Public Storage (PSA) 10-K 25 Feb 20 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	PUBLIC STORAGE
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 35,489,494,000
Entity Common Stock, Shares Outstanding		174,758,632
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001393311
Common Shares [Member]
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
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 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
Series I Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value
Trading Symbol	PSAPrI
Security Exchange Name	NYSE
Series J Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value
Trading Symbol	PSAPrJ
Security Exchange Name	NYSE
Series K Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value
Trading Symbol	PSAPrK
Security Exchange Name	NYSE
Notes Due 2032 [Member]
Title of 12(b) Security	0.875% Senior Notes due 2032
Trading Symbol	PSA32
Security Exchange Name	NYSE

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and equivalents	$ 409,743	$ 361,218
Real estate facilities, at cost:
Land	4,186,873	4,047,982
Buildings	12,102,273	11,248,862
Real estate facilities, gross	16,289,146	15,296,844
Accumulated depreciation	(6,623,475)	(6,140,072)
Real estate facilities, net	9,665,671	9,156,772
Construction in process	141,934	285,339
Total real estate facilities	9,807,605	9,442,111
Investments in unconsolidated real estate entities	767,816	783,988
Goodwill and other intangible assets, net	205,936	209,856
Other assets	174,344	131,097
Total assets	11,365,444	10,928,270
LIABILITIES AND EQUITY
Notes payable	1,902,493	1,412,283
Accrued and other liabilities	383,284	371,259
Total liabilities	2,285,777	1,783,542
Commitments and contingencies (Note 13)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 162,600 shares issued (in series) and outstanding, (161,000 at December 31, 2018), at liquidation preference	4,065,000	4,025,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,418,615 shares issued and outstanding (174,130,881 shares at December 31, 2018)	17,442	17,413
Paid-in capital	5,710,934	5,718,485
Accumulated deficit	(665,575)	(577,360)
Accumulated other comprehensive loss	(64,890)	(64,060)
Total Public Storage shareholders’ equity	9,062,911	9,119,478
Noncontrolling interests	16,756	25,250
Total equity	9,079,667	9,144,728
Total liabilities and equity	$ 11,365,444	$ 10,928,270

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	162,600	161,000
Preferred stock, shares outstanding	162,600	161,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	174,418,615	174,130,881
Common stock, shares outstanding	174,418,615	174,130,881

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 2,846,823	$ 2,754,280	$ 2,668,528
Expenses:
Self-storage cost of operations	752,579	695,731	657,633
Ancillary cost of operations	44,204	43,991	50,345
Depreciation and amortization	512,918	483,646	454,526
General and administrative	71,983	118,720	82,882
Interest expense	45,641	32,542	12,690
Operating expenses	1,427,325	1,374,630	1,258,076
Other increase (decrease) to net income:
Interest and other income	28,436	26,442	18,771
Equity in earnings of unconsolidated real estate entities	69,547	103,495	75,655
Foreign currency exchange gain (loss)	7,829	18,117	(50,045)
Casualty loss			(7,789)
Gain on sale of real estate	341	37,903	1,421
Gain due to Shurgard public offering		151,616
Net income	1,525,651	1,717,223	1,448,465
Allocation to noncontrolling interests	(5,117)	(6,192)	(6,248)
Net income allocable to Public Storage shareholders	1,520,534	1,711,031	1,442,217
Allocation of net income to:
Preferred shareholders- distributions	(210,179)	(216,316)	(236,535)
Preferred shareholders - redemptions (Note 8)	(32,693)		(29,330)
Restricted share units	(4,895)	(5,815)	(4,743)
Net income allocable to common shareholders	$ 1,272,767	$ 1,488,900	$ 1,171,609
Net income per common share:
Basic	$ 7.30	$ 8.56	$ 6.75
Diluted	$ 7.29	$ 8.54	$ 6.73
Basic weighted average common shares outstanding	174,287	173,969	173,613
Diluted weighted average common shares outstanding	174,530	174,297	174,151
Self-Storage Operations [Member]
Revenues:
Revenues	$ 2,684,552	$ 2,597,607	$ 2,512,433
Ancillary Operations [Member]
Revenues:
Revenues	$ 162,271	$ 156,673	$ 156,095

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statements Of Comprehensive Income [Abstract]
Net income	$ 1,525,651	$ 1,717,223	$ 1,448,465
Other comprehensive income (loss):
Aggregate foreign currency exchange gain (loss)	6,999	1,914	(30,003)
Adjust for foreign currency exchange loss reflected in gain on sale of real estate and gain on Shurgard public offering		27,207
Adjust for aggregate foreign currency exchange (gain) loss included in net income	(7,829)	(18,117)	50,045
Other comprehensive (loss) income	(830)	11,004	20,042
Total comprehensive income	1,524,821	1,728,227	1,468,507
Allocation to noncontrolling interests	(5,117)	(6,192)	(6,248)
Comprehensive income allocable to Public Storage shareholders	$ 1,519,704	$ 1,722,035	$ 1,462,259

Statements Of Equity

Statements 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, 2016	$ 4,367,500	$ 17,329	$ 5,609,768	$ (487,581)	$ (95,106)	$ 9,411,910	$ 29,744	$ 9,441,654
Issuance of preferred shares (Note 8)	580,000					561,177		561,177
Issuance of preferred shares (Note 8), adjustment to APIC			(18,823)
Redemption of preferred shares (Note 8)	(922,500)					(922,500)		(922,500)
Issuance of common shares in connection with share-based compensation (Note 10)		56	42,444			42,500		42,500
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			22,711			22,711		22,711
Acquisition of noncontrolling interests			(7,701)			(7,701)	(6,724)	(14,425)
Contributions by noncontrolling interests							2,484	2,484
Net income				1,448,465		1,448,465		1,448,465
Net income allocated to noncontrolling interests				(6,248)		(6,248)	6,248	(6,248)
Distributions to equity holders:
Preferred shares (Note 8)				(236,535)		(236,535)		(236,535)
Noncontrolling interests							(7,392)	(7,392)
Common shareholders and restricted share unitholders ($8.00 per share)				(1,393,812)		(1,393,812)		(1,393,812)
Other comprehensive (loss) income (Note 2)					20,042	20,042		20,042
Balances at Dec. 31, 2017	4,025,000	17,385	5,648,399	(675,711)	(75,064)	8,940,009	24,360	8,964,369
Issuance of common shares in connection with share-based compensation (Note 10)		28	12,497			12,525		12,525
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			57,589			57,589		57,589
Contributions by noncontrolling interests							1,720	1,720
Net income				1,717,223		1,717,223		1,717,223
Net income allocated to noncontrolling interests				(6,192)		(6,192)	6,192	(6,192)
Distributions to equity holders:
Preferred shares (Note 8)				(216,316)		(216,316)		(216,316)
Noncontrolling interests							(7,022)	(7,022)
Common shareholders and restricted share unitholders ($8.00 per share)				(1,396,364)		(1,396,364)		(1,396,364)
Other comprehensive (loss) income (Note 2)					11,004	11,004		11,004
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 preferred shares (Note 8)	1,090,000					1,059,156		1,059,156
Issuance of preferred shares (Note 8), adjustment to APIC			(30,844)
Redemption of preferred shares (Note 8)	(1,050,000)					(1,050,000)		(1,050,000)
Issuance of common shares in connection with share-based compensation (Note 10)		29	33,535			33,564		33,564
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			13,671			13,671		13,671
Acquisition of noncontrolling interests			(23,913)			(23,913)	(11,087)	(35,000)
Contributions by noncontrolling interests							4,148	4,148
Net income				1,525,651		1,525,651		1,525,651
Net income allocated to noncontrolling interests				(5,117)		(5,117)	5,117	(5,117)
Distributions to equity holders:
Preferred shares (Note 8)				(210,179)		(210,179)		(210,179)
Noncontrolling interests							(6,672)	(6,672)
Common shareholders and restricted share unitholders ($8.00 per share)				(1,398,570)		(1,398,570)		(1,398,570)
Other comprehensive (loss) income (Note 2)					(830)	(830)		(830)
Balances at Dec. 31, 2019	$ 4,065,000	$ 17,442	$ 5,710,934	$ (665,575)	$ (64,890)	$ 9,062,911	$ 16,756	$ 9,079,667

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	43,600	23,200
Redemption of preferred shares, shares	42,000	36,900
Issuance of common shares in connection with share-based compensation, shares	287,734	564,583
Common shareholders and restricted share unitholders, per share distribution	$ 8	$ 8

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 1,525,651	$ 1,717,223	$ 1,448,465
Adjustments to reconcile net income to net cash flows from operating activities:
Gain due to Shurgard public offering		(151,616)
Gain on real estate investment sales	(341)	(37,903)	(1,421)
Assets damaged due to hurricanes			3,286
Depreciation and amortization	512,918	483,646	454,526
Equity in earnings of unconsolidated real estate entities	(69,547)	(103,495)	(75,655)
Distributions from retained earnings of unconsolidated real estate entities	73,259	109,754	53,749
Adjust for foreign currency exchange loss reflected	(7,829)	(18,117)	50,045
Share-based compensation expense	25,833	69,936	37,548
Other	7,699	(5,791)	2,346
Total adjustments	541,992	346,414	524,424
Net cash flows from operating activities	2,067,643	2,063,637	1,972,889
Cash flows from investing activities:
Payments for capital expenditures to maintain real estate facilities for: Costs incurred during the period	(175,981)	(127,966)	(111,631)
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods	(11,331)	(13,005)	(8,964)
Payments for development and expansion of real estate facilities for: Costs incurred during the period	(203,331)	(281,240)	(289,238)
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods	(81,351)	(58,792)	(48,055)
Acquisition of real estate facilities and intangible assets	(437,758)	(181,020)	(285,279)
Distributions in excess of retained earnings from unconsolidated real estate entities	11,630	91,927
Proceeds from sale of real estate investments	762	54,184	6,103
Net cash flows used in investing activities	(897,360)	(515,912)	(737,064)
Cash flows from financing activities:
Repayments on notes payable	(1,920)	(1,784)	(1,701)
Issuance of notes payable, net of issuance costs	496,900		992,077
Issuance of preferred shares	1,059,156		561,177
Issuance of common shares	33,564	12,525	42,500
Redemption of preferred shares	(1,050,000)		(922,500)
Cash paid upon vesting of restricted share units	(12,162)	(12,347)	(14,092)
Acquisition of noncontrolling interests	(35,000)		(14,425)
Contributions by noncontrolling interests	4,148	1,720	2,484
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(1,608,749)	(1,612,680)	(1,630,347)
Distributions paid to noncontrolling interests	(6,672)	(7,022)	(7,392)
Net cash flows used in financing activities	(1,120,735)	(1,619,588)	(992,219)
Net cash flows from operating, investing and financing activities	49,548	(71,863)	243,606
Net effect of foreign exchange translation	(13)	(171)	(126)
Increase (decrease) in cash and equivalents, including restricted cash	49,535	(72,034)	243,480
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	361,218	433,376	183,688
Restricted cash included in other assets	22,801	22,677	28,885
Cash, equivalents, and restricted cash	384,019	456,053	212,573
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	409,743	361,218	433,376
Restricted cash included in other assets	23,811	22,801	22,677
Cash, equivalents, and restricted cash	433,554	384,019	456,053
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(16,558)	(11,431)	(13,149)
Construction or expansion of real estate facilities	(32,356)	(81,157)	(60,474)
Accrued and other liabilities	48,914	92,588	73,623
Real estate acquired in exchange for assumption of notes payable	(1,817)
Notes payable assumed in connection with acquisition of real estate	1,817
Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Real estate facilities			(6,310)
Investments in unconsolidated real estate entities			6,310
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation		203	(659)
Investments in unconsolidated real estate entities	830	15,997	(19,370)
Notes payable	(7,842)	(18,285)	49,906
Accumulated other comprehensive gain (loss)	$ 6,999	$ 1,914	$ (30,003)

