Public Storage (PSA) 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Feb. 16, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	PUBLIC STORAGE
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-3551121
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 47,054,755
Entity Common Stock, Shares Outstanding		175,757,442
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and equivalents	$ 775,253	$ 734,599
Real estate facilities, at cost:
Land	5,273,073	5,134,060
Buildings	18,946,053	17,673,773
Real estate facilities, gross	24,219,126	22,807,833
Accumulated depreciation	(8,554,155)	(7,773,308)
Real estate facilities, net	15,664,971	15,034,525
Construction in process	372,992	272,471
Total real estate facilities	16,037,963	15,306,996
Investments in unconsolidated real estate entities	275,752	828,763
Goodwill and other intangible assets, net	232,517	302,894
Other assets	230,822	207,656
Total assets	17,552,307	17,380,908
LIABILITIES AND EQUITY
Notes payable	6,870,826	7,475,279
Accrued and other liabilities	514,680	482,091
Total liabilities	7,385,506	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, 175,265,668 shares issued and outstanding (175,134,455 shares at December 31, 2021)	17,527	17,513
Paid-in capital	5,896,423	5,821,667
Accumulated deficit	(110,231)	(550,416)
Accumulated other comprehensive loss	(80,317)	(53,587)
Total Public Storage shareholders’ equity	10,073,402	9,335,177
Noncontrolling interests	93,399	20,112
Total equity	10,166,801	9,355,289
Total liabilities, redeemable noncontrolling interests and equity	$ 17,552,307	$ 17,380,908

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	174,000	164,000
Preferred stock, shares outstanding (in shares)	174,000	164,000
Common stock, par value (in USD per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	175,265,668	175,134,455
Common stock, shares outstanding (in shares)	175,265,668	175,134,455

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 4,182,163	$ 3,415,824	$ 2,915,068
Expenses:
Depreciation and amortization	888,146	713,428	553,257
General and administrative	114,742	101,254	83,199
Interest expense	136,319	90,774	56,283
Operating expenses	2,192,114	1,826,054	1,560,201
Other increases (decreases) to net income:
Interest and other income	40,567	12,306	22,323
Equity in earnings of unconsolidated real estate entities	106,981	232,093	80,497
Foreign currency exchange gain (loss)	98,314	111,787	(97,953)
Gain on sale of real estate	1,503	13,683	1,493
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	0
Net income	4,366,274	1,959,639	1,361,227
Allocation to noncontrolling interests	(17,127)	(6,376)	(4,014)
Net income allocable to Public Storage shareholders	4,349,147	1,953,263	1,357,213
Allocation of net income to:
Preferred shareholders	(194,390)	(186,579)	(207,068)
Preferred shareholders - redemptions (Note 9)	0	(28,914)	(48,265)
Restricted share units	(12,469)	(5,326)	(3,545)
Net income allocable to common shareholders	$ 4,142,288	$ 1,732,444	$ 1,098,335
Net income per common share:
Basic (in USD per share)	$ 23.64	$ 9.91	$ 6.29
Diluted (in USD per share)	$ 23.50	$ 9.87	$ 6.29
Basic weighted average common shares outstanding (in shares)	175,257	174,858	174,494
Diluted weighted average common shares outstanding (in shares)	176,280	175,568	174,642
Self-storage facilities
Revenues:
Revenues	$ 3,946,028	$ 3,203,566	$ 2,721,630
Expenses:
Self-storage cost of operations	980,209	852,030	807,543
Ancillary operations
Revenues:
Revenues	236,135	212,258	193,438
Expenses:
Ancillary cost of operations	$ 72,698	$ 68,568	$ 59,919

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 4,366,274	$ 1,959,639	$ 1,361,227
Foreign currency exchange (loss) gain on investment in Shurgard	(26,730)	(10,186)	21,489
Total comprehensive income	4,339,544	1,949,453	1,382,716
Allocation to noncontrolling interests	(17,127)	(6,376)	(4,014)
Comprehensive income allocable to Public Storage shareholders	$ 4,322,417	$ 1,943,077	$ 1,378,702

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, 2019	$ 9,079,667			$ 9,062,911			$ 4,065,000		$ 17,442		$ 5,710,934			$ (665,575)	$ (64,890)	$ 16,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares		$ 1,208,206			$ 1,208,206			$ 1,247,500				$ (39,294)
Redemption and shares called for redemption of preferred shares		(1,520,000)			(1,520,000)			(1,520,000)
Issuance of common shares in connection with share-based compensation	12,664		$ 12,664			$ 12,664				$ 16			$ 12,648
Share-based compensation expense	22,845			22,845							22,845
Acquisition of noncontrolling interests	(33)			(32)							(32)					(1)
Contributions by noncontrolling interests	2,629															2,629
Net income	1,361,227			1,361,227										1,361,227
Net income allocated to noncontrolling interests	(4,014)			(4,014)										(4,014)		(4,014)
Distributions to:
Preferred shareholders	(207,068)			(207,068)										(207,068)
Noncontrolling interests	(5,366)															(5,366)
Common shareholders and restricted share unitholders	(1,399,361)			(1,399,361)										(1,399,361)
Other comprehensive income (loss)	21,489			21,489											21,489
Ending balance at Dec. 31, 2020	8,576,899			8,558,867			3,792,500		17,458		5,707,101			(914,791)	(43,401)	18,032
Beginning balance at Dec. 31, 2019	0
