
Schedule Of Real Estate Facilities [Line Items]
Cash to acquire self-storage facilities	$ 196,185	$ 33,930
Payments for development and expansion of real estate facilities	146,400	167,100
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods	70,624	45,939
Costs incurred for development and expansion of real estate facilities	129,706
Unpaid costs incurred for development and expansion of real estate facilities	54,000
Payments for capital expenditures to maintain real estate facilities	71,000	56,900
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods	9,391	$ 12,728
Costs incurred for capital expenditures to maintain real estate facilities	72,559
Unpaid costs incurred for capital expenditures to maintain real estate facilities	$ 10,900
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item	22
Net rentable square feet | ft²	1,428,000
Total cost of acquisition	$ 198,000
Cash to acquire self-storage facilities	196,200
Mortgage debt assumed	1,800
Allocated to intangible assets	8,700
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand	$ 223,200
Addtional net rentable square feet | ft²	2,700,000

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 15,296,844
Costs incurred for capital expenditures to maintain real estate facilities	72,559
Acquisitions	189,273
Dispositions	(102)
Developed or expanded facilities opened for operation	223,171
Ending balance (Operating facilities, at cost)	15,781,745
Beginning balance (Accumulated depreciation)	(6,140,072)
Depreciation expense	(235,065)
Dispositions	5
Ending balance (Accumulated depreciation)	(6,375,132)
Beginning balance (Construction in process)	285,339
Costs incurred for development and expansion of real estate facilities	129,706
Developed or expanded facilities opened for operations	(223,171)
Ending balance (Construction in process)	191,874
Total real estate facilities	$ 9,598,487	$ 9,442,111

Investments In Unconsolidated_3

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Common stock owned of PSB	7,158,354		7,158,354
Limited partnership units in PSB	7,305,355		7,305,355
Ownership interest, percentage	42.00%
Limited partnership units option to convert to common stock, conversion basis.	1
Closing price per share	$ 168.53
Market value	$ 2,400
Cash distribution received	30.4	$ 24.6
Basis differential	31.9		$ 32.3
Amortization of basis differential	$ 0.4	$ 0.9

Investments In Unconsolidated_4

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018$ / shares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)€ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2019€ / shares	Dec. 31, 2018shares	Oct. 15, 2018€ / sharesshares	Oct. 14, 2018	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Exchange rate translation	1.137		1.137	1.137			1.144
Common stock dividends paid per share | $ / shares	$ 2	$ 2	$ 4		$ 4
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Shares issued | shares								25,000,000
Price per share | € / shares								€ 23
Shares owned | shares	31,268,459		31,268,459	31,268,459			31,268,459
Ownership interest, percentage	35.00%		35.00%	35.00%				35.00%	49.00%	49.00%
Closing price per share | € / shares						€ 31.80
Exchange rate translation	1.137		1.137	1.137
Market value	$ 1,100		$ 1,100	$ 1,100
Common stock dividends paid per share | € / shares				$ 0.22
Cash distribution received			7.7
Change in investment from foreign currency exchange rates			(3.5)		$ (9.4)
Trademark License [Member] | Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Cash distribution received			$ 0.5		$ 0.7

Investments In Unconsolidated_5

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 778,523		$ 778,523		$ 783,988
Equity in Earnings of Unconsolidated Real Estate Entities	18,914	$ 41,963	36,586	$ 72,758
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	432,743		432,743		434,533
Equity in Earnings of Unconsolidated Real Estate Entities	14,864	36,612	28,584	60,443
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	345,780		345,780		$ 349,455
Equity in Earnings of Unconsolidated Real Estate Entities	$ 4,050	$ 5,351	$ 8,002	$ 12,315

