Public Storage (PSA) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		175,541,870
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 1,013,886	$ 734,599
Real estate facilities, at cost:
Land	5,175,744	5,134,060
Buildings	18,139,804	17,673,773
Real estate facilities, gross	23,315,548	22,807,833
Accumulated depreciation	(8,150,113)	(7,773,308)
Real estate facilities, net	15,165,435	15,034,525
Construction in process	380,060	272,471
Total real estate facilities	15,545,495	15,306,996
Investments in unconsolidated real estate entities	845,894	828,763
Goodwill and other intangible assets, net	249,744	302,894
Other assets	207,832	207,656
Total assets	17,862,851	17,380,908
LIABILITIES AND EQUITY
Notes payable	7,340,904	7,475,279
Accrued and other liabilities	473,599	482,091
Total liabilities	7,814,503	7,957,370
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	0	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, 175,239,263 shares issued and outstanding (175,134,455 shares at December 31, 2021)	17,524	17,513
Paid-in capital	5,848,632	5,821,667
Accumulated deficit	(182,213)	(550,416)
Accumulated other comprehensive loss	(79,217)	(53,587)
Total Public Storage shareholders’ equity	9,954,726	9,335,177
Noncontrolling interests	93,622	20,112
Total equity	10,048,348	9,355,289
Total liabilities, redeemable noncontrolling interests and equity	$ 17,862,851	$ 17,380,908

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	175,239,263	175,134,455
Common stock, shares outstanding (in shares)	175,239,263	175,134,455

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Revenues	$ 1,032,045	$ 829,315	$ 2,005,490	$ 1,596,577
Expenses:
Depreciation and amortization	218,708	172,728	440,836	319,587
General and administrative	28,831	27,740	51,900	47,314
Interest expense	32,941	21,994	66,065	37,244
Operating expenses	535,679	441,048	1,075,009	851,154
Other increases (decreases) to net income:
Interest and other income	10,279	3,113	13,658	5,965
Equity in earnings of unconsolidated real estate entities	48,525	29,066	91,949	48,522
Foreign currency exchange gain (loss)	101,723	(12,707)	137,100	32,678
Gain on sale of real estate	0	3,991	0	13,404
Net income	656,893	411,730	1,173,188	845,992
Allocation to noncontrolling interests	(3,043)	(1,304)	(5,395)	(2,530)
Net income allocable to Public Storage shareholders	653,850	410,426	1,167,793	843,462
Allocation of net income to:
Preferred shareholders	(48,673)	(46,183)	(97,038)	(92,263)
Preferred shareholders - redemptions	0	(16,989)	0	(16,989)
Restricted share units	(1,796)	(1,005)	(3,250)	(2,151)
Net income allocable to common shareholders	$ 603,381	$ 346,249	$ 1,067,505	$ 732,059
Net income per common share:
Basic (in USD per share)	$ 3.44	$ 1.98	$ 6.09	$ 4.19
Diluted (in USD per share)	$ 3.42	$ 1.97	$ 6.05	$ 4.18
Basic weighted average common shares outstanding (in shares)	175,229,000	174,824,000	175,200,000	174,718,000
Diluted weighted average common shares outstanding (in shares)	176,312,000	175,547,000	176,325,000	175,194,000
Self-storage facilities
Revenues:
Revenues	$ 973,286	$ 776,993	$ 1,890,301	$ 1,493,340
Expenses:
Self-storage cost of operations	237,989	202,595	483,483	414,700
Ancillary operations
Revenues:
Revenues	58,759	52,322	115,189	103,237
Expenses:
Ancillary cost of operations	$ 17,210	$ 15,991	$ 32,725	$ 32,309

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 656,893	$ 411,730	$ 1,173,188	$ 845,992
Foreign currency exchange (loss) gain on investment in Shurgard	(18,835)	3,259	(25,630)	(2,681)
Total comprehensive income	638,058	414,989	1,147,558	843,311
Allocation to noncontrolling interests	(3,043)	(1,304)	(5,395)	(2,530)
Comprehensive income allocable to Public Storage shareholders	$ 635,015	$ 413,685	$ 1,142,163	$ 840,781