Description Of The Business

Description Of The Business	12 Months Ended
	Dec. 31, 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 December 31, 2019, we have direct and indirect equity interests in 2,483 self-storage facilities (with approximately 169 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”) a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 234 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 27.6 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 13) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2018 and 2017 financial statements have been reclassified to conform to the December 31, 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 December 31, 2019, the Company and the Subsidiaries own 2,483 self-storage facilities and four commercial facilities in the U.S. At December 31, 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 December 31, 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 (Note 12). 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 (Note 12), and contingent loss accruals when probable and estimable. 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 December 31, 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 and acquired customers in place. Goodwill totaled $ 174.6 million at December 31, 2019 and 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 December 31, 2019 and 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of acquired customers in place and are amortized relative to the benefit of the customers in place to each period. At December 31, 2019, these intangibles had a net book value of $ 12.5 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 27.5 million at December 31, 2019 ($ 29.6 million at December 31, 2018), and amortization expense of $ 16.8 million, $ 16.6 million and $ 15.0 million was recorded in 2019, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2019 is approximately $ 10.8 million in 2020, $ 1.3 million in 2021 and $ 0.4 million thereafter. During 2019, 2018 and 2017, intangibles increased $ 18.5 million, $ 11.6 million and $ 17.2 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Casualty Loss We record casualty losses for a) the book value of assets destroyed and b) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $ 7.8 million, comprised of $ 3.3 million in book value of assets damaged and $ 4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.122 U.S. Dollars per Euro at December 31, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.120 , 1.181 and 1.129 for the years ended December 31, 2019, 2018 and 2017, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per common 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): For the Years Ended December 31, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2019
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities Activity in real estate facilities during 2019, 2018 and 2017 is as follows: For the Years Ended December 31, 2019 2018 2017 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 $ 14,665,989 $ 13,963,229 Costs incurred for capital expenditures to maintain real estate facilities 192,539 139,397 124,780 Acquisitions 421,097 169,436 274,115 Dispositions ( 426 ) ( 25,633 ) ( 1,092 ) Hurricane damage - - ( 8,226 ) Developed or expanded facilities opened for operation 379,092 348,270 311,559 Impact of foreign exchange rate changes - ( 615 ) 1,624 Ending balance 16,289,146 15,296,844 14,665,989 Accumulated depreciation: Beginning balance ( 6,140,072 ) ( 5,700,331 ) ( 5,270,963 ) Depreciation expense ( 483,408 ) ( 457,029 ) ( 433,466 ) Dispositions 5 16,876 123 Hurricane damage - - 4,940 Impact of foreign exchange rate changes - 412 ( 965 ) Ending balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Construction in process: Beginning balance 285,339 264,441 230,310 Costs incurred for development and expansion of real estate facilities 235,687 362,397 349,712 Developed or expanded facilities opened for operation ( 379,092 ) ( 348,270 ) ( 311,559 ) Dispositions - ( 2,698 ) ( 4,022 ) Transfer from other assets - 9,469 - Ending balance 141,934 285,339 264,441 Total real estate facilities at December 31, $ 9,807,605 $ 9,442,111 $ 9,230,099 During 2019, we acquired 44 self-storage facilities and one commercial facility ( 3,133,000 net rentable square feet of storage space and 46,000 net rentable square feet of commercial space), for a total cost of $ 439.6 million, consisting of $ 437.8 million in cash and the assumption of $ 1.8 million in mortgage notes. Approximately $ 18.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 379.1 million during 2019, adding 3.7 million net rentable square feet of self-storage space. Construction in process at December 31, 2019 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2019, we paid a total of $ 284.7 million with respect to the development and expansion of real estate facilities, including $ 81.4 million to repay amounts accrued at December 31, 2018. Of the $ 235.7 million in costs incurred during 2019, $ 32.4 million remains unpaid at December 31, 2019. During 2019, we paid a total of $ 187.3 million with respect to capital expenditures to maintain real estate facilities, including $ 11.3 million to repay amounts accrued at December 31, 2018. Of the $ 192.5 million in costs incurred during 2019, $ 16.6 million remains unpaid at December 31, 2019. During 2018, we acquired 25 self-storage facilities ( 1.6 million net rentable square feet), for a total cost of $ 181.0 million in cash, of which $ 11.6 million was allocated to intangible assets. We completed development and redevelopment activities costing $ 348.3 million during 2018, adding 3.0 million net rentable square feet of self-storage space. Construction in process at December 31, 2018 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities. On October 18, 2018, we sold our property in West London to Shurgard for $ 42.1 million and recorded a related gain on sale of real estate of approximately $ 31.5 million. This gain was net of the recognition of a cumulative other comprehensive loss totaling $ 4.8 million with respect to foreign currency translation. On October 25, 2018, we sold a commercial facility for $ 8.7 million and recorded a related gain on sale of real estate of approximately $ 4.6 million. During 2018, we also sold portions of real estate facilities in connection with eminent domain proceedings for $ 3.4 million in cash proceeds and recorded a related gain on sale of real estate of approximately $ 1.8 million. During 2018, we also transferred $ 9.5 million of accumulated construction costs from other assets to construction in process. During 2018, we paid a total of $ 340.0 million with respect to the development and expansion of real estate facilities, including $ 58.8 million to repay amounts accrued at December 31, 2017. Of the $ 362.4 million in costs incurred during 2018, $ 81.2 million remained unpaid at December 31, 2018. During 2018, we paid a total of $ 141.0 million with respect to capital expenditures to maintain real estate facilities, including $ 13.0 million to repay amounts accrued at December 31, 2017. Of the $ 139.4 million in costs incurred during 2018, $ 11.4 million remained unpaid at December 31, 2018. During 2017, we acquired 22 self-storage facilities from third parties ( 1,365,000 net rentable square feet), for a total cost of $ 149.8 million, in cash. Approximately $ 8.2 million of the total cost was allocated to intangible assets. On December 31, 2017, we acquired the remaining 74.25 % of the interests which we did not own in one of the unconsolidated entities that owned 12 self-storage facilities ( 749,000 net rentable square feet) for a total cost of $ 135.5 million in cash. Approximately $ 9.0 million of the $ 141.8 million acquisition cost (which includes the $ 6.3 million book value of our existing investment) was allocated to intangible assets and $ 0.3 million was allocated to other assets. We completed development and redevelopment activities during 2017, adding 2.7 million net rentable square feet of self-storage space, at an aggregate cost of $ 311.6 million. During 2017, we sold real estate for a total of approximately $ 6.4 million in cash proceeds, of which $ 0.3 million was collected in 2016, and recorded a related gain on real estate investment sales of approximately $ 1.4 million in 2017. During 2017, we paid a total of $ 337.3 million with respect to the development and expansion of real estate facilities, including $ 48.1 million to repay amounts accrued at December 31, 2016. Of the $ 349.7 million in costs incurred during 2017, $ 60.5 million remained unpaid at December 31, 2017. During 2017, we paid a total of $ 120.6 million with respect to capital expenditures to maintain real estate facilities, including $ 9.0 million to repay amounts accrued at December 31, 2016. Of the $ 124.8 million in costs incurred during 2017, $ 13.1 million remained unpaid at December 31, 2017. At December 31, 2019, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $ 10.6 billion (unaudited).

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 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 Equity in Earnings of Unconsolidated Real Estate Entities at December 31, Entities for the Year Ended December 31, 2019 2018 2019 2018 2017 PSB $ 427,875 $ 434,533 $ 54,090 $ 89,362 $ 46,544 Shurgard 339,941 349,455 15,457 14,133 25,948 Other Investments - - - - 3,163 Total $ 767,816 $ 783,988 $ 69,547 $ 103,495 $ 75,655 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 December 31, 2019 ($ 164.87 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 share of PSB’s net income, less amortization of the PSB Basis Differential (defined below). During 2019, 2018, and 2017, we received cash distributions from PSB totaling $ 60.7 million, $ 55.0 million, and $ 49.2 million, respectively. At December 31, 2019, our pro-rata investment in PSB’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $ 4.2 million ($ 7.4 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 $ 3.2 million, $ 1.8 million, and $ 1.3 million during 2019, 2018, and 2017, respectively. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares. 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. We recorded a “Gain due to Shurgard public offering” of $ 151.6 million, as if we had sold a proportionate share of our investment in Shurgard. The gain resulted in a $ 174.0 million increase in our investment in Shurgard and a $ 22.4 million reduction in other comprehensive loss with respect to cumulative foreign currency translation losses for Shurgard. Based upon the closing price at December 31, 2019 ( € 34.00 per share of SHUR common stock, at 1.122 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $ 1.2 billion. Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus $ 1.0 million, $ 1.3 million, and $ 1.3 million for 2019, 2018 and 2017, respectively, representing 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. The dividends we receive from Shurgard, combined with our equity share of trademark license fees collected from Shurgard, are reflected on our statements of cash flows as “distributions from retained earnings of unconsolidated real estate entities” to the extent of our cumulative earnings, with any excess classified as “distributions in excess of retained earnings from unconsolidated real estate entities.” Shurgard paid € 0.67 per share in dividends to its shareholders during 2019, of which our share totaled $ 23.1 million. During 2018, Shurgard paid a cash di vidend to its shareholders at the time, of which our equity share was $ 145.4 million. Changes in foreign currency exchange rates decreased our investment in Shurgard by approximately $ 0.8 million and $ 16.0 million in 2019 and 2018, respectively, and increased it by approximately $ 19.4 million in 2017. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”. Other Investments On December 31, 2017, we acquired the remaining 74.25 % equity interest we did not own in a legacy institutional partnership (the “Other Investments”) for $ 135.5 million, in cash, and began to consolidate the 12 self-storage facilities owned by the Other Investments.

