Public Storage (PSA) 10-Q3 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 28, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,528,938
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001393311
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 940,524	$ 734,599
Real estate facilities, at cost:
Land	5,156,795	5,134,060
Buildings	17,886,912	17,673,773
Real estate facilities, gross	23,043,707	22,807,833
Accumulated depreciation	(7,958,536)	(7,773,308)
Real estate facilities, net	15,085,171	15,034,525
Construction in process	337,552	272,471
Total real estate facilities	15,422,723	15,306,996
Investments in unconsolidated real estate entities	850,649	828,763
Goodwill and other intangible assets, net	271,127	302,894
Other assets	213,758	207,656
Total assets	17,698,781	17,380,908
LIABILITIES AND EQUITY
Notes payable	7,441,723	7,475,279
Accrued and other liabilities	453,971	482,091
Total liabilities	7,895,694	7,957,370
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	83,826	68,249
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (164,000 at December 31, 2021) at liquidation preference	4,350,000	4,100,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,212,439 shares issued and outstanding (175,134,455 shares at December 31, 2021)	17,521	17,513
Paid-in capital	5,827,674	5,821,667
Accumulated deficit	(436,101)	(550,416)
Accumulated other comprehensive loss	(60,382)	(53,587)
Total Public Storage shareholders’ equity	9,698,712	9,335,177
Noncontrolling interests	20,549	20,112
Total equity	9,719,261	9,355,289
Total liabilities, redeemable noncontrolling interests and equity	$ 17,698,781	$ 17,380,908

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	174,000	164,000
Preferred stock, shares outstanding (in shares)	174,000	164,000
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)	175,212,439	175,134,455
Common stock, shares outstanding (in shares)	175,212,439	175,134,455

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 973,445	$ 767,262
Expenses:
Depreciation and amortization	222,128	146,859
General and administrative	23,069	19,574
Interest expense	33,124	15,250
Operating expenses	539,330	410,106
Other increases to net income:
Interest and other income	3,379	2,852
Equity in earnings of unconsolidated real estate entities	43,424	19,456
Foreign currency exchange gain	35,377	45,385
Gain on sale of real estate	0	9,413
Net income	516,295	434,262
Allocation to noncontrolling interests	(2,352)	(1,226)
Net income allocable to Public Storage shareholders	513,943	433,036
Allocation of net income to:
Preferred shareholders	(48,365)	(46,080)
Restricted share units	(1,454)	(1,146)
Net income allocable to common shareholders	$ 464,124	$ 385,810
Net income per common share:
Basic (in USD per share)	$ 2.65	$ 2.21
Diluted (in USD per share)	$ 2.63	$ 2.21
Basic weighted average common shares outstanding (in shares)	175,170	174,611
Diluted weighted average common shares outstanding (in shares)	176,336	174,840
Self-storage facilities
Revenues:
Revenues	$ 917,015	$ 716,347
Expenses:
Self-storage cost of operations	245,494	212,105
Ancillary operations
Revenues:
Revenues	56,430	50,915
Expenses:
Ancillary cost of operations	$ 15,515	$ 16,318

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 516,295	$ 434,262
Foreign currency exchange loss on investment in Shurgard	(6,795)	(5,940)
Total comprehensive income	509,500	428,322
Allocation to noncontrolling interests	(2,352)	(1,226)
Comprehensive income allocable to Public Storage shareholders	$ 507,148	$ 427,096

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Preferred Stock	Common Shares	Total Public Storage Shareholders' Equity	Total Public Storage Shareholders' EquityPreferred Stock	Total Public Storage Shareholders' EquityCommon Shares	Preferred Stock	Preferred StockPreferred Stock	Common Shares	Common SharesCommon Shares	Paid-in Capital	Paid-in CapitalPreferred Stock	Paid-in CapitalCommon Shares	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation			$ 4,703			$ 4,703				$ 7			$ 4,696
Share-based compensation expense	3,489			3,489							3,489
Acquisition of noncontrolling interests	(33)			(32)							(32)					(1)
Contributions by noncontrolling interests	1,380															1,380
Net income	434,262			434,262										434,262
Net income allocated to noncontrolling interests	(1,226)			(1,226)										(1,226)		(1,226)
Distributions to:
Preferred shareholders	(46,080)			(46,080)										(46,080)
Noncontrolling interests	(1,269)															(1,269)
Common shareholders and restricted share unitholders	(350,096)			(350,096)										(350,096)
Other comprehensive income (loss)	(5,940)			(5,940)											(5,940)
Ending balance at Mar. 31, 2021	8,617,315			8,597,947			3,792,500		17,465		5,715,254			(877,931)	(49,341)	19,368
Beginning balance at Dec. 31, 2020	0
Ending balance at Mar. 31, 2021	0
Beginning 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 Stockholders' Equity [Roll Forward]
Issuance of preferred shares		$ 242,832			$ 242,832			$ 250,000				$ (7,168)
Issuance of common shares in connection with share-based compensation			$ 8,107			$ 8,107				$ 8			$ 8,099
Taxes withheld upon net share settlement of restricted share units (Note 11)	(10,574)			(10,574)							(10,574)
Share-based compensation expense	15,650			15,650							15,650
Contributions by noncontrolling interests	791															791
Net income	516,295			516,295										516,295
Net income allocated to noncontrolling interests	(2,352)			(2,352)										(2,352)		(1,692)
Distributions to:
Preferred shareholders	(48,365)			(48,365)										(48,365)
Noncontrolling interests	(2,046)															(2,046)
Common shareholders and restricted share unitholders	(351,263)			(351,263)										(351,263)
Other comprehensive income (loss)	(6,795)			(6,795)											(6,795)
Ending balance at Mar. 31, 2022	9,719,261			$ 9,698,712			$ 4,350,000		$ 17,521		$ 5,827,674			$ (436,101)	$ (60,382)	$ 20,549
Beginning balance at Dec. 31, 2021	68,249
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	15,426
Net income allocated to noncontrolling interests	660
Noncontrolling interests	(509)
Ending balance at Mar. 31, 2022	$ 83,826

