Public Storage (PSA) 10-K 22 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 45,156,391
Entity Common Stock, Shares Outstanding		175,462,248
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 2022 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 Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001393311
Entity Voluntary Filers	No
Common Shares
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series F Preferred Stock
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
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
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
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
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
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
Series L Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value
Trading Symbol	PSAPrL
Security Exchange Name	NYSE
Series M Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value
Trading Symbol	PSAPrM
Security Exchange Name	NYSE
Series N Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value
Trading Symbol	PSAPrN
Security Exchange Name	NYSE
Series O Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value
Trading Symbol	PSAPrO
Security Exchange Name	NYSE
Series P Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
Trading Symbol	PSAPrP
Security Exchange Name	NYSE
Series Q Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
Trading Symbol	PSAPrQ
Security Exchange Name	NYSE
Series R Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
Trading Symbol	PSAPrR
Security Exchange Name	NYSE
Series S Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
Trading Symbol	PSAPrS
Security Exchange Name	NYSE
Notes Due 2032
Title of 12(b) Security	0.875% Senior Notes due 2032
Trading Symbol	PSA32
Security Exchange Name	NYSE
Notes Due 2030
Title of 12(b) Security	0.500% Senior Notes due 2030
Trading Symbol	PSA30
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and equivalents	$ 734,599	$ 257,560
Real estate facilities, at cost:
Land	5,134,060	4,375,588
Buildings	17,673,773	12,997,039
Real estate facilities, gross	22,807,833	17,372,627
Accumulated depreciation	(7,773,308)	(7,152,135)
Real estate facilities, net	15,034,525	10,220,492
Construction in process	272,471	188,079
Total real estate facilities	15,306,996	10,408,571
Investments in unconsolidated real estate entities	828,763	773,046
Goodwill and other intangible assets, net	302,894	204,654
Other assets	207,656	172,715
Total assets	17,380,908	11,816,546
LIABILITIES AND EQUITY
Notes payable	7,475,279	2,544,992
Preferred shares called for redemption (Note 9)	0	300,000
Accrued and other liabilities	482,091	394,655
Total liabilities	7,957,370	3,239,647
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	68,249	0
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 164,000 shares issued (in series) and outstanding, (151,700 at December 31, 2020) at liquidation preference	4,100,000	3,792,500
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,134,455 shares issued and outstanding (174,581,742 shares at December 31, 2020)	17,513	17,458
Paid-in capital	5,821,667	5,707,101
Accumulated deficit	(550,416)	(914,791)
Accumulated other comprehensive loss	(53,587)	(43,401)
Total Public Storage shareholders’ equity	9,335,177	8,558,867
Noncontrolling interests	20,112	18,032
Total equity	9,355,289	8,576,899
Total liabilities, redeemable noncontrolling interests and equity	$ 17,380,908	$ 11,816,546

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	164,000	151,700
Preferred stock, shares outstanding (in shares)	164,000	151,700
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	175,134,455	174,581,742
Common stock, shares outstanding (in shares)	175,134,455	174,581,742

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenues	$ 3,415,824	$ 2,915,068	$ 2,855,108
Expenses:
Self-storage cost of operations	852,030	807,543	762,416
Ancillary cost of operations	68,568	59,919	50,736
Depreciation and amortization	713,428	553,257	512,918
General and administrative	101,254	83,199	62,146
Interest expense	90,774	56,283	45,641
Operating expenses	1,826,054	1,560,201	1,433,857
Other increases (decreases) to net income:
Interest and other income	12,306	22,323	26,683
Equity in earnings of unconsolidated real estate entities	232,093	80,497	69,547
Foreign currency exchange gain (loss)	111,787	(97,953)	7,829
Gain on sale of real estate	13,683	1,493	341
Net income	1,959,639	1,361,227	1,525,651
Allocation to noncontrolling interests	(6,376)	(4,014)	(5,117)
Net income allocable to Public Storage shareholders	1,953,263	1,357,213	1,520,534
Allocation of net income to:
Preferred shareholders	(186,579)	(207,068)	(210,179)
Preferred shareholders - redemptions (Note 9)	(28,914)	(48,265)	(32,693)
Restricted share units	(5,326)	(3,545)	(4,895)
Net income allocable to common shareholders	$ 1,732,444	$ 1,098,335	$ 1,272,767
Net income per common share:
Basic (in USD per share)	$ 9.91	$ 6.29	$ 7.30
Diluted (in USD per share)	$ 9.87	$ 6.29	$ 7.29
Basic weighted average common shares outstanding (in shares)	174,858	174,494	174,287
Diluted weighted average common shares outstanding (in shares)	175,568	174,642	174,530
Self-storage facilities
Revenues:
Revenues	$ 3,203,566	$ 2,721,630	$ 2,684,552
Ancillary operations
Revenues:
Revenues	$ 212,258	$ 193,438	$ 170,556

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 1,959,639	$ 1,361,227	$ 1,525,651
Foreign currency exchange (loss) gain on investment in Shurgard	(10,186)	21,489	(830)
Total comprehensive income	1,949,453	1,382,716	1,524,821
Allocation to noncontrolling interests	(6,376)	(4,014)	(5,117)
Comprehensive income allocable to Public Storage shareholders	$ 1,943,077	$ 1,378,702	$ 1,519,704

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Total Public Storage Shareholders' Equity	Cumulative Preferred Shares	Common Shares	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2018	$ 9,144,728	$ 9,119,478	$ 4,025,000	$ 17,413	$ 5,718,485	$ (577,360)	$ (64,060)	$ 25,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares	1,059,156	1,059,156	1,090,000		(30,844)
Redemption and shares called for redemption of preferred shares	(1,050,000)	(1,050,000)	(1,050,000)
Issuance of common shares in connection with share-based compensation	33,564	33,564		29	33,535
Share-based compensation expense, net of cash paid in lieu of common shares	13,671	13,671			13,671
Acquisition of noncontrolling interests	(35,000)	(23,913)			(23,913)			(11,087)
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:
Preferred shareholders	(210,179)	(210,179)				(210,179)
Noncontrolling interests	(6,672)							(6,672)
Common shareholders and restricted share unitholders	(1,398,570)	(1,398,570)				(1,398,570)
Other comprehensive income (loss)	(830)	(830)					(830)
Ending balance at Dec. 31, 2019	9,079,667	9,062,911	4,065,000	17,442	5,710,934	(665,575)	(64,890)	16,756
Beginning balance at Dec. 31, 2018	0
Ending balance at Dec. 31, 2019	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares	1,208,206	1,208,206	1,247,500		(39,294)
Redemption and shares called for redemption of preferred shares	(1,520,000)	(1,520,000)	(1,520,000)
Issuance of common shares in connection with share-based compensation	12,664	12,664		16	12,648
Share-based compensation expense, net of cash paid in lieu of common shares	22,845	22,845			22,845
Acquisition of noncontrolling interests	(33)	(32)			(32)			(1)
Contributions by noncontrolling interests	2,629							2,629
Net income	1,361,227	1,361,227				1,361,227
Net income allocated to noncontrolling interests	(4,014)	(4,014)				(4,014)		(4,014)
Distributions to:
Preferred shareholders	(207,068)	(207,068)				(207,068)
Noncontrolling interests	(5,366)							(5,366)
Common shareholders and restricted share unitholders	(1,399,361)	(1,399,361)				(1,399,361)
Other comprehensive income (loss)	21,489	21,489					21,489
Ending balance at Dec. 31, 2020	8,576,899	8,558,867	3,792,500	17,458	5,707,101	(914,791)	(43,401)	18,032
Ending balance at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares	1,147,455	1,147,455	1,182,500		(35,045)
Redemption and shares called for redemption of preferred shares	(875,000)	(875,000)	(875,000)
Issuance of common shares in connection with share-based compensation	95,860	95,860		55	95,805
Share-based compensation expense, net of cash paid in lieu of common shares	54,492	54,492			54,492
Acquisition of noncontrolling interests	(692)	(686)			(686)			(6)
Contributions by noncontrolling interests	2,451							2,451
Net income	1,959,639	1,959,639				1,959,639
Net income allocated to noncontrolling interests	(6,376)	(6,376)				(6,376)		(5,906)
Distributions to:
Preferred shareholders	(186,579)	(186,579)				(186,579)
Noncontrolling interests	(6,271)							(6,271)
Common shareholders and restricted share unitholders	(1,402,309)	(1,402,309)				(1,402,309)
Other comprehensive income (loss)	(10,186)	(10,186)					(10,186)
Ending balance at Dec. 31, 2021	9,355,289	$ 9,335,177	$ 4,100,000	$ 17,513	$ 5,821,667	$ (550,416)	$ (53,587)	$ 20,112
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	68,170
Net income allocated to noncontrolling interests	470
Noncontrolling interests	(391)
Ending balance at Dec. 31, 2021	$ 68,249

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Issuance of preferred shares (in shares)	47,300	49,900	43,600
Redemption and shares called for redemption of preferred shares (in shares)	35,000	60,800	42,000
Issuance of common shares in connection with share-based compensation (in shares)	552,713	163,127	287,734
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 8	$ 8	$ 8

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 1,959,639	$ 1,361,227	$ 1,525,651
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate	(13,683)	(1,493)	(341)
Depreciation and amortization	713,428	553,257	512,918
Equity in earnings of unconsolidated real estate entities	(232,093)	(80,497)	(69,547)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	150,488	72,098	73,259
Foreign currency exchange (gain) loss	(111,787)	97,953	(7,829)
Share-based compensation expense	59,815	33,363	25,833
Other	17,748	6,994	7,690
Total adjustments	583,916	681,675	541,983
Net cash flows from operating activities	2,543,555	2,042,902	2,067,634
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(270,238)	(169,998)	(187,303)
Development and expansion of real estate facilities	(281,981)	(189,413)	(284,682)
Acquisition of real estate facilities and intangible assets	(5,047,106)	(792,266)	(437,758)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	19,518	24,658	11,630
Repayment of note receivable	0	7,509	0
Proceeds from sale of real estate investments	16,296	1,796	762
Net cash flows used in investing activities	(5,563,511)	(1,117,714)	(897,351)
Cash flows from financing activities:
Repayments on notes payable	(2,218)	(2,020)	(1,920)
Issuance of notes payable, net of issuance costs	5,038,904	545,151	496,900
Issuance of preferred shares	1,147,455	1,208,206	1,059,156
Issuance of common shares in connection with share-based compensation	95,860	12,664	33,564
Redemption of preferred shares	(1,175,000)	(1,220,000)	(1,050,000)
Cash paid upon vesting of restricted share units	(13,069)	(10,518)	(12,162)
Acquisition of noncontrolling interests	(692)	(33)	(35,000)
Contributions by noncontrolling interests	2,451	2,629	4,148
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(1,588,888)	(1,606,429)	(1,608,749)
Distributions paid to noncontrolling interests	(6,662)	(5,366)	(6,672)
Net cash flows provided by (used in) financing activities	3,498,141	(1,075,716)	(1,120,735)
Net cash flows from (used in) operating, investing, and financing activities	478,185	(150,528)	49,548
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	505	(426)	(13)
Increase (decrease) in cash and equivalents, including restricted cash	478,690	(150,954)	49,535
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	257,560	409,743	361,218
Restricted cash included in other assets	25,040	23,811	22,801
Cash, equivalents, and restricted cash	282,600	433,554	384,019
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	734,599	257,560	409,743
Restricted cash included in other assets	26,691	25,040	23,811
Cash, equivalents, and restricted cash	761,290	282,600	433,554
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(23,398)	(10,359)	(16,558)
Construction or expansion of real estate facilities	(50,051)	(32,349)	(32,356)
Real estate acquired in exchange for noncontrolling interests	(68,170)	0	0
Real estate acquired in exchange for consideration payable	0	(3,799)	(1,817)
Preferred shares called for redemption and reclassified to liabilities	$ 0	$ 300,000	$ 0

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	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 that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant loss reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. At December 31, 2021, we have direct and indirect equity interests in 2,787 self-storage facilities (with approximately 198.3 million net rentable square feet) located in 39 states in the United States (“U.S.”) operating under the Public Storage® name, and 0.8 million net rentable square feet of commercial and retail space. We own an approximate 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 253 self-storage facilities (with approximately 14 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. We also own an approximate 41% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 28 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). Summary of Significant Accounting Policies 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. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. 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. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2021. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize 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 presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions. Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as 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. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs 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. We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. 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. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, 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. Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. 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 quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the Shurgard® trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues 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. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense 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 consolidated statements of income are translated at the average exchange rates during the respective period. 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). 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. At December 31, 2021, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 7), 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. The Euro was translated at exchange rates of approximately 1.134 U.S. Dollars per Euro at December 31, 2021 (1.226 at December 31, 2020), and average exchange rates of 1.183, 1.141 and 1.120 for the years ended December 31, 2021, 2020, and 2019, respectively. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. 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, 2021, we had no tax benefits that were not recognized. Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units ("RSUs") based on the closing market price of the Company’s common stock on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards and actual and projected stock option exercise behaviors. For performance-based restricted share units and stock options, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected 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 market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during 2021, 2020, and 2019 is as follows: For the Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 $ 16,289,146 $ 15,296,844 Capital expenditures to maintain real estate facilities 284,200 163,834 192,539 Acquisitions 4,940,413 781,219 421,097 Dispositions (7,408) (303) (426) Developed or expanded facilities opened for operation 218,001 138,731 379,092 Ending balance 22,807,833 17,372,627 16,289,146 Accumulated depreciation: Beginning balance (7,152,135) (6,623,475) (6,140,072) Depreciation expense (625,968) (528,660) (483,408) Dispositions 4,795 — 5 Ending balance (7,773,308) (7,152,135) (6,623,475) Construction in process: Beginning balance 188,079 141,934 285,339 Costs incurred to develop and expand real estate facilities 302,393 188,102 235,687 Write-off of cancelled projects — (3,226) — Developed or expanded facilities opened for operation (218,001) (138,731) (379,092) Ending balance 272,471 188,079 141,934 Total real estate facilities at December 31, $ 15,306,996 $ 10,408,571 $ 9,807,605 During 2021, we acquired 232 self-storage facilities (21,830,000 net rentable square feet of storage space), for a total cost of $5.1 billion, consisting $5.0 billion in cash and $68.2 million in partnership units in our subsidiary. Approximately $174.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $218.0 million during 2021, adding 1.6 million net rentable square feet of self-storage space. Construction in process at December 31, 2021 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2021, we sold portions of real estate facilities in connection with eminent domain proceedings for $16.3 million in cash proceeds and recorded a related gain on sale of real estate of approximately $13.7 million. During 2020, we acquired 62 self-storage facilities (5.1 million net rentable square feet of storage space), for a total cost of $792.3 million which includes the assumption of a $3.8 million liability. Approximately $14.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $138.7 million during 2020, adding 1.1 million net rentable square feet of self-storage space. Included in general and administrative expense in 2020 is $3.2 million in development projects which were cancelled. During 2019, we acquired 44 self-storage facilities and one commercial facility (3.1 million 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. At December 31, 2021, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $15.8 billion (unaudited).