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2019). At December 31, 2019 and February 25, 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 December 31, 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 December 31, 2019.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2019
Notes Payable [Abstract]
Notes Payable	6. Notes Payable Our notes payable at December 31, 2019 and 2018 are set forth in the table below: Amounts at December 31, 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 $ ( 1,419 ) $ 498,581 $ 505,639 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,076 ) 495,924 520,694 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,876 ) 497,124 531,911 1,500,000 ( 8,371 ) 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 112,156 - 112,156 115,932 Notes due November 3, 2025 2.175 % 2.175 % 271,433 - 271,433 298,398 383,589 - 383,589 414,330 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 105.7 million 4.025 % 3.995 % 27,275 - 27,275 28,506 $ 1,910,864 $ ( 8,371 ) $ 1,902,493 $ 2,001,080 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 Notes 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 December 31, 2019. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 5 % at December 31, 2019) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 47 x for the twelve months ended December 31, 2019) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes 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 December 31, 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 gain (loss)” on our income statement (gains of $ 7.8 million and $ 18.1 million for 2019 and 2018, respectively, as compared to a loss of $ 50.0 million for 2017). Mortgage Notes 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 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 December 31, 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 December 31, 2019, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Mortgage Debt Debt Total 2020 $ - $ 2,015 $ 2,015 2021 - 1,871 1,871 2022 500,000 2,584 502,584 2023 - 19,219 19,219 2024 112,156 124 112,280 Thereafter 1,271,433 1,462 1,272,895 $ 1,883,589 $ 27,275 $ 1,910,864 Weighted average effective rate 2.8 % 4.0 % 2.9 % Cash paid for interest totaled $ 48.3 million, $ 36.3 million and $ 16.8 million for 2019, 2018 and 2017, respectively. Interest capitalized as real estate totaled $ 3.9 million, $ 4.8 million and $ 4.4 million for 2019, 2018 and 2017, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2019
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At December 31, 2019, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 18 operating self-storage facilities and seven self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2019, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2019, 2018 and 2017, we allocated a total of $ 5.1 million, $ 6.2 million and $ 6.2 million, respectively, of income to these interests; and we paid $ 6.7 million, $ 7.0 million and $ 7.4 million, respectively, in distributions to these interests. During 2019, we acquired noncontrolling interests for an aggregate of $ 35.0 million (none for 2018) in cash, of which $ 11.1 million was allocated to Noncontrolling Interests, with the remainder allocated to Paid-in Capital. During 2017, we acquired Noncontrolling Interests for $ 14.4 million in cash, of which $ 7.7 million was allocated to Paid-in capital and $ 6.7 million as a reduction to Noncontrolling Interests. During 2019, 2018 and 2017, Noncontrolling Interests contributed $ 4.1 million, $ 1.7 million and $ 2.5 million, respectively, to our subsidiaries.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Shareholders’ Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Preferred Shares At December 31, 2019 and 2018, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 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 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 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 - - Series I 9/12/2024 4.875 % 12,650 316,250 - - Series J 11/15/2024 4.700 % 10,350 258,750 - - Series K 12/20/2024 4.750 % 9,200 230,000 - - Total Preferred Shares 162,600 $ 4,065,000 161,000 $ 4,025,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At December 31, 2019, there were no dividends in arrears. The affirmative vote of at least 66.67 % of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67 % of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $ 25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital. In 2019, we redeemed our Series U, Series Y, Series Z and Series A Preferred Shares, at par, for a total of $ 1.05 billion in cash, before payment of accrued dividends. In 2019, we issued an aggregate 43.6 million depositary shares, each representing 0.001 of a share of our Series H, Series I, Series J and Series K Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 1.09 billion in gross proceeds, and we incurred $ 30.8 million in issuance costs. In 2017, we redeemed our Series S and Series T Preferred Shares, at par, for a total of $ 922.5 million in cash, before payment of accrued dividends. In 2017, we issued an aggregate 23.2 million depositary shares, each representing 0.001 of a share of our Series F and Series G Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 580.0 million in gross proceeds, and we incurred $ 18.8 million in issuance costs. In 2019 and 2017, we recorded $ 32.7 million and $ 29.3 million, respectively, in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in connection with redemptions of Preferred Shares. Common Shares During 2019, 2018 and 2017, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2019 2018 2017 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 287,734 $ 33,564 277,511 $ 12,525 564,583 $ 42,500 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2019, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2019. At December 31, 2019 and 2018, we had 2,958,817 and 3,138,618 , respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests. The unaudited characterization of dividends for U.S. federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends including amounts paid to our restricted share unitholders totaled $ 1.399 billion ($ 8.00 per share), $ 1.396 billion ($ 8.00 per share) and $ 1.394 billion ($ 8.00 per share) for the years ended December 31, 2019, 2018 and 2017, respectively. Preferred share dividends totaled $ 210.2 million, $ 216.3 million and $ 236.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. For the tax year ended December 31, 2019, distributions for the common shares and all the various series of preferred shares were classified as follows: 2019 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2019 are not qualified dividends under the Internal Revenue Code, however, they are subject to the 20% deduction under IRS Section 199A.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 14.1 % of our common shares outstanding at December 31, 2019. At December 31, 2019, Tamara Hughes Gustavson owned and controlled 63 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 $ 1.5 million, $ 1.3 million and $ 1.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 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). The Codification previously stipulated that grants to nonemployee service providers (other than to trustees, where equity method treatment was permitted) were accounted for on the liability method, with expenses adjusted each period based upon changes in fair value. Recent changes in the Codification allows such grants to be accounted for on the equity award method, with compensation expense based upon grant date fair value. While we have no such grants to any such individuals for any periods presented, we will account for any future grants to nonemployee service providers based upon the equity award 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. The stock options outstanding at December 31, 2019 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $ 38.6 million and remaining average contractual lives of approximately six years . The aggregate intrinsic value of exercisable stock options at December 31, 2019 amounted to approximately $ 35.6 million. Approximately 1,360,000 of the stock options outstanding at December 31, 2019, have an exercise price of more than $ 200 . Included in our stock options exercisable at December 31, 2019, are 39,667 stock options which expire through June 30, 20 21 , with an average exercise price per share of $ 106.91 . Additional information with respect to stock options during 2019, 2018 and 2017 is as follows: 2019 2018 2017 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,420,922 $ 201.31 2,408,917 $ 192.12 1,995,440 $ 150.83 Granted 120,000 221.12 200,000 194.29 1,096,000 223.58 Exercised ( 191,255 ) 174.55 ( 179,995 ) 69.53 ( 482,523 ) 88.07 Cancelled ( 10,000 ) 197.90 ( 8,000 ) 223.50 ( 200,000 ) 203.64 Options outstanding December 31, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Options exercisable at December 31, 1,501,667 $ 196.37 1,147,122 $ 178.31 848,250 $ 143.55 2019 2018 2017 Stock option expense for the year (in 000's) (a) $ 4,950 $ 17,162 $ 8,707 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 11,848 $ 25,117 $ 61,334 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 2.3 % 2.7 % 1.9 % Expected volatility, based upon historical volatility 8.9 % 12.5 % 17.9 % Expected dividend yield 3.6 % 4.1 % 3.6 % Average estimated value of options granted during the year $ 9.61 $ 13.09 $ 23.49 (a) Amounts for 2018 include $ 8.1 million, in connection with the acceleration of amortization on grants discussed above. Amounts for 2017 reflect a reduction in compensation expense of $ 0.8 million related to stock options forfeited during the period. Restricted Share Units RSUs generally vest ratably 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. The fair value of our RSUs outstanding at December 31, 2019 was approximately $ 131.9 million. Remaining compensation expense related to RSUs outstanding at December 31, 2019 totals approximately $ 85.1 million and is expected to be recognized as compensation expense over the next 4.6 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2019 2018 2017 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 717,696 $ 151,212 799,129 $ 166,144 696,641 $ 136,905 Granted 97,140 21,113 138,567 27,733 340,957 73,953 Vested ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) ( 144,473 ) ( 25,305 ) Forfeited ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) ( 93,996 ) ( 19,409 ) Restricted share units outstanding December 31, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144 2019 2018 2017 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 33,769 $ 32,317 $ 31,962 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,162 $ 12,347 $ 14,092 Common shares issued upon vesting 96,479 97,516 82,060 Restricted share unit expense (a) $ 21,662 $ 53,869 $ 28,841 (a) Amounts for 2019, 2018 and 2017 include approximately $ 1.2 million, $ 1.1 million and $ 0.7 million, respectively, in employer taxes incurred upon vesting. Amounts for 2018 include $ 22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for 2017 reflect a reduction in compensation expense of $ 4.6 million related to RSUs forfeited during the period.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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 table 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 and board of directors 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): For the Years Ended December 31, 2019 2018 2017 Self-Storage Segment Revenue $ 2,684,552 $ 2,597,607 $ 2,512,433 Cost of operations ( 752,579 ) ( 695,731 ) ( 657,633 ) Net operating income 1,931,973 1,901,876 1,854,800 Depreciation and amortization ( 512,918 ) ( 483,646 ) ( 454,526 ) Net income 1,419,055 1,418,230 1,400,274 Ancillary Segment Revenue 162,271 156,673 156,095 Cost of operations ( 44,204 ) ( 43,991 ) ( 50,345 ) Net operating income 118,067 112,682 105,750 Investment in PSB Segment Equity in earnings of unconsolidated real estate entities (a) 54,090 89,362 46,544 Investment in Shurgard Segment Equity in earnings of unconsolidated real estate entities (a) 15,457 14,133 25,948 Gain due to Shurgard public offering - 151,616 - Net income from Investment in Shurgard Segment 15,457 165,749 25,948 Total net income allocated to segments 1,606,669 1,786,023 1,578,516 Other items not allocated to segments: General and administrative ( 71,983 ) ( 118,720 ) ( 82,882 ) Interest and other income 28,436 26,442 18,771 Equity in earnings of unconsolidated real estate entities - Other Investments (a) - - 3,163 Interest expense ( 45,641 ) ( 32,542 ) ( 12,690 ) Foreign currency exchange gain (loss) 7,829 18,117 ( 50,045 ) Casualty loss - - ( 7,789 ) Gain on sale of real estate 341 37,903 1,421 Net income $ 1,525,651 $ 1,717,223 $ 1,448,465 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements And Guidance	12 Months Ended
	Dec. 31, 2019
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	12. 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) . We also reclassified related intangible assets totaling $ 5.6 million to other assets. 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.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We 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 December 31, 2019, there were approximately 935,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $ 3.2 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $ 77.2 million at December 31, 2019. We expect to pay approximately $ 69.7 million in 2020 and $ 7.5 million in 2021 for these construction commitments.

Supplementary Quarterly Financi

Supplementary Quarterly Financial Data	12 Months Ended
	Dec. 31, 2019
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	14. Supplementary Quarterly Financial Data (unaudited) Three Months Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 689,038 $ 710,950 $ 729,336 $ 717,499 Self-storage and ancillary cost of operations $ 204,201 $ 207,736 $ 212,262 $ 172,584 Depreciation and amortization $ 121,941 $ 126,859 $ 129,233 $ 134,885 Net Income $ 367,678 $ 371,456 $ 399,420 $ 387,097 Per Common Share Net income - Basic $ 1.73 $ 1.76 $ 1.94 $ 1.88 Net income - Diluted $ 1.73 $ 1.76 $ 1.93 $ 1.87 Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 669,924 $ 685,528 $ 706,368 $ 692,460 Self-storage and ancillary cost of operations $ 192,827 $ 190,977 $ 195,544 $ 160,374 Depreciation and amortization $ 117,979 $ 119,777 $ 124,516 $ 121,374 Net Income $ 344,436 $ 405,292 $ 379,589 $ 587,906 Per Common Share Net income - Basic $ 1.66 $ 2.00 $ 1.85 $ 3.05 Net income - Diluted $ 1.65 $ 2.00 $ 1.85 $ 3.04

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Subsequent to December 31, 2019, we acquired or were under contract to acquire 14 self-storage facilities ( four in Ohio, three in California, two each in New York and Tennessee and one each in Indiana , Massachusetts, and Nebraska) with 1.1 million net rentable square feet, for $ 245.3 million. On January 24, 2020, we completed a public offering of € 500 million ($ 551.6 million) aggregate principal amount of senior notes bearing interest at an annual rate of 0.875 % and maturing on January 24, 2032 . Interest on the senior notes is payable annually, commencing January 24, 2021. In connection with the offering, we incurred a total of $ 6.4 million in costs. As we reported in an SEC form 8-K on February 14, 2020, we submitted a non-binding proposal to acquire 100 % of the issued stapled securities of National Storage REIT (“NSR”), an Australia-based publicly-traded REIT (ASX:NSR) that owns and operates 167 self-storage facilities in Australia and New Zealand, for a cash purchase price of A$ 2.40 per share. Our proposal was subject to a number of conditions, including due diligence. Any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance that Public Storage will reach a definitive agreement or consummate a transaction with NSR or that if such an agreement is reached, it will be on terms consistent with our non-binding proposal.