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	Apr. 19, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jul. 30, 2019
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity		$ 500,000,000		$ 500,000,000
Expiration of Credit Facility		Apr. 19, 2024	Mar. 31, 2020
Interest rate spread (LIBOR)	0.70%		0.85%	0.70%
Frequency of commitment fee				quarterly
Commitment fee percentage	0.07%		0.08%	0.07%
Outstanding borrowings		$ 0		$ 0
Reduction in borrowing capacity to amount of letters of credit				$ 15,900,000	$ 16,200,000
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)				0.70%
Commitment fee percentage				0.07%
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)				1.35%
Commitment fee percentage				0.25%
Subsequent Event [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings						$ 0

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details)

Apr. 12, 2019USD ($)

Sep. 18, 2017USD ($)item

Apr. 12, 2016USD ($)

Nov. 03, 2015USD ($)

Jun. 30, 2019USD ($)

Jun. 30, 2018USD ($)

Jun. 30, 2019USD ($)item

Jun. 30, 2018USD ($)

Jun. 30, 2019USD ($)

Dec. 31, 2018

Apr. 12, 2016EUR (€)

Nov. 03, 2015EUR (€)

Debt Instrument [Line Items]

Proceeds from issuance of debt

$ 496,900,000

Foreign currency exchange (loss) gain

$ (5,218,000)

$ 21,944,000

2,573,000

$ 10,126,000

Cash paid for interest expense

21,800,000

18,300,000

Interest capitalized as real estate

2,000,000

$ 2,300,000

2,000,000

$ 2,300,000

$ 2,000,000

Mortgage Notes [Member]

Debt Instrument [Line Items]

Mortgage debt assumed

$ 1,800,000

$ 1,800,000

$ 1,800,000

Interest rate

3.90%

3.90%

3.90%

Mortgage Notes [Member] | Minimum [Member]

Debt Instrument [Line Items]

Interest rate

3.20%

3.20%

3.20%

Maturity date

Jan. 1, 2022

Mortgage Notes [Member] | Maximum [Member]

Debt Instrument [Line Items]

Interest rate

7.10%

7.10%

7.10%

Maturity date

Jul. 1, 2030

U.S. Dollar Denominated Unsecured Debt [Member]

Debt Instrument [Line Items]

Issuance date

Sep. 18, 2017

Number of tranches | item

2

Debt issuance amount

$ 500,000,000

Debt issuance costs

$ 7,900,000

Debt to Total Assets ratio

6.00%

Adjusted EBTIDA to interest Expense ratio

62

U.S. Dollar Denominated Unsecured Debt [Member] | Minimum [Member]

Debt Instrument [Line Items]

Adjusted EBTIDA to interest Expense ratio

1.5

U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member]

Debt Instrument [Line Items]

Debt issuance amount

$ 500,000,000

Debt issuance costs

$ 3,100,000

Interest rate

3.385%

3.385%

3.385%

3.385%

Maturity date

May 1, 2029

May 1, 2029

U.S. Dollar Denominated Unsecured Debt [Member] | Maximum Covenant [Member]

Debt Instrument [Line Items]

Debt to Total Assets ratio

65.00%

Euro Denominated Unsecured Debt [Member]

Debt Instrument [Line Items]

Number of tranches | item

2

Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member]

Debt Instrument [Line Items]

Issuance date

Nov. 3, 2015

Debt issuance amount | €

€ 242,000,000

Proceeds from issuance of debt

$ 264,300,000

Interest rate

2.175%

2.175%

2.175%

Maturity date

Nov. 3, 2025

Nov. 3, 2025

Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member]

Debt Instrument [Line Items]

