Public Storage (PSA) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		175,638,388
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 883,787	$ 734,599
Real estate facilities, at cost:
Land	5,240,841	5,134,060
Buildings	18,535,053	17,673,773
Real estate facilities, gross	23,775,894	22,807,833
Accumulated depreciation	(8,346,598)	(7,773,308)
Real estate facilities, net	15,429,296	15,034,525
Construction in process	406,354	272,471
Total real estate facilities	15,835,650	15,306,996
Investments in unconsolidated real estate entities	252,648	828,763
Goodwill and other intangible assets, net	239,811	302,894
Other assets	239,024	207,656
Total assets	17,450,920	17,380,908
LIABILITIES AND EQUITY
Notes payable	6,740,451	7,475,279
Accrued and other liabilities	589,712	482,091
Total liabilities	7,330,163	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, 175,336,452 shares issued and outstanding (175,134,455 shares at December 31, 2021)	17,534	17,513
Paid-in capital	5,878,739	5,821,667
Accumulated deficit	(122,631)	(550,416)
Accumulated other comprehensive loss	(96,470)	(53,587)
Total Public Storage shareholders’ equity	10,027,172	9,335,177
Noncontrolling interests	93,585	20,112
Total equity	10,120,757	9,355,289
Total liabilities, redeemable noncontrolling interests and equity	$ 17,450,920	$ 17,380,908

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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)	175,336,452	175,134,455
Common stock, shares outstanding (in shares)	175,336,452	175,134,455

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Revenues	$ 1,088,131	$ 894,931	$ 3,093,621	$ 2,491,508
Expenses:
Depreciation and amortization	220,772	188,552	661,608	508,139
General and administrative	29,501	31,682	81,401	78,996
Interest expense	34,113	23,736	100,178	60,980
Operating expenses	561,428	480,704	1,636,437	1,331,858
Other increases to net income:
Interest and other income	12,736	3,356	26,394	9,321
Equity in earnings of unconsolidated real estate entities	8,180	32,860	100,129	81,382
Foreign currency exchange gain	100,170	40,906	237,270	73,584
Gain on sale of real estate	1,503	279	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	2,128,860	0
Net income	2,778,152	491,628	3,951,340	1,337,620
Allocation to noncontrolling interests	(9,158)	(1,537)	(14,553)	(4,067)
Net income allocable to Public Storage shareholders	2,768,994	490,091	3,936,787	1,333,553
Allocation of net income to:
Preferred shareholders	(48,678)	(46,237)	(145,716)	(138,500)
Preferred shareholders - redemptions	0	0	0	(16,989)
Restricted share units	(8,155)	(1,527)	(11,405)	(3,678)
Net income allocable to common shareholders	$ 2,712,161	$ 442,327	$ 3,779,666	$ 1,174,386
Net income per common share:
Basic (in USD per share)	$ 15.47	$ 2.53	$ 21.57	$ 6.72
Diluted (in USD per share)	$ 15.38	$ 2.52	$ 21.44	$ 6.70
Basic weighted average common shares outstanding (in shares)	175,283	174,926	175,227	174,787
Diluted weighted average common shares outstanding (in shares)	176,328	175,806	176,325	175,398
Self-storage facilities
Revenues:
Revenues	$ 1,027,374	$ 840,510	$ 2,917,675	$ 2,333,850
Expenses:
Self-storage cost of operations	255,470	216,999	738,953	631,699
Ancillary operations
Revenues:
Revenues	60,757	54,421	175,946	157,658
Expenses:
Ancillary cost of operations	$ 21,572	$ 19,735	$ 54,297	$ 52,044

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,778,152	$ 491,628	$ 3,951,340	$ 1,337,620
Foreign currency exchange loss on investment in Shurgard	(17,253)	(6,898)	(42,883)	(9,579)
Total comprehensive income	2,760,899	484,730	3,908,457	1,328,041
Allocation to noncontrolling interests	(9,158)	(1,537)	(14,553)	(4,067)
Comprehensive income allocable to Public Storage shareholders	$ 2,751,741	$ 483,193	$ 3,893,904	$ 1,323,974