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Cumulative Preferred Shares	Common Shares	Total Public Storage Shareholders' Equity	Total Public Storage Shareholders' Equity Cumulative Preferred Shares	Total Public Storage Shareholders' Equity Common Shares	Cumulative Preferred Shares	Cumulative Preferred Shares Cumulative Preferred Shares	Common Shares	Common Shares Common Shares	Paid-in Capital	Paid-in Capital Cumulative Preferred Shares	Paid-in Capital Common 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			$ 47,598			$ 47,598				$ 28			$ 47,570
Share-based compensation expense	27,445			27,445							27,445
Acquisition of noncontrolling interests	33			32							32					1
Contributions by noncontrolling interests	1,765															1,765
Net income	845,992			845,992										845,992
Net income allocated to noncontrolling interests	(2,530)			(2,530)										(2,530)		(2,530)
Distributions to:
Preferred shareholders	(92,263)			(92,263)										(92,263)
Noncontrolling interests	(2,807)															(2,807)
Common shareholders and restricted share unitholders	(700,150)			(700,150)										(700,150)
Other comprehensive loss	(2,681)			(2,681)											(2,681)
Issuance of preferred shares	586,338			586,338			603,750				(17,412)
Redemption and shares called for redemption of preferred shares	(525,000)			(525,000)			(525,000)
Ending balance at Jun. 30, 2021	8,763,103			8,743,584			3,871,250		17,486		5,764,672			(863,742)	(46,082)	19,519
Beginning balance at Dec. 31, 2020	0
Ending balance at Jun. 30, 2021	0
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation			42,895			42,895				21			42,874
Share-based compensation expense	23,956			23,956							23,956
Contributions by noncontrolling interests	385															385
Net income	411,730			411,730										411,730
Net income allocated to noncontrolling interests	(1,304)			(1,304)										(1,304)		(1,304)
Distributions to:
Preferred shareholders	(46,183)			(46,183)										(46,183)
Noncontrolling interests	(1,538)															(1,538)
Common shareholders and restricted share unitholders	(350,054)			(350,054)										(350,054)
Other comprehensive loss	3,259			3,259											3,259
Issuance of preferred shares		$ 586,338			$ 586,338			$ 603,750				$ (17,412)
Redemption and shares called for redemption of preferred shares	(525,000)			(525,000)			(525,000)
Ending balance at Jun. 30, 2021	8,763,103			8,743,584			3,871,250		17,486		5,764,672			(863,742)	(46,082)	19,519
Beginning balance at Mar. 31, 2021	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	0
Net income allocated to noncontrolling interests	0
Noncontrolling interests	0
Ending balance at Jun. 30, 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 common shares in connection with share-based compensation			$ 11,560			$ 11,560				11			$ 11,549
Taxes withheld upon net share settlement of restricted share units	(12,210)			(12,210)							(12,210)
Share-based compensation expense	34,794			34,794							34,794
Contributions by noncontrolling interests	6,137															6,137
Reclassification from redeemable noncontrolling interests to noncontrolling interests	83,826															83,826
Net income	1,173,188			1,173,188										1,173,188
Net income allocated to noncontrolling interests	(5,395)			(5,395)										(5,395)		(4,735)
Distributions to:
Preferred shareholders	(97,038)			(97,038)										(97,038)
Noncontrolling interests	(21,188)															(21,188)
Common shareholders and restricted share unitholders	(702,552)			(702,552)										(702,552)
Other comprehensive loss	(25,630)			(25,630)											(25,630)
Issuance of preferred shares		$ 242,832			$ 242,832			$ 250,000				$ (7,168)
Ending balance at Jun. 30, 2022	10,048,348			9,954,726			4,350,000		17,524		5,848,632			(182,213)	(79,217)	93,622
Beginning balance at Dec. 31, 2021	68,249
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	15,426
Reclassification from redeemable noncontrolling interests to noncontrolling interests	(83,826)
Net income allocated to noncontrolling interests	660
Noncontrolling interests	(509)
Ending balance at Jun. 30, 2022	0
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation	3,453			3,453						$ 3	3,450
Taxes withheld upon net share settlement of restricted share units	(1,636)			(1,636)							(1,636)
Share-based compensation expense	19,144			19,144							19,144
Contributions by noncontrolling interests	5,346															5,346
Reclassification from redeemable noncontrolling interests to noncontrolling interests	83,826															83,826
Net income	656,893			656,893										656,893
Net income allocated to noncontrolling interests	(3,043)			(3,043)										(3,043)		(3,043)
Distributions to:
Preferred shareholders	(48,673)			(48,673)										(48,673)
Noncontrolling interests	(19,142)															(19,142)
Common shareholders and restricted share unitholders	(351,289)			(351,289)										(351,289)
Other comprehensive loss	(18,835)			(18,835)											(18,835)
Ending balance at Jun. 30, 2022	10,048,348			$ 9,954,726			$ 4,350,000		$ 17,524		$ 5,848,632			$ (182,213)	$ (79,217)	$ 93,622
Beginning balance at Mar. 31, 2022	83,826
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	0
Reclassification from redeemable noncontrolling interests to noncontrolling interests	(83,826)
Net income allocated to noncontrolling interests	0
Noncontrolling interests	0
Ending balance at Jun. 30, 2022	$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 2	$ 4	$ 4
Preferred Shares
Issuance of preferred shares (in shares)	24,150	10,000	24,150
Redemption and shares called for redemption of preferred shares (in shares)	21,000		21,000
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	213,433	104,808	282,695

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 1,173,188	$ 845,992
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of real estate	0	(13,404)
Depreciation and amortization	440,836	319,587
Equity in earnings of unconsolidated real estate entities	(91,949)	(48,522)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	46,593	43,747
Unrealized foreign currency exchange gain	(136,818)	(32,678)
Share-based compensation expense	30,856	32,672
Other	(8,933)	(16,939)
Total adjustments	280,585	284,463
Net cash flows from operating activities	1,453,773	1,130,455
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(212,473)	(90,644)
Development and expansion of real estate facilities	(156,463)	(135,180)
Acquisition of real estate facilities and intangible assets	(231,417)	(2,518,358)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	4,537	8,765
Proceeds from sale of real estate investments	0	15,713
Net cash flows used in investing activities	(595,816)	(2,719,704)
Cash flows from financing activities:
Repayments on notes payable	(472)	(1,053)
Issuance of notes payable, net of issuance costs	0	2,482,529
Issuance of preferred shares	242,832	586,338
Issuance of common shares in connection with share-based compensation	11,492	47,598
Redemption of preferred shares	0	(500,000)
Taxes paid upon net share settlement of restricted share units	(12,210)	(9,013)
Acquisition of noncontrolling interests	0	(33)
Contributions by noncontrolling interests	1,698	1,765
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(799,502)	(792,413)
Distributions paid to noncontrolling interests	(21,697)	(2,807)
Net cash flows (used in) from financing activities	(577,859)	1,812,911
Net cash flows from operating, investing, and financing activities	280,098	223,662
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	0	173
Increase in cash and equivalents, including restricted cash	280,098	223,835
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	1,013,886	480,810
Restricted cash included in other assets	27,502	25,625
Cash, equivalents, and restricted cash	1,041,388	506,435
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(15,796)	(13,728)
Construction or expansion of real estate facilities	(48,682)	(41,345)
Real estate acquired in exchange for noncontrolling interests	(19,865)	0
Preferred shares called for redemption and reclassified to liabilities	$ 0	$ 325,000