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Distributions to common shareholders and restricted share unitholders (in USD per share) \| $ / shares	$ 2
Preferred Stock
Issuance of preferred shares (in shares)	10,000
Common Shares
Issuance of common shares in connection with share-based compensation, net of taxes paid upon net share settlement of restricted share units (in shares)	77,984

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 516,295	$ 434,262
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate	0	(9,413)
Depreciation and amortization	222,128	146,859
Equity in earnings of unconsolidated real estate entities	(43,424)	(19,456)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	15,501	15,487
Foreign currency exchange gain	(35,377)	(45,385)
Share-based compensation expense	13,928	14,407
Other	(32,810)	(27,599)
Total adjustments	139,946	74,900
Net cash flows from operating activities	656,241	509,162
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(99,549)	(36,551)
Development and expansion of real estate facilities	(76,705)	(61,213)
Acquisition of real estate facilities and intangible assets	(112,277)	(203,108)
Real estate deposits and costs for pending acquisitions	0	(114,415)
Proceeds from sale of real estate investments	0	11,562
Net cash flows used in investing activities	(288,531)	(403,725)
Cash flows from financing activities:
Repayments on notes payable	(236)	(527)
Issuance of notes payable, net of issuance costs	0	496,235
Issuance of preferred shares	242,832	0
Issuance of common shares in connection with share-based compensation	8,073	4,703
Redemption of preferred shares	0	(300,000)
Taxes paid upon net share settlement of restricted share units	(10,574)	(7,284)
Acquisition of noncontrolling interests	0	(33)
Contributions by noncontrolling interests	791	1,380
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(399,584)	(396,176)
Distributions paid to noncontrolling interests	(2,555)	(1,269)
Net cash flows used in financing activities	(161,253)	(202,971)
Net cash flows from (used in) operating, investing, and financing activities	206,457	(97,534)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	173	178
Increase (decrease) in cash and equivalents, including restricted cash	206,630	(97,356)
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	734,599	257,560
Restricted cash included in other assets	26,691	25,040
Cash, equivalents, and restricted cash	761,290	282,600
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	940,524	159,622
Restricted cash included in other assets	27,396	25,622
Cash, equivalents, and restricted cash	967,920	185,244
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(14,119)	(9,018)
Construction or expansion of real estate facilities	(42,245)	(21,886)
Real estate acquired in exchange for noncontrolling interests	$ (15,426)	$ 0

Description of the Business

Description of the Business	3 Months Ended
Description of the Business	Mar. 31, 2022
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 reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space. At March 31, 2022, we have direct and indirect equity interests in 2,797 self-storage facilities (with approximately 199.1 million net rentable square feet) located in 39 states in the United States (“U.S.”) operating under the Public Storage® name, and 0.9 million net rentable square feet of commercial and retail space. We own 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 254 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 27 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	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the quarter ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies

Real Estate Facilities

Real Estate Facilities	3 Months Ended
Real Estate Facilities	Mar. 31, 2022
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 91,344 Acquisitions 125,534 Dispositions (383) Developed or expanded facilities opened for operation 19,379 Ending balance 23,043,707 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (185,409) Dispositions 181 Ending balance (7,958,536) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 84,460 Developed or expanded facilities opened for operation (19,379) Ending balance 337,552 Total real estate facilities at March 31, 2022 $ 15,422,723