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 preferred shares	725,311			725,311			747,500				(22,189)
Redemption and shares called for redemption of preferred shares	(525,000)			(525,000)			(525,000)
Issuance of common shares in connection with share-based compensation			$ 81,412			$ 81,412				$ 47			$ 81,365
Share-based compensation expense	42,698			42,698							42,698
Acquisition of noncontrolling interests	(33)			(32)							(32)					(1)
Contributions by noncontrolling interests	2,359															2,359
Net income	1,337,620			1,337,620										1,337,620
Net income allocated to noncontrolling interests	4,067			4,067										4,067		4,067
Distributions to:
Preferred shareholders	(138,500)			(138,500)										(138,500)
Noncontrolling interests	(4,513)															(4,513)
Common shareholders and restricted share unitholders	(1,051,376)			(1,051,376)										(1,051,376)
Other comprehensive loss	(9,579)			(9,579)											(9,579)
Ending balance at Sep. 30, 2021	9,037,298			9,017,354			4,015,000		17,505		5,808,943			(771,114)	(52,980)	19,944
Beginning balance at Dec. 31, 2020	0
Ending balance at Sep. 30, 2021	0
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares		$ 138,973			$ 138,973			$ 143,750				$ (4,777)
Issuance of common shares in connection with share-based compensation			33,814			33,814				19			33,795
Share-based compensation expense	15,253			15,253							15,253
Contributions by noncontrolling interests	594															594
Net income	491,628			491,628										491,628
Net income allocated to noncontrolling interests	1,537			1,537										1,537		1,537
Distributions to:
Preferred shareholders	(46,237)			(46,237)										(46,237)
Noncontrolling interests	(1,706)															(1,706)
Common shareholders and restricted share unitholders	(351,226)			(351,226)										(351,226)
Other comprehensive loss	(6,898)			(6,898)											(6,898)
Ending balance at Sep. 30, 2021	9,037,298			9,017,354			4,015,000		17,505		5,808,943			(771,114)	(52,980)	19,944
Beginning balance at Jun. 30, 2021	0
Ending balance at Sep. 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 preferred shares		$ 242,832			$ 242,832			$ 250,000				$ (7,168)
Issuance of common shares in connection with share-based compensation			$ 28,015			$ 28,015				21			$ 27,994
Taxes withheld upon net share settlement of restricted share units	(12,989)			(12,989)							(12,989)
Share-based compensation expense	49,235			49,235							49,235
Contributions by noncontrolling interests	6,698															6,698
Reclassification from redeemable noncontrolling interests to noncontrolling interests	83,826															83,826
Net income	3,951,340			3,951,340										3,951,340
Net income allocated to noncontrolling interests	14,553			14,553										14,553		13,893
Distributions to:
Preferred shareholders	(145,716)			(145,716)										(145,716)
Noncontrolling interests	(30,944)															(30,944)
Common shareholders and restricted share unitholders	(3,363,286)			(3,363,286)										(3,363,286)
Other comprehensive loss	(42,883)			(42,883)											(42,883)
Ending balance at Sep. 30, 2022	10,120,757			10,027,172			4,350,000		17,534		5,878,739			(122,631)	(96,470)	93,585
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 Sep. 30, 2022	0
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation	16,455			16,455						$ 10	16,445
Taxes withheld upon net share settlement of restricted share units	(779)			(779)							(779)
Share-based compensation expense	14,441			14,441							14,441
Contributions by noncontrolling interests	561															561
Net income	2,778,152			2,778,152										2,778,152
Net income allocated to noncontrolling interests	9,158			9,158										9,158		9,158
Distributions to:
Preferred shareholders	(48,678)			(48,678)										(48,678)
Noncontrolling interests	(9,756)															(9,756)
Common shareholders and restricted share unitholders	(2,660,734)			(2,660,734)										(2,660,734)
Other comprehensive loss	(17,253)			(17,253)											(17,253)
Ending balance at Sep. 30, 2022	10,120,757			$ 10,027,172			$ 4,350,000		$ 17,534		$ 5,878,739			$ (122,631)	$ (96,470)	$ 93,585
Beginning balance at Jun. 30, 2022	0
Ending balance at Sep. 30, 2022	$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 2	$ 19.15	$ 6
Net income allocated to noncontrolling interests	$ 1,537	$ 14,553	$ 4,067
Preferred Shares
Issuance of preferred shares (in shares)	5,750	10,000	29,900
Redemption and shares called for redemption of preferred shares (in shares)			21,000
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	183,823	201,997	466,518

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 3,951,340	$ 1,337,620
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of equity investment in PS Business Parks, Inc.	(2,128,860)	0
Gain on sale of real estate	(1,503)	(13,683)
Depreciation and amortization	661,608	508,139
Equity in earnings of unconsolidated real estate entities	(100,129)	(81,382)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	134,460	59,251
Unrealized foreign currency exchange gain	(236,698)	(73,584)
Share-based compensation expense	44,597	47,647
Other	55,975	30,712
Total adjustments	(1,570,550)	477,100
Net cash flows from operating activities	2,380,790	1,814,720
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(337,896)	(169,103)
Development and expansion of real estate facilities	(231,483)	(201,527)
Acquisition of real estate facilities and intangible assets	(529,357)	(2,845,284)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	13,670	8,765
Proceeds from sale of real estate investments	1,543	16,070
Proceeds from sale of equity investment in PS Business Parks, Inc.	2,636,011	0
Net cash flows from (used in) investing activities	1,552,488	(3,191,079)
Cash flows from financing activities:
Repayments on notes payable	(502,270)	(1,585)
Issuance of notes payable, net of issuance costs	0	3,300,160
Issuance of preferred shares	242,832	725,311
Issuance of common shares in connection with share-based compensation	27,913	81,412
Redemption of preferred shares	0	(825,000)
Taxes paid upon net share settlement of restricted share units	(12,989)	(10,438)
Acquisition of noncontrolling interests	0	(33)
Contributions by noncontrolling interests	1,659	2,359
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(3,508,581)	(1,189,876)
Distributions paid to noncontrolling interests	(31,453)	(4,513)
Net cash flows (used in) from financing activities	(3,782,889)	2,077,797
Net cash flows from operating, investing, and financing activities	150,389	701,438
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	0	313
Increase in cash and equivalents, including restricted cash	150,389	701,751
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	883,787	958,247
Restricted cash included in other assets	27,892	26,104
Cash, equivalents, and restricted cash	911,679	984,351
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(14,254)	(18,243)
Construction or expansion of real estate facilities	(71,006)	(39,305)
Real estate acquired in exchange for noncontrolling interests	$ (19,865)	$ 0