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2021 2020 2021 2020 2019 PSB $ 515,312 $ 431,963 $ 207,722 $ 64,835 $ 54,090 Shurgard 313,451 341,083 24,371 15,662 15,457 Total $ 828,763 $ 773,046 $ 232,093 $ 80,497 $ 69,547 The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 Revenues $ 790,461 $ 721,393 $ 713,867 Costs of operations 263,398 242,992 237,586 Operating income 333,624 290,901 288,179 Gain on sale of real estate 359,904 27,234 16,641 Net Income 639,062 275,680 268,054 At December 31, 2021 2020 Real estate assets $ 3,437,115 $ 3,353,862 Other assets 481,403 374,615 Total assets $ 3,918,518 $ 3,728,477 Debt $ 943,276 $ 742,390 Other liabilities 298,787 274,950 Noncontrolling interests 262,243 221,630 Shareholders' equity 2,414,212 2,489,507 Total liabilities and equity $ 3,918,518 $ 3,728,477 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 approximate 41% common equity interest as of December 31, 2021 (42% as of December 31, 2020). 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, 2021 ($184.17 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.7 billion. During each of 2021, 2020, and 2019, we received cash distributions from PSB totaling $127.3 million, $60.7 million and $60.7 million, 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, representing an approximate 35% equity interest in Shurgard. Based upon the closing price at December 31, 2021 (€57.50 per share of Shurgard common stock, at 1.134 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $2.0 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). We eliminated $1.2 million, $1.1 million and $1.0 million intra-entity profits and losses for 2021, 2020, and 2019, respectively, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. During 2021, 2020, and 2019, we received cash dividend distribution from Shurgard totaling $41.5 million, $34.9 million and $23.1 million, respectively. At December 31, 2021, our pro-rata investment in Shurgard’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $74.7 million ($83.1 million at December 31, 2020). This differential (the “Shurgard Basis Differential”) includes our cost basis adjustment in Shurgard’s real estate assets net of related deferred income taxes. The real estate assets basis differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $8.4 million, $5.8 million and $5.5 million during 2021, 2020, and 2019, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2021 At December 31, 2020 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 198,180 (79,953) 118,227 47,321 (27,334) 19,987 Total goodwill and other intangible assets $ 382,847 $ (79,953) $ 302,894 $ 231,988 $ (27,334) $ 204,654 Amortization expense related to intangible assets subject to amortization was $76.6 million, $16.1 million and $16.8 million in 2021, 2020, and 2019, respectively. During 2021, 2020, and 2019, intangibles increased $174.9 million, $14.9 million and $18.5 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). The remaining amortization expense will be recognized over a weighted average life of approximately 1.1 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2021 is as follows (amounts in thousands): Year Amount 2022 $ 86,759 2023 24,417 Thereafter 7,051 Total $ 118,227

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2021
Line of Credit Facility [Abstract]
Credit Facility	Credit FacilityWe have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit that matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% 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 0.75% at December 31, 2021). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.10% per annum at December 31, 2021). At December 31, 2021 and February 22, 2022, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduces our borrowing capacity, totaling $21.2 million at December 31, 2021 ($24.3 million at December 31, 2020). The Credit Facility has various customary restrictive covenants, with which we were in compliance at December 31, 2021.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2021
Notes Payable [Abstract]
Notes Payable	Notes PayableOur notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2021 and 2020 are set forth in the tables below: Amounts at December 31, 2021 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370% 2.483% $ 500,000 $ (363) $ 499,637 $ 506,362 Notes due April 23, 2024 SOFR+0.47% 0.617% 700,000 (1,628) 698,372 700,314 Notes due February 15, 2026 0.875% 1.030% 500,000 (3,061) 496,939 488,141 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,227) 645,773 649,996 Notes due September 15, 2027 3.094% 3.218% 500,000 (3,020) 496,980 535,206 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,276) 645,724 649,221 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,299) 546,701 548,241 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,257) 497,743 545,580 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,383) 643,617 656,546 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,488) 546,512 551,932 5,750,000 (32,002) 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 113,431 — 113,431 117,526 Notes due November 3, 2025 2.175% 2.175% 274,518 — 274,518 295,256 Notes due September 9, 2030 0.500% 0.640% 794,017 (9,730) 784,287 769,561 Notes due January 24, 2032 0.875% 0.978% 567,155 (5,394) 561,761 551,842 1,749,121 (15,124) 1,733,997 1,734,185 Mortgage Debt , secured by 11 real estate facilities with a net book value of $66.1 million 3.878% 3.897% 23,284 — 23,284 24,208 $ 7,522,405 $ (47,126) $ 7,475,279 $ 7,589,932 Amounts at December 31, 2020 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176 U.S. Dollar Denominated Unsecured Notes On January 19, 2021, we completed a public offering of $500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875% and maturing on February 15, 2026. Interest on the senior notes is payable semi-annually, commencing on August 15, 2021. In connection with the offering, we incurred $3.8 million in costs. On April 23, 2021, we completed a public offering of $700 million, $650 million and $650 million aggregate principal amount of senior notes bearing interest at an annual rate of the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.47% (reset quarterly and at 0.52% as of December 31, 2021), 1.850% and 2.300%, respectively, and maturing on April 23, 2024, May 1, 2028 and May 1, 2031, respectively. Interest on the 2024 notes is payable quarterly, commencing on July 23, 2021. Interest on the 2028 notes and 2031 notes is payable semi-annually, commencing on November 1, 2021. In connection with the offering, we incurred a total of $13.7 million in costs. On November 9, 2021, we completed a public offering of $650 million, $550 million and $550 million aggregate principal amount of senior notes bearing interest at an annual rate of 1.500%, 1.950% and 2.250%, respectively, and maturing on November 9, 2026, November 9, 2028 and November 9, 2031, respectively. Interest on the senior notes is payable semi-annually, commencing on May 9, 2022. In connection with the offering, we incurred a total of $11.3 million in costs. 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 U.S. Dollar Denominated Unsecured Notes have various financial covenants, with which we were in compliance at December 31, 2021. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 16% at December 31, 2021) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 30x for the twelve months ended December 31, 2021) 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”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars, (ii) €100.0 million issued to institutional investors on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U.S. Dollars, (iii) €500.0 million issued in a public offering on January 24, 2020 for $545.2 million in net proceeds upon converting the Euros to U.S. Dollars, and (iv) €700.0 million issued in a public offering on September 9, 2021 for $817.6 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020 and September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. 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 $111.8 million for 2021, as compared to losses of $98.0 million for 2020 and gains of $7.8 million for 2019). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt 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, 2021, the related contractual interest rates are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2022 and July 1, 2030. At December 31, 2021, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2022 $ 500,000 $ 2,483 $ 502,483 2023 — 19,219 19,219 2024 813,431 124 813,555 2025 274,518 131 274,649 2026 1,150,000 138 1,150,138 Thereafter 4,761,172 1,189 4,762,361 $ 7,499,121 $ 23,284 $ 7,522,405 Weighted average effective rate 1.8% 3.9% 1.8% Cash paid for interest totaled $77.7 million, $52.7 million and $48.3 million for 2021, 2020, and 2019, respectively. Interest capitalized as real estate totaled $3.5 million, $3.4 million and $3.9 million for 2021, 2020, and 2019, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling InterestsWe have noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At December 31, 2021, certain of these subsidiaries issued 443,970 partnership units to third-parties 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. These include 211,992 partnership units of $68.2 million issued to third-parties in connection with our acquisition of a portfolio of self-storage facilities in the fourth quarter of 2021. The unitholders of these 211,992 partnership units have the right to require us to redeem their partnership units in cash if common shares of the Company are not publicly listed. We classify these noncontrolling interests as redeemable noncontrolling interest outside of total equity in our consolidated balance sheets. At December 31, 2021, these noncontrolling interests are not currently redeemable or probable of becoming redeemable.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At December 31, 2021 and 2020, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2021 At December 31, 2020 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % — $ — 8,000 $ 200,000 Series D 7/20/2021 4.950 % — — 13,000 325,000 Series E 10/14/2021 4.900 % — — 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 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 — — Series Q 8/17/2026 3.950 % 5,750 143,750 — — Series R 11/19/2026 4.000 % 17,400 435,000 — — Total Preferred Shares 164,000 $ 4,100,000 151,700 $ 3,792,500 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, 2021, 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 consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. During 2021, 2020, and 2019, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2021 P, Q and R 47,300 $ 1,182,500 $ 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 2019 H, I, J and K 43,600 1,090,000 30,844 During 2021, 2020, and 2019, we redeemed the following series of Preferred Shares at par (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 2019 Y, Z, U and A 1,050,000 32,693 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption. Common Shares During 2021, 2020, and 2019, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2021 2020 2019 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 552,713 $ 95,860 163,127 $ 12,664 287,734 $ 33,564 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, 2021, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2021. The unaudited characterization of dividends for U.S. federal corporate 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 $1.402 billion ($8.00 per share), $1.399 billion ($8.00 per share) and $1.399 billion ($8.00 per share) for the years ended December 31, 2021, 2020, and 2019, respectively. Preferred share dividends totaled $186.6 million, $207.1 million and $210.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. For the tax year ended December 31, 2021, distributions for the common shares and all the various series of preferred shares were classified as follows: 2021 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 94.55 % 94.54 % 94.55 % 94.57 % Capital Gain Distributions 5.45 % 5.46 % 5.45 % 5.43 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAt December 31, 2021, Tamara Hughes Gustavson, a current member of our Board and her adult children owned and controlled 65 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 premium payments of approximately $2.1 million, $1.6 million and $1.5 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as RSUs, to trustees, officers, and key employees. On April 26, 2021, the Company’s Shareholders approved the 2021 Equity and Performance-Based Incentive Compensation Plan ("2021 Plan"), which authorizes an additional three million shares available for future issuance of equity-based awards. As of December 31, 2021, there were a total of 2,252,321 shares reserved for granting of future options and stock awards under the 2021 plan. We recorded share-based compensation expense associated with stock options and RSUs in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2021. For Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Self-storage cost of operations $ 20,544 $ 14,904 $ 12,090 Ancillary cost of operations 1,561 — — General and administrative 37,760 18,586 13,871 Total $ 59,865 $ 33,490 $ 25,961 Stock Options Stock options vest over 3 to 5 years, expire 10 years after the grant date, and have an exercise price equal to the closing trading price of our common shares on the grant date. New shares are issued for options exercised. Employees cannot require the Company to settle their award in cash. For the years ended December 31, 2021, 2020, and 2019, we incurred share-based compensation cost for outstanding stock options of $25.1 million, $7.6 million and $5.0 million, respectively. The amounts for the years ended December 31, 2021 and 2020 include $4.5 million and $0.3 million, respectively, in connection with the Retirement Acceleration as discussed in Note 2 (none for 2019). During 2021, we incurred share-based compensation cost of $1.5 million in connection with the initial 15,000 stock option awards issued to each of the five trustees who joined our Board in January 2021. During 2021, 245,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2021, 2022, and 2023 and continued service through 2025. These awards contain a relative Total Shareholder Return modifier that will adjust the payout based on relative performance as compared to the market. As of December 31, 2021, these targets are expected to be met at 100% achievement. These options resulted in $8.1 million in related compensation cost during 2021. During 2020, 770,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2020, 2021, and 2022 and continued service through 2024. As of December 31, 2021, these targets are expected to be met at 125% achievement, an increase from 100% as of December 31, 2020. $10.9 million and $3.0 million in related compensation cost was recorded during 2021 and 2020, respectively. The stock options outstanding at December 31, 2021 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $481.9 million and remaining average contractual lives of approximately six years. Total compensation cost related to nonvested stock options that has not yet been recognized is $23.3 million and is expected to be recognized as compensation cost over approximately three years on average. Exercisable stock options have an aggregate intrinsic value of approximately $251.3 million at December 31, 2021 and remaining average contractual lives of approximately four years. Additional information with respect to stock options during 2021, 2020, and 2019 is as follows: Service-Based Performance-Based Total Number Weighted Number Weighted Number Weighted Options outstanding January 1, 2019 2,420,922 $ 201.31 — $ — 2,420,922 $ 201.31 Granted 120,000 — 120,000 Exercised (191,255) — (191,255) Cancelled (10,000) — (10,000) Options outstanding December 31, 2019 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 770,000 840,000 Exercised (71,500) — (71,500) Cancelled (107,000) (40,000) (147,000) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 420,000 560,000 Exercised (471,216) — (471,216) Cancelled — (10,000) (10,000) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Options exercisable at December 31, 2021 1,464,411 $ 202.97 — $ — 1,464,411 $ 202.97 2021 2020 2019 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 44,613 $ 3,433 $ 11,848 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 0.8% 0.4% 2.3% Expected volatility, based upon historical volatility 24.1% 21.6% 8.9% Expected dividend yield 2.9% 3.8% 3.6% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years, based upon historical experience 5 Risk-free interest rate 0.9% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.9% Average estimated value of options granted during the year $ 62.66 $ 17.79 $ 9.61 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives new 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. For the years ended December 31, 2021, 2020, and 2019, we incurred share-based compensation cost for RSUs of $38.7 million, $25.9 million and $21.0 million, respectively. The amounts for the years ended December 31, 2021 and 2020 include $11.4 million and $5.4 million, respectively, in connection with the Retirement Acceleration as discussed in Note 2 (none for 2019). During 2021, 37,000 RSUs were awarded where vesting is dependent upon meeting certain performance targets for 2021. As of December 31, 2021, these targets were met at 125% achievement. These RSUs resulted in $6.4 million in related compensation cost during 2021. Remaining compensation cost related to RSUs outstanding at December 31, 2021 totals approximately $94.1 million and is expected to be recognized over the next 3 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2021 2020 2019 Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Restricted share units outstanding January 1, 552,788 $ 218.11 619,150 $ 213.29 717,696 $ 210.69 Granted (a) 189,318 $ 321.17 110,755 $ 222.27 97,140 $ 217.35 Vested (138,420) $ (216.63) (140,089) $ (200.88) (160,329) $ (204.04) Forfeited (32,864) $ (221.32) (37,028) $ (215.08) (35,357) $ (213.62) Restricted share units outstanding December 31, 570,822 $ 251.95 552,788 $ 218.11 619,150 $ 213.29 2021 2020 2019 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 37,430 $ 31,076 $ 33,769 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,069 $ 10,518 $ 12,162 Common shares issued upon vesting 81,325 91,627 96,479 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.