Schedule III - Real Estate And

Schedule III - Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
Schedule III - Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Real Estate And Accumulated Depreciation	Self-storage facilities by market: Los Angeles 224 16,168 498 510,249 924,346 336,653 507,863 1,263,385 1,771,248 737,208 Houston 127 10,426 - 186,320 467,084 216,915 185,781 684,538 870,319 287,542 San Francisco 138 8,982 - 241,791 527,127 211,251 254,541 725,628 980,169 456,544 Dallas/Ft. Worth 124 8,991 - 176,962 437,884 129,900 178,562 566,184 744,746 281,717 Chicago 130 8,172 - 137,165 352,595 128,165 140,002 477,923 617,925 361,662 New York 94 6,939 - 250,900 548,541 190,536 257,237 732,740 989,977 418,570 Atlanta 104 6,982 1,771 132,631 345,587 86,379 132,993 431,604 564,597 261,138 Seattle/Tacoma 97 6,794 - 198,063 531,742 104,116 198,710 635,211 833,921 324,181 Miami 94 6,726 - 239,291 497,380 105,510 241,184 600,997 842,181 307,964 Washington DC 91 5,648 - 233,905 406,769 116,974 239,059 518,589 757,648 306,497 Orlando/Daytona 72 4,550 11,886 140,411 253,375 57,731 145,892 305,625 451,517 154,128 Denver 61 4,531 9,299 95,009 226,499 92,835 95,730 318,613 414,343 143,582 Charlotte 56 4,354 - 80,253 205,370 76,528 88,116 274,035 362,151 118,762 Minneapolis/St. Paul 57 4,237 2,905 111,507 233,259 66,017 111,672 299,111 410,783 117,375 Tampa 54 3,682 - 88,919 181,402 47,994 91,681 226,634 318,315 122,703 Philadelphia 56 3,546 - 51,682 152,406 56,991 50,703 210,376 261,079 160,000 West Palm Beach 46 3,721 - 156,788 221,479 60,557 157,496 281,328 438,824 120,954 Detroit 42 2,950 - 63,804 168,897 37,770 64,654 205,817 270,471 111,495 Phoenix 40 2,664 - 65,718 185,117 27,224 65,709 212,350 278,059 103,146 Austin 32 2,447 - 56,918 127,011 43,766 58,940 168,755 227,695 83,512 Portland 43 2,256 - 51,182 126,464 27,536 51,840 153,342 205,182 101,422 Sacramento 34 1,959 - 25,141 69,409 28,184 25,646 97,088 122,734 76,661 Raleigh 28 1,975 - 50,348 99,583 38,195 51,479 136,647 188,126 60,484 San Diego 20 1,816 - 47,884 108,911 40,724 50,394 147,125 197,519 86,884 San Antonio 28 1,791 - 27,566 76,028 27,030 27,524 103,100 130,624 66,131 Norfolk 36 2,215 - 47,728 128,986 22,398 46,843 152,269 199,112 63,430 Boston 27 1,864 - 70,261 194,588 24,287 70,827 218,309 289,136 91,348 Columbus 22 1,629 - 25,341 64,746 27,256 25,448 91,895 117,343 44,934 Oklahoma City 22 1,531 - 35,704 68,360 13,470 35,704 81,830 117,534 23,568 Baltimore 23 1,472 - 25,176 79,734 19,078 25,300 98,688 123,988 70,717 Indianapolis 25 1,580 - 25,752 69,619 13,511 26,752 82,130 108,882 45,217 St. Louis 26 1,443 - 20,037 56,237 21,854 20,680 77,448 98,128 63,361 Kansas City 24 1,461 - 14,225 43,732 28,126 14,425 71,658 86,083 59,666 Columbia 23 1,331 - 20,169 57,131 19,882 20,928 76,254 97,182 35,292 Las Vegas 20 1,259 - 23,168 52,723 10,296 22,417 63,770 86,187 48,404 Milwaukee 15 964 916 13,189 32,071 10,104 13,158 42,206 55,364 33,057 Cincinnati 17 947 - 15,023 32,351 22,874 14,941 55,307 70,248 30,007 Louisville 15 916 - 23,563 46,108 7,523 23,562 53,632 77,194 13,630 Jacksonville 14 841 - 11,252 27,714 11,820 11,301 39,485 50,786 32,215 Nashville/Bowling Green 17 1,108 - 18,787 35,425 30,356 18,785 65,783 84,568 28,543 Honolulu 11 807 - 54,184 106,299 12,703 55,101 118,085 173,186 63,344 Greensboro 14 845 - 13,413 35,326 13,644 15,502 46,881 62,383 25,853 Colorado Springs 14 992 - 10,588 38,237 22,069 10,584 60,310 70,894 28,108 Chattanooga 10 695 - 6,569 26,045 7,500 6,371 33,743 40,114 14,691 Hartford/New Haven 11 693 - 6,778 19,959 21,850 8,443 40,144 48,587 31,810 Savannah 12 686 - 33,094 42,465 2,576 31,766 46,369 78,135 15,910 Charleston 14 950 - 16,947 56,793 17,256 17,923 73,073 90,996 23,801 Fort Myers/Naples 10 770 - 21,522 46,395 5,352 21,757 51,512 73,269 17,493 New Orleans 9 627 - 9,205 30,832 6,254 9,373 36,918 46,291 24,916 Greensville/Spartanburg/Asheville 11 623 - 9,036 20,767 10,051 9,965 29,889 39,854 20,324 Reno 7 559 - 5,487 18,704 4,058 5,487 22,762 28,249 12,110 Birmingham 14 538 - 5,229 17,835 13,326 5,117 31,273 36,390 27,335 Salt Lake City 8 517 - 7,846 15,947 4,860 7,495 21,158 28,653 14,506 Memphis 9 510 - 7,962 21,981 9,049 9,315 29,677 38,992 20,278 Buffalo/Rochester 9 462 - 6,785 17,954 3,836 6,783 21,792 28,575 13,589 Richmond 13 652 - 18,092 40,160 5,172 17,897 45,527 63,424 18,118 Tucson 7 439 - 9,403 25,491 5,734 9,884 30,744 40,628 19,101 Cleveland/Akron 7 433 - 4,070 16,139 5,483 4,463 21,229 25,692 11,954 Wichita 7 433 - 2,017 6,691 7,265 2,130 13,843 15,973 11,755 Mobile 10 452 - 4,688 21,170 4,906 4,515 26,249 30,764 12,900 Omaha 4 377 - 7,491 20,930 3,019 7,491 23,949 31,440 3,189 Monterey/Salinas 7 329 - 8,465 24,151 4,170 8,455 28,331 36,786 21,033 Palm Springs 3 242 - 8,309 18,065 1,286 8,309 19,351 27,660 10,356 Evansville 5 326 - 2,340 14,316 1,192 2,312 15,536 17,848 3,577 Dayton 5 230 - 1,074 8,975 4,817 1,073 13,793 14,866 7,066 Augusta 6 345 - 4,984 13,120 3,633 4,984 16,753 21,737 5,939 Fort Wayne 3 168 - 349 3,594 3,126 349 6,720 7,069 5,802 Providence 3 155 - 995 11,206 2,957 995 14,163 15,158 6,295 Huntsville/Decatur 3 153 - 1,024 3,321 3,029 971 6,403 7,374 5,963 Shreveport 2 150 - 817 3,030 2,254 741 5,360 6,101 4,678 Springfield/Holyoke 2 144 - 1,428 3,380 1,815 1,427 5,196 6,623 4,671 Rochester 2 99 - 1,047 2,246 2,090 980 4,403 5,383 3,931 Santa Barbara 2 98 - 5,733 9,106 452 5,733 9,558 15,291 5,417 Topeka 2 94 - 225 1,419 2,067 225 3,486 3,711 2,966 Lansing 2 88 - 556 2,882 891 556 3,773 4,329 2,239 Roanoke 3 159 - 2,147 13,801 842 2,147 14,643 16,790 2,523 Flint 1 56 - 543 3,068 242 542 3,311 3,853 1,826 Joplin 1 56 - 264 904 1,012 264 1,916 2,180 1,579 Syracuse 1 55 - 545 1,279 820 545 2,099 2,644 1,976 Modesto/Fresno/Stockton 1 33 - 44 206 968 193 1,025 1,218 795 Commercial and non-operating real estate - 13,194 26,143 28,811 14,231 53,917 68,148 40,107 2,483 168,908 $ 27,275 $ 4,124,271 $ 9,274,122 $ 2,890,753 $ 4,186,873 $ 12,102,273 $ 16,289,146 $ 6,623,475 Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2018 and 2017 financial statements have been reclassified to conform to the December 31, 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 December 31, 2019, the Company and the Subsidiaries own 2,483 self-storage facilities and four commercial facilities in the U.S. At December 31, 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 December 31, 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 (Note 12).
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 (Note 12), and contingent loss accruals when probable and estimable. 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 December 31, 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 and acquired customers in place. Goodwill totaled $ 174.6 million at December 31, 2019 and 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 December 31, 2019 and 2018. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of acquired customers in place and are amortized relative to the benefit of the customers in place to each period. At December 31, 2019, these intangibles had a net book value of $ 12.5 million ($ 16.5 million at December 31, 2018). Accumulated amortization totaled $ 27.5 million at December 31, 2019 ($ 29.6 million at December 31, 2018), and amortization expense of $ 16.8 million, $ 16.6 million and $ 15.0 million was recorded in 2019, 2018 and 2017, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2019 is approximately $ 10.8 million in 2020, $ 1.3 million in 2021 and $ 0.4 million thereafter. During 2019, 2018 and 2017, intangibles increased $ 18.5 million, $ 11.6 million and $ 17.2 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Casualty Loss	Casualty Loss We record casualty losses for a) the book value of assets destroyed and b) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $ 7.8 million, comprised of $ 3.3 million in book value of assets damaged and $ 4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma.
Revenue and Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.122 U.S. Dollars per Euro at December 31, 2019 ( 1.144 at December 31, 2018), and average exchange rates of 1.120 , 1.181 and 1.129 for the years ended December 31, 2019, 2018 and 2017, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).
Comprehensive Income	Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros.
Net Income Per Common Share	Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per common 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): For the Years Ended December 31, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	For the Years Ended December 31, 2019 2018 2017 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,287 173,969 173,613 Net effect of dilutive stock options - based on treasury stock method 243 328 538 Diluted weighted average common shares outstanding 174,530 174,297 174,151

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	For the Years Ended December 31, 2019 2018 2017 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 15,296,844 $ 14,665,989 $ 13,963,229 Costs incurred for capital expenditures to maintain real estate facilities 192,539 139,397 124,780 Acquisitions 421,097 169,436 274,115 Dispositions ( 426 ) ( 25,633 ) ( 1,092 ) Hurricane damage - - ( 8,226 ) Developed or expanded facilities opened for operation 379,092 348,270 311,559 Impact of foreign exchange rate changes - ( 615 ) 1,624 Ending balance 16,289,146 15,296,844 14,665,989 Accumulated depreciation: Beginning balance ( 6,140,072 ) ( 5,700,331 ) ( 5,270,963 ) Depreciation expense ( 483,408 ) ( 457,029 ) ( 433,466 ) Dispositions 5 16,876 123 Hurricane damage - - 4,940 Impact of foreign exchange rate changes - 412 ( 965 ) Ending balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Construction in process: Beginning balance 285,339 264,441 230,310 Costs incurred for development and expansion of real estate facilities 235,687 362,397 349,712 Developed or expanded facilities opened for operation ( 379,092 ) ( 348,270 ) ( 311,559 ) Dispositions - ( 2,698 ) ( 4,022 ) Transfer from other assets - 9,469 - Ending balance 141,934 285,339 264,441 Total real estate facilities at December 31, $ 9,807,605 $ 9,442,111 $ 9,230,099

Investments In Unconsolidated_2

Investments In Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 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 Equity in Earnings of Unconsolidated Real Estate Entities at December 31, Entities for the Year Ended December 31, 2019 2018 2019 2018 2017 PSB $ 427,875 $ 434,533 $ 54,090 $ 89,362 $ 46,544 Shurgard 339,941 349,455 15,457 14,133 25,948 Other Investments - - - - 3,163 Total $ 767,816 $ 783,988 $ 69,547 $ 103,495 $ 75,655

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Payable [Abstract]
Notes Payable	Amounts at December 31, 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 $ ( 1,419 ) $ 498,581 $ 505,639 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 4,076 ) 495,924 520,694 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,876 ) 497,124 531,911 1,500,000 ( 8,371 ) 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 112,156 - 112,156 115,932 Notes due November 3, 2025 2.175 % 2.175 % 271,433 - 271,433 298,398 383,589 - 383,589 414,330 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 105.7 million 4.025 % 3.995 % 27,275 - 27,275 28,506 $ 1,910,864 $ ( 8,371 ) $ 1,902,493 $ 2,001,080 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 2020 $ - $ 2,015 $ 2,015 2021 - 1,871 1,871 2022 500,000 2,584 502,584 2023 - 19,219 19,219 2024 112,156 124 112,280 Thereafter 1,271,433 1,462 1,272,895 $ 1,883,589 $ 27,275 $ 1,910,864 Weighted average effective rate 2.8 % 4.0 % 2.9 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	At December 31, 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 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 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 - - Series I 9/12/2024 4.875 % 12,650 316,250 - - Series J 11/15/2024 4.700 % 10,350 258,750 - - Series K 12/20/2024 4.750 % 9,200 230,000 - - Total Preferred Shares 162,600 $ 4,065,000 161,000 $ 4,025,000
Schedule Of Issuance And Repurchases Of Common Shares	2019 2018 2017 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 287,734 $ 33,564 277,511 $ 12,525 564,583 $ 42,500
Schedule Of Distribution Classification	2019 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-Based Compensation [Abstract]
Share-Based Compensation Options Outstanding Rollforward	2019 2018 2017 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,420,922 $ 201.31 2,408,917 $ 192.12 1,995,440 $ 150.83 Granted 120,000 221.12 200,000 194.29 1,096,000 223.58 Exercised ( 191,255 ) 174.55 ( 179,995 ) 69.53 ( 482,523 ) 88.07 Cancelled ( 10,000 ) 197.90 ( 8,000 ) 223.50 ( 200,000 ) 203.64 Options outstanding December 31, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Options exercisable at December 31, 1,501,667 $ 196.37 1,147,122 $ 178.31 848,250 $ 143.55
Share-Based Compensation Valuation Assumptions	2019 2018 2017 Stock option expense for the year (in 000's) (a) $ 4,950 $ 17,162 $ 8,707 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 11,848 $ 25,117 $ 61,334 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 2.3 % 2.7 % 1.9 % Expected volatility, based upon historical volatility 8.9 % 12.5 % 17.9 % Expected dividend yield 3.6 % 4.1 % 3.6 % Average estimated value of options granted during the year $ 9.61 $ 13.09 $ 23.49 (a) Amounts for 2018 include $ 8.1 million, in connection with the acceleration of amortization on grants discussed above. Amounts for 2017 reflect a reduction in compensation expense of $ 0.8 million related to stock options forfeited during the period.
Share-Based Compensation Restricted Units Outstanding And Vesting	2019 2018 2017 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 717,696 $ 151,212 799,129 $ 166,144 696,641 $ 136,905 Granted 97,140 21,113 138,567 27,733 340,957 73,953 Vested ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) ( 144,473 ) ( 25,305 ) Forfeited ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) ( 93,996 ) ( 19,409 ) Restricted share units outstanding December 31, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144
Share-Based Compensation Shares Vesting During Year	2019 2018 2017 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 33,769 $ 32,317 $ 31,962 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,162 $ 12,347 $ 14,092 Common shares issued upon vesting 96,479 97,516 82,060 Restricted share unit expense (a) $ 21,662 $ 53,869 $ 28,841 (a) Amounts for 2019, 2018 and 2017 include approximately $ 1.2 million, $ 1.1 million and $ 0.7 million, respectively, in employer taxes incurred upon vesting. Amounts for 2018 include $ 22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for 2017 reflect a reduction in compensation expense of $ 4.6 million related to RSUs forfeited during the period.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Information [Abstract]
Summary Of Segment Information	For the Years Ended December 31, 2019 2018 2017 Self-Storage Segment Revenue $ 2,684,552 $ 2,597,607 $ 2,512,433 Cost of operations ( 752,579 ) ( 695,731 ) ( 657,633 ) Net operating income 1,931,973 1,901,876 1,854,800 Depreciation and amortization ( 512,918 ) ( 483,646 ) ( 454,526 ) Net income 1,419,055 1,418,230 1,400,274 Ancillary Segment Revenue 162,271 156,673 156,095 Cost of operations ( 44,204 ) ( 43,991 ) ( 50,345 ) Net operating income 118,067 112,682 105,750 Investment in PSB Segment Equity in earnings of unconsolidated real estate entities (a) 54,090 89,362 46,544 Investment in Shurgard Segment Equity in earnings of unconsolidated real estate entities (a) 15,457 14,133 25,948 Gain due to Shurgard public offering - 151,616 - Net income from Investment in Shurgard Segment 15,457 165,749 25,948 Total net income allocated to segments 1,606,669 1,786,023 1,578,516 Other items not allocated to segments: General and administrative ( 71,983 ) ( 118,720 ) ( 82,882 ) Interest and other income 28,436 26,442 18,771 Equity in earnings of unconsolidated real estate entities - Other Investments (a) - - 3,163 Interest expense ( 45,641 ) ( 32,542 ) ( 12,690 ) Foreign currency exchange gain (loss) 7,829 18,117 ( 50,045 ) Casualty loss - - ( 7,789 ) Gain on sale of real estate 341 37,903 1,421 Net income $ 1,525,651 $ 1,717,223 $ 1,448,465 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements.