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 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 June 30, 2022, we had direct and indirect equity interests in 2,807 self-storage facilities (with approximately 200.1 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. At June 30, 2022, we owned a 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owned 256 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 owned a 41% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owned 27 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Refer to Note 15. Subsequent Events for information regarding PSB’s closed merger transaction with affiliates of Blackstone Real Estate ("Blackstone") on July 20, 2022, which resulted in the sale of our 41% common equity interest in PSB in its entirety.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during the six months ended June 30, 2022 is as follows: Six Months Ended June 30, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 205,558 Acquisitions 246,274 Dispositions (383) Developed or expanded facilities opened for operation 56,266 Ending balance 23,315,548 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (376,986) Dispositions 181 Ending balance (8,150,113) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 163,855 Developed or expanded facilities opened for operation (56,266) Ending balance 380,060 Total real estate facilities at June 30, 2022 $ 15,545,495

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	6 Months Ended
	Jun. 30, 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 June 30, 2022 December 31, 2021 PSB $ 563,041 $ 515,312 Shurgard 282,853 313,451 Total $ 845,894 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 PSB $ 40,124 $ 20,908 $ 77,010 $ 35,384 Shurgard 8,401 8,158 14,939 13,138 Total $ 48,525 $ 29,066 $ 91,949 $ 48,522 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 a 41% common equity interest as of June 30, 2022 (41% as of December 31, 2021). The limited partnership units were convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at June 30, 2022 ($187.15 per share of PSB common stock), the shares and units we owned had a market value of approximately $2.7 billion. During each of the six months ended June 30, 2022 and 2021, we received cash distributions from PSB totaling $30.4 million. As of June 30, 2022, PSB was a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Refer to Note 15. Subsequent Events for information regarding PSB’s closed merger transaction with Blackstone on July 20, 2022, which resulted in the sale of our 41% common equity interest in PSB in its entirety. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing a 35% equity interest in Shurgard. Based upon the closing price at June 30, 2022 (€44.45 per share of Shurgard common stock, at 1.045 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $1.5 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 $0.6 million of intra-entity profits and losses for each of the six months ended June 30, 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. During the six months ended June 30, 2022 and 2021, we received cash dividends from Shurgard totaling $20.1 million and $21.5 million, respectively. At June 30, 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 $70.6 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 $4.1 million and $4.4 million during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 195,114 (130,037) 65,077 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 379,781 $ (130,037) $ 249,744 $ 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 $24.3 million and $58.2 million for the three and six months ended June 30, 2022, respectively, and $19.6 million and $25.7 million in the same periods in 2021. During the six months ended June 30, 2022, intangibles increased $5.0 million, in connection with the acquisition of self-storage facilities (Note 3). The estimated future amortization expense for our finite-lived intangible assets at June 30, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 31,787 2023 25,857 Thereafter 7,433 Total $ 65,077

Credit Facility

Credit Facility	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2022). At June 30, 2022 and August 4, 2022, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $18.5 million at June 30, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants, with which we were in compliance at June 30, 2022.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 are set forth in the tables below: Amounts at June 30, 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 $ (99) $ 499,901 $ 499,889 Notes due April 23, 2024 SOFR+0.47% 0.679% 700,000 (1,276) 698,724 677,948 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,692) 497,308 446,501 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,792) 646,208 586,313 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,756) 497,244 473,901 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,938) 646,062 563,957 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,059) 546,941 475,398 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,102) 497,898 464,411 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,040) 643,960 546,666 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,309) 546,691 455,568 5,750,000 (29,063) 5,720,937 5,190,552 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 104,503 — 104,503 102,948 Notes due November 3, 2025 2.175% 2.175% 252,911 — 252,911 249,888 Notes due September 9, 2030 0.500% 0.640% 731,521 (9,169) 722,352 574,244 Notes due January 24, 2032 0.875% 0.978% 522,515 (5,126) 517,389 407,562 1,611,450 (14,295) 1,597,155 1,334,642 Mortgage Debt , secured by 11 real estate facilities with a net book value of $65.3 million 3.876% 3.895% 22,812 — 22,812 23,066 $ 7,384,262 $ (43,358) $ 7,340,904 $ 6,548,260 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 June 30, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 15% at June 30, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 26x for the twelve months ended June 30, 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 including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $102.9 million and $138.2 million for the three and six months ended June 30, 2022, respectively, as compared to losses of $12.7 million and gains of $32.7 million for the three and six months ended June 30, 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 June 30, 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 June 30, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ 500,000 $ 2,011 $ 502,011 2023 — 19,219 19,219 2024 804,503 124 804,627 2025 252,911 131 253,042 2026 1,150,000 138 1,150,138 Thereafter 4,654,036 1,189 4,655,225 $ 7,361,450 $ 22,812 $ 7,384,262 Weighted average effective rate 1.8% 3.9% 1.9% Cash paid for interest totaled $66.0 million and $32.3 million for the six months ended June 30, 2022 and 2021, respectively. Interest capitalized as real estate totaled $2.6 million and $1.7 million for the six months ended June 30, 2022 and 2021, respectively.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 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 June 30, 2022, certain of these subsidiaries have issued 498,107 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 54,137 partnership units of $19.9 million issued to third-parties in connection with our acquisition of self-storage properties in the six months ended June 30, 2022.At March 31, 2022, we had 254,833 partnership units of $83.8 million classified as redeemable noncontrolling interests outside of total equity in our consolidated balance sheets, because the unitholders of these partnership units had the right to require redemption of their partnership units in cash if common shares of the Company were not publicly listed. In the second quarter of 2022, the related partnership agreements were amended with such cash redemption feature removed from these partnership units. We therefore reclassified $83.8 million from redeemable noncontrolling interests to noncontrolling interests in total equity during