Net Income per Common Share

Net Income per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “preferred share redemption charge”) and (iv) restricted share units, for non-forfeitable dividends paid and adjusted for participation rights in undistributed earnings of the Company. We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive, of stock options outstanding for diluted net income per common share. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): For the Years Ended December 31, 2021 2020 2019 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,732,444 $ 1,098,335 $ 1,272,767 Denominator for basic net income per share - weighted average common shares outstanding 174,858 174,494 174,287 Net effect of dilutive stock options - based on treasury stock method 710 148 243 Denominator for dilutive net income per share - weighted average common shares outstanding 175,568 174,642 174,530 Net income per common share: Basic $ 9.91 $ 6.29 $ 7.30 Dilutive $ 9.87 $ 6.29 $ 7.29

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the NOI of this reportable segment, as well as the related depreciation expense. 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 reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant loss reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2021 2020 2019 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,203,566 $ 2,721,630 $ 2,684,552 Cost of operations (852,030) (807,543) (762,416) Net operating income 2,351,536 1,914,087 1,922,136 Depreciation and amortization (713,428) (553,257) (512,918) Net income 1,638,108 1,360,830 1,409,218 Ancillary Operations Revenue 212,258 193,438 170,556 Cost of operations (68,568) (59,919) (50,736) Net operating income 143,690 133,519 119,820 Total net income allocated to segments 1,781,798 1,494,349 1,529,038 Other items not allocated to segments: General and administrative (101,254) (83,199) (62,146) Interest and other income 12,306 22,323 26,683 Interest expense (90,774) (56,283) (45,641) Equity in earnings of unconsolidated real estate entities 232,093 80,497 69,547 Foreign currency exchange gain (loss) 111,787 (97,953) 7,829 Gain on sale of real estate 13,683 1,493 341 Net income $ 1,959,639 $ 1,361,227 $ 1,525,651

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	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, 2021, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $4.9 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $166.8 million at December 31, 2021. We expect to pay approximately $142.7 million in 2022, $22.8 million in 2023 and $1.3 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $66.1 million at December 31, 2021. We expect to pay approximately $3.1 million in 2022, $3.0 million in each of 2023 and 2024, $2.9 million in 2025, $3.0 million in 2026 and $51.1 million thereafter for these commitments.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to December 31, 2021, we acquired or were under contract to acquire 15 self-storage facilities across 10 states with 1.2 million net rentable square feet, for $212.4 million. On January 13, 2022, we issued 10.0 million depositary shares, each representing 0.001 of a share of our 4.100% Series S Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $250.0 million in gross proceeds, and we incurred $7.2 million in issuance costs.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 228 16,710 409 543,650 981,256 448,343 542,073 1,431,176 1,973,249 859,874 Dallas/Ft. Worth 189 17,017 — 322,316 1,852,445 143,451 323,778 1,994,434 2,318,212 335,716 Houston 142 11,953 — 220,019 620,942 246,434 219,340 868,055 1,087,395 345,675 San Francisco 140 9,196 — 245,623 557,398 266,677 258,373 811,325 1,069,698 521,635 Chicago 136 8,756 — 146,095 428,446 138,390 148,932 563,999 712,931 405,079 Washington DC 117 8,272 — 418,460 1,308,988 143,417 423,614 1,447,251 1,870,865 373,168 Atlanta 111 7,476 1,653 142,553 407,272 95,145 142,915 502,055 644,970 298,833 Seattle/Tacoma 100 6,986 — 211,959 584,089 123,883 212,607 707,324 919,931 379,516 Miami 97 7,223 — 247,807 536,321 145,494 249,700 679,922 929,622 365,471 New York 96 7,053 — 277,121 586,592 223,807 283,458 804,062 1,087,520 494,284 Orlando/Daytona 72 4,628 11,274 140,411 253,375 68,265 145,892 316,159 462,051 179,459 Denver 69 5,197 8,318 117,109 308,922 102,116 117,830 410,317 528,147 171,779 Minneapolis/St. Paul 64 4,937 1,630 118,333 292,465 97,660 118,498 389,960 508,458 148,047 Philadelphia 62 4,041 — 58,824 226,733 62,263 57,845 289,975 347,820 176,981 Charlotte 59 4,604 — 87,349 231,449 84,331 95,212 307,917 403,129 144,670 Tampa 57 3,969 — 93,109 213,546 61,429 96,422 271,662 368,084 142,716 Detroit 48 3,443 — 67,465 225,061 41,894 68,315 266,105 334,420 130,902 Portland 48 2,750 — 60,108 203,107 31,513 60,766 233,962 294,728 114,418 Baltimore 48 3,624 — 134,774 749,058 28,468 134,898 777,402 912,300 97,642 Phoenix 47 3,253 — 92,139 265,783 38,278 92,130 304,070 396,200 124,204 West Palm Beach 46 3,784 — 156,788 221,479 92,351 157,496 313,122 470,618 146,989 San Antonio 39 2,746 — 53,847 215,507 29,301 53,805 244,850 298,655 74,698 Austin 36 2,875 — 67,832 179,672 46,412 69,854 224,062 293,916 99,914 Raleigh 36 2,592 — 82,919 188,198 40,568 83,908 227,777 311,685 73,417 Norfolk 36 2,215 — 47,728 128,986 26,380 46,843 156,251 203,094 77,313 Sacramento 35 2,054 — 26,429 80,391 40,500 26,913 120,407 147,320 84,912 Indianapolis 29 1,889 — 34,678 94,858 18,348 35,678 112,206 147,884 52,872 Kansas City 29 1,893 — 18,965 92,793 36,452 19,165 129,045 148,210 65,887 Boston 28 1,964 — 80,843 209,495 37,378 81,409 246,307 327,716 112,364 St. Louis 28 1,749 — 23,539 89,341 33,541 23,395 123,026 146,421 67,368 Columbus 27 2,015 — 44,983 92,001 28,923 45,090 120,817 165,907 53,150 Columbia 27 1,620 — 27,177 83,532 23,010 27,936 105,783 133,719 43,214 Oklahoma City 26 2,089 — 49,060 130,815 14,475 49,060 145,290 194,350 31,501 San Diego 24 2,183 — 89,782 162,043 50,358 92,292 209,891 302,183 102,116 Las Vegas 23 1,503 — 26,242 90,624 13,313 25,491 104,688 130,179 53,896 Cincinnati 20 1,155 — 19,035 57,775 23,981 18,953 81,838 100,791 34,959 Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Nashville/Bowling Green 18 1,168 — 23,487 45,145 31,187 23,485 76,334 99,819 33,956 Colorado Springs 16 1,115 — 12,320 60,393 22,949 12,317 83,345 95,662 32,637 Milwaukee 15 964 — 13,189 32,071 10,534 13,158 42,636 55,794 35,990 Louisville 15 912 — 23,563 46,108 8,315 23,562 54,424 77,986 18,843 Jacksonville 15 922 — 14,454 47,415 12,466 14,503 59,832 74,335 35,892 Birmingham 15 606 — 6,316 25,567 14,343 6,204 40,022 46,226 29,192 Richmond 15 749 — 20,979 52,239 6,343 20,784 58,777 79,561 22,365 Greensboro 14 845 — 13,413 35,326 14,407 15,502 47,644 63,146 29,562 Charleston 14 943 — 16,947 56,793 18,448 17,923 74,265 92,188 30,179 Fort Myers/Naples 14 1,070 — 29,944 84,343 6,276 30,179 90,384 120,563 23,207 Chattanooga 13 846 — 10,030 45,578 7,832 9,832 53,608 63,440 17,516 Savannah 12 700 — 33,094 42,465 5,271 31,766 49,064 80,830 20,497 Greensville/Spartanburg/Asheville 12 697 — 9,835 30,482 10,542 10,764 40,095 50,859 23,304 Honolulu 11 807 — 54,184 106,299 16,942 55,101 122,324 177,425 73,250 Hartford/New Haven 11 693 — 6,778 19,959 22,722 8,443 41,016 49,459 34,787 New Orleans 11 772 — 13,372 59,382 7,783 13,540 66,997 80,537 28,812 Salt Lake City 11 672 — 15,912 28,117 5,603 15,561 34,071 49,632 16,134 Memphis 11 645 — 19,581 29,852 9,956 20,934 38,455 59,389 23,494 Mobile 11 529 — 8,915 25,223 5,814 8,742 31,210 39,952 15,416 Omaha 10 881 — 17,266 64,969 4,245 17,266 69,214 86,480 7,034 Buffalo/Rochester 9 462 — 6,785 17,954 4,159 6,783 22,115 28,898 15,388 Cleveland/Akron 8 478 — 4,235 18,411 5,730 4,628 23,748 28,376 13,911 Augusta 8 466 — 8,900 20,906 4,497 8,900 25,403 34,303 7,844 Reno 7 559 — 5,487 18,704 4,277 5,487 22,981 28,468 13,707 Tucson 7 439 — 9,403 25,491 6,959 9,884 31,969 41,853 21,627 Wichita 7 433 — 2,017 6,691 7,411 2,130 13,989 16,119 12,367 Monterey/Salinas 7 329 — 8,465 24,151 6,750 8,455 30,911 39,366 23,392 Boise 6 530 — 13,412 55,496 545 13,412 56,041 69,453 1,443 Evansville 5 326 — 2,340 14,316 1,513 2,312 15,857 18,169 4,950 Dayton 5 284 — 1,074 8,975 4,868 1,073 13,844 14,917 7,937 Huntsville/Decatur 5 298 — 9,161 13,481 3,421 9,108 16,955 26,063 6,611 Fort Wayne 4 271 — 3,487 11,003 3,507 3,487 14,510 17,997 6,181 Roanoke 4 224 — 5,093 18,091 973 5,093 19,064 24,157 3,902 Palm Springs 3 242 — 8,309 18,065 2,249 8,309 20,314 28,623 12,060 Providence 3 155 — 995 11,206 3,143 995 14,349 15,344 7,414 Shreveport 2 150 — 817 3,030 2,377 741 5,483 6,224 4,997 Springfield/Holyoke 2 144 — 1,428 3,380 1,952 1,427 5,333 6,760 5,114 Initial Cost Gross Carrying Amount At December 31, 2021 Description No. of Net 2021 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 2 99 — 1,047 2,246 2,134 980 4,447 5,427 4,233 Santa Barbara 2 98 — 5,733 9,106 858 5,733 9,964 15,697 6,186 Topeka 2 94 — 225 1,419 2,108 225 3,527 3,752 3,190 Lansing 2 88 — 556 2,882 986 556 3,868 4,424 2,619 Flint 1 56 — 543 3,068 273 542 3,342 3,884 2,110 Joplin 1 56 — 264 904 1,021 264 1,925 2,189 1,672 Syracuse 1 55 — 545 1,279 862 545 2,141 2,686 2,066 Modesto/Fresno/Stockton 1 33 — 44 206 1,324 193 1,381 1,574 942 Commercial and non-operating real estate — 13,194 26,143 48,112 13,346 74,103 87,449 44,739 2,787 198,319 $ 23,284 $ 5,072,209 $ 14,225,088 $ 3,510,536 $ 5,134,060 $ 17,673,773 $ 22,807,833 $ 7,773,308 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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”).
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. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. 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. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2021. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize 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.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions.
Cash Equivalents, Restricted Cash and Marketable Securities	Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as 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. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets.
Fair Value	Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs 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.
Real Estate Facilities	Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. 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. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, 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.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement.
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 quarterly. 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.
Revenue and Expense Recognition	Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts
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 consolidated statements of income are translated at the average exchange rates during the respective period. 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). 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.
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”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. We also incur income and other taxes in certain states, which are included in general and administrative expense.
Share-Based Compensation	Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units ("RSUs") based on the closing market price of the Company’s common stock on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards and actual and projected stock option exercise behaviors. For performance-based restricted share units and stock options, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected 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 market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule Of Real Estate Activities	Activity in real estate facilities during 2021, 2020, and 2019 is as follows: For the Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 17,372,627 $ 16,289,146 $ 15,296,844 Capital expenditures to maintain real estate facilities 284,200 163,834 192,539 Acquisitions 4,940,413 781,219 421,097 Dispositions (7,408) (303) (426) Developed or expanded facilities opened for operation 218,001 138,731 379,092 Ending balance 22,807,833 17,372,627 16,289,146 Accumulated depreciation: Beginning balance (7,152,135) (6,623,475) (6,140,072) Depreciation expense (625,968) (528,660) (483,408) Dispositions 4,795 — 5 Ending balance (7,773,308) (7,152,135) (6,623,475) Construction in process: Beginning balance 188,079 141,934 285,339 Costs incurred to develop and expand real estate facilities 302,393 188,102 235,687 Write-off of cancelled projects — (3,226) — Developed or expanded facilities opened for operation (218,001) (138,731) (379,092) Ending balance 272,471 188,079 141,934 Total real estate facilities at December 31, $ 15,306,996 $ 10,408,571 $ 9,807,605