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	3 Months Ended
Investments in Unconsolidated Real Estate Entities	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities The following tables set forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at March 31, 2022 December 31, 2021 PSB $ 537,331 $ 515,312 Shurgard 313,318 313,451 Total $ 850,649 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2022 2021 PSB $ 36,886 $ 14,476 Shurgard 6,538 4,980 Total $ 43,424 $ 19,456 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 March 31, 2022 (41% as of December 31, 2021). 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 March 31, 2022 ($168.08 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.4 billion. During each of the three months ended March 31, 2022 and 2021, we received cash distributions from PSB totaling $15.2 million. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Refer to Note “15. Subsequent Events” for additional information about our investment in 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 March 31, 2022 (€56.30 per share of Shurgard common stock, at 1.111 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 $0.3 million intra-entity profits and losses for each of the three months ended March 31, 2022 and 2021, 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. At March 31, 2022, our 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 $73.4 million ($74.7 million at December 31, 2021). 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 $1.3 million and $2.5 million during the three months ended March 31, 2022 and 2021, 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	3 Months Ended
Goodwill and Other Intangible Assets	Mar. 31, 2022
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 March 31, 2022 At December 31, 2021 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 196,178 (109,718) 86,460 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 380,845 $ (109,718) $ 271,127 $ 382,847 $ (79,953) $ 302,894 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $33.9 million and $6.1 million for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, intangibles increased $2.2 million, in connection with the acquisition of self-storage facilities (Note 3). The estimated future amortization expense for our finite-lived intangible assets at March 31, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 54,379 2023 24,876 Thereafter 7,205 Total $ 86,460

Credit Facility

Credit Facility	3 Months Ended
Credit Facility	Mar. 31, 2022
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 March 31, 2022). 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 March 31, 2022). At March 31, 2022 and May 3, 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 March 31, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants, with which we were in compliance at March 31, 2022.

Notes Payable

Notes Payable	3 Months Ended
Notes Payable	Mar. 31, 2022
Notes Payable [Abstract]
Notes Payable	Notes Payable Our 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 March 31, 2022 and December 31, 2021 are set forth in the tables below: Amounts at March 31, 2022 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 $ (231) $ 499,769 $ 501,283 Notes due April 23, 2024 SOFR+0.47% 0.619% 700,000 (1,452) 698,548 696,594 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,877) 497,123 461,600 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,010) 645,990 608,077 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,888) 497,112 493,907 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,107) 645,893 599,449 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,179) 546,821 505,937 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,179) 497,821 504,863 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,211) 643,789 600,303 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,399) 546,601 502,782 5,750,000 (30,533) 5,719,467 5,474,795 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 111,148 — 111,148 112,427 Notes due November 3, 2025 2.175% 2.175% 268,993 — 268,993 277,704 Notes due September 9, 2030 0.500% 0.640% 778,036 (9,449) 768,587 679,225 Notes due January 24, 2032 0.875% 0.978% 555,740 (5,260) 550,480 491,274 1,713,917 (14,709) 1,699,208 1,560,630 Mortgage Debt , secured by 11 real estate facilities with a net book value of $65.7 million 3.877% 3.896% 23,048 — 23,048 23,782 $ 7,486,965 $ (45,242) $ 7,441,723 $ 7,059,207 Amounts at December 31, 2021 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,637 $ 506,362 Notes due April 23, 2024 698,372 700,314 Notes due February 15, 2026 496,939 488,141 Notes due November 9, 2026 645,773 649,996 Notes due September 15, 2027 496,980 535,206 Notes due May 1, 2028 645,724 649,221 Notes due November 9, 2028 546,701 548,241 Notes due May 1, 2029 497,743 545,580 Notes due May 1, 2031 643,617 656,546 Notes due November 9, 2031 546,512 551,932 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 113,431 117,526 Notes due November 3, 2025 274,518 295,256 Notes due September 9, 2030 784,287 769,561 Notes due January 24, 2032 561,761 551,842 1,733,997 1,734,185 Mortgage Debt 23,284 24,208 $ 7,475,279 $ 7,589,932 U.S. Dollar Denominated Unsecured Notes The U.S. Dollar Denominated Unsecured Notes have various financial covenants, with which we were in compliance at March 31, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 15% at March 31, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 27x for the twelve months ended March 31, 2022) 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, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on 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” on our income statement (gains of $35.4 million and $45.4 million for the three months ended March 31, 2022 and 2021, respectively). 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. At March 31, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2022 and July 1, 2030. At March 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ 500,000 $ 2,246 $ 502,246 2023 — 19,219 19,219 2024 811,148 124 811,272 2025 268,993 131 269,124 2026 1,150,000 138 1,150,138 Thereafter 4,733,776 1,190 4,734,966 $ 7,463,917 $ 23,048 $ 7,486,965 Weighted average effective rate 1.8% 3.9% 1.8% Cash paid for interest totaled $22.2 million and $19.4 million for the three months ended March 31, 2022 and 2021, respectively. Interest capitalized as real estate totaled $1.2 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
Noncontrolling Interests	Mar. 31, 2022
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 March 31, 2022, certain of these subsidiaries issued 486,811 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 a total of 254,833 partnership units of $83.6 million issued to third-parties in connection with our acquisition of a portfolio of self-storage properties (42,841 partnership units of $15.4 million issued in the three months ended March 31, 2022). The unitholders of these 254,833 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At March 31, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) 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 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At March 31, 2022, 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. 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. Dividends Common share dividends paid, including amounts paid to our restricted share unitholders, totaled $351.2 million ($2.00 per share) and $350.1 million ($2.00 per share) for the three months ended March 31, 2022 and 2021, respectively. Preferred share dividends paid totaled $48.4 million and $46.1 million for the three months ended March 31, 2022 and 2021, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAt March 31, 2022, 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 $535,000 and $469,000 for the three months ended March 31, 2022 and 2021, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2022
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 equity awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, restricted stock units (“RSUs”), deferred stock units (“DSUs”), and unrestricted common stock issued in lieu of trustee compensation. We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $1.0 million and $1.2 million share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,864 $ 6,365 Ancillary cost of operations 266 386 General and administrative 8,798 7,680 Total $ 13,928 $ 14,431 Included in share-based compensation is $4.2 million and $3.8 million during the three months ended March 31, 2022 and 2021, respectively, in connection with retirement acceleration as discussed in Note 2 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. As of March 31, 2022, there was $119.1 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years. Stock Options We have service-based, performance-based and market-based stock options outstanding, which generally 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. During the three months ended March 31, 2022, 77,683 stock options were granted, 36,050 options were exercised, and no options were forfeited. A total of 3,081,584 stock options were outstanding at March 31, 2022 (3,039,951 at December 31, 2021). For the stock options granted during the three months ended March 31, 2022, vesting is dependent upon meeting certain market conditions over the three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. These stock options require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target options originally granted. For the three months ended March 31, 2022 and 2021, we incurred share-based compensation cost for outstanding stock options of $3.9 million and $4.4 million, respectively. Restricted Share Units We have service-based, performance-based and market-based RSUs outstanding, which generally vest over 5 to 8 years from the grant date. Upon vesting, the grantee receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. During the three months ended March 31, 2022, 24,725 RSUs were granted, 8,821 RSUs were forfeited and 57,349 RSUs vested. The vesting resulted in the issuance of 41,847 common shares. A total of 529,377 RSUs were outstanding at March 31, 2022 (570,822 at December 31, 2021). Included in the RSUs granted during the three months ended March 31, 2022 are 21,985 RSUs where vesting is dependent upon meeting certain market conditions over a three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. These RSUs require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of the specified peer groups and can result in grantees earning up to 200% of the target RSUs originally granted. Also included in the RSUs granted during the three months ended March 31, 2022 are 2,740 service-based RSUs. For the three months ended March 31, 2022 and 2021, we incurred share-based compensation cost for RSUs of $10.8 million and $11.0 million, respectively. Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	3 Months Ended
Net Income per Common Share	Mar. 31, 2022
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 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 three months ended March 31, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 464,124 $ 385,810 Denominator for basic net income per share - weighted average common shares outstanding 175,170 174,611 Net effect of dilutive stock options - based on treasury stock method 1,166 229 Denominator for dilutive net income per share - weighted average common shares outstanding 176,336 174,840 Net income per common share: Basic $ 2.65 $ 2.21 Dilutive $ 2.63 $ 2.21