Description of the Business

Description of the Business	9 Months Ended
	Sep. 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 September 30, 2022, we had direct and indirect equity interests in 2,836 self-storage facilities (with approximately 202.2 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.2 million net rentable square feet of commercial and retail space. At September 30, 2022, we owned a 35% common equity interest in Shurgard Self Storage SA (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 259 self-storage facilities (with approximately 14 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. On July 20, 2022, in connection with the closing of PS Business Parks, Inc.’s (“PSB”) merger transaction with affiliates of Blackstone Real Estate (“Blackstone”), we completed the sale of our 41% common equity interest in PSB in its entirety. Prior to the merger transaction, PSB was a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owned commercial properties, primarily multi-tenant industrial, flex, and office space. Refer to Note 4. Investments in Unconsolidated Real Estate Entities for transaction information and our accounting treatment of the sale.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during the nine months ended September 30, 2022 is as follows: Nine Months Ended September 30, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 329,253 Acquisitions 514,541 Dispositions (1,704) Developed or expanded facilities opened for operation 125,971 Ending balance 23,775,894 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (574,374) Dispositions 1,084 Ending balance (8,346,598) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 259,854 Developed or expanded facilities opened for operation (125,971) Ending balance 406,354 Total real estate facilities at September 30, 2022 $ 15,835,650 During the nine months ended September 30, 2022, we acquired 44 self-storage facilities (3.2 million net rentable square feet of storage space), for a total cost of $501.9 million, consisting of $482.0 million in cash and $19.9 million in partnership units in our subsidiary. Approximately $14.4 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $126.0 million during the nine months ended September 30, 2022, adding 0.9 million net rentable square feet of self-storage space. Construction in process at September 30, 2022 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. Additionally, on July 8, 2022, we acquired from PSB the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase to our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB. During the nine months ended September 30, 2022, we sold portions of real estate facilities in connection with eminent domain proceedings for $1.5 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1.5 million.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 PSB $ — $ 515,312 Shurgard 252,648 313,451 Total $ 252,648 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PSB $ 3,586 $ 27,110 $ 80,596 $ 62,494 Shurgard 4,594 5,750 19,533 18,888 Total $ 8,180 $ 32,860 $ 100,129 $ 81,382 Investment in PSB Prior to the sale of our equity investment in PSB in its entirety on July 20, 2022, 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 in PSB. 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, including a $5.25 closing cash dividend 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 gain of $2.1 billion, which was classified within gain on sale of equity investment in PS Business Parks, Inc. in the Consolidated Statement of Income. We classified the proceeds from the merger consideration of $2.6 billion or $182.25 per share or unit within cash flows from investing activities in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. During the nine months ended September 30, 2022 and 2021, we received cash distributions from PSB totaling $109.5 million and $45.6 million, respectively, which were classified within cash flows from operating activities in the Consolidated Statements of Cash Flows. 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 September 30, 2022 (€41.60 per share of Shurgard common stock, at 0.980 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.3 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). For each of the nine months ended September 30, 2022 and 2021, we received $2.6 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We eliminated $0.9 million of intra-entity profits and losses for each of the nine months ended September 30, 2022 and 2021, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. During the nine months ended September 30, 2022 and 2021, we received cash dividends from Shurgard totaling $37.8 million and $21.5 million, respectively. Approximately $13.7 million and $8.8 million of total cash distributions from Shurgard during the nine months ended September 30, 2022 and 2021, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows. At September 30, 2022, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $65.7 million ($74.7 million at December 31, 2021). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $9.0 million and $7.3 million during the nine months ended September 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	9 Months Ended
	Sep. 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 September 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 196,617 (141,473) 55,144 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 381,284 $ (141,473) $ 239,811 $ 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 $20.0 million and $78.2 million for the three and nine months ended September 30, 2022, respectively, and $23.3 million and $49.0 million for the same periods in 2021. During the nine months ended September 30, 2022, intangibles increased $15.1 million in connection with the acquisition of real estate facilities. (Note 3). The estimated future amortization expense for our finite-lived intangible assets at September 30, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 15,830 2023 30,074 Thereafter 9,240 Total $ 55,144