Supplementary Quarterly Finan_2

Supplementary Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2019
Supplementary Quarterly Financial Data [Abstract]
Supplementary Quarterly Financial Data	Three Months Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 689,038 $ 710,950 $ 729,336 $ 717,499 Self-storage and ancillary cost of operations $ 204,201 $ 207,736 $ 212,262 $ 172,584 Depreciation and amortization $ 121,941 $ 126,859 $ 129,233 $ 134,885 Net Income $ 367,678 $ 371,456 $ 399,420 $ 387,097 Per Common Share Net income - Basic $ 1.73 $ 1.76 $ 1.94 $ 1.88 Net income - Diluted $ 1.73 $ 1.76 $ 1.93 $ 1.87 Three Months Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 (Amounts in thousands, except per share data) Self-storage and ancillary revenues $ 669,924 $ 685,528 $ 706,368 $ 692,460 Self-storage and ancillary cost of operations $ 192,827 $ 190,977 $ 195,544 $ 160,374 Depreciation and amortization $ 117,979 $ 119,777 $ 124,516 $ 121,374 Net Income $ 344,436 $ 405,292 $ 379,589 $ 587,906 Per Common Share Net income - Basic $ 1.66 $ 2.00 $ 1.85 $ 3.05 Net income - Diluted $ 1.65 $ 2.00 $ 1.85 $ 3.04

Description Of The Business (Na

Description Of The Business (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019ft²statecountryitemshares	Dec. 31, 2018shares	Oct. 15, 2018	Dec. 31, 2017shares
Nature Of Business [Line Items]
Net rentable square feet	168,908
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,483
Net rentable square feet	169,000,000
Number of states with facilities | state	38
Public Storage [Member] | Commercial and Retail Space [Member]
Nature Of Business [Line Items]
Net rentable square feet	900,000
Shurgard [Member]
Nature Of Business [Line Items]
Net rentable square feet	13,000,000
Shares owned | shares	31,268,459	31,268,459		31,268,459
Ownership interest, percentage	35.00%		35.00%
Number of facilities owned by Shurgard | item	234
Number of countries in which entity operates | country	7
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet	27,600,000
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]	Dec. 31, 2019item
Summary Of Significant Accounting Policies [Line Items]
Number of self-storage facilities owned	2,483
Commercial facilities in U.S.	4

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Abstract]
Percentage of taxable income distributed for exemption of federal income tax	100.00%
Unrecognized tax benefits	$ 0

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	12.5	16.5
In-place and leasehold interests in land, accumulated amortization	27.5	29.6
In-place and leasehold interests in land, amortization expense	16.8	16.6	$ 15
Estimated future amortization expense, 2020	10.8
Estimated future amortization expense, 2021	1.3
Estimated future amortization expense, thereafter	0.4
Increase in in-place and leasehold interests in land	$ 18.5	$ 11.6	$ 17.2

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Abstract]
Impairments	$ 0

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Casualty Loss) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Loss from catastrophes	$ 7,789
Book Value of Assets Damaged [Member]
Property, Plant and Equipment [Line Items]
Loss from catastrophes	3,300
Repairs And Maintenance [Member]
Property, Plant and Equipment [Line Items]
Loss from catastrophes	$ 4,500

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) - $ / €	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation	1.122	1.144
Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation	1.120	1.181	1.129

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	174,287	173,969	173,613
Net effect of dilutive stock options - based on treasury stock method	243	328	538
Diluted weighted average common shares outstanding	174,530	174,297	174,151

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	Oct. 25, 2018USD ($)	Oct. 18, 2018USD ($)	Dec. 31, 2017USD ($)ft²item	Dec. 31, 2019USD ($)ft²item	Dec. 31, 2018USD ($)ft²item	Dec. 31, 2017USD ($)ft²item	Dec. 31, 2016USD ($)
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²				168,908
Cash to acquire self-storage facilities				$ 437,758	$ 181,020	$ 285,279
Gain on real estate sales				341	37,903	1,421
Other assets				174,344	131,097
Cash proceeds from sale of real estate facilities						6,400	$ 300
Payments for development and expansion of real estate facilities				284,700	340,000	337,300
Payments for development and expansion of real estate facilities for: Costs incurred in previous periods				81,351	58,792	48,055
Costs incurred for development and expansion of real estate facilities				235,687	362,397	349,712
Unpaid costs incurred for development and expansion of real estate facilities				32,400	81,200	60,500
Payments for capital expenditures to maintain real estate facilities				187,300	141,000	120,600
Payments for capital expenditures to maintain real estate facilities for: Costs incurred in previous periods				11,331	13,005	8,964
Costs incurred for capital expenditures to maintain real estate facilities				192,539	139,397	124,780
Unpaid costs incurred for capital expenditures to maintain real estate facilities				16,600	11,400	13,100
Transfer from other assets					9,469
Real estate facilities for federal tax purposes				$ 10,600,000
Development and Redevelopment [Member]
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand					$ 348,300	$ 311,600
Addtional net rentable square feet | ft²					3,000,000	2,700,000
Disposal Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Gain on real estate sales	$ 4,600
Cash proceeds from sale of real estate facilities	$ 8,700
Disposal Of Real Estate Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Gain on real estate sales					$ 1,800
Cash proceeds from sale of real estate facilities					$ 3,400
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item			12	44	25
Net rentable square feet | ft²			749,000	3,133,000	1,600,000
Total cost of acquisition			$ 141,800	$ 439,600
Cash to acquire self-storage facilities			$ 135,500	437,800	$ 181,000
Ownership interest, percentage			74.25%			74.25%
Mortgage debt assumed				1,800
Allocated to intangible assets			$ 9,000	$ 18,500	$ 11,600	$ 9,000
Other assets			300			$ 300
Value of existing investment			6,300
Acquisition Of Self-Storage Facilities From Third Parties [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item						22
Net rentable square feet | ft²						1,365,000
Cash to acquire self-storage facilities						$ 149,800
Allocated to intangible assets			$ 8,200			$ 8,200
Acquisition Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item				1
Net rentable square feet | ft²				46,000
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				$ 379,100
Addtional net rentable square feet | ft²				3,700,000
West London [Member] | Disposal Of Real Estate [Member]
Schedule Of Real Estate Facilities [Line Items]
Gain on real estate sales		$ 31,500
Cash proceeds from sale of real estate facilities		42,100
Cumulative other comprehensive loss, foreign currency translation		$ 4,800

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 15,296,844	$ 14,665,989	$ 13,963,229
Costs incurred for capital expenditures to maintain real estate facilities	192,539	139,397	124,780
Acquisitions	421,097	169,436	274,115
Dispositions	(426)	(25,633)	(1,092)
Hurricane damage			(8,226)
Developed or expanded facilities opened for operation	379,092	348,270	311,559
Impact of foreign exchange rate changes		(615)	1,624
Ending balance (Operating facilities, at cost)	16,289,146	15,296,844	14,665,989
Beginning balance (Accumulated depreciation)	(6,140,072)	(5,700,331)	(5,270,963)
Depreciation expense	(483,408)	(457,029)	(433,466)
Dispositions	5	16,876	123
Hurricane damage			4,940
Impact of foreign exchange rate changes		412	(965)
Ending balance (Accumulated depreciation)	(6,623,475)	(6,140,072)	(5,700,331)
Beginning balance (Construction in process)	285,339	264,441	230,310
Costs incurred for development and expansion of real estate facilities	235,687	362,397	349,712
Developed or expanded facilities opened for operations	(379,092)	(348,270)	(311,559)
Dispositions		(2,698)	(4,022)
Transfer from other assets		9,469
Ending balance (Construction in process)	141,934	285,339	264,441
Total real estate facilities	$ 9,807,605	$ 9,442,111	$ 9,230,099

Investments In Unconsolidated_3

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common stock owned of PSB	7,158,354	7,158,354	7,158,354
Limited partnership units in PSB	7,305,355	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	$ 164.87
Market value	$ 2,400
Cash distribution received	60.7	$ 55	$ 49.2
Basis differential	4.2	7.4
Amortization of basis differential	$ 3.2	$ 1.8	$ 1.3

Investments In Unconsolidated_4

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / €shares	Dec. 31, 2019USD ($)€ / shares$ / €shares	Dec. 31, 2018USD ($)$ / €shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2019€ / shares	Oct. 15, 2018€ / sharesshares
Schedule of Equity Method Investments [Line Items]
Gain due to Shurgard Europe public offering			$ 151,616
Exchange rate translation | $ / €	1.122	1.122	1.144
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Shares owned | shares	31,268,459	31,268,459	31,268,459	31,268,459
Shares issued | shares						25,000,000
Ownership interest, percentage	35.00%	35.00%				35.00%
Price per share | € / shares						€ 23
Gain due to Shurgard Europe public offering			$ 151,600
Increase in investment			174,000
Reduction to other comprehensive loss, foreign currency translation			22,400
Closing price per share | € / shares					€ 34
Exchange rate translation | $ / €	1.122	1.122
Market value	$ 1,200,000	$ 1,200,000
Common stock dividends paid per share | € / shares		$ 0.67
Cash distribution received	23,100		145,400
Change in investment from foreign currency exchange rates	(800)		(16,000)	$ 19,400
Trademark License [Member] | Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Cash distribution received	$ 1,000		$ 1,300	$ 1,300

Investments In Unconsolidated_5

Investments In Unconsolidated Real Estate Entities (Other Investments) (Narrative) (Details) $ in Thousands	Dec. 31, 2017USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Cash to acquire self-storage facilities		$ 437,758	$ 181,020	$ 285,279
Other Investments [Member]
Ownership interest, percentage	74.25%			74.25%
Cash to acquire self-storage facilities	$ 135,500
Number of facilities owned | item	12

Investments In Unconsolidated_6

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 767,816	$ 783,988
Equity in Earnings of Unconsolidated Real Estate Entities	69,547	103,495	$ 75,655
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities			3,163
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	427,875	434,533
Equity in Earnings of Unconsolidated Real Estate Entities	54,090	89,362	46,544
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	339,941	349,455
Equity in Earnings of Unconsolidated Real Estate Entities	$ 15,457	$ 14,133	$ 25,948

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 18, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Feb. 25, 2020
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity		$ 500,000,000	$ 500,000,000
Expiration of Credit Facility	Mar. 31, 2020	Apr. 19, 2024
Interest rate spread (LIBOR)	0.85%	0.70%	0.70%
Frequency of commitment fee			quarterly
Commitment fee percentage	0.08%	0.07%	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)	Sep. 18, 2017USD ($)item	Apr. 12, 2016USD ($)	Nov. 03, 2015USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Apr. 12, 2019USD ($)	Apr. 12, 2016EUR (€)	Nov. 03, 2015EUR (€)
Debt Instrument [Line Items]
Proceeds from Issuance of Debt				$ 496,900,000		$ 992,077,000
Foreign currency exchange gain (loss)				7,829,000	$ 18,117,000	(50,045,000)
Cash paid for interest expense				48,300,000	36,300,000	16,800,000
Interest capitalized as real estate				$ 3,900,000	$ 4,800,000	$ 4,400,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest rate				3.90%
Mortgage debt assumed				$ 1,800,000
Mortgage Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate				3.20%
Maturity date				Jan. 1, 2022
Mortgage Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate				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				5.00%
Adjusted EBTIDA to interest Expense ratio				47
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]
Issuance date				Apr. 12, 2019
Debt issuance amount							$ 500,000,000
Debt issuance costs							$ 3,100,000
Interest rate				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
Interest rate				2.175%
Maturity date				Nov. 3, 2025	Nov. 3, 2025
Proceeds from Issuance of Debt			$ 264,300,000
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
Interest rate				1.54%
Maturity date				Apr. 12, 2024	Apr. 12, 2024
Proceeds from Issuance of Debt		$ 113,600,000

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Apr. 12, 2019
Principal	$ 1,910,864
Unamortized Costs	(8,371)
Book Value	1,902,493	$ 1,412,283
Fair Value	2,001,080	1,380,727
U.S. Dollar Denominated Unsecured Debt [Member]
Principal	1,500,000
Unamortized Costs	(8,371)
Book Value	1,491,629	993,449
Fair Value	$ 1,558,244	951,072
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2022 [Member]
Coupon Rate	2.37%
Effective Rate	2.483%
Principal	$ 500,000
Unamortized Costs	(1,419)
Book Value	498,581	498,053
Fair Value	$ 505,639	$ 482,017
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
Unamortized Costs	(4,076)
Book Value	495,924	$ 495,396
Fair Value	$ 520,694	$ 469,055
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
Unamortized Costs	(2,876)
Book Value	497,124
Fair Value	$ 531,911
Maturity date	May 1, 2029	May 1, 2029
Euro Denominated Unsecured Debt [Member]
Principal	$ 383,589
Book Value	383,589	$ 391,431
Fair Value	$ 414,330	402,042
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 112,156
Book Value	112,156	114,449
Fair Value	$ 115,932	$ 115,964
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	$ 271,433
Book Value	271,433	$ 276,982
Fair Value	$ 298,398	$ 286,078
Maturity date	Nov. 3, 2025	Nov. 3, 2025
Mortgage Debt [Member]
Coupon Rate	4.025%
Effective Rate	3.995%
Principal	$ 27,275
Book Value	27,275	$ 27,403
Fair Value	28,506	$ 27,613
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable	$ 105,700
Real estate facilities securing debt | item	27