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At June 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At June 30, 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 June 30, 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 $351.3 million ($2.00 per share) and $350.1 million ($2.00 per share) for the three months ended June 30, 2022 and 2021, respectively, and $702.5 million ($4.00 per share) and $700.2 million ($4.00 per share) for the six months ended June 30, 2022 and 2021, respectively. Preferred share dividends paid totaled $48.7 million and $46.2 million for the three months ended June 30, 2022 and 2021, respectively, and $97.0 million and $92.3 million for the six months ended June 30, 2022 and 2021, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAt June 30, 2022, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1% equity interest in, and is a manager of, a limited liability company that owns 65 self-storage facilities in Canada. Two of Ms. Gustavson's adult children owned the remaining equity interest in the limited liability company. 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 $1.1 million and $1.0 million for the six months ended June 30, 2022 and 2021, respectively.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 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, $1.1 million and $2.1 million share-based compensation cost was capitalized as real estate facilities for the three and six months ended June 30, 2022, respectively, as compared to $1.1 million and $2.2 million for the same periods of 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,673 $ 5,401 $ 9,537 $ 11,766 Ancillary cost of operations 221 393 487 779 General and administrative 12,034 12,864 20,832 20,544 Total $ 16,928 $ 18,658 $ 30,856 $ 33,089 Included in share-based compensation is $5.3 million and $9.5 million during the three and six months ended June 30, 2022, respectively, as compared to $7.2 million and $11.0 million for the same periods in 2021, of 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 June 30, 2022, there was $111.3 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 six months ended June 30, 2022, 142,683 stock options were granted, 54,466 options were exercised, and no options were forfeited. In addition, we expect an incremental 61,250 stock options to be paid out based on the estimated achievement of performance targets on our multi-year performance-based stock options granted during the six months ended June 30, 2021. A total of 3,189,418 stock options were outstanding at June 30, 2022 (3,039,951 at December 31, 2021). During the six months ended June 30, 2022, we granted 65,000 stock options in connection with non-management trustee compensation. For the remaining 77,683 stock options granted during the six months ended June 30, 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 and six months ended June 30, 2022, we incurred share-based compensation cost for outstanding stock options of $7.7 million and $11.6 million, respectively, as compared to $10.6 million and $15.0 million for the same periods in 2021. 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 six months ended June 30, 2022, 26,579 RSUs were granted, 13,552 RSUs were forfeited and 69,515 RSUs vested. The vesting resulted in the issuance of 50,147 common shares. A total of 514,334 RSUs were outstanding at June 30, 2022 (570,822 at December 31, 2021). Included in the RSUs granted during the six months ended June 30, 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 six months ended June 30, 2022 are 4,594 service-based RSUs. For the three and six months ended June 30, 2022, we incurred share-based compensation cost for RSUs of $10.1 million and $20.9 million, respectively, as compared to $8.8 million and $19.8 million for the same periods in 2021. Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 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. Potentially dilutive stock options representing 142,683 shares of common stock were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2022, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three and six months ended June 30, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 603,381 $ 346,249 $ 1,067,505 $ 732,059 Denominator for basic net income per share - weighted average common shares outstanding 175,229 174,824 175,200 174,718 Net effect of dilutive stock options - based on treasury stock method 1,083 723 1,125 476 Denominator for dilutive net income per share - weighted average common shares outstanding 176,312 175,547 176,325 175,194 Net income per common share: Basic $ 3.44 $ 1.98 $ 6.09 $ 4.19 Dilutive $ 3.42 $ 1.97 $ 6.05 $ 4.18

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 973,286 $ 776,993 $ 1,890,301 $ 1,493,340 Cost of operations (237,989) (202,595) (483,483) (414,700) Net operating income 735,297 574,398 1,406,818 1,078,640 Depreciation and amortization (218,708) (172,728) (440,836) (319,587) Net income 516,589 401,670 965,982 759,053 Ancillary Operations Revenue 58,759 52,322 115,189 103,237 Cost of operations (17,210) (15,991) (32,725) (32,309) Net operating income 41,549 36,331 82,464 70,928 Total net income allocated to segments 558,138 438,001 1,048,446 829,981 Other items not allocated to segments: General and administrative (28,831) (27,740) (51,900) (47,314) Interest and other income 10,279 3,113 13,658 5,965 Interest expense (32,941) (21,994) (66,065) (37,244) Equity in earnings of unconsolidated real estate entities 48,525 29,066 91,949 48,522 Foreign currency exchange gain (loss) 101,723 (12,707) 137,100 32,678 Gain on sale of real estate — 3,991 — 13,404 Net income $ 656,893 $ 411,730 $ 1,173,188 $ 845,992