Credit Facility

Credit Facility	9 Months Ended
	Sep. 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 September 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 September 30, 2022). At September 30, 2022 and November 1, 2022, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $18.6 million at September 30, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants, with which we were in compliance at September 30, 2022.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021 are set forth in the tables below: Amounts at September 30, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 1.766% $ 700,000 $ (1,101) $ 698,899 $ 685,550 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,507) 497,493 436,666 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,574) 646,426 573,097 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,624) 497,376 459,630 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,768) 646,232 543,338 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,939) 547,061 459,260 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,024) 497,976 450,179 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,869) 644,131 517,641 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,224) 546,776 430,706 5,250,000 (27,630) 5,222,370 4,556,067 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 97,984 — 97,984 94,290 Notes due November 3, 2025 2.175% 2.175% 237,135 — 237,135 227,663 Notes due September 9, 2030 0.500% 0.640% 685,890 (8,890) 677,000 513,593 Notes due January 24, 2032 0.875% 0.978% 489,921 (4,992) 484,929 354,996 1,510,930 (13,882) 1,497,048 1,190,542 Mortgage Debt , secured by 10 real estate facilities with a net book value of $57.5 million 3.811% 3.811% 21,033 — 21,033 20,703 $ 6,781,963 $ (41,512) $ 6,740,451 $ 5,767,312 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 On August 15, 2022, the Company redeemed its 2.370% Senior Notes due September 15, 2022, with an aggregate principal amount of $500.0 million. The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants, with which we were in compliance at September 30, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at September 30, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended September 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” on our income statement (gains of $100.9 million and $239.2 million for the three and nine months ended September 30, 2022, respectively, as compared to gains of $40.9 million and $73.6 million for the three and nine months ended September 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 September 30, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between February 1, 2023 and July 1, 2030. At September 30, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ — $ 212 $ 212 2023 — 19,219 19,219 2024 797,984 124 798,108 2025 237,135 131 237,266 2026 1,150,000 138 1,150,138 Thereafter 4,575,811 1,209 4,577,020 $ 6,760,930 $ 21,033 $ 6,781,963 Weighted average effective rate 1.9% 3.8% 1.9% Cash paid for interest totaled $87.6 million and $49.8 million for the nine months ended September 30, 2022 and 2021, respectively. Interest capitalized as real estate totaled $4.2 million and $2.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests There are noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At September 30, 2022, certain of these subsidiaries have issued 499,966 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 nine months ended September 30, 2022. At March 31, 2022, there were 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 the three months ended June 30, 2022.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At September 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At September 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 September 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 $2.7 billion ($15.15 per share) and $351.2 million ($2.00 per share) for the three months ended September 30, 2022 and 2021, respectively, and $3.4 billion ($19.15 per share) and $1.05 billion ($6.00 per share) for the nine months ended September 30, 2022 and 2021, respectively. Included in common share dividends paid for the three and nine months ended September 30, 2022 is $2.3 billion of a special cash dividend (“Special Dividend”) of $13.15 per common share paid on August 4, 2022 in connection with the sale of our equity investment in PSB on July 20, 2022. Preferred share dividends paid totaled $48.7 million and $46.2 million for the three months ended September 30, 2022 and 2021, respectively, and $145.7 million and $138.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions At September 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 $1.7 million and $1.5 million for the nine months ended September 30, 2022 and 2021, respectively. On July 8, 2022, we acquired from PSB the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase in our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 share 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, $0.4 million and $2.4 million share-based compensation cost was capitalized as real estate facilities for the three and nine months ended September 30, 2022, respectively, as compared to $0.8 million and $3.1 million for the same periods of 2021, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,203 $ 4,506 $ 13,740 $ 16,272 Ancillary cost of operations 203 342 690 1,122 General and administrative 9,335 9,747 30,167 30,291 Total $ 13,741 $ 14,595 $ 44,597 $ 47,685 Included in share-based compensation is $2.9 million and $12.4 million during the three and nine months ended September 30, 2022, respectively, as compared to $4.8 million and $15.8 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 September 30, 2022, there was $96.8 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. On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. During the nine months ended September 30, 2022, 142,683 stock options were granted, 146,608 options were exercised, and no options were forfeited. In addition, we expect an incremental 61,250 stock options to be issued based on the estimated achievement of performance targets on our multi-year performance-based stock options granted during the nine months ended September 30, 2021. A total of 3,201,624 stock options were outstanding at September 30, 2022 (3,039,951 at December 31, 2021). During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2022, we incurred share-based compensation cost for outstanding stock options of $4.2 million and $15.8 million, respectively, as compared to $5.5 million and $20.5 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 nine months ended September 30, 2022, 27,943 RSUs were granted, 18,487 RSUs were forfeited and 76,818 RSUs vested. The vesting resulted in the issuance of 55,079 common shares. A total of 503,460 RSUs were outstanding at September 30, 2022 (570,822 at December 31, 2021). Included in the RSUs granted during the nine months ended September 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. The amount of these RSUs that are earned and vested, if any, will be based, in addition to continued employment requirements, on the Company's relative total shareholder return over the three-year period 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 nine months ended September 30, 2022 are 5,958 service-based RSUs. For the three and nine months ended September 30, 2022, we incurred share-based compensation cost for RSUs of $9.7 million and $30.6 million, respectively, as compared to $9.6 million and $29.4 million for the same periods in 2021. Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 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) RSUs, 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 147,344 shares of common stock were excluded from the computation of diluted earnings per share for the three and nine months ended September 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 nine months ended September 30, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 2,712,161 $ 442,327 $ 3,779,666 $ 1,174,386 Denominator for basic net income per share - weighted average common shares outstanding 175,283 174,926 175,227 174,787 Net effect of dilutive stock options - based on treasury stock method 1,045 880 1,098 611 Denominator for dilutive net income per share - weighted average common shares outstanding 176,328 175,806 176,325 175,398 Net income per common share: Basic $ 15.47 $ 2.53 $ 21.57 $ 6.72 Dilutive $ 15.38 $ 2.52 $ 21.44 $ 6.70

Segment Information

Segment Information	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,027,374 $ 840,510 $ 2,917,675 $ 2,333,850 Cost of operations (255,470) (216,999) (738,953) (631,699) Net operating income 771,904 623,511 2,178,722 1,702,151 Depreciation and amortization (220,772) (188,552) (661,608) (508,139) Net income 551,132 434,959 1,517,114 1,194,012 Ancillary Operations Revenue 60,757 54,421 175,946 157,658 Cost of operations (21,572) (19,735) (54,297) (52,044) Net operating income 39,185 34,686 121,649 105,614 Total net income allocated to segments 590,317 469,645 1,638,763 1,299,626 Other items not allocated to segments: General and administrative (29,501) (31,682) (81,401) (78,996) Interest and other income 12,736 3,356 26,394 9,321 Interest expense (34,113) (23,736) (100,178) (60,980) Equity in earnings of unconsolidated real estate entities 8,180 32,860 100,129 81,382 Foreign currency exchange gain 100,170 40,906 237,270 73,584 Gain on sale of real estate 1,503 279 1,503 13,683 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — 2,128,860 — Net income $ 2,778,152 $ 491,628 $ 3,951,340 $ 1,337,620

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 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 all states. Customers participate in the program at their option. At September 30, 2022, there were approximately 1.2 million certificates held by our self-storage customers, representing aggregate coverage of approximately $5.6 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $265.7 million at September 30, 2022. We expect to pay approximately $71.4 million in the remainder of 2022, $185.8 million in 2023 and $8.5 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $64.1 million at September 30, 2022. We expect to pay approximately $0.7 million in the remainder of 2022, $3.1 million in each of 2023 and 2024, $3.0 million in each of 2025 and 2026 and $51.2 million thereafter for these commitments.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to September 30, 2022, we acquired or were under contract to acquire 33 self-storage facilities across six states with 1.7 million net rentable square feet, for $262.6 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 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 nine months ended September 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)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Activities	Activity in real estate facilities during the nine months ended September 30, 2022 is as follows: Nine Months Ended September 30, 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 Capital expenditures to maintain real estate facilities 329,253 Acquisitions 514,541 Dispositions (1,704) Developed or expanded facilities opened for operation 125,971 Ending balance 23,775,894 Accumulated depreciation: Beginning balance (7,773,308) Depreciation expense (574,374) Dispositions 1,084 Ending balance (8,346,598) Construction in process: Beginning balance 272,471 Costs incurred to develop and expand real estate facilities 259,854 Developed or expanded facilities opened for operation (125,971) Ending balance 406,354 Total real estate facilities at September 30, 2022 $ 15,835,650