Ending balance at Dec. 31, 2020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares		1,147,455			1,147,455			1,182,500				(35,045)
Redemption and shares called for redemption of preferred shares		(875,000)			(875,000)			(875,000)
Issuance of common shares in connection with share-based compensation	95,860		95,860			95,860				55			95,805
Share-based compensation expense	54,492			54,492							54,492
Acquisition of noncontrolling interests	(692)			(686)							(686)					(6)
Contributions by noncontrolling interests	2,451															2,451
Net income	1,959,639			1,959,639										1,959,639
Net income allocated to noncontrolling interests	(6,376)			(6,376)										(6,376)		5,906
Distributions to:
Preferred shareholders	(186,579)			(186,579)										(186,579)
Noncontrolling interests	(6,271)															(6,271)
Common shareholders and restricted share unitholders	(1,402,309)			(1,402,309)										(1,402,309)
Other comprehensive income (loss)	(10,186)			(10,186)											(10,186)
Ending balance at Dec. 31, 2021	9,355,289			9,335,177			4,100,000		17,513		5,821,667			(550,416)	(53,587)	20,112
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	68,170
Net income allocated to noncontrolling interests	470
Noncontrolling interests	(391)
Ending balance at Dec. 31, 2021	68,249
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	35,405		35,405			$ 35,405				29			35,376
Retirement of common shares			$ 0							$ (15)			$ 15
Taxes paid upon net share settlement of restricted share units	(16,827)			(16,827)							(16,827)
Share-based compensation expense	63,360			63,360							63,360
Contributions by noncontrolling interests	6,708															6,708
Noncontrolling Interest, Transfer From Redeemable Noncontrolling Interests To Noncontrolling Interests	83,826															83,826
Net income	4,366,274			4,366,274										4,366,274
Net income allocated to noncontrolling interests	(17,127)			(17,127)										(17,127)		16,467
Distributions to:
Preferred shareholders	(194,390)			(194,390)										(194,390)
Noncontrolling interests	(33,714)															(33,714)
Common shareholders and restricted share unitholders	(3,714,572)			(3,714,572)										(3,714,572)
Other comprehensive income (loss)	(26,730)			(26,730)											(26,730)
Ending balance at Dec. 31, 2022	10,166,801			$ 10,073,402			$ 4,350,000		$ 17,527		$ 5,896,423			$ (110,231)	$ (80,317)	$ 93,399
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 Dec. 31, 2022	$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Issuance of common shares in connection with share-based compensation (in shares)	283,190	552,713	163,127
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 21.15	$ 8	$ 8
Preferred Shares
Issuance of preferred shares (in shares)	10,000	47,300	49,900
Redemption and shares called for redemption of preferred shares (in shares)		35,000	60,800
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	283,190	552,713	163,127
Retirement of common shares (in shares)	151,977

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 4,366,274	$ 1,959,639	$ 1,361,227
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	0
Gain on sale of real estate	(1,503)	(13,683)	(1,493)
Depreciation and amortization	888,146	713,428	553,257
Equity in earnings of unconsolidated real estate entities	(106,981)	(232,093)	(80,497)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	134,769	150,488	72,098
Unrealized foreign currency exchange (gain) loss	(97,563)	(111,787)	97,953
Share-based compensation expense	56,703	59,815	33,363
Other	6,156	17,748	6,994
Total adjustments	(1,249,133)	583,916	681,675
Net cash flows from operating activities	3,117,141	2,543,555	2,042,902
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(459,773)	(270,238)	(169,998)
Development and expansion of real estate facilities	(313,511)	(281,981)	(189,413)
Acquisition of real estate facilities and intangible assets	(757,944)	(5,047,106)	(792,266)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	13,670	19,518	24,658
Repayment of note receivable	0	0	7,509
Proceeds from sale of real estate investments	1,543	16,296	1,796
Proceeds from sale of equity investment in PS Business Parks, Inc.	2,636,011	0	0
Net cash flows from (used in) investing activities	1,119,996	(5,563,511)	(1,117,714)
Cash flows from financing activities:
Repayments on notes payable	(513,495)	(2,218)	(2,020)
Issuance of notes payable, net of issuance costs	0	5,038,904	545,151
Issuance of preferred shares	242,832	1,147,455	1,208,206
Issuance of common shares in connection with share-based compensation	35,271	95,860	12,664
Redemption of preferred shares	0	(1,175,000)	(1,220,000)
Taxes paid upon net share settlement of restricted share units	(16,827)	(13,069)	(10,518)
Acquisition of noncontrolling interests	0	(692)	(33)
Contributions by noncontrolling interests	1,669	2,451	2,629
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(3,908,497)	(1,588,888)	(1,606,429)
Distributions paid to noncontrolling interests	(34,223)	(6,662)	(5,366)
Net cash flows (used in) from financing activities	(4,193,270)	3,498,141	(1,075,716)
Net cash flows from operating, investing, and financing activities	43,867	478,185	(150,528)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	0	505	(426)