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2022
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. 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 Net Operating Income ("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 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: Three Months Ended March 31, 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 917,015 $ 716,347 Cost of operations (245,494) (212,105) Net operating income 671,521 504,242 Depreciation and amortization (222,128) (146,859) Net income 449,393 357,383 Ancillary Operations Revenue 56,430 50,915 Cost of operations (15,515) (16,318) Net operating income 40,915 34,597 Total net income allocated to segments 490,308 391,980 Other items not allocated to segments: General and administrative (23,069) (19,574) Interest and other income 3,379 2,852 Interest expense (33,124) (15,250) Equity in earnings of unconsolidated real estate entities 43,424 19,456 Foreign currency exchange gain 35,377 45,385 Gain on sale of real estate — 9,413 Net income $ 516,295 $ 434,262

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2022
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 March 31, 2022, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $5.2 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $204.9 million at March 31, 2022. We expect to pay approximately $142.3 million in the remainder of 2022, $60.0 million in 2023 and $2.6 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $65.4 million at March 31, 2022. We expect to pay approximately $2.2 million in the remainder of 2022, $3.1 million in 2023, $3.0 million in each of 2024, 2025 and 2026 and $51.1 million thereafter for these commitments.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to March 31, 2022, we acquired or were under contract to acquire eleven self-storage facilities across nine states with 0.9 million net rentable square feet, for $147.2 million. On April 24, 2022, PSB entered into an Agreement and Plan of Merger (the "Merger Agreement") whereby affiliates of Blackstone Real Estate ("Blackstone") will acquire all outstanding shares of PSB's common stock for $187.50 per share in cash. Subject to the terms and conditions set forth in the Merger Agreement, each share of PSB common stock and each common unit of partnership interest will be converted into the right to receive an amount in cash equal to $187.50, without interest. If the transaction is consummated, we expect to (i) receive approximately $2.7 billion of cash proceeds in exchange for the approximate 41% common equity interest we hold in PSB, (ii) recognize an approximate $2.2 billion gain on the sale of our equity investment in PSB in the Consolidated Statement of Income, and (iii) distribute a $2.3 billion estimated tax gain on the sale to our common shareholders. The merger transaction is expected to close in the third quarter of 2022, however, the merger transaction is subject to customary closing conditions, including approval by PSB’s common stockholders. Pursuant to a support agreement entered into with PSB and Blackstone, we have committed to vote our equity interests in favor of the transaction, subject to certain conditions.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the quarter ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	3 Months Ended
Real Estate Facilities (Tables)	Mar. 31, 2022
Real Estate [Abstract]
Schedule Of Real Estate Activities	Activity in real estate facilities during the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 91,344 Acquisitions 125,534 Dispositions (383) Developed or expanded facilities opened for operation 19,379 Ending balance 23,043,707 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (185,409) Dispositions 181 Ending balance (7,958,536) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 84,460 Developed or expanded facilities opened for operation (19,379) Ending balance 337,552 Total real estate facilities at March 31, 2022 $ 15,422,723