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 PSB $ — $ 515,312 Shurgard 252,648 313,451 Total $ 252,648 $ 828,763 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 PSB $ 3,586 $ 27,110 $ 80,596 $ 62,494 Shurgard 4,594 5,750 19,533 18,888 Total $ 8,180 $ 32,860 $ 100,129 $ 81,382

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 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 September 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 196,617 (141,473) 55,144 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 381,284 $ (141,473) $ 239,811 $ 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 September 30, 2022 is as follows (amounts in thousands): Year Amount Remainder of 2022 $ 15,830 2023 30,074 Thereafter 9,240 Total $ 55,144

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Payable [Abstract]
Notes Payable	Our notes payable at September 30, 2022 and December 31, 2021 are set forth in the tables below: Amounts at September 30, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 1.766% $ 700,000 $ (1,101) $ 698,899 $ 685,550 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,507) 497,493 436,666 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,574) 646,426 573,097 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,624) 497,376 459,630 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,768) 646,232 543,338 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,939) 547,061 459,260 Notes due May 1, 2029 3.385% 3.459% 500,000 (2,024) 497,976 450,179 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,869) 644,131 517,641 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,224) 546,776 430,706 5,250,000 (27,630) 5,222,370 4,556,067 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 97,984 — 97,984 94,290 Notes due November 3, 2025 2.175% 2.175% 237,135 — 237,135 227,663 Notes due September 9, 2030 0.500% 0.640% 685,890 (8,890) 677,000 513,593 Notes due January 24, 2032 0.875% 0.978% 489,921 (4,992) 484,929 354,996 1,510,930 (13,882) 1,497,048 1,190,542 Mortgage Debt , secured by 10 real estate facilities with a net book value of $57.5 million 3.811% 3.811% 21,033 — 21,033 20,703 $ 6,781,963 $ (41,512) $ 6,740,451 $ 5,767,312 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 September 30, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2022 $ — $ 212 $ 212 2023 — 19,219 19,219 2024 797,984 124 798,108 2025 237,135 131 237,266 2026 1,150,000 138 1,150,138 Thereafter 4,575,811 1,209 4,577,020 $ 6,760,930 $ 21,033 $ 6,781,963 Weighted average effective rate 1.9% 3.8% 1.9%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At September 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At September 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)	9 Months Ended
	Sep. 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, $0.4 million and $2.4 million share-based compensation cost was capitalized as real estate facilities for the three and nine months ended September 30, 2022, respectively, as compared to $0.8 million and $3.1 million for the same periods of 2021, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 4,203 $ 4,506 $ 13,740 $ 16,272 Ancillary cost of operations 203 342 690 1,122 General and administrative 9,335 9,747 30,167 30,291 Total $ 13,741 $ 14,595 $ 44,597 $ 47,685

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and 2021, respectively (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 2,712,161 $ 442,327 $ 3,779,666 $ 1,174,386 Denominator for basic net income per share - weighted average common shares outstanding 175,283 174,926 175,227 174,787 Net effect of dilutive stock options - based on treasury stock method 1,045 880 1,098 611 Denominator for dilutive net income per share - weighted average common shares outstanding 176,328 175,806 176,325 175,398 Net income per common share: Basic $ 15.47 $ 2.53 $ 21.57 $ 6.72 Dilutive $ 15.38 $ 2.52 $ 21.44 $ 6.70

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,027,374 $ 840,510 $ 2,917,675 $ 2,333,850 Cost of operations (255,470) (216,999) (738,953) (631,699) Net operating income 771,904 623,511 2,178,722 1,702,151 Depreciation and amortization (220,772) (188,552) (661,608) (508,139) Net income 551,132 434,959 1,517,114 1,194,012 Ancillary Operations Revenue 60,757 54,421 175,946 157,658 Cost of operations (21,572) (19,735) (54,297) (52,044) Net operating income 39,185 34,686 121,649 105,614 Total net income allocated to segments 590,317 469,645 1,638,763 1,299,626 Other items not allocated to segments: General and administrative (29,501) (31,682) (81,401) (78,996) Interest and other income 12,736 3,356 26,394 9,321 Interest expense (34,113) (23,736) (100,178) (60,980) Equity in earnings of unconsolidated real estate entities 8,180 32,860 100,129 81,382 Foreign currency exchange gain 100,170 40,906 237,270 73,584 Gain on sale of real estate 1,503 279 1,503 13,683 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — 2,128,860 — Net income $ 2,778,152 $ 491,628 $ 3,951,340 $ 1,337,620

Description of the Business (Na

Description of the Business (Narrative) (Details) ft² in Millions	Sep. 30, 2022 ft² storage_facility country state	Jul. 20, 2022
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	259
Net rentable area (in square feet)	14
Ownership interest (percentage)	35%
Number of countries in which entity operates | country	7
PSB
Nature Of Business [Line Items]
Ownership interest (percentage)		41%
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	2,836
Net rentable area (in square feet)	202.2
Number of states with facilities | state	40
Public Storage | Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	1.2