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities	The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2021 2020 2021 2020 2019 PSB $ 515,312 $ 431,963 $ 207,722 $ 64,835 $ 54,090 Shurgard 313,451 341,083 24,371 15,662 15,457 Total $ 828,763 $ 773,046 $ 232,093 $ 80,497 $ 69,547
Summarized Financial Information of Equity Method Investments	The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2021, 2020, and 2019 (amounts in thousands): Year Ended December 31, 2021 2020 2019 Revenues $ 790,461 $ 721,393 $ 713,867 Costs of operations 263,398 242,992 237,586 Operating income 333,624 290,901 288,179 Gain on sale of real estate 359,904 27,234 16,641 Net Income 639,062 275,680 268,054 At December 31, 2021 2020 Real estate assets $ 3,437,115 $ 3,353,862 Other assets 481,403 374,615 Total assets $ 3,918,518 $ 3,728,477 Debt $ 943,276 $ 742,390 Other liabilities 298,787 274,950 Noncontrolling interests 262,243 221,630 Shareholders' equity 2,414,212 2,489,507 Total liabilities and equity $ 3,918,518 $ 3,728,477

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2021 At December 31, 2020 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 198,180 (79,953) 118,227 47,321 (27,334) 19,987 Total goodwill and other intangible assets $ 382,847 $ (79,953) $ 302,894 $ 231,988 $ (27,334) $ 204,654
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense for our finite-lived intangible assets at December 31, 2021 is as follows (amounts in thousands): Year Amount 2022 $ 86,759 2023 24,417 Thereafter 7,051 Total $ 118,227

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Payable [Abstract]
Notes Payable	Our notes payable at December 31, 2021 and 2020 are set forth in the tables below: Amounts at December 31, 2021 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370% 2.483% $ 500,000 $ (363) $ 499,637 $ 506,362 Notes due April 23, 2024 SOFR+0.47% 0.617% 700,000 (1,628) 698,372 700,314 Notes due February 15, 2026 0.875% 1.030% 500,000 (3,061) 496,939 488,141 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,227) 645,773 649,996 Notes due September 15, 2027 3.094% 3.218% 500,000 (3,020) 496,980 535,206 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,276) 645,724 649,221 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,299) 546,701 548,241 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,257) 497,743 545,580 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,383) 643,617 656,546 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,488) 546,512 551,932 5,750,000 (32,002) 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 113,431 — 113,431 117,526 Notes due November 3, 2025 2.175% 2.175% 274,518 — 274,518 295,256 Notes due September 9, 2030 0.500% 0.640% 794,017 (9,730) 784,287 769,561 Notes due January 24, 2032 0.875% 0.978% 567,155 (5,394) 561,761 551,842 1,749,121 (15,124) 1,733,997 1,734,185 Mortgage Debt , secured by 11 real estate facilities with a net book value of $66.1 million 3.878% 3.897% 23,284 — 23,284 24,208 $ 7,522,405 $ (47,126) $ 7,475,279 $ 7,589,932 Amounts at December 31, 2020 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,109 $ 517,419 Notes due September 15, 2027 496,452 560,833 Notes due May 1, 2029 497,433 574,833 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 122,646 129,192 Notes due November 3, 2025 296,821 323,552 Notes due January 24, 2032 607,301 634,389 1,026,768 1,087,133 Mortgage Debt 25,230 26,958 $ 2,544,992 $ 2,767,176
Maturities Of Notes Payable	At December 31, 2021, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2022 $ 500,000 $ 2,483 $ 502,483 2023 — 19,219 19,219 2024 813,431 124 813,555 2025 274,518 131 274,649 2026 1,150,000 138 1,150,138 Thereafter 4,761,172 1,189 4,762,361 $ 7,499,121 $ 23,284 $ 7,522,405 Weighted average effective rate 1.8% 3.9% 1.8%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At December 31, 2021 and 2020, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2021 At December 31, 2020 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series C 5/17/2021 5.125 % — $ — 8,000 $ 200,000 Series D 7/20/2021 4.950 % — — 13,000 325,000 Series E 10/14/2021 4.900 % — — 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 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 — — Series Q 8/17/2026 3.950 % 5,750 143,750 — — Series R 11/19/2026 4.000 % 17,400 435,000 — — Total Preferred Shares 164,000 $ 4,100,000 151,700 $ 3,792,500 During 2021, 2020, and 2019, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2021 P, Q and R 47,300 $ 1,182,500 $ 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 2019 H, I, J and K 43,600 1,090,000 30,844 During 2021, 2020, and 2019, we redeemed the following series of Preferred Shares at par (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 2019 Y, Z, U and A 1,050,000 32,693 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption.
Schedule of Issuance and Repurchases of Common Shares	During 2021, 2020, and 2019, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2021 2020 2019 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 552,713 $ 95,860 163,127 $ 12,664 287,734 $ 33,564
Schedule of Distribution Classification	For the tax year ended December 31, 2021, distributions for the common shares and all the various series of preferred shares were classified as follows: 2021 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 94.55 % 94.54 % 94.55 % 94.57 % Capital Gain Distributions 5.45 % 5.46 % 5.45 % 5.43 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Expense	We recorded share-based compensation expense associated with stock options and RSUs in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2021. For Years Ended December 31, 2021 2020 2019 (Amounts in thousands) Self-storage cost of operations $ 20,544 $ 14,904 $ 12,090 Ancillary cost of operations 1,561 — — General and administrative 37,760 18,586 13,871 Total $ 59,865 $ 33,490 $ 25,961
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Additional information with respect to stock options during 2021, 2020, and 2019 is as follows: Service-Based Performance-Based Total Number Weighted Number Weighted Number Weighted Options outstanding January 1, 2019 2,420,922 $ 201.31 — $ — 2,420,922 $ 201.31 Granted 120,000 — 120,000 Exercised (191,255) — (191,255) Cancelled (10,000) — (10,000) Options outstanding December 31, 2019 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 770,000 840,000 Exercised (71,500) — (71,500) Cancelled (107,000) (40,000) (147,000) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 420,000 560,000 Exercised (471,216) — (471,216) Cancelled — (10,000) (10,000) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Options exercisable at December 31, 2021 1,464,411 $ 202.97 — $ — 1,464,411 $ 202.97
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	2021 2020 2019 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 44,613 $ 3,433 $ 11,848 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 0.8% 0.4% 2.3% Expected volatility, based upon historical volatility 24.1% 21.6% 8.9% Expected dividend yield 2.9% 3.8% 3.6% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years, based upon historical experience 5 Risk-free interest rate 0.9% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.9% Average estimated value of options granted during the year $ 62.66 $ 17.79 $ 9.61 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020.
Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2021 2020 2019 Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Number of Weighted-Average Grant-Date Restricted share units outstanding January 1, 552,788 $ 218.11 619,150 $ 213.29 717,696 $ 210.69 Granted (a) 189,318 $ 321.17 110,755 $ 222.27 97,140 $ 217.35 Vested (138,420) $ (216.63) (140,089) $ (200.88) (160,329) $ (204.04) Forfeited (32,864) $ (221.32) (37,028) $ (215.08) (35,357) $ (213.62) Restricted share units outstanding December 31, 570,822 $ 251.95 552,788 $ 218.11 619,150 $ 213.29
Share Based Compensation Shares Vesting During Year	2021 2020 2019 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 37,430 $ 31,076 $ 33,769 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,069 $ 10,518 $ 12,162 Common shares issued upon vesting 81,325 91,627 96,479 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Common Share	The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2021, 2020, and 2019 (in thousands, except per share amounts): For the Years Ended December 31, 2021 2020 2019 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,732,444 $ 1,098,335 $ 1,272,767 Denominator for basic net income per share - weighted average common shares outstanding 174,858 174,494 174,287 Net effect of dilutive stock options - based on treasury stock method 710 148 243 Denominator for dilutive net income per share - weighted average common shares outstanding 175,568 174,642 174,530 Net income per common share: Basic $ 9.91 $ 6.29 $ 7.30 Dilutive $ 9.87 $ 6.29 $ 7.29

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary Of Segment Information	The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2021 2020 2019 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,203,566 $ 2,721,630 $ 2,684,552 Cost of operations (852,030) (807,543) (762,416) Net operating income 2,351,536 1,914,087 1,922,136 Depreciation and amortization (713,428) (553,257) (512,918) Net income 1,638,108 1,360,830 1,409,218 Ancillary Operations Revenue 212,258 193,438 170,556 Cost of operations (68,568) (59,919) (50,736) Net operating income 143,690 133,519 119,820 Total net income allocated to segments 1,781,798 1,494,349 1,529,038 Other items not allocated to segments: General and administrative (101,254) (83,199) (62,146) Interest and other income 12,306 22,323 26,683 Interest expense (90,774) (56,283) (45,641) Equity in earnings of unconsolidated real estate entities 232,093 80,497 69,547 Foreign currency exchange gain (loss) 111,787 (97,953) 7,829 Gain on sale of real estate 13,683 1,493 341 Net income $ 1,959,639 $ 1,361,227 $ 1,525,651

Description of the Business (Na

Description of the Business (Narrative) (Details) ft² in Thousands	Dec. 31, 2021ft²countrystorageFacilitystate	Dec. 31, 2020
Nature Of Business [Line Items]
Net rentable area (in square feet)	198,319
Shurgard
Nature Of Business [Line Items]
Net rentable area (in square feet)	14,000
Ownership interest (percentage)	35.00%	35.00%
Number of facilities owned by Shurgard | storageFacility	253
Number of countries in which entity operates | country	7
PSB
Nature Of Business [Line Items]
Net rentable area (in square feet)	28,000
Number of states with facilities | state	6
Ownership interest (percentage)	41.00%	42.00%
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities | storageFacility	2,787
Net rentable area (in square feet)	198,300
Number of states with facilities | state	39
Public Storage | Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	800

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest in real estate sold at fair value	100.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	25 years

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Impairments	$ 0	$ 0	$ 0

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation (percentage)	1.134	1.226
Weighted Average
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate	1.183	1.141	1.120

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details)	Dec. 31, 2021USD ($)
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 17,372,627	$ 16,289,146	$ 15,296,844
Capital expenditures to maintain real estate facilities	284,200	163,834	192,539
Acquisitions	4,940,413	781,219	421,097
Dispositions	(7,408)	(303)	(426)
Developed or expanded facilities opened for operation	218,001	138,731	379,092
Ending balance (Operating facilities, at cost)	22,807,833	17,372,627	16,289,146
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(7,152,135)	(6,623,475)	(6,140,072)
Depreciation expense	(625,968)	(528,660)	(483,408)
Dispositions	4,795	0	5
Ending balance (Accumulated depreciation)	(7,773,308)	(7,152,135)	(6,623,475)
Construction in process:
Beginning balance (Construction in process)	188,079	141,934	285,339
Costs incurred to develop and expand real estate facilities	302,393	188,102	235,687
Write-off of cancelled projects	0	(3,226)	0
Developed or expanded facilities opened for operation	(218,001)	(138,731)	(379,092)
Ending balance (Construction in process)	272,471	188,079	141,934
Total real estate facilities	$ 15,306,996	$ 10,408,571	$ 9,807,605

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²storageFacility	Dec. 31, 2020USD ($)ft²storageFacility	Dec. 31, 2019USD ($)ft²storageFacilitycommercialFacility
Schedule Of Real Estate Facilities [Line Items]
Payments to acquire real estate	$ 5,047,106	$ 792,266	$ 437,758
Proceeds from sale of real estate investments	16,296	1,796	762
Gain on sale of real estate	13,683	1,493	341
Write-off of cancelled projects	0	$ 3,226	$ 0
Adjusted basis of real estate	15,800,000
Disposal of Real Estate Facilities
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate	$ 13,700
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | storageFacility	232	62	44
Net rentable area acquired | ft²	21,830	5,100	3,100
Total cost of acquisition	$ 5,100,000	$ 792,300	$ 439,600
Payments to acquire real estate	5,000,000		437,800
Issuance of partnership units	68,200
Payments to acquire intangible assets	174,900	14,900	18,500
Liabilities assumed		3,800
Mortgage debt assumed			1,800
Newly Developed and Expansion Projects | Completed Developed and Expansion Project
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand	$ 218,000	$ 138,700	$ 379,100
Addtional net rentable square feet | ft²	1,600	1,100	3,700
Acquisition of Commercial Facility
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | commercialFacility			1
Net rentable area acquired | ft²			46

Investments in Unconsolidated_3

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities at December 31,	$ 828,763	$ 773,046
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31,	232,093	80,497	$ 69,547
PSB
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities at December 31,	515,312	431,963
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31,	207,722	64,835	54,090
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities at December 31,	313,451	341,083
Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31,	$ 24,371	$ 15,662	$ 15,457

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Summarized Financial Information of Equity Method Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Revenues	$ 3,415,824	$ 2,915,068	$ 2,855,108
Costs of operations	1,826,054	1,560,201	1,433,857
Gain on sale of real estate	13,683	1,493	341
Net income	1,959,639	1,361,227	1,525,651
Real estate assets	15,306,996	10,408,571	9,807,605
Other assets	207,656	172,715
Total assets	17,380,908	11,816,546
Noncontrolling interests	20,112	18,032
Shareholders' equity	9,355,289	8,576,899	9,079,667	$ 9,144,728
Total liabilities, redeemable noncontrolling interests and equity	17,380,908	11,816,546
PSB and Shurgard
Schedule of Equity Method Investments [Line Items]
Revenues	790,461	721,393	713,867
Costs of operations	263,398	242,992	237,586
Operating income	333,624	290,901	288,179
Gain on sale of real estate	359,904	27,234	16,641
Net income	639,062	275,680	$ 268,054
Real estate assets	3,437,115	3,353,862
Other assets	481,403	374,615
Total assets	3,918,518	3,728,477
Debt	943,276	742,390
Other liabilities	298,787	274,950
Noncontrolling interests	262,243	221,630
Shareholders' equity	2,414,212	2,489,507
Total liabilities, redeemable noncontrolling interests and equity	$ 3,918,518	$ 3,728,477

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Common stock owned of PSB (in shares)	7,158,354	7,158,354
Limited partnership units in PSB (in shares)	7,305,355	7,305,355
Ownership interest (percentage)	41.00%	42.00%
Limited partnership units option to convert to common stock, conversion basis (in shares)	1
Closing price per share (in USD per share)	$ 184.17
Market value	$ 2,700
Cash distribution received	$ 127.3	$ 60.7	$ 60.7

