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 |