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2022, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $5.5 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $267.5 million at June 30, 2022. We expect to pay approximately $155.7 million in the remainder of 2022, $106.1 million in 2023 and $5.7 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $64.9 million at June 30, 2022. We expect to pay approximately $1.4 million in the remainder of 2022, $3.1 million in each of 2023, 2024 and 2025, $3.0 million in 2026 and $51.2 million thereafter for these commitments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2022, we acquired or were under contract to acquire 24 self-storage facilities across ten states with 1.7 million net rentable square feet, for $257.4 million. Additionally, on July 8, 2022, we acquired the commercial interests of PSB at three sites, totaling five properties, jointly occupied with our self-storage facilities located in Maryland and Virginia, for $47.0 million. On April 24, 2022, PSB entered into an Agreement and Plan of Merger whereby affiliates of Blackstone agreed to acquire all outstanding shares of PSB's common stock for $187.50 per share in cash. On July 20, 2022, PSB announced that it completed the merger transaction with Blackstone. Each share of PSB common stock and each common unit of partnership interest we held in PSB were converted into the right to receive the merger consideration of $187.50 per share or unit and a $0.22 prorated quarterly cash dividend per share or unit, for a total of $187.72 per share or unit. At the close of the merger transaction, we received a total of $2.7 billion of cash proceeds and recognized a $2.1 billion gain on the sale of our equity investment in PSB in the Consolidated Statement of Income for the third quarter of 2022. In connection with the sale of our equity investment in PSB, on July 22, 2022, our Board of Trustees declared a special cash dividend of $13.15 per common share. The special dividend is payable on August 4, 2022 to shareholders of record as of August 1, 2022. On July 26, 2022, the Company called for redemption on August 15, 2022 its 2.370% Senior Notes, with an aggregate outstanding principal amount of $500.0 million, due September 15, 2022.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 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. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Activities	Activity in real estate facilities during the six months ended June 30, 2022 is as follows: Six Months Ended June 30, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 205,558 Acquisitions 246,274 Dispositions (383) Developed or expanded facilities opened for operation 56,266 Ending balance 23,315,548 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (376,986) Dispositions 181 Ending balance (8,150,113) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 163,855 Developed or expanded facilities opened for operation (56,266) Ending balance 380,060 Total real estate facilities at June 30, 2022 $ 15,545,495

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 December 31, 2021 PSB $ 563,041 $ 515,312 Shurgard 282,853 313,451 Total $ 845,894 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 PSB $ 40,124 $ 20,908 $ 77,010 $ 35,384 Shurgard 8,401 8,158 14,939 13,138 Total $ 48,525 $ 29,066 $ 91,949 $ 48,522

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 195,114 (130,037) 65,077 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 379,781 $ (130,037) $ 249,744 $ 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 June 30, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 31,787 2023 25,857 Thereafter 7,433 Total $ 65,077

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Payable [Abstract]
Notes Payable	Our notes payable at June 30, 2022 and December 31, 2021 are set forth in the tables below: Amounts at June 30, 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 $ (99) $ 499,901 $ 499,889 Notes due April 23, 2024 SOFR+0.47% 0.679% 700,000 (1,276) 698,724 677,948 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,692) 497,308 446,501 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,792) 646,208 586,313 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,756) 497,244 473,901 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,938) 646,062 563,957 Notes due November 9, 2028 1.950% 2.044% 550,000 (3,059) 546,941 475,398 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,102) 497,898 464,411 Notes due May 1, 2031 2.300% 2.419% 650,000 (6,040) 643,960 546,666 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,309) 546,691 455,568 5,750,000 (29,063) 5,720,937 5,190,552 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 104,503 — 104,503 102,948 Notes due November 3, 2025 2.175% 2.175% 252,911 — 252,911 249,888 Notes due September 9, 2030 0.500% 0.640% 731,521 (9,169) 722,352 574,244 Notes due January 24, 2032 0.875% 0.978% 522,515 (5,126) 517,389 407,562 1,611,450 (14,295) 1,597,155 1,334,642 Mortgage Debt , secured by 11 real estate facilities with a net book value of $65.3 million 3.876% 3.895% 22,812 — 22,812 23,066 $ 7,384,262 $ (43,358) $ 7,340,904 $ 6,548,260 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 June 30, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ 500,000 $ 2,011 $ 502,011 2023 — 19,219 19,219 2024 804,503 124 804,627 2025 252,911 131 253,042 2026 1,150,000 138 1,150,138 Thereafter 4,654,036 1,189 4,655,225 $ 7,361,450 $ 22,812 $ 7,384,262 Weighted average effective rate 1.8% 3.9% 1.9%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At June 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At June 30, 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)	6 Months Ended
	Jun. 30, 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, $1.1 million and $2.1 million share-based compensation cost was capitalized as real estate facilities for the three and six months ended June 30, 2022, respectively, as compared to $1.1 million and $2.2 million for the same periods of 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,673 $ 5,401 $ 9,537 $ 11,766 Ancillary cost of operations 221 393 487 779 General and administrative 12,034 12,864 20,832 20,544 Total $ 16,928 $ 18,658 $ 30,856 $ 33,089

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 603,381 $ 346,249 $ 1,067,505 $ 732,059 Denominator for basic net income per share - weighted average common shares outstanding 175,229 174,824 175,200 174,718 Net effect of dilutive stock options - based on treasury stock method 1,083 723 1,125 476 Denominator for dilutive net income per share - weighted average common shares outstanding 176,312 175,547 176,325 175,194 Net income per common share: Basic $ 3.44 $ 1.98 $ 6.09 $ 4.19 Dilutive $ 3.42 $ 1.97 $ 6.05 $ 4.18