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2021€ / shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	1.134	1.226
Shurgard
Schedule of Equity Method Investments [Line Items]
Shares owned (in shares) | shares	31,268,459	31,268,459
Ownership interest (percentage)	35.00%	35.00%
Closing price per share (in Euros per share) | € / shares				€ 57.50
Market value	$ 2,000
Intra-entity profits eliminated	41.5	$ 34.9	$ 23.1
Basis differential	74.7	83.1
Amortization of basis differential	8.4	5.8	5.5
Trademark License | Shurgard
Schedule of Equity Method Investments [Line Items]
Intra-entity profits eliminated	$ 1.2	$ 1.1	$ 1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross	$ 165,843	$ 165,843
Goodwill, net	165,843	165,843
Indefinite-lived Intangible Assets [Line Items]
Gross Book Value	198,180	47,321
Accumulated Amortization	(79,953)	(27,334)
Total	118,227	19,987
Gross Book Value	382,847	231,988
Net Book Value	302,894	204,654
Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 18,824	$ 18,824

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 76.6	$ 16.1	$ 16.8
Increase in finite-lived intangible assets	$ 174.9	$ 14.9	$ 18.5
Finite-lived intangible assets, weighted average useful life	1 year 1 month 6 days

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated future amortization expense, 2022	$ 86,759
Estimated future amortization expense, 2023	24,417
Estimated future amortization expense, thereafter	7,051
Total	$ 118,227	$ 19,987

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2021	Feb. 22, 2022	Dec. 31, 2020
Credit Facility
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500,000,000	$ 500,000,000
Interest rate spread	0.75%
Facility fee percentage	0.10%
Outstanding borrowings	$ 0	0
Standby Letters of Credit
Schedule Of Debt [Line Items]
Undrawn standby letters of credit	$ 21,200,000	$ 21,200,000		$ 24,300,000
Minimum | Credit Facility
Schedule Of Debt [Line Items]
Interest rate spread		0.70%
Facility fee percentage		0.07%
Maximum | Credit Facility
Schedule Of Debt [Line Items]
Interest rate spread		1.35%
Facility fee percentage		0.25%
Subsequent Event | Credit Facility
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Details) $ in Thousands	Dec. 31, 2021USD ($)company	Apr. 23, 2021	Nov. 09, 2021	Jan. 19, 2021	Dec. 31, 2020USD ($)	Apr. 12, 2019
Debt Instrument [Line Items]
Principal	$ 7,522,405
Unamortized Costs	(47,126)
Book Value	7,475,279				$ 2,544,992
Fair Value	7,589,932				2,767,176
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,750,000
Unamortized Costs	(32,002)
Book Value	5,717,998				1,492,994
Fair Value	$ 5,831,539				1,653,085
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022
Debt Instrument [Line Items]
Coupon Rate	2.37%
Effective Rate	2.483%
Principal	$ 500,000
Unamortized Costs	(363)
Book Value	499,637				499,109
Fair Value	$ 506,362				517,419
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	0.617%
Principal	$ 700,000
Unamortized Costs	(1,628)
Book Value	698,372
Fair Value	$ 700,314
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%			0.875%
Effective Rate	1.03%
Principal	$ 500,000
Unamortized Costs	(3,061)
Book Value	496,939
Fair Value	$ 488,141
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%		1.50%
Effective Rate	1.64%
Principal	$ 650,000
Unamortized Costs	(4,227)
Book Value	645,773
Fair Value	$ 649,996
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2027
Debt Instrument [Line Items]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000
Unamortized Costs	(3,020)
Book Value	496,980				496,452
Fair Value	$ 535,206				560,833
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%	1.85%
Effective Rate	1.962%
Principal	$ 650,000
Unamortized Costs	(4,276)
Book Value	645,724
Fair Value	$ 649,221
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%		1.95%
Effective Rate	2.044%
Principal	$ 550,000
Unamortized Costs	(3,299)
Book Value	546,701
Fair Value	$ 548,241
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029
Debt Instrument [Line Items]
Coupon Rate	3.385%					3.385%
Effective Rate	3.459%
Principal	$ 500,000
Unamortized Costs	(2,257)
Book Value	497,743				497,433
Fair Value	$ 545,580				574,833
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%	2.30%
Effective Rate	2.419%
Principal	$ 650,000
Unamortized Costs	(6,383)
Book Value	643,617
Fair Value	$ 656,546
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%		2.25%
Effective Rate	2.322%
Principal	$ 550,000
Unamortized Costs	(3,488)
Book Value	546,512
Fair Value	551,932
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	1,749,121
Unamortized Costs	(15,124)
Book Value	1,733,997				1,026,768
Fair Value	$ 1,734,185				1,087,133
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 113,431
Unamortized Costs	0
Book Value	113,431				122,646
Fair Value	$ 117,526				129,192
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 274,518
Unamortized Costs	0
Book Value	274,518				296,821
Fair Value	$ 295,256				323,552
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 794,017
Unamortized Costs	(9,730)
Book Value	784,287
Fair Value	$ 769,561
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 567,155
Unamortized Costs	(5,394)
Book Value	561,761				607,301
Fair Value	$ 551,842				634,389
Mortgage Debt
Debt Instrument [Line Items]
Number of real estate facilities securing debt | company	11
Net book value of real estate facilities securing notes payable	$ 66,100
Coupon Rate	3.878%
Effective Rate	3.897%
Principal	$ 23,284
Unamortized Costs	0
Book Value	23,284				25,230
Fair Value	$ 24,208				$ 26,958
SOFR | U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread	0.47%	0.47%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details)	Dec. 31, 2021tranche	Sep. 09, 2021USD ($)	Apr. 23, 2021USD ($)	Jan. 24, 2020USD ($)	Apr. 12, 2016USD ($)	Nov. 03, 2015USD ($)	Dec. 31, 2021USD ($)tranche	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 09, 2021USD ($)	Sep. 09, 2021EUR (€)	Jan. 19, 2021USD ($)	Jan. 24, 2020EUR (€)	Apr. 12, 2019USD ($)	Apr. 12, 2016EUR (€)	Nov. 03, 2015EUR (€)
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt							$ 5,038,904,000	$ 545,151,000	$ 496,900,000
Foreign currency exchange gain (loss)							111,787,000	(97,953,000)	7,829,000
Cash paid for interest expense							77,700,000	52,700,000	48,300,000
Interest capitalized as real estate							$ 3,500,000	$ 3,400,000	$ 3,900,000
Mortgage Debt
Debt Instrument [Line Items]
Interest rate									3.90%
Mortgage debt assumed									$ 1,800,000
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate	3.20%						3.20%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate	7.10%						7.10%
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to Total Assets ratio	16.00%						16.00%
Adjusted EBTIDA to interest Expense ratio							30
U.S. Dollar Denominated Unsecured Debt | Minimum
Debt Instrument [Line Items]
Adjusted EBTIDA to interest Expense ratio							1.5
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Debt issuance amount												$ 500,000,000
Interest rate	0.875%						0.875%					0.875%
Debt issuance costs												$ 3,800,000
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024, May 1, 2028 and May 1, 2031
Debt Instrument [Line Items]
Debt issuance costs			$ 13,700,000
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Debt issuance amount			700,000,000
Reset quarterly rate	0.52%						0.52%
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Debt issuance amount			$ 650,000,000
Interest rate	1.85%		1.85%				1.85%
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Debt issuance amount			$ 650,000,000
Interest rate	2.30%		2.30%				2.30%
U.S. Dollar Denominated Unsecured Debt | Notes Due November 9, 2026, November 9, 2028 and November 9, 2031
Debt Instrument [Line Items]
Debt issuance costs										$ 11,300,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Debt issuance amount										$ 650,000,000
Interest rate	1.50%						1.50%			1.50%
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Debt issuance amount										$ 550,000,000
Interest rate	1.95%						1.95%			1.95%
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Debt issuance amount										$ 550,000,000
Interest rate	2.25%						2.25%			2.25%
U.S. Dollar Denominated Unsecured Debt | Maximum Covenant
Debt Instrument [Line Items]
Debt to Total Assets ratio	65.00%						65.00%
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029
Debt Instrument [Line Items]
Debt issuance amount														$ 500,000,000
Interest rate	3.385%						3.385%							3.385%
Debt issuance costs														$ 3,100,000
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Number of tranches | tranche	4						4
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Debt issuance amount | €																€ 242,000,000
Interest rate	2.175%						2.175%
Proceeds from Issuance of Unsecured Debt						$ 264,300,000
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Debt issuance amount | €															€ 100,000,000
Interest rate	1.54%						1.54%
Proceeds from Issuance of Unsecured Debt					$ 113,600,000
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Debt issuance amount | €													€ 500,000,000
Interest rate	0.875%						0.875%
Proceeds from Issuance of Unsecured Debt				$ 545,200,000
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Debt issuance amount | €											€ 700,000,000
Interest rate	0.50%						0.50%
Proceeds from Issuance of Unsecured Debt		$ 817,600,000
SOFR | U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread	0.47%		0.47%

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Total debt	$ 7,522,405
Unsecured Debt
Debt Instrument [Line Items]
2022	500,000
2023	0
2024	813,431
2025	274,518
2026	1,150,000
Thereafter	4,761,172
Total debt	$ 7,499,121
Weighted average effective rate	1.80%
Mortgage Debt
Debt Instrument [Line Items]
2022	$ 2,483
2023	19,219
2024	124
2025	131
2026	138
Thereafter	1,189
Total debt	$ 23,284
Weighted average effective rate	3.90%
Total
Debt Instrument [Line Items]
2022	$ 502,483
2023	19,219
2024	813,555
2025	274,649
2026	1,150,138
Thereafter	4,762,361
Total debt	$ 7,522,405
Weighted average effective rate	1.80%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares
Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Issuance of partnership units | $	$ 68.2
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	443,970
Partnership units conversion ratio	1
Noncontrolling Interests | Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	211,992

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	164,000	151,700
Liquidation Preference	$ 4,100,000	$ 3,792,500
Series C Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	May 17, 2021
Dividend Rate	5.125%
Preferred stock, shares outstanding (in shares)	0	8,000
Liquidation Preference	$ 0	$ 200,000
Series D Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jul. 20, 2021
Dividend Rate	4.95%
Preferred stock, shares outstanding (in shares)	0	13,000
Liquidation Preference	$ 0	$ 325,000
Series E Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 14, 2021
Dividend Rate	4.90%
Preferred stock, shares outstanding (in shares)	0	14,000
Liquidation Preference	$ 0	$ 350,000
Series F Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 2, 2022
Dividend Rate	5.15%
Preferred stock, shares outstanding (in shares)	11,200	11,200
Liquidation Preference	$ 280,000	$ 280,000
Series G Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 9, 2022
Dividend Rate	5.05%
Preferred stock, shares outstanding (in shares)	12,000	12,000
Liquidation Preference	$ 300,000	$ 300,000
Series H Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 11, 2024
Dividend Rate	5.60%
Preferred stock, shares outstanding (in shares)	11,400	11,400
Liquidation Preference	$ 285,000	$ 285,000
Series I Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 12, 2024
Dividend Rate	4.875%
Preferred stock, shares outstanding (in shares)	12,650	12,650
Liquidation Preference	$ 316,250	$ 316,250
Series J Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 15, 2024
Dividend Rate	4.70%
Preferred stock, shares outstanding (in shares)	10,350	10,350
Liquidation Preference	$ 258,750	$ 258,750
Series K Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 20, 2024
Dividend Rate	4.75%
Preferred stock, shares outstanding (in shares)	9,200	9,200
Liquidation Preference	$ 230,000	$ 230,000
Series L Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 17, 2025
Dividend Rate	4.625%
Preferred stock, shares outstanding (in shares)	22,600	22,600
Liquidation Preference	$ 565,000	$ 565,000
Series M Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 14, 2025
Dividend Rate	4.125%
Preferred stock, shares outstanding (in shares)	9,200	9,200
Liquidation Preference	$ 230,000	$ 230,000
Series N Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 6, 2025
Dividend Rate	3.875%
Preferred stock, shares outstanding (in shares)	11,300	11,300
Liquidation Preference	$ 282,500	$ 282,500
Series O Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 17, 2025
Dividend Rate	3.90%
Preferred stock, shares outstanding (in shares)	6,800	6,800
Liquidation Preference	$ 170,000	$ 170,000
Series P Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 16, 2026
Dividend Rate	4.00%
Preferred stock, shares outstanding (in shares)	24,150
Liquidation Preference	$ 603,750
Series Q Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 17, 2026
Dividend Rate	3.95%
Preferred stock, shares outstanding (in shares)	5,750
Liquidation Preference	$ 143,750
Series R Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Nov. 19, 2026
Dividend Rate	4.00%
Preferred stock, shares outstanding (in shares)	17,400
Liquidation Preference	$ 435,000

Shareholders' Equity (Preferr_2

Shareholders' Equity (Preferred Shares) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)boardMemberdividend$ / shares
Stockholders' Equity Note [Abstract]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend	6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | boardMember	2
Amount of preferred dividends in arrears | $	$ 0
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 (in USD per share) | $ / shares	$ 25

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Issuance and Repurchases of Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Issuance price per share (in USD per share)	$ 25	$ 25	$ 25
Preferred shares per depositary share (in shares)	0.001	0.001	0.001
Gross Proceeds	$ 1,147,455	$ 1,208,206	$ 1,059,156
Allocation of Income to Preferred Shares Holders in Connection with Redemption	$ 28,914	$ 48,265	$ 32,693
P, Q and R
Class of Stock [Line Items]
Shares issued (in shares)	47,300
Gross Proceeds	$ 1,182,500
Issuance Costs	35,045
L, M, N and O
Class of Stock [Line Items]
Shares issued (in shares)		49,900
Gross Proceeds		$ 1,247,500
Issuance Costs		39,294
H, I, J and K
Class of Stock [Line Items]
Shares issued (in shares)			43,600
Gross Proceeds			$ 1,090,000
Issuance Costs			30,844
C, D and E
Class of Stock [Line Items]
Aggregate Redemption Amount	875,000
Allocation of Income to Preferred Shares Holders in Connection with Redemption	$ 28,914
V, W, X and B
Class of Stock [Line Items]
Aggregate Redemption Amount		1,520,000
Allocation of Income to Preferred Shares Holders in Connection with Redemption		$ 48,265
Y, Z, U and A
Class of Stock [Line Items]
Aggregate Redemption Amount			1,050,000
Allocation of Income to Preferred Shares Holders in Connection with Redemption			$ 32,693

Shareholders' Equity (Activity

Shareholders' Equity (Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Employee stock-based compensation and exercise of stock options (in shares)	552,713	163,127	287,734
Employee stock-based compensation and exercise of stock options	$ 95,860	$ 12,664	$ 33,564