Increase (decrease) in cash and equivalents, including restricted cash	43,867	478,690	(150,954)
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	734,599	257,560	409,743
Restricted cash included in other assets	26,691	25,040	23,811
Cash, equivalents, and restricted cash	761,290	282,600	433,554
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	775,253	734,599	257,560
Restricted cash included in other assets	29,904	26,691	25,040
Cash, equivalents, and restricted cash	805,157	761,290	282,600
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(15,260)	(23,398)	(10,359)
Construction or expansion of real estate facilities	(65,650)	(50,051)	(32,349)
Real estate acquired in exchange for noncontrolling interests	(19,865)	(68,170)	0
Real estate acquired in exchange for consideration payable	0	0	(3,799)
Preferred shares called for redemption and reclassified to liabilities	$ 0	$ 0	$ 300,000

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust that has elected to be taxed as a 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 December 31, 2022, we had direct and indirect equity interests in 2,869 self-storage facilities (with approximately 204.2 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 December 31, 2022, we owned a 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 266 self-storage facilities (with approximately 15 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 the merger of PS Business Parks, Inc. (“PSB”) 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	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). 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 audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Summary of Significant Accounting Policies Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2022. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions. Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor's, commercial paper that is rated A1 by Standard & Poor's or deposits with highly rated commercial banks. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the Shurgard® trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that it is more likely than not that the asset is impaired. When we conclude that it is not more likely than not that the asset is impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. At December 31, 2022, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 7), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. The Euro was translated at exchange rates of approximately 1.070 U.S. Dollars per Euro at December 31, 2022 (1.134 at December 31, 2021), and average exchange rates of 1.054, 1.183 and 1.141 for the years ended December 31, 2022, 2021, and 2020, respectively. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2022, we had no tax benefits that were not recognized. Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units (“RSUs”) with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options and RSUs with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options, variables also include actual and projected stock option exercise behaviors. For restricted share units and stock options with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during 2022, 2021, and 2020 is as follows: For the Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 $ 17,372,627 $ 16,289,146 Capital expenditures to maintain real estate facilities 452,316 284,200 163,834 Acquisitions 733,442 4,940,413 781,219 Dispositions (1,704) (7,408) (303) Developed or expanded facilities opened for operation 227,239 218,001 138,731 Ending balance 24,219,126 22,807,833 17,372,627 Accumulated depreciation: Beginning balance (7,773,308) (7,152,135) (6,623,475) Depreciation expense (781,931) (625,968) (528,660) Dispositions 1,084 4,795 — Ending balance (8,554,155) (7,773,308) (7,152,135) Construction in process: Beginning balance 272,471 188,079 141,934 Costs incurred to develop and expand real estate facilities 336,948 302,393 188,102 Write-off of cancelled projects and transfer to other assets (9,188) — (3,226) Developed or expanded facilities opened for operation (227,239) (218,001) (138,731) Ending balance 372,992 272,471 188,079 Total real estate facilities at December 31, $ 16,037,963 $ 15,306,996 $ 10,408,571 During 2022, we acquired 74 self-storage facilities (4.7 million net rentable square feet of storage space), for a total cost of $730.5 million, consisting of $710.6 million in cash and $19.9 million in partnership units in one of our subsidiaries. Approximately $24.1 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $227.2 million during 2022, adding 1.4 million net rentable square feet of self-storage space. Construction in process at December 31, 2022 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2022, we wrote off $7.0 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as general and administrative expense. We also transferred $2.2 million of land cost related to a cancelled development project to other assets at December 31, 2022. 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 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. During 2021, we acquired 232 self-storage facilities (21,830,000 net rentable square feet of storage space), for a total cost of $5.1 billion, consisting of $5.0 billion in cash and $68.2 million in partnership units in one of our subsidiaries. Approximately $174.