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	329,253
Acquisitions	514,541
Dispositions	(1,704)
Developed or expanded facilities opened for operation	125,971
Ending balance (Operating facilities, at cost)	23,775,894
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(7,773,308)
Depreciation expense	(574,374)
Dispositions	1,084
Ending balance (Accumulated depreciation)	(8,346,598)
Construction in process:
Beginning balance (Construction in process)	272,471
Costs incurred to develop and expand real estate facilities	259,854
Developed or expanded facilities opened for operation	(125,971)
Ending balance (Construction in process)	406,354
Total real estate facilities	$ 15,835,650	$ 15,306,996

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions		3 Months Ended		9 Months Ended
	Jul. 08, 2022 USD ($) site property	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft² storage_facility	Sep. 30, 2021 USD ($)
Schedule Of Real Estate Facilities [Line Items]
Payments to acquire real estate				$ 529,357	$ 2,845,284
Proceeds from real estate and real estate joint ventures				1,543	16,070
Gain on sale of real estate		$ 1,503	$ 279	1,503	$ 13,683
Disposal of Real Estate Facilities
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate				$ 1,500
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | storage_facility				44
Net rentable area acquired | ft²				3.2
Total cost of acquisition				$ 501,900
Payments to acquire real estate				482,000
Issuance of partnership units				19,900
Payments to acquire intangible assets				14,400
Newly Developed and Expansion Projects | Completed Developed and Expansion Project
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand				$ 126,000
Additional net rentable square feet | ft²				0.9
Commercial Interests
Schedule Of Real Estate Facilities [Line Items]
Total cost of acquisition	$ 47,300
Number of properties acquired | property	5
Number of sites in commercial interest acquisition | site	3
Real estate investments, net	$ 27,000
Intangible assets, gross (excluding goodwill)	700
Increase of equity investment	$ 19,600

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	$ 252,648		$ 252,648		$ 828,763
Equity in Earnings of Unconsolidated Real Estate	8,180	$ 32,860	100,129	$ 81,382
PSB
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	0		0		515,312
Equity in Earnings of Unconsolidated Real Estate	3,586	27,110	80,596	62,494
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	252,648		252,648		$ 313,451
Equity in Earnings of Unconsolidated Real Estate	$ 4,594	$ 5,750	$ 19,533	$ 18,888

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.				$ 2,636,011	$ 0
Gain on sale of equity investment in PS Business Parks, Inc.		$ 2,128,860	$ 0	2,128,860	0
Cash distribution received				134,460	59,251
PSB | Blackstone Real Estate
Schedule of Equity Method Investments [Line Items]
Business acquisition, share price (in dollars per share)	$ 187.50
Business acquisition, closing cash dividend (in dollars per share)	5.25
Business acquisition, prorated quarterly cash dividend (in dollars per share)	0.22
Business acquisition, share price with closing and prorated quarterly dividend (in dollars per share)	187.72
Business acquisition, share price merger consideration (in dollars per share)	$ 182.25
PSB
Schedule of Equity Method Investments [Line Items]
Common stock owned of PSB (in shares)	7,158,354
Limited partnership units in PSB (in shares)	7,305,355
Ownership interest (percentage)	41%
Cash distribution received				109,500	45,600
PSB | Blackstone Real Estate
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.	$ 2,700,000			$ 2,600,000
Gain on sale of equity investment in PS Business Parks, Inc.	$ 2,100,000
Shurgard
Schedule of Equity Method Investments [Line Items]
Common stock owned of PSB (in shares)		31,268,459		31,268,459		31,268,459
Ownership interest (percentage)		35%		35%
Cash distribution received				$ 37,800	21,500
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Cash distribution received				$ 900	$ 900

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 € / shares	Dec. 31, 2021 USD ($) shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	0.980
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 134,460	$ 59,251
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	$ 13,670	8,765
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%
Closing price per share (in Euros per share) | € / shares			€ 41.60
Market value	$ 1,300,000
License fees received	2,600	2,600
Distributions from cumulative equity in earnings of unconsolidated real estate entities	37,800	21,500
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	13,700	8,800
Basis differential	65,700			$ 74,700
Amortization of basis differential	$ 9,000	$ 7,300

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 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	196,617	198,180
Accumulated Amortization	(141,473)	(79,953)
Total	55,144	118,227
Gross Book Value	381,284	382,847
Net Book Value	239,811	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 20	$ 23.3	$ 78.2	$ 49
Increase in finite-lived intangible assets			$ 15.1

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 15,830
2023	30,074
Thereafter	9,240
Total	$ 55,144	$ 118,227