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 973,286 $ 776,993 $ 1,890,301 $ 1,493,340 Cost of operations (237,989) (202,595) (483,483) (414,700) Net operating income 735,297 574,398 1,406,818 1,078,640 Depreciation and amortization (218,708) (172,728) (440,836) (319,587) Net income 516,589 401,670 965,982 759,053 Ancillary Operations Revenue 58,759 52,322 115,189 103,237 Cost of operations (17,210) (15,991) (32,725) (32,309) Net operating income 41,549 36,331 82,464 70,928 Total net income allocated to segments 558,138 438,001 1,048,446 829,981 Other items not allocated to segments: General and administrative (28,831) (27,740) (51,900) (47,314) Interest and other income 10,279 3,113 13,658 5,965 Interest expense (32,941) (21,994) (66,065) (37,244) Equity in earnings of unconsolidated real estate entities 48,525 29,066 91,949 48,522 Foreign currency exchange gain (loss) 101,723 (12,707) 137,100 32,678 Gain on sale of real estate — 3,991 — 13,404 Net income $ 656,893 $ 411,730 $ 1,173,188 $ 845,992

Description of the Business (Na

Description of the Business (Narrative) (Details) ft² in Millions	Jul. 20, 2022	Jun. 30, 2022 ft² storageFacility state country	Dec. 31, 2021
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storageFacility		256
Net rentable area (in square feet)		14
Ownership interest (percentage)		35%	35%
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%	41%
PSB | Subsequent Event
Nature Of Business [Line Items]
Ownership interest (percentage)	41%
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities | storageFacility		2,807
Net rentable area (in square feet)		200.1
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	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 22,807,833
Capital expenditures to maintain real estate facilities	205,558
Acquisitions	246,274
Dispositions	(383)
Developed or expanded facilities opened for operation	56,266
Ending balance (Operating facilities, at cost)	23,315,548
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(7,773,308)
Depreciation expense	(376,986)
Dispositions	181
Ending balance (Accumulated depreciation)	(8,150,113)
Construction in process:
Beginning balance (Construction in process)	272,471
Costs incurred to develop and expand real estate facilities	163,855
Developed or expanded facilities opened for operation	(56,266)
Ending balance (Construction in process)	380,060
Total real estate facilities	$ 15,545,495	$ 15,306,996

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) ft² storageFacility	Jun. 30, 2021 USD ($)
Schedule Of Real Estate Facilities [Line Items]
Payments to acquire real estate	$ 231,417	$ 2,518,358
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | storageFacility	20
Net rentable area acquired | ft²	1.5
Total cost of acquisition	$ 251,300
Payments to acquire real estate	231,400
Issuance of partnership units	19,900
Payments to acquire intangible assets	5,000
Newly Developed and Expansion Projects | Completed Developed and Expansion Project
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand	$ 56,300
Additional net rentable square feet | ft²	0.4

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	$ 845,894		$ 845,894		$ 828,763
Equity in Earnings of Unconsolidated Real Estate	48,525	$ 29,066	91,949	$ 48,522
PSB
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	563,041		563,041		515,312
Equity in Earnings of Unconsolidated Real Estate	40,124	20,908	77,010	35,384
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	282,853		282,853		$ 313,451
Equity in Earnings of Unconsolidated Real Estate	$ 8,401	$ 8,158	$ 14,939	$ 13,138

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jul. 20, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Cash distribution received	$ 46,593	$ 43,747
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%			41%
Limited partnership units option to convert to common stock, conversion basis (in shares)	1
Closing price per share (in USD per share)	$ 187.15
Market value	$ 2,700,000
Cash distribution received	$ 30,400	$ 30,400
PSB | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership interest (percentage)			41%

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 € / shares	Dec. 31, 2021 USD ($) shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	1.045
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 46,593	$ 43,747
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%			35%
Closing price per share (in Euros per share) | € / shares			€ 44.45
Market value	$ 1,500,000
Distributions from cumulative equity in earnings of unconsolidated real estate entities	20,100	21,500
Basis differential	70,600			$ 74,700
Amortization of basis differential	4,100	4,400
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 600	$ 600

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 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	195,114	198,180
Accumulated Amortization	(130,037)	(79,953)
Total	65,077	118,227
Gross Book Value	379,781	382,847
Net Book Value	249,744	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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 24.3	$ 19.6	$ 58.2	$ 25.7
Increase in finite-lived intangible assets			$ 5

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 31,787
2023	25,857
Thereafter	7,433
Total	$ 65,077	$ 118,227