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Number of shares authorized for repurchase (in shares)	35
Number of shares repurchased to date	23.7
Shares repurchased pursuant to authorization (in shares)	0	0	0
Common stock dividends paid in aggregate	$ 1,402,000	$ 1,399,000	$ 1,399,000
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 8	$ 8	$ 8
Preferred share dividends	$ 186,579	$ 207,068	$ 210,179

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Ordinary Dividends	94.57%	94.55%	94.54%	94.55%
Capital Gain Distributions	5.43%	5.45%	5.46%	5.45%
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, 2021USD ($)storageFacility	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 2.1	$ 1.6	$ 1.5
Canada | Hughes Owned Canadian Facilities
Related Party Transaction [Line Items]
Number of self-storage facilities | storageFacility	65
Ownership interest	0.00%

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - 2021 Equity and Performance-Based Incentive Compensation Plan - shares	Dec. 31, 2021	Apr. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)		3,000,000,000,000
Number of shares available for grant (in shares)	2,252,321

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 3,900
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	59,865	$ 33,490	$ 25,961
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	20,544	14,904	12,090
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	1,561	0	0
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 37,760	$ 18,586	$ 13,871

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)boardMembershares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation | $	$ 95,860	$ 12,664	$ 33,564
Issuance of common shares in connection with share-based compensation (in shares) | shares	552,713	163,127	287,734
Stock options granted (in shares) | shares	560,000	840,000	120,000
Compensation cost not yet recognized | $	$ 23,300
Average remaining contractual lives (in years)	4 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
Share-based compensation expense | $	$ 25,100	$ 7,600	$ 5,000
Accelerated compensation expense | $	4,500	300	$ 0
Stock options outstanding, aggregate intrinsic value | $	$ 481,900
Average remaining contractual lives (in years)	6 years
Compensation recognition period (in years)	3 years
Aggregate intrinsic value for stock options exercisable | $	$ 251,300
Stock Options | Board Members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation | $	$ 1,500
Number of board members who received award | boardMember	5
Stock Options | Board Member 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation (in shares) | shares	15,000
Stock Options | Board Member 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation (in shares) | shares	15,000
Stock Options | Board Member 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation (in shares) | shares	15,000
Stock Options | Board Member 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation (in shares) | shares	15,000
Stock Options | Board Member 5
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares in connection with share-based compensation (in shares) | shares	15,000
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2021, 2022, and 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 8,100
Stock options granted (in shares) | shares	245,000
Performance target (percentage)	100.00%
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2020, 2021, and 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 10,900	$ 3,000
Stock options granted (in shares) | shares		770,000
Performance target (percentage)	125.00%	100.00%
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years

Share-Based Compensation (Sha_2

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Number of options outstanding, beginning balance (in shares)	2,961,167	2,339,667	2,420,922
Granted (in shares)	560,000	840,000	120,000
Exercised (in shares)	(471,216)	(71,500)	(191,255)
Cancelled (in shares)	(10,000)	(147,000)	(10,000)
Number of options outstanding, ending balance (in shares)	3,039,951	2,961,167	2,339,667
Number of options exercisable (in shares)	1,464,411
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 210.59	$ 204.53	$ 201.31
Number of options outstanding, ending balance (in USD per share)	216.04	$ 210.59	$ 204.53
Number of options exercisable (in USD per share)	$ 202.97
Service-Based Stock Options
Number of Options
Number of options outstanding, beginning balance (in shares)	2,231,167	2,339,667	2,420,922
Granted (in shares)	140,000	70,000	120,000
Exercised (in shares)	(471,216)	(71,500)	(191,255)
Cancelled (in shares)	0	(107,000)	(10,000)
Number of options outstanding, ending balance (in shares)	1,899,951	2,231,167	2,339,667
Number of options exercisable (in shares)	1,464,411
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 204.60	$ 204.53	$ 201.31
Number of options outstanding, ending balance (in USD per share)	208.16	$ 204.60	$ 204.53
Number of options exercisable (in USD per share)	$ 202.97
Performance-Based Stock Options
Number of Options
Number of options outstanding, beginning balance (in shares)	730,000	0	0
Granted (in shares)	420,000	770,000	0
Exercised (in shares)	0	0	0
Cancelled (in shares)	(10,000)	(40,000)	0
Number of options outstanding, ending balance (in shares)	1,140,000	730,000	0
Number of options exercisable (in shares)	0
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 228.94	$ 0	$ 0
Number of options outstanding, ending balance (in USD per share)	229.16	$ 228.94	$ 0
Number of options exercisable (in USD per share)	$ 0

Share-Based Compensation (Sha_3

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exercise date intrinsic value of options exercised during the year	$ 44,613	$ 3,433	$ 11,848
Average estimated value of options granted during the year	$ 62.66	$ 17.79	$ 9.61
Share-Based Payment Arrangement, Option, Valued With Black-Scholes Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options in years, based upon historical experience (in years)	5 years	5 years	5 years
Risk-free interest rate	0.80%	0.40%	2.30%
Expected volatility, based upon historical volatility	24.10%	21.60%	8.90%
Expected dividend yield	2.90%	3.80%	3.60%
Share-Based Payment Arrangement, Option, Valued With Monte-Carlo Simulation Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options in years, based upon historical experience (in years)	5 years
Risk-free interest rate	0.90%
Expected volatility, based upon historical volatility	26.50%
Expected dividend yield	2.90%

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 38.7	$ 25.9	$ 21
Acceleration of amortization on grants	11.4	$ 5.4	$ 0
Restricted stock, compensation expense not yet recognized	$ 94.1
Compensation recognition period (in years)	3 years
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6.4
Grants in period (in shares)	37,000
Performance target (percentage)	125.00%
Minimum | Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Maximum | Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	8 years

Share-Based Compensation (Sha_4

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	552,788	619,150	717,696
Granted (in shares)	189,318	110,755	97,140
Vested (in shares)	(138,420)	(140,089)	(160,329)
Forfeited (in shares)	(32,864)	(37,028)	(35,357)
Restricted share units outstanding, ending balance (in shares)	570,822	552,788	619,150
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 218.11	$ 213.29	$ 210.69
Granted (in USD per share)	321.17	222.27	217.35
Vested (in USD per share)	(216.63)	(200.88)	(204.04)
Forfeited (in USD per share)	(221.32)	(215.08)	(213.62)
Restricted share units outstanding, ending balance (in USD per share)	$ 251.95	$ 218.11	$ 213.29

Share-Based Compensation (Sha_5

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 13,069	$ 10,518	$ 12,162
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	37,430	31,076	33,769
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 13,069	$ 10,518	$ 12,162
Common shares issued upon vesting (in shares)	81,325	91,627	96,479

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 1,732,444	$ 1,098,335	$ 1,272,767
Denominator for basic net income per share - weighted average common shares outstanding	174,858	174,494	174,287
Net effect of dilutive stock options - based on treasury stock method	710	148	243
Denominator for dilutive net income per share - weighted average common shares outstanding	175,568	174,642	174,530
Basic (in USD per share)	$ 9.91	$ 6.29	$ 7.30
Diluted (in USD per share)	$ 9.87	$ 6.29	$ 7.29

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 3,415,824	$ 2,915,068	$ 2,855,108
Cost of operations	(852,030)	(807,543)	(762,416)
Cost of operations	(68,568)	(59,919)	(50,736)
Depreciation and amortization	(713,428)	(553,257)	(512,918)
General and administrative	(101,254)	(83,199)	(62,146)
Interest and other income	12,306	22,323	26,683
Interest expense	(90,774)	(56,283)	(45,641)
Equity in earnings of unconsolidated real estate entities	232,093	80,497	69,547
Foreign currency exchange gain (loss)	111,787	(97,953)	7,829
Gain on sale of real estate	13,683	1,493	341
Net income	1,959,639	1,361,227	1,525,651
Operating Segments
Segment Reporting Information [Line Items]
Net income	1,781,798	1,494,349	1,529,038
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(101,254)	(83,199)	(62,146)
Interest and other income	12,306	22,323	26,683
Interest expense	(90,774)	(56,283)	(45,641)
Equity in earnings of unconsolidated real estate entities	232,093	80,497	69,547
Foreign currency exchange gain (loss)	111,787	(97,953)	7,829
Gain on sale of real estate	13,683	1,493	341
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	3,203,566	2,721,630	2,684,552
Cost of operations	(852,030)	(807,543)	(762,416)
Net operating income	2,351,536	1,914,087	1,922,136
Depreciation and amortization	(713,428)	(553,257)	(512,918)
Net income	1,638,108	1,360,830	1,409,218
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	212,258	193,438	170,556
Cost of operations	(68,568)	(59,919)	(50,736)
Net operating income	$ 143,690	$ 133,519	$ 119,820

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) certificate in Millions	Dec. 31, 2021USD ($)certificate
Commitments and Contingencies Disclosure [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property	25,000,000
Reduced deductible for property	5,000,000
Aggregate loss threshold for reduced deductible for property	35,000,000
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property	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
Number of tenant certificate holders participating in insurance program, approximate | certificate	1.2
Aggregate coverage of tenants participating in insurance program	$ 4,900,000,000
Construction commitments	166,800,000
Construction commitments 2022	142,700,000
Construction commitments 2023	22,800,000
Construction commitments 2024	1,300,000
Various lease commitments	66,100,000
Various lease commitments 2022	3,100,000
Various lease commitments 2023	3,000,000
Various lease commitments 2024	3,000,000
Various lease commitments 2025	2,900,000
Various lease commitments 2026	3,000,000
Various lease commitments thereafter	$ 51,100,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, ft² in Thousands, $ in Thousands	Jan. 13, 2022USD ($)$ / sharesshares	Feb. 22, 2022USD ($)ft²storageFacilitystate	Dec. 31, 2021USD ($)ft²$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Subsequent Event [Line Items]
Net rentable area (in square feet) | ft²			198,319
Preferred shares per depositary share (in shares) | shares			0.001	0.001	0.001
Shares issued (in USD per share) | $ / shares			$ 25	$ 25	$ 25
Gross proceeds			$ 4,100,000	$ 3,792,500
Subsequent Event | Series S Preferred Stock
Subsequent Event [Line Items]
Stock issued during period (in shares) | shares	10,000,000
Preferred shares per depositary share (in shares) | shares	0.001
Dividend rate percentage	4.10%
Shares issued (in USD per share) | $ / shares	$ 25
Gross proceeds	$ 250,000
Issuance costs	$ 7,200
Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Total cost of acquisition			$ 5,100,000	$ 792,300	$ 439,600
Acquisition of Self-Storage Facilities Other Investments | Subsequent Event
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | storageFacility		15
Number of states self-storage facilities acquired or under contracts to be acquired | state		10
Net rentable area (in square feet) | ft²		1,200
Total cost of acquisition		$ 212,400