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Total debt	$ 1,910,864
Unsecured Debt [Member]
Debt Instrument [Line Items]
2022	500,000
2024	112,156
Thereafter	1,271,433
Total debt	$ 1,883,589
Weighted average effective rate	2.80%
Mortgage Debt [Member]
Debt Instrument [Line Items]
2020	$ 2,015
2021	1,871
2022	2,584
2023	19,219
2024	124
Thereafter	1,462
Total debt	$ 27,275
Weighted average effective rate	4.00%
Total [Member]
Debt Instrument [Line Items]
2020	$ 2,015
2021	1,871
2022	502,584
2023	19,219
2024	112,280
Thereafter	1,272,895
Total debt	$ 1,910,864
Weighted average effective rate	2.90%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)itemshares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 6,672	$ 7,022	$ 7,392
Acquisition of noncontrolling interests	35,000		14,425
Contributions by noncontrolling interests	$ 4,148	1,720	2,484
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item	18
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item	7
Convertible partnership units | shares	231,978
Income allocated to other permanent noncontrolling interest in subsidiaries	$ 5,100	6,200	6,200
Distributions paid	6,672	7,022	7,392
Acquisition of noncontrolling interests	11,087		6,724
Contributions by noncontrolling interests	4,148	$ 1,720	2,484
Paid-In Capital [Member]
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests	$ 23,913		$ 7,701

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
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
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent	66.67%
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent	66.67%
Redemption price per share | $ / shares	$ 25
Gross proceeds from issuance of preferred stock	$ 1,059,156	$ 561,177
EITF D-42 allocations	32,693	29,330
Series U, Series Y, Series Z and SeriesA Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount	$ 1,050,000
Series H, Series I, Series J and Series K Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued | shares	43,600,000
Preferred shares per depositary share | shares	0.001
Shares issued, price per share | $ / shares	$ 25
Gross proceeds from issuance of preferred stock	$ 1,090,000
Original issuance costs on preferred shares redeemed during the period	$ 30,800,000
Series S and Series T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount		$ 922,500
Series F and Series G Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued | shares		23,200,000
Preferred shares per depositary share | shares		0.001
Shares issued, price per share | $ / shares		$ 25
Gross proceeds from issuance of preferred stock		$ 580,000
Original issuance costs on preferred shares redeemed during the period		$ 18,800

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Shareholders’ Equity [Abstract]
Number of shares authorized for repurchase	35,000,000			35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000
Shares repurchased pursuant to authorization				0
Common shares reserved in connection with share-based incentive plan	2,958,817	3,138,618		2,958,817
Common shares reserved for conversion of Convertable Partnership Units	231,978	231,978		231,978
Common shares and restricted shares, dividends	$ 1,398,570	$ 1,396,364	$ 1,393,812
Common shares and restricted shares, dividends per share	$ 8	$ 8	$ 8
Preferred shares, dividends	$ 210,179	$ 216,316	$ 236,535

Shareholders' Equity (Preferr_2

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock, shares outstanding	162,600	161,000
Liquidation Preference	$ 4,065,000	$ 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
Liquidation Preference		$ 287,500
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 20, 2017
Dividend Rate %	5.375%
Preferred stock, shares outstanding	19,800	19,800
Liquidation Preference	$ 495,000	$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 16, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	20,000	20,000
Liquidation Preference	$ 500,000	$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 13, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	9,000	9,000
Liquidation Preference	$ 225,000	$ 225,000
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 17, 2019
Dividend Rate %	6.375%
Preferred stock, shares outstanding		11,400
Liquidation Preference		$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 4, 2019
Dividend Rate %	6.00%
Preferred stock, shares outstanding		11,500
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
Liquidation Preference		$ 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%
Preferred stock, shares outstanding	11,400
Liquidation Preference	$ 285,000
Series I Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 12, 2024
Dividend Rate %	4.875%
Preferred stock, shares outstanding	12,650
Liquidation Preference	$ 316,250
Series J Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 15, 2024
Dividend Rate %	4.70%
Preferred stock, shares outstanding	10,350
Liquidation Preference	$ 258,750
Series K Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 20, 2024
Dividend Rate %	4.75%
Preferred stock, shares outstanding	9,200
Liquidation Preference	$ 230,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shareholders’ Equity [Abstract]
Employee stock-based compensation and exercise of stock options (Note 10), Shares	287,734	277,511	564,583
Employee stock-based compensation and exercise of stock options (Note 10), Amount	$ 33,564	$ 12,525	$ 42,500

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Shareholders’ Equity [Abstract]
Ordinary Income	100.00%	100.00%	100.00%	100.00%
Long-Term Capital Gain	0.00%	0.00%	0.00%	0.00%
Total	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 1.5	$ 1.3	$ 1.1
Hughes Family [Member]
Related Party Transaction [Line Items]
Percentage ownership of common shares outstanding	14.10%
Canada [Member] | Hughes Family [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities | item	63
Ownership interest	0.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	2,339,667	2,420,922	2,408,917	1,995,440
Stock options exercisable	1,501,667	1,147,122	848,250
Exercisable, average exercise price per share	$ 196.37	$ 178.31	$ 143.55
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years	10 years
Stock options outstanding, aggregate intrinsic value	$ 38.6
Average remaining contractual lives	6 years
Aggregate intrinsic value for stock options exercisable	$ 35.6
Stock options exercisable	39,667
Expiration date	Jun. 30, 2021
Exercisable, average exercise price per share	$ 106.91
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Exercise Price Above $200 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1,360,000
Range of exercise prices, upper	$ 200

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units outstanding	$ 131.9
Restricted stock, compensation expense not yet recognized	$ 85.1
Compensation recognition period	4 years 7 months 6 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	8 years

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	2,420,922	2,408,917	1,995,440
Granted, Number of Options	120,000	200,000	1,096,000
Exercised, Number of Options	(191,255)	(179,995)	(482,523)
Cancelled, Number of Options	(10,000)	(8,000)	(200,000)
Options outstanding December 31, Number of Options	2,339,667	2,420,922	2,408,917
Options exercisable at December 31, Number of Options	1,501,667	1,147,122	848,250
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 201.31	$ 192.12	$ 150.83
Granted, Weighted Average Exercise Price Per Share	221.12	194.29	223.58
Exercised. Weighted Average Exercise Price Per Share	174.55	69.53	88.07
Cancelled, Weighted Average Exercise Price Per Share	197.90	223.50	203.64
Options outstanding December 31, Weighted Average Exercise Price Per Share	204.53	201.31	192.12
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 196.37	$ 178.31	$ 143.55

Share-Based Compensation (Sha_2

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 4,950	$ 17,162	$ 8,707
Aggregate exercise date intrinsic value of options exercised during the year	$ 11,848	$ 25,117	$ 61,334
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	2.30%	2.70%	1.90%
Expected volatility, based upon historical volatility	8.90%	12.50%	17.90%
Expected dividend yield	3.60%	4.10%	3.60%
Average estimated value of options granted during the year	$ 9.61	$ 13.09	$ 23.49
Acceleration of amortization on grants		$ 8,100
Reduction in compensation expense resulting from forfeitures			$ 800

Share-Based Compensation (Sha_3

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	717,696	799,129	696,641
Granted, Number Of Restricted Share Units	97,140	138,567	340,957
Vested, Number Of Restricted Share Units	(160,329)	(164,104)	(144,473)
Forfeited, Number Of Restricted Share Units	(35,357)	(55,896)	(93,996)
Restricted share units outstanding December 31, Number Of Restricted Share Units	619,150	717,696	799,129
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 151,212	$ 166,144	$ 136,905
Granted, Grant Date Aggregate Fair Value	21,113	27,733	73,953
Vested, Grant Date Aggregate Fair Value	(32,714)	(30,717)	(25,305)
Forfeited, Grant Date Aggregate Fair Value	(7,553)	(11,948)	(19,409)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 132,058	$ 151,212	$ 166,144

Share-Based Compensation (Sha_4

Share-Based Compensation (Share-Based CompensationShares Vesting During Year) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	$ 33,769	$ 32,317	$ 31,962
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 12,162	$ 12,347	$ 14,092
Common shares issued upon vesting	96,479	97,516	82,060
Restricted share unit expense	$ 21,662	$ 53,869	$ 28,841
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Taxes incurred upon vesting of restricted share units	$ 1,200	1,100	700
Reduction in compensation expense resulting from forfeitures			$ 4,600
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		$ 22,600

Segment Information (Narrative)

Segment Information (Narrative) (Details) - country	Dec. 31, 2019	Oct. 15, 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%
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								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenue	$ 717,499	$ 729,336	$ 710,950	$ 689,038	$ 692,460	$ 706,368	$ 685,528	$ 669,924	$ 2,846,823	$ 2,754,280	$ 2,668,528
Cost of operations									(752,579)	(695,731)	(657,633)
Cost of operations									(44,204)	(43,991)	(50,345)
Depreciation and amortization	(134,885)	(129,233)	(126,859)	(121,941)	(121,374)	(124,516)	(119,777)	(117,979)	(512,918)	(483,646)	(454,526)
Equity in earnings of unconsolidated real estate entities									69,547	103,495	75,655
Gain due to Shurgard public offering										151,616
General and administrative									(71,983)	(118,720)	(82,882)
Interest and other income									28,436	26,442	18,771
Interest expense									(45,641)	(32,542)	(12,690)
Foreign currency exchange gain (loss)									7,829	18,117	(50,045)
Casualty loss											(7,789)
Gain on sale of real estate									341	37,903	1,421
Net income	$ 387,097	$ 399,420	$ 371,456	$ 367,678	$ 587,906	$ 379,589	$ 405,292	$ 344,436	1,525,651	1,717,223	1,448,465
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Revenue									2,684,552	2,597,607	2,512,433
Cost of operations									(752,579)	(695,731)	(657,633)
Net operating income									1,931,973	1,901,876	1,854,800
Depreciation and amortization									(512,918)	(483,646)	(454,526)
Net income									1,419,055	1,418,230	1,400,274
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Revenue									162,271	156,673	156,095
Cost of operations									(44,204)	(43,991)	(50,345)
Net operating income									118,067	112,682	105,750
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									54,090	89,362	46,544
Investment In Shurgard [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									15,457	14,133	25,948
Gain due to Shurgard public offering										151,616
Net income									15,457	165,749	25,948
Allocated to Segments [Member]
Segment Reporting Information [Line Items]
Net income									1,606,669	1,786,023	1,578,516
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities											3,163
General and administrative									(71,983)	(118,720)	(82,882)
Interest and other income									28,436	26,442	18,771
Interest expense									(45,641)	(32,542)	(12,690)
Foreign currency exchange gain (loss)									7,829	18,117	(50,045)
Casualty loss											(7,789)
Gain on sale of real estate									$ 341	$ 37,903	$ 1,421

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements And Guidance (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Right of use assets	$ 38,700
Lease liabilities	38,700
Other assets	$ 174,344		$ 131,097
Accounting Standards Update 2016-02 [Member]
Other assets		$ 5,600

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	12 Months Ended
	Dec. 31, 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	935,000
Aggregate coverage of tenants participating in insurance program	$ 3,200,000,000
Construction commitments	77,200,000
Construction commitments 2020	69,700,000
Construction commitments 2021	$ 7,500,000

Supplementary Quarterly Finan_3

Supplementary Quarterly Financial Data (Supplementary Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplementary Quarterly Financial Data [Abstract]
Self-storage and ancillary revenues	$ 717,499	$ 729,336	$ 710,950	$ 689,038	$ 692,460	$ 706,368	$ 685,528	$ 669,924	$ 2,846,823	$ 2,754,280	$ 2,668,528
Self storage and ancillary cost of operations	172,584	212,262	207,736	204,201	160,374	195,544	190,977	192,827
Depreciation and amortization	134,885	129,233	126,859	121,941	121,374	124,516	119,777	117,979	512,918	483,646	454,526
Net income	$ 387,097	$ 399,420	$ 371,456	$ 367,678	$ 587,906	$ 379,589	$ 405,292	$ 344,436	$ 1,525,651	$ 1,717,223	$ 1,448,465
Net income - Basic	$ 1.88	$ 1.94	$ 1.76	$ 1.73	$ 3.05	$ 1.85	$ 2	$ 1.66	$ 7.30	$ 8.56	$ 6.75
Net income - Diluted	$ 1.87	$ 1.93	$ 1.76	$ 1.73	$ 3.04	$ 1.85	$ 2	$ 1.65	$ 7.29	$ 8.54	$ 6.73

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Feb. 14, 2020item$ / shares	Jan. 24, 2020USD ($)	Feb. 25, 2020USD ($)ft²item	Dec. 31, 2019ft²	Jan. 24, 2020EUR (€)
Subsequent Event [Line Items]
Net rentable square feet | ft²				168,908
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			14
Net rentable square feet | ft²			1,100,000
Total cost of acquisition | $			$ 245,300,000
Subsequent Event [Member] | National Storage REIT [Member]
Subsequent Event [Line Items]
Percentage of issued stapled securities Public Storage proposed acquiring	100.00%
Number of facilities owned	167
Cash price per share | $ / shares	$ 2.40
Subsequent Event [Member] | Ohio [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			4
Subsequent Event [Member] | California [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			3
Subsequent Event [Member] | New York [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			2
Subsequent Event [Member] | Tennessee [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			2
Subsequent Event [Member] | Indiana [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			1
Subsequent Event [Member] | Massachusetts [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			1
Subsequent Event [Member] | Nebraska [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired			1
Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt issuance amount		$ 551,600,000			€ 500,000,000
Interest rate		0.875%			0.875%
Maturity date		Jan. 24, 2032
Debt issuance costs | $		$ 6,400,000