Issuance date

Apr. 12, 2016

Debt issuance amount | €

€ 100,000,000

Proceeds from issuance of debt

$ 113,600,000

Interest rate

1.54%

1.54%

1.54%

Maturity date

Apr. 12, 2024

Apr. 12, 2024

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Details)	Apr. 12, 2019	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Principal		$ 1,917,164,000
Unamortized Costs		(9,054,000)
Book Value		1,908,110,000	$ 1,412,283,000
Fair Value		1,978,597,000	1,380,727,000
U.S. Dollar Denominated Unsecured Debt [Member]
Principal		1,500,000,000
Unamortized Costs		(9,054,000)
Book Value		1,490,946,000	993,449,000
Fair Value		$ 1,533,842,000	951,072,000
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2022 [Member]
Coupon Rate		2.37%
Effective Rate		2.483%
Principal		$ 500,000,000
Unamortized Costs		(1,683,000)
Book Value		498,317,000	498,053,000
Fair Value		$ 502,766,000	$ 482,017,000
Maturity date		Sep. 15, 2022	Sep. 15, 2022
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2027 [Member]
Coupon Rate		3.094%
Effective Rate		3.218%
Principal		$ 500,000,000
Unamortized Costs		(4,340,000)
Book Value		495,660,000	$ 495,396,000
Fair Value		$ 509,595,000	$ 469,055,000
Maturity date		Sep. 15, 2027	Sep. 15, 2027
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member]
Coupon Rate	3.385%	3.385%
Effective Rate		3.459%
Principal		$ 500,000,000
Unamortized Costs		(3,031,000)
Book Value		496,969,000
Fair Value		$ 521,481,000
Maturity date	May 1, 2029	May 1, 2029
Euro Denominated Unsecured Debt [Member]
Principal		$ 388,904,000
Book Value		388,904,000	391,431,000
Fair Value		$ 415,742,000	402,042,000
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member]
Coupon Rate		1.54%
Effective Rate		1.54%
Principal		$ 113,712,000
Book Value		113,712,000	114,449,000
Fair Value		$ 118,086,000	$ 115,964,000
Maturity date		Apr. 12, 2024	Apr. 12, 2024
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member]
Coupon Rate		2.175%
Effective Rate		2.175%
Principal		$ 275,192,000
Book Value		275,192,000	$ 276,982,000
Fair Value		$ 297,656,000	$ 286,078,000
Maturity date		Nov. 3, 2025	Nov. 3, 2025
Mortgage Debt [Member]
Coupon Rate		4.051%
Effective Rate		4.015%
Principal		$ 28,260,000
Book Value		28,260,000	$ 27,403,000
Fair Value		29,013,000	$ 27,613,000
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable		$ 109,500,000
Real estate facilities securing debt | item		27

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details)	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Total debt	$ 1,917,164,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
2022	500,000,000
Thereafter	1,388,904,000
Total debt	$ 1,888,904,000
Weighted average effective rate	2.80%
Mortgage Notes [Member]
Debt Instrument [Line Items]
Remainder of 2019	$ 971,000
2020	2,015,000
2021	1,883,000
2022	2,584,000
2023	19,226,000
Thereafter	1,581,000
Total debt	$ 28,260,000
Weighted average effective rate	4.00%
Total [Member]
Debt Instrument [Line Items]
Remainder of 2019	$ 971,000
2020	2,015,000
2021	1,883,000
2022	502,584,000
2023	19,226,000
Thereafter	1,390,485,000
Total debt	$ 1,917,164,000
Weighted average effective rate	2.90%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)itemshares	Jun. 30, 2018USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 1,730	$ 1,340	$ 3,533	$ 3,055
Contributions by noncontrolling interests	$ 1,106	49	$ 1,302	752
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item	19		19
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item			5
Partnership units conversion ratio			1
Convertible partnership units | shares			231,978
Income allocated to other permanent noncontrolling interest in subsidiaries			$ 2,600	2,900
Distributions paid	$ 1,730	1,340	3,533	3,055
Contributions by noncontrolling interests	$ 1,106	$ 49	$ 1,302	$ 752