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²storageFacility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2,787
Net Rentable Square Feet | ft²	198,319
2021 Encum- brances	$ 23,284
Initial Cost, Land	5,072,209
Initial Cost, Building & Improvements	14,225,088
Costs Subsequent to Acquisition	3,510,536
Gross Carrying Amount, Land	5,134,060
Gross Carrying Amount, Buildings	17,673,773
Gross Carrying Amount, Total	22,807,833
Accumulated Depreciation	7,773,308
Commercial and non-operating real estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
2021 Encum- brances	0
Initial Cost, Land	13,194
Initial Cost, Building & Improvements	26,143
Costs Subsequent to Acquisition	48,112
Gross Carrying Amount, Land	13,346
Gross Carrying Amount, Buildings	74,103
Gross Carrying Amount, Total	87,449
Accumulated Depreciation	$ 44,739
Los Angeles | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	228
Net Rentable Square Feet | ft²	16,710
2021 Encum- brances	$ 409
Initial Cost, Land	543,650
Initial Cost, Building & Improvements	981,256
Costs Subsequent to Acquisition	448,343
Gross Carrying Amount, Land	542,073
Gross Carrying Amount, Buildings	1,431,176
Gross Carrying Amount, Total	1,973,249
Accumulated Depreciation	$ 859,874
Dallas/Ft. Worth | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	189
Net Rentable Square Feet | ft²	17,017
2021 Encum- brances	$ 0
Initial Cost, Land	322,316
Initial Cost, Building & Improvements	1,852,445
Costs Subsequent to Acquisition	143,451
Gross Carrying Amount, Land	323,778
Gross Carrying Amount, Buildings	1,994,434
Gross Carrying Amount, Total	2,318,212
Accumulated Depreciation	$ 335,716
Houston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	142
Net Rentable Square Feet | ft²	11,953
2021 Encum- brances	$ 0
Initial Cost, Land	220,019
Initial Cost, Building & Improvements	620,942
Costs Subsequent to Acquisition	246,434
Gross Carrying Amount, Land	219,340
Gross Carrying Amount, Buildings	868,055
Gross Carrying Amount, Total	1,087,395
Accumulated Depreciation	$ 345,675
San Francisco | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	140
Net Rentable Square Feet | ft²	9,196
2021 Encum- brances	$ 0
Initial Cost, Land	245,623
Initial Cost, Building & Improvements	557,398
Costs Subsequent to Acquisition	266,677
Gross Carrying Amount, Land	258,373
Gross Carrying Amount, Buildings	811,325
Gross Carrying Amount, Total	1,069,698
Accumulated Depreciation	$ 521,635
Chicago | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	136
Net Rentable Square Feet | ft²	8,756
2021 Encum- brances	$ 0
Initial Cost, Land	146,095
Initial Cost, Building & Improvements	428,446
Costs Subsequent to Acquisition	138,390
Gross Carrying Amount, Land	148,932
Gross Carrying Amount, Buildings	563,999
Gross Carrying Amount, Total	712,931
Accumulated Depreciation	$ 405,079
Washington DC | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	117
Net Rentable Square Feet | ft²	8,272
2021 Encum- brances	$ 0
Initial Cost, Land	418,460
Initial Cost, Building & Improvements	1,308,988
Costs Subsequent to Acquisition	143,417
Gross Carrying Amount, Land	423,614
Gross Carrying Amount, Buildings	1,447,251
Gross Carrying Amount, Total	1,870,865
Accumulated Depreciation	$ 373,168
Atlanta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	111
Net Rentable Square Feet | ft²	7,476
2021 Encum- brances	$ 1,653
Initial Cost, Land	142,553
Initial Cost, Building & Improvements	407,272
Costs Subsequent to Acquisition	95,145
Gross Carrying Amount, Land	142,915
Gross Carrying Amount, Buildings	502,055
Gross Carrying Amount, Total	644,970
Accumulated Depreciation	$ 298,833
Seattle/Tacoma | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	100
Net Rentable Square Feet | ft²	6,986
2021 Encum- brances	$ 0
Initial Cost, Land	211,959
Initial Cost, Building & Improvements	584,089
Costs Subsequent to Acquisition	123,883
Gross Carrying Amount, Land	212,607
Gross Carrying Amount, Buildings	707,324
Gross Carrying Amount, Total	919,931
Accumulated Depreciation	$ 379,516
Miami | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	97
Net Rentable Square Feet | ft²	7,223
2021 Encum- brances	$ 0
Initial Cost, Land	247,807
Initial Cost, Building & Improvements	536,321
Costs Subsequent to Acquisition	145,494
Gross Carrying Amount, Land	249,700
Gross Carrying Amount, Buildings	679,922
Gross Carrying Amount, Total	929,622
Accumulated Depreciation	$ 365,471
New York | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	96
Net Rentable Square Feet | ft²	7,053
2021 Encum- brances	$ 0
Initial Cost, Land	277,121
Initial Cost, Building & Improvements	586,592
Costs Subsequent to Acquisition	223,807
Gross Carrying Amount, Land	283,458
Gross Carrying Amount, Buildings	804,062
Gross Carrying Amount, Total	1,087,520
Accumulated Depreciation	$ 494,284
Orlando/Daytona | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	72
Net Rentable Square Feet | ft²	4,628
2021 Encum- brances	$ 11,274
Initial Cost, Land	140,411
Initial Cost, Building & Improvements	253,375
Costs Subsequent to Acquisition	68,265
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	316,159
Gross Carrying Amount, Total	462,051
Accumulated Depreciation	$ 179,459
Denver | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	69
Net Rentable Square Feet | ft²	5,197
2021 Encum- brances	$ 8,318
Initial Cost, Land	117,109
Initial Cost, Building & Improvements	308,922
Costs Subsequent to Acquisition	102,116
Gross Carrying Amount, Land	117,830
Gross Carrying Amount, Buildings	410,317
Gross Carrying Amount, Total	528,147
Accumulated Depreciation	$ 171,779
Minneapolis/St. Paul | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	64
Net Rentable Square Feet | ft²	4,937
2021 Encum- brances	$ 1,630
Initial Cost, Land	118,333
Initial Cost, Building & Improvements	292,465
Costs Subsequent to Acquisition	97,660
Gross Carrying Amount, Land	118,498
Gross Carrying Amount, Buildings	389,960
Gross Carrying Amount, Total	508,458
Accumulated Depreciation	$ 148,047
Philadelphia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	62
Net Rentable Square Feet | ft²	4,041
2021 Encum- brances	$ 0
Initial Cost, Land	58,824
Initial Cost, Building & Improvements	226,733
Costs Subsequent to Acquisition	62,263
Gross Carrying Amount, Land	57,845
Gross Carrying Amount, Buildings	289,975
Gross Carrying Amount, Total	347,820
Accumulated Depreciation	$ 176,981
Charlotte | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	59
Net Rentable Square Feet | ft²	4,604
2021 Encum- brances	$ 0
Initial Cost, Land	87,349
Initial Cost, Building & Improvements	231,449
Costs Subsequent to Acquisition	84,331
Gross Carrying Amount, Land	95,212
Gross Carrying Amount, Buildings	307,917
Gross Carrying Amount, Total	403,129
Accumulated Depreciation	$ 144,670
Tampa | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	57
Net Rentable Square Feet | ft²	3,969
2021 Encum- brances	$ 0
Initial Cost, Land	93,109
Initial Cost, Building & Improvements	213,546
Costs Subsequent to Acquisition	61,429
Gross Carrying Amount, Land	96,422
Gross Carrying Amount, Buildings	271,662
Gross Carrying Amount, Total	368,084
Accumulated Depreciation	$ 142,716
Detroit | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	48
Net Rentable Square Feet | ft²	3,443
2021 Encum- brances	$ 0
Initial Cost, Land	67,465
Initial Cost, Building & Improvements	225,061
Costs Subsequent to Acquisition	41,894
Gross Carrying Amount, Land	68,315
Gross Carrying Amount, Buildings	266,105
Gross Carrying Amount, Total	334,420
Accumulated Depreciation	$ 130,902
Portland | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	48
Net Rentable Square Feet | ft²	2,750
2021 Encum- brances	$ 0
Initial Cost, Land	60,108
Initial Cost, Building & Improvements	203,107
Costs Subsequent to Acquisition	31,513
Gross Carrying Amount, Land	60,766
Gross Carrying Amount, Buildings	233,962
Gross Carrying Amount, Total	294,728
Accumulated Depreciation	$ 114,418
Baltimore | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	48
Net Rentable Square Feet | ft²	3,624
2021 Encum- brances	$ 0
Initial Cost, Land	134,774
Initial Cost, Building & Improvements	749,058
Costs Subsequent to Acquisition	28,468
Gross Carrying Amount, Land	134,898
Gross Carrying Amount, Buildings	777,402
Gross Carrying Amount, Total	912,300
Accumulated Depreciation	$ 97,642
Phoenix | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	47
Net Rentable Square Feet | ft²	3,253
2021 Encum- brances	$ 0
Initial Cost, Land	92,139
Initial Cost, Building & Improvements	265,783
Costs Subsequent to Acquisition	38,278
Gross Carrying Amount, Land	92,130
Gross Carrying Amount, Buildings	304,070
Gross Carrying Amount, Total	396,200
Accumulated Depreciation	$ 124,204
West Palm Beach | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	46
Net Rentable Square Feet | ft²	3,784
2021 Encum- brances	$ 0
Initial Cost, Land	156,788
Initial Cost, Building & Improvements	221,479
Costs Subsequent to Acquisition	92,351
Gross Carrying Amount, Land	157,496
Gross Carrying Amount, Buildings	313,122
Gross Carrying Amount, Total	470,618
Accumulated Depreciation	$ 146,989
San Antonio | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	39
Net Rentable Square Feet | ft²	2,746
2021 Encum- brances	$ 0
Initial Cost, Land	53,847
Initial Cost, Building & Improvements	215,507
Costs Subsequent to Acquisition	29,301
Gross Carrying Amount, Land	53,805
Gross Carrying Amount, Buildings	244,850
Gross Carrying Amount, Total	298,655
Accumulated Depreciation	$ 74,698
Austin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	36
Net Rentable Square Feet | ft²	2,875
2021 Encum- brances	$ 0
Initial Cost, Land	67,832
Initial Cost, Building & Improvements	179,672
Costs Subsequent to Acquisition	46,412
Gross Carrying Amount, Land	69,854
Gross Carrying Amount, Buildings	224,062
Gross Carrying Amount, Total	293,916
Accumulated Depreciation	$ 99,914
Raleigh | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	36
Net Rentable Square Feet | ft²	2,592
2021 Encum- brances	$ 0
Initial Cost, Land	82,919
Initial Cost, Building & Improvements	188,198
Costs Subsequent to Acquisition	40,568
Gross Carrying Amount, Land	83,908
Gross Carrying Amount, Buildings	227,777
Gross Carrying Amount, Total	311,685
Accumulated Depreciation	$ 73,417
Norfolk | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	36
Net Rentable Square Feet | ft²	2,215
2021 Encum- brances	$ 0
Initial Cost, Land	47,728
Initial Cost, Building & Improvements	128,986
Costs Subsequent to Acquisition	26,380
Gross Carrying Amount, Land	46,843
Gross Carrying Amount, Buildings	156,251
Gross Carrying Amount, Total	203,094
Accumulated Depreciation	$ 77,313
Sacramento | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	35
Net Rentable Square Feet | ft²	2,054
2021 Encum- brances	$ 0
Initial Cost, Land	26,429
Initial Cost, Building & Improvements	80,391
Costs Subsequent to Acquisition	40,500
Gross Carrying Amount, Land	26,913
Gross Carrying Amount, Buildings	120,407
Gross Carrying Amount, Total	147,320
Accumulated Depreciation	$ 84,912
Indianapolis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	29
Net Rentable Square Feet | ft²	1,889
2021 Encum- brances	$ 0
Initial Cost, Land	34,678
Initial Cost, Building & Improvements	94,858
Costs Subsequent to Acquisition	18,348
Gross Carrying Amount, Land	35,678
Gross Carrying Amount, Buildings	112,206
Gross Carrying Amount, Total	147,884
Accumulated Depreciation	$ 52,872
Kansas City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	29
Net Rentable Square Feet | ft²	1,893
2021 Encum- brances	$ 0
Initial Cost, Land	18,965
Initial Cost, Building & Improvements	92,793
Costs Subsequent to Acquisition	36,452
Gross Carrying Amount, Land	19,165
Gross Carrying Amount, Buildings	129,045
Gross Carrying Amount, Total	148,210
Accumulated Depreciation	$ 65,887
Boston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	28
Net Rentable Square Feet | ft²	1,964
2021 Encum- brances	$ 0
Initial Cost, Land	80,843
Initial Cost, Building & Improvements	209,495
Costs Subsequent to Acquisition	37,378
Gross Carrying Amount, Land	81,409
Gross Carrying Amount, Buildings	246,307
Gross Carrying Amount, Total	327,716
Accumulated Depreciation	$ 112,364
St. Louis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	28
Net Rentable Square Feet | ft²	1,749
2021 Encum- brances	$ 0
Initial Cost, Land	23,539
Initial Cost, Building & Improvements	89,341
Costs Subsequent to Acquisition	33,541
Gross Carrying Amount, Land	23,395
Gross Carrying Amount, Buildings	123,026
Gross Carrying Amount, Total	146,421
Accumulated Depreciation	$ 67,368
Columbus | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	27
Net Rentable Square Feet | ft²	2,015
2021 Encum- brances	$ 0
Initial Cost, Land	44,983
Initial Cost, Building & Improvements	92,001
Costs Subsequent to Acquisition	28,923
Gross Carrying Amount, Land	45,090
Gross Carrying Amount, Buildings	120,817
Gross Carrying Amount, Total	165,907
Accumulated Depreciation	$ 53,150
Columbia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	27
Net Rentable Square Feet | ft²	1,620
2021 Encum- brances	$ 0
Initial Cost, Land	27,177
Initial Cost, Building & Improvements	83,532
Costs Subsequent to Acquisition	23,010
Gross Carrying Amount, Land	27,936
Gross Carrying Amount, Buildings	105,783
Gross Carrying Amount, Total	133,719
Accumulated Depreciation	$ 43,214
Oklahoma City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	26
Net Rentable Square Feet | ft²	2,089
2021 Encum- brances	$ 0
Initial Cost, Land	49,060
Initial Cost, Building & Improvements	130,815
Costs Subsequent to Acquisition	14,475
Gross Carrying Amount, Land	49,060
Gross Carrying Amount, Buildings	145,290
Gross Carrying Amount, Total	194,350
Accumulated Depreciation	$ 31,501
San Diego | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	24
Net Rentable Square Feet | ft²	2,183
2021 Encum- brances	$ 0
Initial Cost, Land	89,782
Initial Cost, Building & Improvements	162,043
Costs Subsequent to Acquisition	50,358
Gross Carrying Amount, Land	92,292
Gross Carrying Amount, Buildings	209,891
Gross Carrying Amount, Total	302,183
Accumulated Depreciation	$ 102,116
Las Vegas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	23
Net Rentable Square Feet | ft²	1,503
2021 Encum- brances	$ 0
Initial Cost, Land	26,242
Initial Cost, Building & Improvements	90,624
Costs Subsequent to Acquisition	13,313
Gross Carrying Amount, Land	25,491
Gross Carrying Amount, Buildings	104,688
Gross Carrying Amount, Total	130,179
Accumulated Depreciation	$ 53,896
Cincinnati | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	20
Net Rentable Square Feet | ft²	1,155
2021 Encum- brances	$ 0
Initial Cost, Land	19,035
Initial Cost, Building & Improvements	57,775
Costs Subsequent to Acquisition	23,981
Gross Carrying Amount, Land	18,953
Gross Carrying Amount, Buildings	81,838
Gross Carrying Amount, Total	100,791
Accumulated Depreciation	$ 34,959
Nashville/Bowling Green | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	18
Net Rentable Square Feet | ft²	1,168
2021 Encum- brances	$ 0
Initial Cost, Land	23,487
Initial Cost, Building & Improvements	45,145
Costs Subsequent to Acquisition	31,187
Gross Carrying Amount, Land	23,485
Gross Carrying Amount, Buildings	76,334
Gross Carrying Amount, Total	99,819
Accumulated Depreciation	$ 33,956
Colorado Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	16
Net Rentable Square Feet | ft²	1,115
2021 Encum- brances	$ 0
Initial Cost, Land	12,320
Initial Cost, Building & Improvements	60,393
Costs Subsequent to Acquisition	22,949
Gross Carrying Amount, Land	12,317
Gross Carrying Amount, Buildings	83,345
Gross Carrying Amount, Total	95,662
Accumulated Depreciation	$ 32,637