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $218.0 million during 2021, adding 1.6 million net rentable square feet of self-storage space. During 2021, we sold portions of real estate facilities in connection with eminent domain proceedings for $16.3 million in cash proceeds and recorded a related gain on sale of real estate of approximately $13.7 million. During 2020, we acquired 62 self-storage facilities (5.1 million net rentable square feet of storage space), for a total cost of $792.3 million, which includes the assumption of a $3.8 million liability. Approximately $14.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $138.7 million during 2020, adding 1.1 million net rentable square feet of self-storage space. Included in general and administrative expense in 2020 is $3.2 million in development projects that were cancelled. At December 31, 2022, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $16.5 billion (unaudited).

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2022 2021 2022 2021 2020 PSB $ — $ 515,312 $ 80,596 $ 207,722 $ 64,835 Shurgard 275,752 313,451 26,385 24,371 15,662 Total $ 275,752 $ 828,763 $ 106,981 $ 232,093 $ 80,497 The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2022, 2021, and 2020 (amounts in thousands). Due to the complete sale of our equity investment in PSB in July 2022, the summarized financial information for 2022 includes PSB's financial activities through June 30, 2022, which represents the most practical date of such reported information prior to the transaction. Year Ended December 31, 2022 2021 2020 Revenues $ 572,192 $ 790,461 $ 721,393 Costs of operations 193,868 263,398 242,992 Operating income 220,948 333,624 290,901 Gain on sale of real estate 128,743 359,904 27,234 Net Income 299,226 639,062 275,680 At December 31, 2022 2021 Real estate assets $ 1,391,806 $ 3,437,115 Other assets 289,420 481,403 Total assets $ 1,681,226 $ 3,918,518 Debt $ 860,977 $ 943,276 Other liabilities 224,701 298,787 Noncontrolling interests 2,659 262,243 Shareholders' equity 592,889 2,414,212 Total liabilities and equity $ 1,681,226 $ 3,918,518 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 $2.6 billion of the proceeds from the merger consideration, or $182.25 per share or unit within cash flows from investing activities in the Consolidated Statements of Cash Flows for 2022. During 2022, 2021 and 2020, we received cash distributions from PSB totaling $109.5 million (including the aforementioned $5.25 closing cash dividend per share or unit and the $0.22 prorated quarterly cash dividend per share or unit from the merger transaction), $127.3 million and $60.7 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 December 31, 2022 (€42.85 per share of Shurgard common stock, at 1.070 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.4 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). During 2022, 2021 and 2020, we received $3.5 million, $3.5 million and $3.1 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.2 million, $1.2 million, and $1.1 million of intra-entity profits and losses for 2022, 2021 and 2020, respectively, 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 2022, 2021, and 2020, we received cash dividends from Shurgard totaling $37.8 million, $41.5 million and $34.9 million, respectively. Approximately $13.7 million, $19.5 million and $24.7 million of total cash distributions from Shurgard during the year ended December 31, 2022, 2021 and 2020, 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 December 31, 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 $67.8 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 $6.9 million, $8.4 million and $5.8 million during 2022, 2021, and 2020, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 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 December 31, 2022 At December 31, 2021 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 201,668 (153,818) 47,850 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 386,335 $ (153,818) $ 232,517 $ 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 $95.2 million, $76.6 million and $16.1 million in 2022, 2021, and 2020, respectively. During 2022, 2021, and 2020, intangibles increased $24.8 million, $174.9 million, and $14.9 million, respectively, in connection with the acquisition of real estate facilities (Note 3). The remaining amortization expense will be recognized over a weighted average life of approximately 1.3 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2022 is as follows (amounts in thousands): Year Amount 2023 $ 36,852 2024 5,746 Thereafter 5,252 Total $ 47,850

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2022
Line of Credit Facility [Abstract]
Credit Facility	Credit FacilityWe have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit that matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% to LIBOR plus 1.350% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.75% at December 31, 2022). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.10% per annum at December 31, 2022). At December 31, 2022 and February 21, 2023, 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 December 31, 2022 ($21.2 million at December 31, 2021). The Credit Facility has various customary restrictive covenants with which we were in compliance at December 31, 2022.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