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, shares in Millions	Jun. 27, 2019	Mar. 28, 2019	Mar. 11, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)item$ / 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
Amount of preferred dividends in arrears					$ 0
Redemption price per share | $ / shares				$ 25	$ 25
Gross proceeds from issuance of preferred stock					$ 276,723,000
EITF D-42 allocations				$ 8,861,000	$ 17,394,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rate percentage					5.15%
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Redemption price per share | $ / shares			$ 25
Shares issued | shares			11.4
Preferred shares per depositary share			0.001%
Gross proceeds from issuance of preferred stock			$ 285,000,000
Original issuance costs on preferred shares redeemed during the period			$ 8,300,000
Dividend rate percentage			5.60%		5.60%
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rate percentage		6.375%			6.375%
EITF D-42 allocations					$ 8,500,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rate percentage	6.00%				6.00%
EITF D-42 allocations				$ 8,900,000	$ 8,900,000

Shareholders_ Equity (Dividends

Shareholders’ Equity (Dividends) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Shareholders’ Equity [Abstract]
Common stock dividends paid in aggregate	$ 349,600	$ 349,000	$ 699,100	$ 698,000
Common stock dividends paid per share	$ 2	$ 2	$ 4	$ 4
Preferred share dividends	$ 53,525	$ 54,077	$ 108,537	$ 108,158

Shareholders' Equity (Preferr_2

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Jun. 27, 2019	Mar. 28, 2019	Mar. 11, 2019	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, shares outstanding				149,500	161,000
Liquidation Preference				$ 3,737,500	$ 4,025,000
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%		6.375%
Preferred stock, shares outstanding					11,400
Liquidation Preference					$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jun. 4, 2019
Dividend Rate %	6.00%			6.00%
Preferred stock, shares outstanding					11,500
Liquidation Preference					$ 287,500
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Dec. 2, 2019
Dividend Rate %				5.875%
Preferred stock, shares outstanding				7,600	7,600
Liquidation Preference				$ 190,000	$ 190,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jan. 20, 2021
Dividend Rate %				5.40%
Preferred stock, shares outstanding				12,000	12,000
Liquidation Preference				$ 300,000	$ 300,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				May 17, 2021
Dividend Rate %				5.125%
Preferred stock, shares outstanding				8,000	8,000
Liquidation Preference				$ 200,000	$ 200,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jul. 20, 2021
Dividend Rate %				4.95%
Preferred stock, shares outstanding				13,000	13,000
Liquidation Preference				$ 325,000	$ 325,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Oct. 14, 2021
Dividend Rate %				4.90%
Preferred stock, shares outstanding				14,000	14,000
Liquidation Preference				$ 350,000	$ 350,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Jun. 2, 2022
Dividend Rate %				5.15%
Preferred stock, shares outstanding				11,200	11,200
Liquidation Preference				$ 280,000	$ 280,000
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Aug. 9, 2022
Dividend Rate %				5.05%
Preferred stock, shares outstanding				12,000	12,000
Liquidation Preference				$ 300,000	$ 300,000
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date				Mar. 11, 2024
Dividend Rate %			5.60%	5.60%
Preferred stock, shares outstanding				11,400
Liquidation Preference				$ 285,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 696,000	$ 625,000
Hughes Family [Member]
Related Party Transaction [Line Items]
Percentage ownership of common shares outstanding	14.50%
Canada [Member] | Hughes Family [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities | item	62
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018employeeshares
Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives retiring | employee					2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years			10 years
Compensation expense | $	$ 1.4	$ 3.5	$ 2.2	$ 7
Stock options granted			105,000
Stock options exercised			106,755
Stock options forfeited			10,000
Stock options outstanding	2,409,167		2,409,167		2,420,922
Average exercise price | $ / shares	$ 203.78		$ 203.78
Stock Options [Member] | Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of amortization on grants | $		$ 1.8		$ 3.6
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			5 years
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years			3 years

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax deposits made in exchange for RSUs			$ 10,011	$ 10,242
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period			50,775
Forfeited in period			29,892
Vested in period			97,556
Common shares issued upon vesting			56,887
Tax deposits made in exchange for RSUs			$ 10,000	10,300
Common stock withheld upon vesting in exchange for tax deposits			40,669
Restricted share units outstanding	641,023		641,023		717,696
Restricted share unit expense	$ 4,300	$ 13,800	$ 11,100	27,200
Taxes incurred upon vesting of restricted share units	$ 100	100	$ 1,100	1,000
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
Chief Executive Officer and Chief Financial Officer [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of amortization on grants		$ 6,000		$ 12,100