Schedule III - Real Estate An_2

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ft²item
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2,483
Net Rentable Square Feet | ft²	168,908
2019 Encumbrances	$ 27,275
Initial Cost, Land	4,124,271
Initial Cost, Buildings & Improvements	9,274,122
Costs Subsequent to Acquisition	2,890,753
Gross Carrying Amount, Land	4,186,873
Gross Carrying Amount, Buildings	12,102,273
Gross Carrying Amount, Total	16,289,146
Accumulated Depreciation	6,623,475
Commercial and Non-Operating Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	13,194
Initial Cost, Buildings & Improvements	26,143
Costs Subsequent to Acquisition	28,811
Gross Carrying Amount, Land	14,231
Gross Carrying Amount, Buildings	53,917
Gross Carrying Amount, Total	68,148
Accumulated Depreciation	$ 40,107
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	5 years
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	25 years
Los Angeles [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	224
Net Rentable Square Feet | ft²	16,168
2019 Encumbrances	$ 498
Initial Cost, Land	510,249
Initial Cost, Buildings & Improvements	924,346
Costs Subsequent to Acquisition	336,653
Gross Carrying Amount, Land	507,863
Gross Carrying Amount, Buildings	1,263,385
Gross Carrying Amount, Total	1,771,248
Accumulated Depreciation	$ 737,208
Houston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	127
Net Rentable Square Feet | ft²	10,426
Initial Cost, Land	$ 186,320
Initial Cost, Buildings & Improvements	467,084
Costs Subsequent to Acquisition	216,915
Gross Carrying Amount, Land	185,781
Gross Carrying Amount, Buildings	684,538
Gross Carrying Amount, Total	870,319
Accumulated Depreciation	$ 287,542
San Francisco [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	138
Net Rentable Square Feet | ft²	8,982
Initial Cost, Land	$ 241,791
Initial Cost, Buildings & Improvements	527,127
Costs Subsequent to Acquisition	211,251
Gross Carrying Amount, Land	254,541
Gross Carrying Amount, Buildings	725,628
Gross Carrying Amount, Total	980,169
Accumulated Depreciation	$ 456,544
Dallas/Ft. Worth [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	124
Net Rentable Square Feet | ft²	8,991
Initial Cost, Land	$ 176,962
Initial Cost, Buildings & Improvements	437,884
Costs Subsequent to Acquisition	129,900
Gross Carrying Amount, Land	178,562
Gross Carrying Amount, Buildings	566,184
Gross Carrying Amount, Total	744,746
Accumulated Depreciation	$ 281,717
Chicago [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	130
Net Rentable Square Feet | ft²	8,172
Initial Cost, Land	$ 137,165
Initial Cost, Buildings & Improvements	352,595
Costs Subsequent to Acquisition	128,165
Gross Carrying Amount, Land	140,002
Gross Carrying Amount, Buildings	477,923
Gross Carrying Amount, Total	617,925
Accumulated Depreciation	$ 361,662
New York [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	94
Net Rentable Square Feet | ft²	6,939
Initial Cost, Land	$ 250,900
Initial Cost, Buildings & Improvements	548,541
Costs Subsequent to Acquisition	190,536
Gross Carrying Amount, Land	257,237
Gross Carrying Amount, Buildings	732,740
Gross Carrying Amount, Total	989,977
Accumulated Depreciation	$ 418,570
Atlanta [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	104
Net Rentable Square Feet | ft²	6,982
2019 Encumbrances	$ 1,771
Initial Cost, Land	132,631
Initial Cost, Buildings & Improvements	345,587
Costs Subsequent to Acquisition	86,379
Gross Carrying Amount, Land	132,993
Gross Carrying Amount, Buildings	431,604
Gross Carrying Amount, Total	564,597
Accumulated Depreciation	$ 261,138
Seattle/Tacoma [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	97
Net Rentable Square Feet | ft²	6,794
Initial Cost, Land	$ 198,063
Initial Cost, Buildings & Improvements	531,742
Costs Subsequent to Acquisition	104,116
Gross Carrying Amount, Land	198,710
Gross Carrying Amount, Buildings	635,211
Gross Carrying Amount, Total	833,921
Accumulated Depreciation	$ 324,181
Miami [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	94
Net Rentable Square Feet | ft²	6,726
Initial Cost, Land	$ 239,291
Initial Cost, Buildings & Improvements	497,380
Costs Subsequent to Acquisition	105,510
Gross Carrying Amount, Land	241,184
Gross Carrying Amount, Buildings	600,997
Gross Carrying Amount, Total	842,181
Accumulated Depreciation	$ 307,964
Washington DC [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	91
Net Rentable Square Feet | ft²	5,648
Initial Cost, Land	$ 233,905
Initial Cost, Buildings & Improvements	406,769
Costs Subsequent to Acquisition	116,974
Gross Carrying Amount, Land	239,059
Gross Carrying Amount, Buildings	518,589
Gross Carrying Amount, Total	757,648
Accumulated Depreciation	$ 306,497
Orlando/Daytona [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	72
Net Rentable Square Feet | ft²	4,550
2019 Encumbrances	$ 11,886
Initial Cost, Land	140,411
Initial Cost, Buildings & Improvements	253,375
Costs Subsequent to Acquisition	57,731
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	305,625
Gross Carrying Amount, Total	451,517
Accumulated Depreciation	$ 154,128
Denver [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	61
Net Rentable Square Feet | ft²	4,531
2019 Encumbrances	$ 9,299
Initial Cost, Land	95,009
Initial Cost, Buildings & Improvements	226,499
Costs Subsequent to Acquisition	92,835
Gross Carrying Amount, Land	95,730
Gross Carrying Amount, Buildings	318,613
Gross Carrying Amount, Total	414,343
Accumulated Depreciation	$ 143,582
Charlotte [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	56
Net Rentable Square Feet | ft²	4,354
Initial Cost, Land	$ 80,253
Initial Cost, Buildings & Improvements	205,370
Costs Subsequent to Acquisition	76,528
Gross Carrying Amount, Land	88,116
Gross Carrying Amount, Buildings	274,035
Gross Carrying Amount, Total	362,151
Accumulated Depreciation	$ 118,762
Minneapolis/St. Paul [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	57
Net Rentable Square Feet | ft²	4,237
2019 Encumbrances	$ 2,905
Initial Cost, Land	111,507
Initial Cost, Buildings & Improvements	233,259
Costs Subsequent to Acquisition	66,017
Gross Carrying Amount, Land	111,672
Gross Carrying Amount, Buildings	299,111
Gross Carrying Amount, Total	410,783
Accumulated Depreciation	$ 117,375
Tampa [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	54
Net Rentable Square Feet | ft²	3,682
Initial Cost, Land	$ 88,919
Initial Cost, Buildings & Improvements	181,402
Costs Subsequent to Acquisition	47,994
Gross Carrying Amount, Land	91,681
Gross Carrying Amount, Buildings	226,634
Gross Carrying Amount, Total	318,315
Accumulated Depreciation	$ 122,703
Philadelphia [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	56
Net Rentable Square Feet | ft²	3,546
Initial Cost, Land	$ 51,682
Initial Cost, Buildings & Improvements	152,406
Costs Subsequent to Acquisition	56,991
Gross Carrying Amount, Land	50,703
Gross Carrying Amount, Buildings	210,376
Gross Carrying Amount, Total	261,079
Accumulated Depreciation	$ 160,000
West Palm Beach [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	46
Net Rentable Square Feet | ft²	3,721
Initial Cost, Land	$ 156,788
Initial Cost, Buildings & Improvements	221,479
Costs Subsequent to Acquisition	60,557
Gross Carrying Amount, Land	157,496
Gross Carrying Amount, Buildings	281,328
Gross Carrying Amount, Total	438,824
Accumulated Depreciation	$ 120,954
Detroit [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	42
Net Rentable Square Feet | ft²	2,950
Initial Cost, Land	$ 63,804
Initial Cost, Buildings & Improvements	168,897
Costs Subsequent to Acquisition	37,770
Gross Carrying Amount, Land	64,654
Gross Carrying Amount, Buildings	205,817
Gross Carrying Amount, Total	270,471
Accumulated Depreciation	$ 111,495
Phoenix [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	40
Net Rentable Square Feet | ft²	2,664
Initial Cost, Land	$ 65,718
Initial Cost, Buildings & Improvements	185,117
Costs Subsequent to Acquisition	27,224
Gross Carrying Amount, Land	65,709
Gross Carrying Amount, Buildings	212,350
Gross Carrying Amount, Total	278,059
Accumulated Depreciation	$ 103,146
Austin [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	32
Net Rentable Square Feet | ft²	2,447
Initial Cost, Land	$ 56,918
Initial Cost, Buildings & Improvements	127,011
Costs Subsequent to Acquisition	43,766
Gross Carrying Amount, Land	58,940
Gross Carrying Amount, Buildings	168,755
Gross Carrying Amount, Total	227,695
Accumulated Depreciation	$ 83,512
Portland [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	43
Net Rentable Square Feet | ft²	2,256
Initial Cost, Land	$ 51,182
Initial Cost, Buildings & Improvements	126,464
Costs Subsequent to Acquisition	27,536
Gross Carrying Amount, Land	51,840
Gross Carrying Amount, Buildings	153,342
Gross Carrying Amount, Total	205,182
Accumulated Depreciation	$ 101,422
Sacramento [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	34
Net Rentable Square Feet | ft²	1,959
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	28,184
Gross Carrying Amount, Land	25,646
Gross Carrying Amount, Buildings	97,088
Gross Carrying Amount, Total	122,734
Accumulated Depreciation	$ 76,661
Raleigh [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Square Feet | ft²	1,975
Initial Cost, Land	$ 50,348
Initial Cost, Buildings & Improvements	99,583
Costs Subsequent to Acquisition	38,195
Gross Carrying Amount, Land	51,479
Gross Carrying Amount, Buildings	136,647
Gross Carrying Amount, Total	188,126
Accumulated Depreciation	$ 60,484
San Diego [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	20
Net Rentable Square Feet | ft²	1,816
Initial Cost, Land	$ 47,884
Initial Cost, Buildings & Improvements	108,911
Costs Subsequent to Acquisition	40,724
Gross Carrying Amount, Land	50,394
Gross Carrying Amount, Buildings	147,125
Gross Carrying Amount, Total	197,519
Accumulated Depreciation	$ 86,884
San Antonio [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Square Feet | ft²	1,791
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	27,030
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	103,100
Gross Carrying Amount, Total	130,624
Accumulated Depreciation	$ 66,131
Norfolk [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	36
Net Rentable Square Feet | ft²	2,215
Initial Cost, Land	$ 47,728
Initial Cost, Buildings & Improvements	128,986
Costs Subsequent to Acquisition	22,398
Gross Carrying Amount, Land	46,843
Gross Carrying Amount, Buildings	152,269
Gross Carrying Amount, Total	199,112
Accumulated Depreciation	$ 63,430
Boston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	27
Net Rentable Square Feet | ft²	1,864
Initial Cost, Land	$ 70,261
Initial Cost, Buildings & Improvements	194,588
Costs Subsequent to Acquisition	24,287
Gross Carrying Amount, Land	70,827
Gross Carrying Amount, Buildings	218,309
Gross Carrying Amount, Total	289,136
Accumulated Depreciation	$ 91,348
Columbus [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	22
Net Rentable Square Feet | ft²	1,629
Initial Cost, Land	$ 25,341
Initial Cost, Buildings & Improvements	64,746
Costs Subsequent to Acquisition	27,256
Gross Carrying Amount, Land	25,448
Gross Carrying Amount, Buildings	91,895
Gross Carrying Amount, Total	117,343
Accumulated Depreciation	$ 44,934
Oaklahoma City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	22
Net Rentable Square Feet | ft²	1,531
Initial Cost, Land	$ 35,704
Initial Cost, Buildings & Improvements	68,360
Costs Subsequent to Acquisition	13,470
Gross Carrying Amount, Land	35,704
Gross Carrying Amount, Buildings	81,830
Gross Carrying Amount, Total	117,534
Accumulated Depreciation	$ 23,568
Baltimore [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	23
Net Rentable Square Feet | ft²	1,472
Initial Cost, Land	$ 25,176
Initial Cost, Buildings & Improvements	79,734
Costs Subsequent to Acquisition	19,078
Gross Carrying Amount, Land	25,300
Gross Carrying Amount, Buildings	98,688
Gross Carrying Amount, Total	123,988
Accumulated Depreciation	$ 70,717
Indianapolis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	25
Net Rentable Square Feet | ft²	1,580
Initial Cost, Land	$ 25,752
Initial Cost, Buildings & Improvements	69,619
Costs Subsequent to Acquisition	13,511
Gross Carrying Amount, Land	26,752
Gross Carrying Amount, Buildings	82,130
Gross Carrying Amount, Total	108,882
Accumulated Depreciation	$ 45,217
St. Louis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	26
Net Rentable Square Feet | ft²	1,443
Initial Cost, Land	$ 20,037
Initial Cost, Buildings & Improvements	56,237
Costs Subsequent to Acquisition	21,854
Gross Carrying Amount, Land	20,680
Gross Carrying Amount, Buildings	77,448
Gross Carrying Amount, Total	98,128
Accumulated Depreciation	$ 63,361
Kansas City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	24
Net Rentable Square Feet | ft²	1,461
Initial Cost, Land	$ 14,225
Initial Cost, Buildings & Improvements	43,732
Costs Subsequent to Acquisition	28,126
Gross Carrying Amount, Land	14,425
Gross Carrying Amount, Buildings	71,658
Gross Carrying Amount, Total	86,083
Accumulated Depreciation	$ 59,666
Columbia [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	23
Net Rentable Square Feet | ft²	1,331
Initial Cost, Land	$ 20,169
Initial Cost, Buildings & Improvements	57,131
Costs Subsequent to Acquisition	19,882
Gross Carrying Amount, Land	20,928
Gross Carrying Amount, Buildings	76,254
Gross Carrying Amount, Total	97,182
Accumulated Depreciation	$ 35,292
Las Vegas [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	20
Net Rentable Square Feet | ft²	1,259
Initial Cost, Land	$ 23,168
Initial Cost, Buildings & Improvements	52,723
Costs Subsequent to Acquisition	10,296
Gross Carrying Amount, Land	22,417
Gross Carrying Amount, Buildings	63,770
Gross Carrying Amount, Total	86,187
Accumulated Depreciation	$ 48,404
Milwaukee [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	15
Net Rentable Square Feet | ft²	964