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	3 Months Ended
Investments in Unconsolidated Real Estate Entities (Tables)	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities	The following tables set forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at March 31, 2022 December 31, 2021 PSB $ 537,331 $ 515,312 Shurgard 313,318 313,451 Total $ 850,649 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2022 2021 PSB $ 36,886 $ 14,476 Shurgard 6,538 4,980 Total $ 43,424 $ 19,456

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Intangible Assets (Tables)	Mar. 31, 2022
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 March 31, 2022 At December 31, 2021 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 196,178 (109,718) 86,460 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 380,845 $ (109,718) $ 271,127 $ 382,847 $ (79,953) $ 302,894
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense for our finite-lived intangible assets at March 31, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 54,379 2023 24,876 Thereafter 7,205 Total $ 86,460

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
Notes Payable (Tables)	Mar. 31, 2022
Notes Payable [Abstract]
Notes Payable	Our notes payable at March 31, 2022 and December 31, 2021 are set forth in the tables below: Amounts at March 31, 2022 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 $ (231) $ 499,769 $ 501,283 Notes due April 23, 2024 SOFR+0.47% 0.619% 700,000 (1,452) 698,548 696,594 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,877) 497,123 461,600 Notes due November 9, 2026 1.500% 1.640% 650,000 (4,010) 645,990 608,077 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,888) 497,112 493,907 Notes due May 1, 2028 1.850% 1.962% 650,000 (4,107) 645,893 599,449 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,179) 546,821 505,937 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,179) 497,821 504,863 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,211) 643,789 600,303 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,399) 546,601 502,782 5,750,000 (30,533) 5,719,467 5,474,795 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 111,148 — 111,148 112,427 Notes due November 3, 2025 2.175% 2.175% 268,993 — 268,993 277,704 Notes due September 9, 2030 0.500% 0.640% 778,036 (9,449) 768,587 679,225 Notes due January 24, 2032 0.875% 0.978% 555,740 (5,260) 550,480 491,274 1,713,917 (14,709) 1,699,208 1,560,630 Mortgage Debt , secured by 11 real estate facilities with a net book value of $65.7 million 3.877% 3.896% 23,048 — 23,048 23,782 $ 7,486,965 $ (45,242) $ 7,441,723 $ 7,059,207 Amounts at December 31, 2021 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 499,637 $ 506,362 Notes due April 23, 2024 698,372 700,314 Notes due February 15, 2026 496,939 488,141 Notes due November 9, 2026 645,773 649,996 Notes due September 15, 2027 496,980 535,206 Notes due May 1, 2028 645,724 649,221 Notes due November 9, 2028 546,701 548,241 Notes due May 1, 2029 497,743 545,580 Notes due May 1, 2031 643,617 656,546 Notes due November 9, 2031 546,512 551,932 5,717,998 5,831,539 Euro Denominated Unsecured Debt Notes due April 12, 2024 113,431 117,526 Notes due November 3, 2025 274,518 295,256 Notes due September 9, 2030 784,287 769,561 Notes due January 24, 2032 561,761 551,842 1,733,997 1,734,185 Mortgage Debt 23,284 24,208 $ 7,475,279 $ 7,589,932
Maturities Of Notes Payable	At March 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ 500,000 $ 2,246 $ 502,246 2023 — 19,219 19,219 2024 811,148 124 811,272 2025 268,993 131 269,124 2026 1,150,000 138 1,150,138 Thereafter 4,733,776 1,190 4,734,966 $ 7,463,917 $ 23,048 $ 7,486,965 Weighted average effective rate 1.8% 3.9% 1.8%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
Shareholders' Equity (Tables)	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At March 31, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) 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 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Expense	We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $1.0 million and $1.2 million share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,864 $ 6,365 Ancillary cost of operations 266 386 General and administrative 8,798 7,680 Total $ 13,928 $ 14,431

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
Net Income per Common Share (Tables)	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 464,124 $ 385,810 Denominator for basic net income per share - weighted average common shares outstanding 175,170 174,611 Net effect of dilutive stock options - based on treasury stock method 1,166 229 Denominator for dilutive net income per share - weighted average common shares outstanding 176,336 174,840 Net income per common share: Basic $ 2.65 $ 2.21 Dilutive $ 2.63 $ 2.21