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Nov. 01, 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	$ 18,600,000	$ 18,600,000		$ 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)	Sep. 30, 2022 USD ($) company	Aug. 15, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Principal	$ 6,781,963,000
Unamortized Costs	(41,512,000)
Book Value	6,740,451,000		$ 7,475,279,000
Fair Value	5,767,312,000		7,589,932,000
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,250,000,000
Unamortized Costs	(27,630,000)
Book Value	5,222,370,000		5,717,998,000
Fair Value	$ 4,556,067,000		5,831,539,000
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022
Debt Instrument [Line Items]
Coupon Rate		2.37%
Principal		$ 500,000,000
Book Value			499,637,000
Fair Value			506,362,000
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	1.766%
Principal	$ 700,000,000
Unamortized Costs	(1,101,000)
Book Value	698,899,000		698,372,000
Fair Value	$ 685,550,000		700,314,000
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	1.03%
Principal	$ 500,000,000
Unamortized Costs	(2,507,000)
Book Value	497,493,000		496,939,000
Fair Value	$ 436,666,000		488,141,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%
Effective Rate	1.64%
Principal	$ 650,000,000
Unamortized Costs	(3,574,000)
Book Value	646,426,000		645,773,000
Fair Value	$ 573,097,000		649,996,000
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2027
Debt Instrument [Line Items]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000,000
Unamortized Costs	(2,624,000)
Book Value	497,376,000		496,980,000
Fair Value	$ 459,630,000		535,206,000
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%
Effective Rate	1.962%
Principal	$ 650,000,000
Unamortized Costs	(3,768,000)
Book Value	646,232,000		645,724,000
Fair Value	$ 543,338,000		649,221,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%
Effective Rate	2.044%
Principal	$ 550,000,000
Unamortized Costs	(2,939,000)
Book Value	547,061,000		546,701,000
Fair Value	$ 459,260,000		548,241,000
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029
Debt Instrument [Line Items]
Coupon Rate	3.385%
Effective Rate	3.459%
Principal	$ 500,000,000
Unamortized Costs	(2,024,000)
Book Value	497,976,000		497,743,000
Fair Value	$ 450,179,000		545,580,000
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%
Effective Rate	2.419%
Principal	$ 650,000,000
Unamortized Costs	(5,869,000)
Book Value	644,131,000		643,617,000
Fair Value	$ 517,641,000		656,546,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%
Effective Rate	2.322%
Principal	$ 550,000,000
Unamortized Costs	(3,224,000)
Book Value	546,776,000		546,512,000
Fair Value	$ 430,706,000		551,932,000
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	$ 1,510,930,000
Unamortized Costs	(13,882,000)
Book Value	1,497,048,000		1,733,997,000
Fair Value	$ 1,190,542,000		1,734,185,000
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 97,984,000
Unamortized Costs	0
Book Value	97,984,000		113,431,000
Fair Value	$ 94,290,000		117,526,000
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 237,135,000
Unamortized Costs	0
Book Value	237,135,000		274,518,000
Fair Value	$ 227,663,000		295,256,000
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 685,890,000
Unamortized Costs	(8,890,000)
Book Value	677,000,000		784,287,000
Fair Value	$ 513,593,000		769,561,000
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 489,921,000
Unamortized Costs	(4,992,000)
Book Value	484,929,000		561,761,000
Fair Value	$ 354,996,000		551,842,000
Mortgage Debt
Debt Instrument [Line Items]
Number of real estate facilities securing debt | company	10
Net book value of real estate facilities securing notes payable	$ 57,500,000
Coupon Rate	3.811%
Effective Rate	3.811%
Principal	$ 21,033,000
Unamortized Costs	0
Book Value	21,033,000		23,284,000
Fair Value	$ 20,703,000		$ 24,208,000

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) tranche	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) tranche	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) tranche	Aug. 15, 2022 USD ($)	Sep. 09, 2021 EUR (€)	Jan. 24, 2020 EUR (€)	Apr. 12, 2016 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Total debt	$ 6,781,963,000		$ 6,781,963,000		$ 6,781,963,000
Foreign currency exchange gain	$ 100,170,000	$ 40,906,000	237,270,000	$ 73,584,000
Cash paid for interest expense			87,600,000	49,800,000
Interest capitalized as real estate			$ 4,200,000	2,600,000
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]
Total debt	$ 5,250,000,000		$ 5,250,000,000		$ 5,250,000,000
Debt to Total Assets ratio	14%		14%		14%
Adjusted EBTIDA to interest Expense ratio					25
U.S. Dollar Denominated Unsecured Debt | Minimum
Debt Instrument [Line Items]
Adjusted EBTIDA to interest Expense ratio					1.5
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022
Debt Instrument [Line Items]
Interest rate						2.37%
Total debt						$ 500,000,000
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]
Total debt	$ 1,510,930,000		$ 1,510,930,000		$ 1,510,930,000
Number of tranches | tranche	4		4		4
Foreign currency exchange gain	$ 100,900,000	$ 40,900,000	$ 239,200,000	$ 73,600,000
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Interest rate	2.175%		2.175%		2.175%
Total debt	$ 237,135,000		$ 237,135,000		$ 237,135,000
Debt issuance amount | €										€ 242,000,000
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Interest rate	1.54%		1.54%		1.54%
Total debt	$ 97,984,000		$ 97,984,000		$ 97,984,000
Debt issuance amount | €									€ 100,000,000
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Interest rate	0.875%		0.875%		0.875%
Total debt	$ 489,921,000		$ 489,921,000		$ 489,921,000
Debt issuance amount | €								€ 500,000,000
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Interest rate	0.50%		0.50%		0.50%
Total debt	$ 685,890,000		$ 685,890,000		$ 685,890,000
Debt issuance amount | €							€ 700,000,000

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total debt	$ 6,781,963
Total
Debt Instrument [Line Items]
Remainder of 2022	212
2023	19,219
2024	798,108
2025	237,266
2026	1,150,138
Thereafter	4,577,020
Total debt	$ 6,781,963
Weighted average effective rate	1.90%
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 0
2023	0
2024	797,984
2025	237,135
2026	1,150,000
Thereafter	4,575,811
Total debt	$ 6,760,930
Weighted average effective rate	1.90%
Mortgage Debt
Debt Instrument [Line Items]
Remainder of 2022	$ 212
2023	19,219
2024	124
2025	131
2026	138
Thereafter	1,209
Total debt	$ 21,033
Weighted average effective rate	3.80%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Millions		3 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) shares
Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Issuance of partnership units | $	$ 83.8	$ 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)			499,966
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		9 Months Ended
	Jan. 13, 2022	Sep. 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		9 Months Ended
	Aug. 04, 2022 $ / shares	Jan. 13, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2022 USD ($) dividend board_member $ / shares	Sep. 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 | board_member					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			$ 2,700,000,000	$ 351,200,000	$ 3,400,000,000	$ 1,050,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares			$ 15.15	$ 2	$ 19.15	$ 6
Preferred share dividends			$ 48,678,000	$ 46,237,000	$ 145,716,000	$ 138,500,000
Special Dividend
Class of Stock [Line Items]
Common stock dividends paid in aggregate			2,300,000,000		$ 2,300,000,000
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15
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 Thousands		9 Months Ended
	Jul. 08, 2022 USD ($) site property	Sep. 30, 2022 USD ($) adult_children storage_facility	Sep. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries		$ 1,700	$ 1,500
Proceeds from sale of equity investment in PS Business Parks, Inc.		$ 2,636,011	$ 0
Commercial Interests
Related Party Transaction [Line Items]
Number of sites in commercial interest acquisition | site	3
Total cost of acquisition	$ 47,300
Real estate investments, net	27,000
Intangible assets, gross (excluding goodwill)	$ 700
Number of properties acquired | property	5
Canada | Hughes Owned Canadian Facilities
Related Party Transaction [Line Items]
Number of self-storage facilities | storage_facility		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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 400	$ 800	$ 2,400	$ 3,100
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	13,741	14,595	44,597	47,685
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	4,203	4,506	13,740	16,272
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	203	342	690	1,122
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 9,335	$ 9,747	$ 30,167	$ 30,291