2019 Encumbrances	$ 916
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	10,104
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	42,206
Gross Carrying Amount, Total	55,364
Accumulated Depreciation	$ 33,057
Cincinnati [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	17
Net Rentable Square Feet | ft²	947
Initial Cost, Land	$ 15,023
Initial Cost, Buildings & Improvements	32,351
Costs Subsequent to Acquisition	22,874
Gross Carrying Amount, Land	14,941
Gross Carrying Amount, Buildings	55,307
Gross Carrying Amount, Total	70,248
Accumulated Depreciation	$ 30,007
Louisville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	15
Net Rentable Square Feet | ft²	916
Initial Cost, Land	$ 23,563
Initial Cost, Buildings & Improvements	46,108
Costs Subsequent to Acquisition	7,523
Gross Carrying Amount, Land	23,562
Gross Carrying Amount, Buildings	53,632
Gross Carrying Amount, Total	77,194
Accumulated Depreciation	$ 13,630
Jacksonville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Square Feet | ft²	841
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	11,820
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	39,485
Gross Carrying Amount, Total	50,786
Accumulated Depreciation	$ 32,215
Nashville/Bowling Green [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	17
Net Rentable Square Feet | ft²	1,108
Initial Cost, Land	$ 18,787
Initial Cost, Buildings & Improvements	35,425
Costs Subsequent to Acquisition	30,356
Gross Carrying Amount, Land	18,785
Gross Carrying Amount, Buildings	65,783
Gross Carrying Amount, Total	84,568
Accumulated Depreciation	$ 28,543
Honolulu [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Square Feet | ft²	807
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	12,703
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	118,085
Gross Carrying Amount, Total	173,186
Accumulated Depreciation	$ 63,344
Greensboro [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Square Feet | ft²	845
Initial Cost, Land	$ 13,413
Initial Cost, Buildings & Improvements	35,326
Costs Subsequent to Acquisition	13,644
Gross Carrying Amount, Land	15,502
Gross Carrying Amount, Buildings	46,881
Gross Carrying Amount, Total	62,383
Accumulated Depreciation	$ 25,853
Colorado Springs [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Square Feet | ft²	992
Initial Cost, Land	$ 10,588
Initial Cost, Buildings & Improvements	38,237
Costs Subsequent to Acquisition	22,069
Gross Carrying Amount, Land	10,584
Gross Carrying Amount, Buildings	60,310
Gross Carrying Amount, Total	70,894
Accumulated Depreciation	$ 28,108
Chattanooga [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	10
Net Rentable Square Feet | ft²	695
Initial Cost, Land	$ 6,569
Initial Cost, Buildings & Improvements	26,045
Costs Subsequent to Acquisition	7,500
Gross Carrying Amount, Land	6,371
Gross Carrying Amount, Buildings	33,743
Gross Carrying Amount, Total	40,114
Accumulated Depreciation	$ 14,691
Hartford/New Haven [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Square Feet | ft²	693
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	21,850
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	40,144
Gross Carrying Amount, Total	48,587
Accumulated Depreciation	$ 31,810
Savannah [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	12
Net Rentable Square Feet | ft²	686
Initial Cost, Land	$ 33,094
Initial Cost, Buildings & Improvements	42,465
Costs Subsequent to Acquisition	2,576
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	46,369
Gross Carrying Amount, Total	78,135
Accumulated Depreciation	$ 15,910
Charleston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Square Feet | ft²	950
Initial Cost, Land	$ 16,947
Initial Cost, Buildings & Improvements	56,793
Costs Subsequent to Acquisition	17,256
Gross Carrying Amount, Land	17,923
Gross Carrying Amount, Buildings	73,073
Gross Carrying Amount, Total	90,996
Accumulated Depreciation	$ 23,801
Fort Myers/Naples [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	10
Net Rentable Square Feet | ft²	770
Initial Cost, Land	$ 21,522
Initial Cost, Buildings & Improvements	46,395
Costs Subsequent to Acquisition	5,352
Gross Carrying Amount, Land	21,757
Gross Carrying Amount, Buildings	51,512
Gross Carrying Amount, Total	73,269
Accumulated Depreciation	$ 17,493
New Orleans [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Square Feet | ft²	627
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	6,254
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	36,918
Gross Carrying Amount, Total	46,291
Accumulated Depreciation	$ 24,916
Greensville/Spartanburg/Asheville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Square Feet | ft²	623
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	10,051
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	29,889
Gross Carrying Amount, Total	39,854
Accumulated Depreciation	$ 20,324
Reno [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Square Feet | ft²	559
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	4,058
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,762
Gross Carrying Amount, Total	28,249
Accumulated Depreciation	$ 12,110
Birmingham [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Square Feet | ft²	538
Initial Cost, Land	$ 5,229
Initial Cost, Buildings & Improvements	17,835
Costs Subsequent to Acquisition	13,326
Gross Carrying Amount, Land	5,117
Gross Carrying Amount, Buildings	31,273
Gross Carrying Amount, Total	36,390
Accumulated Depreciation	$ 27,335
Salt Lake City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	8
Net Rentable Square Feet | ft²	517
Initial Cost, Land	$ 7,846
Initial Cost, Buildings & Improvements	15,947
Costs Subsequent to Acquisition	4,860
Gross Carrying Amount, Land	7,495
Gross Carrying Amount, Buildings	21,158
Gross Carrying Amount, Total	28,653
Accumulated Depreciation	$ 14,506
Memphis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Square Feet | ft²	510
Initial Cost, Land	$ 7,962
Initial Cost, Buildings & Improvements	21,981
Costs Subsequent to Acquisition	9,049
Gross Carrying Amount, Land	9,315
Gross Carrying Amount, Buildings	29,677
Gross Carrying Amount, Total	38,992
Accumulated Depreciation	$ 20,278
Buffalo/Rochester [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Square Feet | ft²	462
Initial Cost, Land	$ 6,785
Initial Cost, Buildings & Improvements	17,954
Costs Subsequent to Acquisition	3,836
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	21,792
Gross Carrying Amount, Total	28,575
Accumulated Depreciation	$ 13,589
Richmond [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	13
Net Rentable Square Feet | ft²	652
Initial Cost, Land	$ 18,092
Initial Cost, Buildings & Improvements	40,160
Costs Subsequent to Acquisition	5,172
Gross Carrying Amount, Land	17,897
Gross Carrying Amount, Buildings	45,527
Gross Carrying Amount, Total	63,424
Accumulated Depreciation	$ 18,118
Tucson [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Square Feet | ft²	439
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	5,734
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	30,744
Gross Carrying Amount, Total	40,628
Accumulated Depreciation	$ 19,101
Cleveland/Akron [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Square Feet | ft²	433
Initial Cost, Land	$ 4,070
Initial Cost, Buildings & Improvements	16,139
Costs Subsequent to Acquisition	5,483
Gross Carrying Amount, Land	4,463
Gross Carrying Amount, Buildings	21,229
Gross Carrying Amount, Total	25,692
Accumulated Depreciation	$ 11,954
Wichita [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Square Feet | ft²	433
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	7,265
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	13,843
Gross Carrying Amount, Total	15,973
Accumulated Depreciation	$ 11,755
Mobile [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	10
Net Rentable Square Feet | ft²	452
Initial Cost, Land	$ 4,688
Initial Cost, Buildings & Improvements	21,170
Costs Subsequent to Acquisition	4,906
Gross Carrying Amount, Land	4,515
Gross Carrying Amount, Buildings	26,249
Gross Carrying Amount, Total	30,764
Accumulated Depreciation	$ 12,900
Omaha [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	4
Net Rentable Square Feet | ft²	377
Initial Cost, Land	$ 7,491
Initial Cost, Buildings & Improvements	20,930
Costs Subsequent to Acquisition	3,019
Gross Carrying Amount, Land	7,491
Gross Carrying Amount, Buildings	23,949
Gross Carrying Amount, Total	31,440
Accumulated Depreciation	$ 3,189
Monterey/Salinas [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Square Feet | ft²	329
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	4,170
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	28,331
Gross Carrying Amount, Total	36,786
Accumulated Depreciation	$ 21,033
Palm Springs [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Square Feet | ft²	242
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	1,286
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	19,351
Gross Carrying Amount, Total	27,660
Accumulated Depreciation	$ 10,356
Evansville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Square Feet | ft²	326
Initial Cost, Land	$ 2,340
Initial Cost, Buildings & Improvements	14,316
Costs Subsequent to Acquisition	1,192
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	15,536
Gross Carrying Amount, Total	17,848
Accumulated Depreciation	$ 3,577
Dayton [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Square Feet | ft²	230
Initial Cost, Land	$ 1,074
Initial Cost, Buildings & Improvements	8,975
Costs Subsequent to Acquisition	4,817
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,793
Gross Carrying Amount, Total	14,866
Accumulated Depreciation	$ 7,066
Augusta [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	6
Net Rentable Square Feet | ft²	345
Initial Cost, Land	$ 4,984
Initial Cost, Buildings & Improvements	13,120
Costs Subsequent to Acquisition	3,633
Gross Carrying Amount, Land	4,984
Gross Carrying Amount, Buildings	16,753
Gross Carrying Amount, Total	21,737
Accumulated Depreciation	$ 5,939
Fort Wayne [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Square Feet | ft²	168
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	3,126
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,720
Gross Carrying Amount, Total	7,069
Accumulated Depreciation	$ 5,802
Providence [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Square Feet | ft²	155
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	2,957
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	14,163
Gross Carrying Amount, Total	15,158
Accumulated Depreciation	$ 6,295
Huntsville/Decatur [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Square Feet | ft²	153
Initial Cost, Land	$ 1,024
Initial Cost, Buildings & Improvements	3,321
Costs Subsequent to Acquisition	3,029
Gross Carrying Amount, Land	971
Gross Carrying Amount, Buildings	6,403
Gross Carrying Amount, Total	7,374
Accumulated Depreciation	$ 5,963
Shreveport [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	150
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	2,254
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,360
Gross Carrying Amount, Total	6,101
Accumulated Depreciation	$ 4,678
Springfield/Holyoke [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	144
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,815
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,196
Gross Carrying Amount, Total	6,623
Accumulated Depreciation	$ 4,671
Rochester [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	99
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	2,090
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,403
Gross Carrying Amount, Total	5,383
Accumulated Depreciation	$ 3,931
Santa Barbara [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	98
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	452
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,558
Gross Carrying Amount, Total	15,291
Accumulated Depreciation	$ 5,417
Topeka [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	94
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	2,067
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,486
Gross Carrying Amount, Total	3,711
Accumulated Depreciation	$ 2,966
Lansing [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Square Feet | ft²	88
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	891
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,773
Gross Carrying Amount, Total	4,329
Accumulated Depreciation	$ 2,239
Roanoke [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Square Feet | ft²	159
Initial Cost, Land	$ 2,147
Initial Cost, Buildings & Improvements	13,801
Costs Subsequent to Acquisition	842
Gross Carrying Amount, Land	2,147
Gross Carrying Amount, Buildings	14,643
Gross Carrying Amount, Total	16,790
Accumulated Depreciation	$ 2,523
Flint [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Square Feet | ft²	56
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	242
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,311
Gross Carrying Amount, Total	3,853
Accumulated Depreciation	$ 1,826
Joplin [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Square Feet | ft²	56
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	1,012
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,916
Gross Carrying Amount, Total	2,180
Accumulated Depreciation	$ 1,579
Syracuse [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Square Feet | ft²	55
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	820
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,099
Gross Carrying Amount, Total	2,644
Accumulated Depreciation	$ 1,976
Modesto/Fresno/Stockton [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Square Feet | ft²	33
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	968
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,025
Gross Carrying Amount, Total	1,218
Accumulated Depreciation	$ 795