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Aug. 04, 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	$ 18,500,000	$ 18,500,000		$ 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	Jun. 30, 2022 USD ($) company	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Principal	$ 7,384,262
Unamortized Costs	(43,358)
Book Value	7,340,904	$ 7,475,279
Fair Value	6,548,260	7,589,932
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,750,000
Unamortized Costs	(29,063)
Book Value	5,720,937	5,717,998
Fair Value	$ 5,190,552	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	(99)
Book Value	499,901	499,637
Fair Value	$ 499,889	506,362
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	0.679%
Principal	$ 700,000
Unamortized Costs	(1,276)
Book Value	698,724	698,372
Fair Value	$ 677,948	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	(2,692)
Book Value	497,308	496,939
Fair Value	$ 446,501	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	(3,792)
Book Value	646,208	645,773
Fair Value	$ 586,313	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	(2,756)
Book Value	497,244	496,980
Fair Value	$ 473,901	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	(3,938)
Book Value	646,062	645,724
Fair Value	$ 563,957	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	(3,059)
Book Value	546,941	546,701
Fair Value	$ 475,398	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	(2,102)
Book Value	497,898	497,743
Fair Value	$ 464,411	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	(6,040)
Book Value	643,960	643,617
Fair Value	$ 546,666	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	(3,309)
Book Value	546,691	546,512
Fair Value	$ 455,568	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	$ 1,611,450
Unamortized Costs	(14,295)
Book Value	1,597,155	1,733,997
Fair Value	$ 1,334,642	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	$ 104,503
Unamortized Costs	0
Book Value	104,503	113,431
Fair Value	$ 102,948	117,526
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 252,911
Unamortized Costs	0
Book Value	252,911	274,518
Fair Value	$ 249,888	295,256
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 731,521
Unamortized Costs	(9,169)
Book Value	722,352	784,287
Fair Value	$ 574,244	769,561
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 522,515
Unamortized Costs	(5,126)
Book Value	517,389	561,761
Fair Value	$ 407,562	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	$ 65,300
Coupon Rate	3.876%
Effective Rate	3.895%
Principal	$ 22,812
Unamortized Costs	0
Book Value	22,812	23,284
Fair Value	$ 23,066	$ 24,208

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) tranche	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) tranche	Jun. 30, 2021 USD ($)	Jun. 30, 2022 tranche	Sep. 09, 2021 EUR (€)	Jan. 24, 2020 EUR (€)	Apr. 12, 2016 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Foreign currency exchange gain (loss) | $	$ 101,723	$ (12,707)	$ 137,100	$ 32,678
Cash paid for interest expense | $			66,000	32,300
Interest capitalized as real estate | $			$ 2,600	1,700
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate	3.20%		3.20%		3.20%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate	7.10%		7.10%		7.10%
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to Total Assets ratio	15%		15%		15%
Adjusted EBTIDA to interest Expense ratio					26
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%		65%		65%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Number of tranches | tranche	4		4		4
Foreign currency exchange gain (loss) | $	$ 102,900	$ (12,700)	$ 138,200	$ 32,700
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%		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%		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%		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%		0.50%

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total debt	$ 7,384,262
Total
Debt Instrument [Line Items]
Remainder of 2022	502,011
2023	19,219
2024	804,627
2025	253,042
2026	1,150,138
Thereafter	4,655,225
Total debt	$ 7,384,262
Weighted average effective rate	1.90%
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 500,000
2023	0
2024	804,503
2025	252,911
2026	1,150,000
Thereafter	4,654,036
Total debt	$ 7,361,450
Weighted average effective rate	1.80%
Mortgage Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 2,011
2023	19,219
2024	124
2025	131
2026	138
Thereafter	1,189
Total debt	$ 22,812
Weighted average effective rate	3.90%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Millions		6 Months Ended
	Mar. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares
Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Issuance of partnership units | $	$ 83.8
Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Issuance of partnership units | $		$ 19.9
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)		498,107
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)		54,137

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 13, 2022	Jun. 30, 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. 02, 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. 09, 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. 06, 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%
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%
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)		3 Months Ended		6 Months Ended
	Jan. 13, 2022 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) dividend boardMember $ / shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)
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		$ 25
Liquidation Preference		$ 4,350,000,000		$ 4,350,000,000		$ 4,100,000,000
Common stock dividends paid in aggregate		$ 351,300,000	$ 350,100,000	$ 702,500,000	$ 700,200,000
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares		$ 2	$ 2	$ 4	$ 4
Preferred share dividends		$ 48,673,000	$ 46,183,000	$ 97,038,000	$ 92,263,000
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		$ 250,000,000		$ 0
Issuance costs	$ 7,200,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) storageFacility adult_children	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 1.1	$ 1
Canada | Hughes Owned Canadian Facilities
Related Party Transaction [Line Items]
Number of self-storage facilities | storageFacility	65
Number of Ms. Gustavson's Adult Children owning remaining equity in LLC | adult_children	2
Ownership interest by parent	0%
Canada | Hughes Owned Canadian Facilities | Tamara Hughes Gustavson
Related Party Transaction [Line Items]
Ownership interest of noncontrolling owners (less than)	0.10%

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 1,100	$ 1,100	$ 2,100	$ 2,200
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	16,928	18,658	30,856	33,089
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	4,673	5,401	9,537	11,766
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	221	393	487	779
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 12,034	$ 12,864	$ 20,832	$ 20,544