Segment Information (Narrative)

Segment Information (Narrative) (Details) - country	Jun. 30, 2019	Oct. 15, 2018	Oct. 14, 2018	Sep. 30, 2018
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	35.00%	35.00%	49.00%	49.00%
Number of countries in which entity operates	7

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 710,950	$ 685,528	$ 1,399,988	$ 1,355,452
Self-storage operations	196,083	179,876	389,739	362,063
Ancillary operations	11,653	11,101	22,198	21,741
Total cost of operations	207,736	190,977	411,937	383,804
Net operating income: Self-storage operations	473,256	465,330	930,008	914,680
Net operating income: Ancillary operations	29,958	29,221	58,043	56,968
Total net operating income	503,214	494,551	988,051	971,648
Depreciation and amortization	(126,859)	(119,777)	(248,800)	(237,756)
General and administrative	(15,264)	(31,329)	(34,767)	(62,849)
Interest and other income	8,582	6,328	15,547	11,872
Interest expense	(12,254)	(8,388)	(20,397)	(16,495)
Equity in earnings of unconsolidated real estate entities	18,914	41,963	36,586	72,758
Foreign currency exchange (loss) gain	(5,218)	21,944	2,573	10,126
Gain on sale of real estate	341		341	424
Net income (loss)	371,456	405,292	739,134	749,728
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	669,339	645,206	1,319,747	1,276,743
Self-storage operations	196,083	179,876	389,739	362,063
Total cost of operations	196,083	179,876	389,739	362,063
Net operating income: Self-storage operations	473,256	465,330	930,008	914,680
Total net operating income	473,256	465,330	930,008	914,680
Depreciation and amortization	(126,859)	(119,777)	(248,800)	(237,756)
Net income (loss)	346,397	345,553	681,208	676,924
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	41,611	40,322	80,241	78,709
Ancillary operations	11,653	11,101	22,198	21,741
Total cost of operations	11,653	11,101	22,198	21,741
Net operating income: Ancillary operations	29,958	29,221	58,043	56,968
Total net operating income	29,958	29,221	58,043	56,968
Net income (loss)	29,958	29,221	58,043	56,968
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	14,864	36,612	28,584	60,443
Net income (loss)	14,864	36,612	28,584	60,443
Investment In Shurgard [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	4,050	5,351	8,002	12,315
Net income (loss)	4,050	5,351	8,002	12,315
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(15,264)	(31,329)	(34,767)	(62,849)
Interest and other income	8,582	6,328	15,547	11,872
Interest expense	(12,254)	(8,388)	(20,397)	(16,495)
Foreign currency exchange (loss) gain	(5,218)	21,944	2,573	10,126
Gain on sale of real estate	341		341	424
Net income (loss)	(23,813)	(11,445)	(36,703)	(56,922)
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	669,339	645,206	1,319,747	1,276,743
Self-Storage Operations [Member] | Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	669,339	645,206	1,319,747	1,276,743
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	41,611	40,322	80,241	78,709
Ancillary Operations [Member] | Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues	$ 41,611	$ 40,322	$ 80,241	$ 78,709

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)item
Commitments And Contingencies [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property	25,000,000
Reduced deductible for property	5,000,000
Aggregate maximum losses for property	35,000,000
Aggregate per occurance property coverage	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	970,000
Aggregate coverage of tenants participating in insurance program	$ 3,100,000,000
Construction commitments	87,100,000
Construction commitments remainder of 2019	45,200,000
Construction commitments 2020	$ 41,900,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)ft²item
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | item	10
Net rentable square feet | ft²	815,000
Total cost of acquisition | $	$ 86.5