Notes Payable	Notes Payable Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2022 and 2021 are set forth in the tables below: Amounts at December 31, 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% 2.831% $ 700,000 $ (925) $ 699,075 $ 691,309 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,322) 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,357) 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,492) 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,599) 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,818) 547,182 468,509 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,947) 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,697) 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,134) 546,866 443,514 5,250,000 (26,291) 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,035 — 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 259,039 — 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 749,245 (8,611) 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 535,175 (4,858) 530,317 396,297 1,650,494 (13,469) 1,637,025 1,312,964 Mortgage Debt , secured by 5 real estate facilities with a net book value of $17.0 million 3.410% 3.410% 10,092 — 10,092 9,568 $ 6,910,586 $ (39,760) $ 6,870,826 $ 5,958,083 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. On January 19, 2021, we completed a public offering of $500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875% and maturing on February 15, 2026. Interest on the senior notes is payable semi-annually, commencing on August 15, 2021. In connection with the offering, we incurred $3.8 million in costs. On April 23, 2021, we completed a public offering of $700 million, $650 million, and $650 million aggregate principal amount of senior notes bearing interest at an annual rate of the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.47% (reset quarterly and at 4.36% as of December 31, 2022), 1.850%, and 2.300%, respectively, and maturing on April 23, 2024, May 1, 2028, and May 1, 2031, respectively. Interest on the 2024 notes is payable quarterly, commencing on July 23, 2021. Interest on the 2028 notes and 2031 notes is payable semi-annually, commencing on November 1, 2021. In connection with the offering, we incurred a total of $13.7 million in costs. On November 9, 2021, we completed a public offering of $650 million, $550 million, and $550 million aggregate principal amount of senior notes bearing interest at an annual rate of 1.500%, 1.950%, and 2.250%, respectively, and maturing on November 9, 2026, November 9, 2028, and November 9, 2031, respectively. Interest on the senior notes is payable semi-annually, commencing on May 9, 2022. In connection with the offering, we incurred a total of $11.3 million in costs. 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 December 31, 2022. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at December 31, 2022) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended December 31, 2022) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020 and September 9, 2021.The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $99.2 million for 2022, as compared to gains of $111.8 million for 2021 and losses of $98.0 million for 2020). 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 December 31, 2022, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.2% and 7.1%, and mature between November 1, 2023 and July 1, 2030. At December 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2023 $ — $ 8,270 $ 8,270 2024 807,035 124 807,159 2025 259,039 131 259,170 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,184,420 1,289 4,185,709 $ 6,900,494 $ 10,092 $ 6,910,586 Weighted average effective rate 2.0% 3.4% 2.0% Cash paid for interest totaled $133.8 million, $77.7 million, and $52.7 million for 2022, 2021, and 2020, respectively. Interest capitalized as real estate totaled $6.0 million, $3.5 million and $3.4 million for 2022, 2021, and 2020, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling InterestsThere are noncontrolling interests related to several subsidiaries we consolidate of which we do not own 100% of the equity. At December 31, 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 request 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 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	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At December 31, 2022, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. During 2022, 2021, and 2020, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2022 S 10,000 $ 250,000 $ 7,168 2021 P, Q and R 47,300 1,182,500 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 During 2021 and 2020, we redeemed the following series of Preferred Shares at par (none in 2022) (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption. Common Shares During 2022, 2021, and 2020, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2022 2021 2020 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 283,190 $ 35,405 552,713 $ 95,860 163,127 $ 12,664 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2022, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2022. The unaudited characterization of dividends for U.S. federal corporate income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends paid, including amounts paid to our restricted share unitholders, totaled $3.714 billion ($21.15 per share), $1.402 billion ($8.00 per share), and $1.399 billion ($8.00 per share) for the years ended December 31, 2022, 2021, and 2020, respectively. Included in common share dividends paid during 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 totaled $194.4 million, $186.6 million and $207.