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 04, 2022 $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense | $		$ 2,900	$ 4,800	$ 12,400	$ 15,800
Unrecognized compensation cost | $		$ 96,800		$ 96,800
Compensation recognition period (in years)				3 years
Anti-dilution adjustments of outstanding stock options, convertible, conversion ratio	1.03275
Share-based compensation arrangement by share-based payment award, options, outstanding, number, increase (decrease)(in shares)	104,348
Stock options granted (in shares)				142,683
Stock options exercised (in shares)				146,608
Stock options forfeited (in shares)				0
Stock options incremental payout (in shares)		61,250		61,250
Stock options outstanding (in shares)		3,201,624		3,201,624		3,039,951
Share-based compensation expense | $		$ 13,741	14,595	$ 44,597	47,685
Special Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15
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 | $		$ 4,200	5,500	$ 15,800	20,500
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 | $		$ 9,700	$ 9,600	$ 30,600	$ 29,400
Grants in period (in shares)				27,943
Forfeited in period (in shares)				18,487
Vested (in shares)				76,818
Issuance of common shares in connection with share-based compensation, net of taxes paid upon net share settlement of restricted share units (in shares)				55,079
Restricted share units outstanding (in shares)		503,460		503,460		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)				5,958
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)				1,742
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)				310
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	147,344		147,344
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 2,712,161	$ 442,327	$ 3,779,666	$ 1,174,386
Denominator for basic net income per share - weighted average common shares outstanding	175,283,000	174,926,000	175,227,000	174,787,000
Net effect of dilutive stock options - based on treasury stock method	1,045,000	880,000	1,098,000	611,000
Denominator for dilutive net income per share - weighted average common shares outstanding	176,328,000	175,806,000	176,325,000	175,398,000
Basic (in USD per share)	$ 15.47	$ 2.53	$ 21.57	$ 6.72
Diluted (in USD per share)	$ 15.38	$ 2.52	$ 21.44	$ 6.70

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,088,131	$ 894,931	$ 3,093,621	$ 2,491,508
Depreciation and amortization	(220,772)	(188,552)	(661,608)	(508,139)
General and administrative	(29,501)	(31,682)	(81,401)	(78,996)
Interest and other income	12,736	3,356	26,394	9,321
Interest expense	(34,113)	(23,736)	(100,178)	(60,980)
Equity in earnings of unconsolidated real estate entities	8,180	32,860	100,129	81,382
Foreign currency exchange gain	100,170	40,906	237,270	73,584
Foreign currency exchange gain			236,698	73,584
Gain on sale of real estate	1,503	279	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	2,128,860	0
Net income	2,778,152	491,628	3,951,340	1,337,620
Operating Segments
Segment Reporting Information [Line Items]
Net income	590,317	469,645	1,638,763	1,299,626
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(29,501)	(31,682)	(81,401)	(78,996)
Interest and other income	12,736	3,356	26,394	9,321
Interest expense	(34,113)	(23,736)	(100,178)	(60,980)
Equity in earnings of unconsolidated real estate entities	8,180	32,860	100,129	81,382
Foreign currency exchange gain	100,170	40,906	237,270	73,584
Gain on sale of real estate	1,503	279	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	2,128,860	0
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,027,374	840,510	2,917,675	2,333,850
Cost of operations	(255,470)	(216,999)	(738,953)	(631,699)
Net operating income	771,904	623,511	2,178,722	1,702,151
Depreciation and amortization	(220,772)	(188,552)	(661,608)	(508,139)
Net income	551,132	434,959	1,517,114	1,194,012
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	60,757	54,421	175,946	157,658
Net operating income	39,185	34,686	121,649	105,614
Cost of operations	$ (21,572)	$ (19,735)	$ (54,297)	$ (52,044)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) certificate in Millions	Sep. 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	$ 5,600,000,000
Construction commitments	265,700,000
Construction commitments remainder of 2022	71,400,000
Construction commitments 2023	185,800,000
Construction commitments 2024	8,500,000
Various lease commitments	64,100,000
Various lease commitments remainder of 2022	700,000
Various lease commitments 2023	3,100,000
Various lease commitments 2024	3,100,000
Various lease commitments 2025	3,000,000
Various lease commitments 2026	3,000,000
Various lease commitments thereafter	$ 51,200,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Acquisition of Self-Storage Facilities Other Investments ft² in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Nov. 01, 2022 USD ($) ft² state storage_facility	Sep. 30, 2022 USD ($)
Subsequent Event [Line Items]
Total cost of acquisition		$ 501.9
Subsequent Event
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | storage_facility	33
Number of states self-storage facilities acquired or under contracts to be acquired | state	6
Net rentable area (in square feet) | ft²	1.7
Total cost of acquisition	$ 262.6