Milwaukee | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	15
Net Rentable Square Feet | ft²	964
2021 Encum- brances	$ 0
Initial Cost, Land	13,189
Initial Cost, Building & Improvements	32,071
Costs Subsequent to Acquisition	10,534
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	42,636
Gross Carrying Amount, Total	55,794
Accumulated Depreciation	$ 35,990
Louisville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	15
Net Rentable Square Feet | ft²	912
2021 Encum- brances	$ 0
Initial Cost, Land	23,563
Initial Cost, Building & Improvements	46,108
Costs Subsequent to Acquisition	8,315
Gross Carrying Amount, Land	23,562
Gross Carrying Amount, Buildings	54,424
Gross Carrying Amount, Total	77,986
Accumulated Depreciation	$ 18,843
Jacksonville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	15
Net Rentable Square Feet | ft²	922
2021 Encum- brances	$ 0
Initial Cost, Land	14,454
Initial Cost, Building & Improvements	47,415
Costs Subsequent to Acquisition	12,466
Gross Carrying Amount, Land	14,503
Gross Carrying Amount, Buildings	59,832
Gross Carrying Amount, Total	74,335
Accumulated Depreciation	$ 35,892
Birmingham | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	15
Net Rentable Square Feet | ft²	606
2021 Encum- brances	$ 0
Initial Cost, Land	6,316
Initial Cost, Building & Improvements	25,567
Costs Subsequent to Acquisition	14,343
Gross Carrying Amount, Land	6,204
Gross Carrying Amount, Buildings	40,022
Gross Carrying Amount, Total	46,226
Accumulated Depreciation	$ 29,192
Richmond | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	15
Net Rentable Square Feet | ft²	749
2021 Encum- brances	$ 0
Initial Cost, Land	20,979
Initial Cost, Building & Improvements	52,239
Costs Subsequent to Acquisition	6,343
Gross Carrying Amount, Land	20,784
Gross Carrying Amount, Buildings	58,777
Gross Carrying Amount, Total	79,561
Accumulated Depreciation	$ 22,365
Greensboro | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	14
Net Rentable Square Feet | ft²	845
2021 Encum- brances	$ 0
Initial Cost, Land	13,413
Initial Cost, Building & Improvements	35,326
Costs Subsequent to Acquisition	14,407
Gross Carrying Amount, Land	15,502
Gross Carrying Amount, Buildings	47,644
Gross Carrying Amount, Total	63,146
Accumulated Depreciation	$ 29,562
Charleston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	14
Net Rentable Square Feet | ft²	943
2021 Encum- brances	$ 0
Initial Cost, Land	16,947
Initial Cost, Building & Improvements	56,793
Costs Subsequent to Acquisition	18,448
Gross Carrying Amount, Land	17,923
Gross Carrying Amount, Buildings	74,265
Gross Carrying Amount, Total	92,188
Accumulated Depreciation	$ 30,179
Fort Myers/Naples | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	14
Net Rentable Square Feet | ft²	1,070
2021 Encum- brances	$ 0
Initial Cost, Land	29,944
Initial Cost, Building & Improvements	84,343
Costs Subsequent to Acquisition	6,276
Gross Carrying Amount, Land	30,179
Gross Carrying Amount, Buildings	90,384
Gross Carrying Amount, Total	120,563
Accumulated Depreciation	$ 23,207
Chattanooga | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	13
Net Rentable Square Feet | ft²	846
2021 Encum- brances	$ 0
Initial Cost, Land	10,030
Initial Cost, Building & Improvements	45,578
Costs Subsequent to Acquisition	7,832
Gross Carrying Amount, Land	9,832
Gross Carrying Amount, Buildings	53,608
Gross Carrying Amount, Total	63,440
Accumulated Depreciation	$ 17,516
Savannah | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	12
Net Rentable Square Feet | ft²	700
2021 Encum- brances	$ 0
Initial Cost, Land	33,094
Initial Cost, Building & Improvements	42,465
Costs Subsequent to Acquisition	5,271
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	49,064
Gross Carrying Amount, Total	80,830
Accumulated Depreciation	$ 20,497
Greensville/Spartanburg/Asheville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	12
Net Rentable Square Feet | ft²	697
2021 Encum- brances	$ 0
Initial Cost, Land	9,835
Initial Cost, Building & Improvements	30,482
Costs Subsequent to Acquisition	10,542
Gross Carrying Amount, Land	10,764
Gross Carrying Amount, Buildings	40,095
Gross Carrying Amount, Total	50,859
Accumulated Depreciation	$ 23,304
Honolulu | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	807
2021 Encum- brances	$ 0
Initial Cost, Land	54,184
Initial Cost, Building & Improvements	106,299
Costs Subsequent to Acquisition	16,942
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	122,324
Gross Carrying Amount, Total	177,425
Accumulated Depreciation	$ 73,250
Hartford/New Haven | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	693
2021 Encum- brances	$ 0
Initial Cost, Land	6,778
Initial Cost, Building & Improvements	19,959
Costs Subsequent to Acquisition	22,722
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	41,016
Gross Carrying Amount, Total	49,459
Accumulated Depreciation	$ 34,787
New Orleans | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	772
2021 Encum- brances	$ 0
Initial Cost, Land	13,372
Initial Cost, Building & Improvements	59,382
Costs Subsequent to Acquisition	7,783
Gross Carrying Amount, Land	13,540
Gross Carrying Amount, Buildings	66,997
Gross Carrying Amount, Total	80,537
Accumulated Depreciation	$ 28,812
Salt Lake City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	672
2021 Encum- brances	$ 0
Initial Cost, Land	15,912
Initial Cost, Building & Improvements	28,117
Costs Subsequent to Acquisition	5,603
Gross Carrying Amount, Land	15,561
Gross Carrying Amount, Buildings	34,071
Gross Carrying Amount, Total	49,632
Accumulated Depreciation	$ 16,134
Memphis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	645
2021 Encum- brances	$ 0
Initial Cost, Land	19,581
Initial Cost, Building & Improvements	29,852
Costs Subsequent to Acquisition	9,956
Gross Carrying Amount, Land	20,934
Gross Carrying Amount, Buildings	38,455
Gross Carrying Amount, Total	59,389
Accumulated Depreciation	$ 23,494
Mobile | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	11
Net Rentable Square Feet | ft²	529
2021 Encum- brances	$ 0
Initial Cost, Land	8,915
Initial Cost, Building & Improvements	25,223
Costs Subsequent to Acquisition	5,814
Gross Carrying Amount, Land	8,742
Gross Carrying Amount, Buildings	31,210
Gross Carrying Amount, Total	39,952
Accumulated Depreciation	$ 15,416
Omaha | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	10
Net Rentable Square Feet | ft²	881
2021 Encum- brances	$ 0
Initial Cost, Land	17,266
Initial Cost, Building & Improvements	64,969
Costs Subsequent to Acquisition	4,245
Gross Carrying Amount, Land	17,266
Gross Carrying Amount, Buildings	69,214
Gross Carrying Amount, Total	86,480
Accumulated Depreciation	$ 7,034
Buffalo/Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	9
Net Rentable Square Feet | ft²	462
2021 Encum- brances	$ 0
Initial Cost, Land	6,785
Initial Cost, Building & Improvements	17,954
Costs Subsequent to Acquisition	4,159
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	22,115
Gross Carrying Amount, Total	28,898
Accumulated Depreciation	$ 15,388
Cleveland/Akron | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	8
Net Rentable Square Feet | ft²	478
2021 Encum- brances	$ 0
Initial Cost, Land	4,235
Initial Cost, Building & Improvements	18,411
Costs Subsequent to Acquisition	5,730
Gross Carrying Amount, Land	4,628
Gross Carrying Amount, Buildings	23,748
Gross Carrying Amount, Total	28,376
Accumulated Depreciation	$ 13,911
Augusta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	8
Net Rentable Square Feet | ft²	466
2021 Encum- brances	$ 0
Initial Cost, Land	8,900
Initial Cost, Building & Improvements	20,906
Costs Subsequent to Acquisition	4,497
Gross Carrying Amount, Land	8,900
Gross Carrying Amount, Buildings	25,403
Gross Carrying Amount, Total	34,303
Accumulated Depreciation	$ 7,844
Reno | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	7
Net Rentable Square Feet | ft²	559
2021 Encum- brances	$ 0
Initial Cost, Land	5,487
Initial Cost, Building & Improvements	18,704
Costs Subsequent to Acquisition	4,277
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,981
Gross Carrying Amount, Total	28,468
Accumulated Depreciation	$ 13,707
Tucson | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	7
Net Rentable Square Feet | ft²	439
2021 Encum- brances	$ 0
Initial Cost, Land	9,403
Initial Cost, Building & Improvements	25,491
Costs Subsequent to Acquisition	6,959
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	31,969
Gross Carrying Amount, Total	41,853
Accumulated Depreciation	$ 21,627
Wichita | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	7
Net Rentable Square Feet | ft²	433
2021 Encum- brances	$ 0
Initial Cost, Land	2,017
Initial Cost, Building & Improvements	6,691
Costs Subsequent to Acquisition	7,411
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	13,989
Gross Carrying Amount, Total	16,119
Accumulated Depreciation	$ 12,367
Monterey/Salinas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	7
Net Rentable Square Feet | ft²	329
2021 Encum- brances	$ 0
Initial Cost, Land	8,465
Initial Cost, Building & Improvements	24,151
Costs Subsequent to Acquisition	6,750
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	30,911
Gross Carrying Amount, Total	39,366
Accumulated Depreciation	$ 23,392
Boise | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	6
Net Rentable Square Feet | ft²	530
2021 Encum- brances	$ 0
Initial Cost, Land	13,412
Initial Cost, Building & Improvements	55,496
Costs Subsequent to Acquisition	545
Gross Carrying Amount, Land	13,412
Gross Carrying Amount, Buildings	56,041
Gross Carrying Amount, Total	69,453
Accumulated Depreciation	$ 1,443
Evansville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	5
Net Rentable Square Feet | ft²	326
2021 Encum- brances	$ 0
Initial Cost, Land	2,340
Initial Cost, Building & Improvements	14,316
Costs Subsequent to Acquisition	1,513
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	15,857
Gross Carrying Amount, Total	18,169
Accumulated Depreciation	$ 4,950
Dayton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	5
Net Rentable Square Feet | ft²	284
2021 Encum- brances	$ 0
Initial Cost, Land	1,074
Initial Cost, Building & Improvements	8,975
Costs Subsequent to Acquisition	4,868
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,844
Gross Carrying Amount, Total	14,917
Accumulated Depreciation	$ 7,937
Huntsville/Decatur | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	5
Net Rentable Square Feet | ft²	298
2021 Encum- brances	$ 0
Initial Cost, Land	9,161
Initial Cost, Building & Improvements	13,481
Costs Subsequent to Acquisition	3,421
Gross Carrying Amount, Land	9,108
Gross Carrying Amount, Buildings	16,955
Gross Carrying Amount, Total	26,063
Accumulated Depreciation	$ 6,611
Fort Wayne | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	4
Net Rentable Square Feet | ft²	271
2021 Encum- brances	$ 0
Initial Cost, Land	3,487
Initial Cost, Building & Improvements	11,003
Costs Subsequent to Acquisition	3,507
Gross Carrying Amount, Land	3,487
Gross Carrying Amount, Buildings	14,510
Gross Carrying Amount, Total	17,997
Accumulated Depreciation	$ 6,181
Roanoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	4
Net Rentable Square Feet | ft²	224
2021 Encum- brances	$ 0
Initial Cost, Land	5,093
Initial Cost, Building & Improvements	18,091
Costs Subsequent to Acquisition	973
Gross Carrying Amount, Land	5,093
Gross Carrying Amount, Buildings	19,064
Gross Carrying Amount, Total	24,157
Accumulated Depreciation	$ 3,902
Palm Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	3
Net Rentable Square Feet | ft²	242
2021 Encum- brances	$ 0
Initial Cost, Land	8,309
Initial Cost, Building & Improvements	18,065
Costs Subsequent to Acquisition	2,249
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	20,314
Gross Carrying Amount, Total	28,623
Accumulated Depreciation	$ 12,060
Providence | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	3
Net Rentable Square Feet | ft²	155
2021 Encum- brances	$ 0
Initial Cost, Land	995
Initial Cost, Building & Improvements	11,206
Costs Subsequent to Acquisition	3,143
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	14,349
Gross Carrying Amount, Total	15,344
Accumulated Depreciation	$ 7,414
Shreveport | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	150
2021 Encum- brances	$ 0
Initial Cost, Land	817
Initial Cost, Building & Improvements	3,030
Costs Subsequent to Acquisition	2,377
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,483
Gross Carrying Amount, Total	6,224
Accumulated Depreciation	$ 4,997
Springfield/Holyoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	144
2021 Encum- brances	$ 0
Initial Cost, Land	1,428
Initial Cost, Building & Improvements	3,380
Costs Subsequent to Acquisition	1,952
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,333
Gross Carrying Amount, Total	6,760
Accumulated Depreciation	$ 5,114
Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	99
2021 Encum- brances	$ 0
Initial Cost, Land	1,047
Initial Cost, Building & Improvements	2,246
Costs Subsequent to Acquisition	2,134
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,447
Gross Carrying Amount, Total	5,427
Accumulated Depreciation	$ 4,233
Santa Barbara | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	98
2021 Encum- brances	$ 0
Initial Cost, Land	5,733
Initial Cost, Building & Improvements	9,106
Costs Subsequent to Acquisition	858
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,964
Gross Carrying Amount, Total	15,697
Accumulated Depreciation	$ 6,186
Topeka | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	94
2021 Encum- brances	$ 0
Initial Cost, Land	225
Initial Cost, Building & Improvements	1,419
Costs Subsequent to Acquisition	2,108
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,527
Gross Carrying Amount, Total	3,752
Accumulated Depreciation	$ 3,190
Lansing | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	2
Net Rentable Square Feet | ft²	88
2021 Encum- brances	$ 0
Initial Cost, Land	556
Initial Cost, Building & Improvements	2,882
Costs Subsequent to Acquisition	986
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,868
Gross Carrying Amount, Total	4,424
Accumulated Depreciation	$ 2,619
Flint | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	1
Net Rentable Square Feet | ft²	56
2021 Encum- brances	$ 0
Initial Cost, Land	543
Initial Cost, Building & Improvements	3,068
Costs Subsequent to Acquisition	273
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,342
Gross Carrying Amount, Total	3,884
Accumulated Depreciation	$ 2,110
Joplin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	1
Net Rentable Square Feet | ft²	56
2021 Encum- brances	$ 0
Initial Cost, Land	264
Initial Cost, Building & Improvements	904
Costs Subsequent to Acquisition	1,021
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,925
Gross Carrying Amount, Total	2,189
Accumulated Depreciation	$ 1,672
Syracuse | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	1
Net Rentable Square Feet | ft²	55
2021 Encum- brances	$ 0
Initial Cost, Land	545
Initial Cost, Building & Improvements	1,279
Costs Subsequent to Acquisition	862
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,141
Gross Carrying Amount, Total	2,686
Accumulated Depreciation	$ 2,066
Modesto/Fresno/Stockton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storageFacility	1
Net Rentable Square Feet | ft²	33
2021 Encum- brances	$ 0
Initial Cost, Land	44
Initial Cost, Building & Improvements	206
Costs Subsequent to Acquisition	1,324
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,381
Gross Carrying Amount, Total	1,574
Accumulated Depreciation	$ 942
Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	25 years