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2022
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: Three Months Ended March 31, 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 917,015 $ 716,347 Cost of operations (245,494) (212,105) Net operating income 671,521 504,242 Depreciation and amortization (222,128) (146,859) Net income 449,393 357,383 Ancillary Operations Revenue 56,430 50,915 Cost of operations (15,515) (16,318) Net operating income 40,915 34,597 Total net income allocated to segments 490,308 391,980 Other items not allocated to segments: General and administrative (23,069) (19,574) Interest and other income 3,379 2,852 Interest expense (33,124) (15,250) Equity in earnings of unconsolidated real estate entities 43,424 19,456 Foreign currency exchange gain 35,377 45,385 Gain on sale of real estate — 9,413 Net income $ 516,295 $ 434,262

Description of the Business (Na

Description of the Business (Narrative) (Details) ft² in Millions	Mar. 31, 2022ft²statecountrystorageFacility	Dec. 31, 2021
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities \| storageFacility	254
Net rentable area (in square feet)	14
Ownership interest (percentage)	35.00%	35.00%
Number of countries in which entity operates \| country	7
PSB
Nature Of Business [Line Items]
Net rentable area (in square feet)	27
Number of states with facilities \| state	6
Ownership interest (percentage)	41.00%	41.00%
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities \| storageFacility	2,797
Net rentable area (in square feet)	199.1
Number of states with facilities \| state	39
Public Storage \| Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	0.9

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 22,807,833
Capital expenditures to maintain real estate facilities	91,344
Acquisitions	125,534
Dispositions	(383)
Developed or expanded facilities opened for operation	19,379
Ending balance (Operating facilities, at cost)	23,043,707
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(7,773,308)
Depreciation expense	(185,409)
Dispositions	181
Ending balance (Accumulated depreciation)	(7,958,536)
Construction in process:
Beginning balance (Construction in process)	272,471
Costs incurred to develop and expand real estate facilities	84,460
Developed or expanded facilities opened for operation	(19,379)
Ending balance (Construction in process)	337,552
Total real estate facilities	$ 15,422,723	$ 15,306,996

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)ft²storageFacility	Mar. 31, 2021USD ($)
Schedule Of Real Estate Facilities [Line Items]
Payments to acquire real estate	$ 112,277	$ 203,108
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities \| storageFacility	10
Net rentable area acquired \| ft²	781
Total cost of acquisition	$ 127,700
Payments to acquire real estate	112,300
Issuance of partnership units	15,400
Payments to acquire intangible assets	2,200
Newly Developed and Expansion Projects \| Completed Developed and Expansion Project
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand	$ 19,400
Addtional net rentable square feet \| ft²	100

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	$ 850,649		$ 828,763
Equity in Earnings of Unconsolidated Real Estate	43,424	$ 19,456
PSB
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	537,331		515,312
Equity in Earnings of Unconsolidated Real Estate	36,886	14,476
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	313,318		$ 313,451
Equity in Earnings of Unconsolidated Real Estate	$ 6,538	$ 4,980

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash distribution received	$ 15,501	$ 15,487
PSB
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%		41.00%
Limited partnership units option to convert to common stock, conversion basis (in shares)	1
Closing price per share (in USD per share)	$ 168.08
Market value	$ 2,400,000
Cash distribution received	$ 15,200	$ 15,200

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)	Mar. 31, 2022€ / shares	Dec. 31, 2021USD ($)shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	1.111
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 15,501	$ 15,487
Shurgard
Schedule of Equity Method Investments [Line Items]
Common stock owned of Shurgard (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			€ 56.30
Market value	$ 2,000,000
Basis differential	73,400			$ 74,700
Amortization of basis differential	1,300	2,500
Shurgard \| Trademark License
Schedule of Equity Method Investments [Line Items]
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 300	$ 300

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill, gross	$ 165,843	$ 165,843
Goodwill, net	165,843	165,843
Gross Book Value	196,178	198,180
Accumulated Amortization	(109,718)	(79,953)
Total	86,460	118,227
Gross Book Value	380,845	382,847
Net Book Value	271,127	302,894
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 33.9	$ 6.1
Increase in finite-lived intangible assets	$ 2.2

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 54,379
2023	24,876
Thereafter	7,205
Total	$ 86,460	$ 118,227