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense	$ 5,300	$ 7,200	$ 9,500	$ 11,000
Unrecognized compensation cost	$ 111,300		$ 111,300
Compensation recognition period (in years)			3 years
Stock options granted (in shares)			142,683
Stock options exercised (in shares)			54,466
Stock options forfeited (in shares)			0
Stock options incremental payout (in shares)	61,250		61,250
Stock options outstanding (in shares)	3,189,418		3,189,418		3,039,951
Share-based compensation expense	$ 16,928	18,658	$ 30,856	33,089
Non-Management Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)			65,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)			10 years
Share-based compensation expense	$ 7,700	10,600	$ 11,600	15,000
Performance Target, Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)			77,683
Award performance period			3 years
Percentage of target options originally granted (percentage)	200%		200%
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,100	$ 8,800	$ 20,900	$ 19,800
Grants in period (in shares)			26,579
Forfeited in period (in shares)			13,552
Vested (in shares)			69,515
Issuance of common shares in connection with share-based compensation, net of taxes paid upon net share settlement of restricted share units (in shares)			50,147
Restricted share units outstanding (in shares)	514,334		514,334		570,822
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period			3 years
Grants in period (in shares)			21,985
Percentage of target options originally granted (percentage)	200%		200%
Service-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			4,594
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			1,095
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			195
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, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	142,683		142,683
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 603,381	$ 346,249	$ 1,067,505	$ 732,059
Denominator for basic net income per share - weighted average common shares outstanding	175,229,000	174,824,000	175,200,000	174,718,000
Net effect of dilutive stock options - based on treasury stock method	1,083,000	723,000	1,125,000	476,000
Denominator for dilutive net income per share - weighted average common shares outstanding	176,312,000	175,547,000	176,325,000	175,194,000
Basic (in USD per share)	$ 3.44	$ 1.98	$ 6.09	$ 4.19
Diluted (in USD per share)	$ 3.42	$ 1.97	$ 6.05	$ 4.18

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,032,045	$ 829,315	$ 2,005,490	$ 1,596,577
Depreciation and amortization	(218,708)	(172,728)	(440,836)	(319,587)
General and administrative	(28,831)	(27,740)	(51,900)	(47,314)
Interest and other income	10,279	3,113	13,658	5,965
Interest expense	(32,941)	(21,994)	(66,065)	(37,244)
Equity in earnings of unconsolidated real estate entities	48,525	29,066	91,949	48,522
Foreign currency exchange gain (loss)			136,818	32,678
Gain on sale of real estate	0	3,991	0	13,404
Net income	656,893	411,730	1,173,188	845,992
Operating Segments
Segment Reporting Information [Line Items]
Net income	558,138	438,001	1,048,446	829,981
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(28,831)	(27,740)	(51,900)	(47,314)
Interest and other income	10,279	3,113	13,658	5,965
Interest expense	(32,941)	(21,994)	(66,065)	(37,244)
Equity in earnings of unconsolidated real estate entities	48,525	29,066	91,949	48,522
Foreign currency exchange gain (loss)	101,723	(12,707)	137,100	32,678
Gain on sale of real estate	0	3,991	0	13,404
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	973,286	776,993	1,890,301	1,493,340
Cost of operations	(237,989)	(202,595)	(483,483)	(414,700)
Net operating income	735,297	574,398	1,406,818	1,078,640
Depreciation and amortization	(218,708)	(172,728)	(440,836)	(319,587)
Net income	516,589	401,670	965,982	759,053
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	58,759	52,322	115,189	103,237
Net operating income	41,549	36,331	82,464	70,928
Cost of operations	$ (17,210)	$ (15,991)	$ (32,725)	$ (32,309)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) certificate in Millions	Jun. 30, 2022 USD ($) 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	$ 5,500,000,000
Construction commitments	267,500,000
Construction commitments remainder of 2022	155,700,000
Construction commitments 2023	106,100,000
Construction commitments 2024	5,700,000
Various lease commitments	64,900,000
Various lease commitments remainder of 2022	1,400,000
Various lease commitments 2023	3,100,000
Various lease commitments 2024	3,100,000
Various lease commitments 2025	3,100,000
Various lease commitments 2026	3,000,000
Various lease commitments thereafter	$ 51,200,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands, ft² in Millions				1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 04, 2022 ft² storageFacility state $ / shares	Jul. 20, 2022 USD ($) $ / shares	Jul. 08, 2022 USD ($) site property	Aug. 04, 2022 USD ($) ft² storageFacility state	Jun. 30, 2022 USD ($) ft² $ / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2022 USD ($) ft² $ / shares	Jun. 30, 2021 $ / shares	Jul. 26, 2022 USD ($)
Subsequent Event [Line Items]
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares					$ 2	$ 2	$ 4	$ 4
Total debt					$ 7,384,262		$ 7,384,262
U.S. Dollar Denominated Unsecured Debt
Subsequent Event [Line Items]
Total debt					$ 5,750,000		$ 5,750,000
Notes due September 15, 2022 | U.S. Dollar Denominated Unsecured Debt
Subsequent Event [Line Items]
Interest rate					2.37%		2.37%
Total debt					$ 500,000		$ 500,000
PSB
Subsequent Event [Line Items]
Net rentable area (in square feet) | ft²					27		27
Subsequent Event
Subsequent Event [Line Items]
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares	$ 13.15
Subsequent Event | Notes due September 15, 2022 | U.S. Dollar Denominated Unsecured Debt
Subsequent Event [Line Items]
Interest rate									2.37%
Total debt									$ 500,000
Subsequent Event | PSB | Blackstone Real Estate
Subsequent Event [Line Items]
Proceeds from sale of equity method investments		$ 2,700,000
Gain on sale of equity method investment		$ 2,100,000
Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Total cost of acquisition							$ 251,300
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	24			24
Number of states self-storage facilities acquired or under contracts to be acquired | state	10			10
Net rentable area (in square feet) | ft²	1.7			1.7
Total cost of acquisition			$ 47,000	$ 257,400
Number of sites in commercial interest acquisition | site			3
Number of properties acquired | property			5
PSB | Subsequent Event | Blackstone Real Estate
Subsequent Event [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares		$ 187.50
Business acquisition, prorated quarterly cash dividend (in dollars per share) | $ / shares		0.22
Business acquisition, share price with quarterly dividend (in dollars per share) | $ / shares		$ 187.72