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2022	May 03, 2022	Dec. 31, 2021
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		$ 21,200,000
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	Mar. 31, 2022USD ($)company	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Principal	$ 7,486,965
Unamortized Costs	(45,242)
Book Value	7,441,723	$ 7,475,279
Fair Value	7,059,207	7,589,932
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,750,000
Unamortized Costs	(30,533)
Book Value	5,719,467	5,717,998
Fair Value	$ 5,474,795	5,831,539
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	(231)
Book Value	499,769	499,637
Fair Value	$ 501,283	506,362
U.S. Dollar Denominated Unsecured Debt \| Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	0.619%
Principal	$ 700,000
Unamortized Costs	(1,452)
Book Value	698,548	698,372
Fair Value	$ 696,594	700,314
U.S. Dollar Denominated Unsecured Debt \| Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	1.03%
Principal	$ 500,000
Unamortized Costs	(2,877)
Book Value	497,123	496,939
Fair Value	$ 461,600	488,141
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%
Effective Rate	1.64%
Principal	$ 650,000
Unamortized Costs	(4,010)
Book Value	645,990	645,773
Fair Value	$ 608,077	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	(2,888)
Book Value	497,112	496,980
Fair Value	$ 493,907	535,206
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%
Effective Rate	1.962%
Principal	$ 650,000
Unamortized Costs	(4,107)
Book Value	645,893	645,724
Fair Value	$ 599,449	649,221
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%
Effective Rate	2.044%
Principal	$ 550,000
Unamortized Costs	(3,179)
Book Value	546,821	546,701
Fair Value	$ 505,937	548,241
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2029
Debt Instrument [Line Items]
Coupon Rate	3.385%
Effective Rate	3.459%
Principal	$ 500,000
Unamortized Costs	(2,179)
Book Value	497,821	497,743
Fair Value	$ 504,863	545,580
U.S. Dollar Denominated Unsecured Debt \| Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%
Effective Rate	2.419%
Principal	$ 650,000
Unamortized Costs	(6,211)
Book Value	643,789	643,617
Fair Value	$ 600,303	656,546
U.S. Dollar Denominated Unsecured Debt \| Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%
Effective Rate	2.322%
Principal	$ 550,000
Unamortized Costs	(3,399)
Book Value	546,601	546,512
Fair Value	$ 502,782	551,932
U.S. Dollar Denominated Unsecured Debt \| SOFR \| Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread	0.47%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 1,713,917
Unamortized Costs	(14,709)
Book Value	1,699,208	1,733,997
Fair Value	$ 1,560,630	1,734,185
Euro Denominated Unsecured Debt \| Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 111,148
Unamortized Costs	0
Book Value	111,148	113,431
Fair Value	$ 112,427	117,526
Euro Denominated Unsecured Debt \| Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 268,993
Unamortized Costs	0
Book Value	268,993	274,518
Fair Value	$ 277,704	295,256
Euro Denominated Unsecured Debt \| Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 778,036
Unamortized Costs	(9,449)
Book Value	768,587	784,287
Fair Value	$ 679,225	769,561
Euro Denominated Unsecured Debt \| Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 555,740
Unamortized Costs	(5,260)
Book Value	550,480	561,761
Fair Value	$ 491,274	551,842
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	$ 65,700
Coupon Rate	3.877%
Effective Rate	3.896%
Principal	$ 23,048
Unamortized Costs	0
Book Value	23,048	23,284
Fair Value	$ 23,782	$ 24,208

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
Notes Payable (Narrative) (Details) $ in Thousands	Mar. 31, 2022USD ($)tranche	Mar. 31, 2021USD ($)	Mar. 31, 2022tranche	Sep. 09, 2021EUR (€)	Jan. 24, 2020EUR (€)	Apr. 12, 2016EUR (€)	Nov. 03, 2015EUR (€)
Debt Instrument [Line Items]
Foreign currency exchange gain \| $	$ 35,377	$ 45,385
Cash paid for interest expense \| $	22,200	19,400
Interest capitalized as real estate \| $	$ 1,200	$ 900
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	15.00%		15.00%
Adjusted EBTIDA to interest Expense ratio			27
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 \| Maximum Covenant
Debt Instrument [Line Items]
Debt to Total Assets ratio	65.00%		65.00%
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%
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%
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%
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%

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Total debt	$ 7,486,965
Total
Debt Instrument [Line Items]
Remainder of 2022	502,246
2023	19,219
2024	811,272
2025	269,124
2026	1,150,138
Thereafter	4,734,966
Total debt	$ 7,486,965
Weighted average effective rate	1.80%
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 500,000
2023	0
2024	811,148
2025	268,993
2026	1,150,000
Thereafter	4,733,776
Total debt	$ 7,463,917
Weighted average effective rate	1.80%
Mortgage Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 2,246
2023	19,219
2024	124
2025	131
2026	138
Thereafter	1,190
Total debt	$ 23,048
Weighted average effective rate	3.90%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Issuance of partnership units \| $	$ 83.6
Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Issuance of partnership units \| $	$ 15.4
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	486,811
Partnership units conversion ratio	1
Noncontrolling Interests \| Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	254,833
Noncontrolling Interests \| Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	42,841

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Jan. 13, 2022	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		174,000	164,000
Liquidation Preference		$ 4,350,000	$ 4,100,000
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	24,150
Liquidation Preference		$ 603,750	$ 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	5,750
Liquidation Preference		$ 143,750	$ 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	17,400
Liquidation Preference		$ 435,000	$ 435,000
Series S Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date		Jan. 13, 2027
Dividend Rate	4.10%	4.10%
Preferred stock, shares outstanding (in shares)		10,000	0
Liquidation Preference	$ 250,000	$ 250,000	$ 0

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)	Jan. 13, 2022USD ($)$ / sharesshares	Mar. 31, 2022USD ($)dividendboardMember$ / shares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)
Class of Stock [Line Items]
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
Liquidation Preference		$ 4,350,000,000		$ 4,100,000,000
Common stock dividends paid in aggregate		$ 351,200,000	$ 350,100,000
Distributions to common shareholders and restricted share unitholders (in USD per share) \| $ / shares		$ 2	$ 2
Preferred share dividends		$ 48,365,000	$ 46,080,000
Series S Preferred Stock
Class of Stock [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%	4.10%
Shares issued (in USD per share) \| $ / shares	$ 25
Liquidation Preference	$ 250,000,000	$ 250,000,000		$ 0
Issuance costs	$ 7,200,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)storageFacility	Mar. 31, 2021USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries \| $	$ 535	$ 469
Canada \| Hughes Owned Canadian Facilities
Related Party Transaction [Line Items]
Number of self-storage facilities \| storageFacility	65
Ownership interest	0.00%

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 1,000	$ 1,200
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	13,928	14,431
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	4,864	6,365
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	266	386
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 8,798	$ 7,680

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense	$ 4.2	$ 3.8
Unrecognized compensation cost	$ 119.1
Compensation recognition period (in years)	3 years
Stock options granted (in shares)	77,683
Stock options exercised (in shares)	36,050
Stock options forfeited (in shares)	0
Stock options outstanding (in shares)	3,081,584		3,039,951
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
Share-based compensation expense	$ 3.9	4.4
Performance Target, Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period	3 years
Percentage of target options originally granted (percentage)	200.00%
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10.8	$ 11
Grants in period (in shares)	24,725
Forfeited in period (in shares)	8,821
Vested (in shares)	57,349
Issuance of common shares in connection with share-based compensation, net of taxes paid upon net share settlement of restricted share units (in shares)	41,847
Restricted share units outstanding (in shares)	529,377		570,822
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Grants in period (in shares)	21,985
Percentage of target options originally granted (percentage)	200.00%
Service-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	2,740
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	488
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	87
Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Minimum \| Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Maximum \| Stock Options
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

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 464,124	$ 385,810
Denominator for basic net income per share - weighted average common shares outstanding	175,170	174,611
Net effect of dilutive stock options - based on treasury stock method	1,166	229
Denominator for dilutive net income per share - weighted average common shares outstanding	176,336	174,840
Basic (in USD per share)	$ 2.65	$ 2.21
Diluted (in USD per share)	$ 2.63	$ 2.21

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 973,445	$ 767,262
Depreciation and amortization	(222,128)	(146,859)
General and administrative	(23,069)	(19,574)
Interest and other income	3,379	2,852
Interest expense	(33,124)	(15,250)
Equity in earnings of unconsolidated real estate entities	43,424	19,456
Foreign currency exchange gain	35,377	45,385
Gain on sale of real estate	0	9,413
Net income	516,295	434,262
Operating Segments
Segment Reporting Information [Line Items]
Net income	490,308	391,980
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(23,069)	(19,574)
Interest and other income	3,379	2,852
Interest expense	(33,124)	(15,250)
Equity in earnings of unconsolidated real estate entities	43,424	19,456
Foreign currency exchange gain	35,377	45,385
Gain on sale of real estate	0	9,413
Self-Storage Operations Reportable Segment \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	917,015	716,347
Cost of operations	(245,494)	(212,105)
Net operating income	671,521	504,242
Depreciation and amortization	(222,128)	(146,859)
Net income	449,393	357,383
Ancillary Operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	56,430	50,915
Cost of operations	(15,515)	(16,318)
Net operating income	$ 40,915	$ 34,597

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) certificate in Millions	Mar. 31, 2022USD ($)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	$ 5,200,000,000
Construction commitments	204,900,000
Construction commitments remainder of 2022	142,300,000
Construction commitments 2023	60,000,000
Construction commitments 2024	2,600,000
Various lease commitments	65,400,000
Various lease commitments remainder of 2022	2,200,000
Various lease commitments 2023	3,100,000
Various lease commitments 2024	3,000,000
Various lease commitments 2025	3,000,000
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 Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 03, 2022USD ($)ft²statestorageFacility	Sep. 30, 2022USD ($)$ / shares	Mar. 31, 2022USD ($)ft²	Dec. 31, 2021
PSB
Subsequent Event [Line Items]
Net rentable area (in square feet) \| ft²			27
Ownership interest (percentage)			41.00%	41.00%
Subsequent Event \| Forecast \| PSB \| Blackstone Real Estate
Subsequent Event [Line Items]
Proceeds from sale of equity method investments		$ 2,700
Gain on sale of equity method investment		2,200
Tax gain on disposal		$ 2,300
Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Total cost of acquisition			$ 127.7
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	11
Number of states self-storage facilities acquired or under contracts to be acquired \| state	9
Net rentable area (in square feet) \| ft²	0.9
Total cost of acquisition	$ 147.2
PSB \| Subsequent Event \| Forecast \| Blackstone Real Estate
Subsequent Event [Line Items]
Business acquisition, share price (in dollars per share) \| $ / shares		$ 187.50