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. For the tax year ended December 31, 2022, distributions for the common shares and all the various series of preferred shares were classified as follows: 2022 (unaudited) 1st Quarter 2nd Quarter 8/4/2022 Special 3rd Quarter 4th Quarter Ordinary Dividends 29.61 % 29.61 % 39.66 % — % 100.00 % Capital Gain Distributions 70.39 % 70.39 % 60.34 % 100.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2022 are not qualified dividends under the Internal Revenue Code; however, they are subject to the 20% deduction under IRS Section 199A.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions At December 31, 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 $2.2 million, $2.1 million and $1.6 million for 2022, 2021, and 2020, 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	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant equity awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, RSUs, deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation. On April 26, 2021, the Company’s Shareholders approved the 2021 Equity and Performance-Based Incentive Compensation Plan (“2021 Plan”), which authorized an additional three million shares available for future issuance of equity-based awards. As of December 31, 2022, there were a total of 1,724,352 shares reserved for granting of future options and stock awards under the 2021 Plan. 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, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020). For Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 17,950 $ 20,544 $ 14,904 Ancillary cost of operations 888 1,561 — General and administrative 37,865 37,760 18,586 Total $ 56,703 $ 59,865 $ 33,490 Included in share-based compensation is $14.9 million, $15.9 million and $5.7 million for the years ended December 31, 2022, 2021, and 2020, respectively, of retirement acceleration as discussed in Note 2. Stock Options We have service-based and performance-based stock options outstanding. Performance-based stock options outstanding vest upon meeting certain performance conditions or market conditions. Stock options 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. For the years ended December 31, 2022, 2021, and 2020, we incurred share-based compensation cost for outstanding stock options of $19.9 million, $25.1 million and $7.6 million, respectively. During 2022, we granted 65,000 stock options in connection with non-management trustee compensation. We also granted 77,683 stock options, of which 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. During 2021, 245,000 stock options were awarded where vesting is dependent upon meeting certain performance targets over the three-year period from January 1, 2021 through December 31, 2023, which are considered performance conditions, with continued service-based vesting through the first quarter of 2026. These awards contain a relative Total Shareholder Return modifier that will adjust the payout based on relative performance as compared to the market. As of December 31, 2022, these performance targets were expected to be met at 125% achievement, an increase from 100% as of December 31, 2021. During 2020, 770,000 stock options were awarded where vesting is dependent upon meeting certain performance targets over the three-year period from January 1, 2020 through December 31, 2022, which are considered performance conditions, with continued service-based vesting through the first quarter of 2025. These performance targets were met at 125% achievement at December 31, 2022. The stock options outstanding at December 31, 2022 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $209.8 million and remaining average contractual lives of approximately five years. Total compensation cost related to nonvested stock options that has not yet been recognized is $21.2 million and is expected to be recognized as compensation cost over approximately three years on average. Exercisable stock options have an aggregate intrinsic value of approximately $128.9 million at December 31, 2022 and remaining average contractual lives of approximately three years. Additional information with respect to stock options during 2022, 2021, and 2020 is as follows: Service-Based Performance-Based Total Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding January 1, 2020 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 200.61 770,000 228.94 840,000 226.58 Exercised (71,500) (175.16) — — (71,500) (175.16) Cancelled (107,000) (220.33) (40,000) (228.94) (147,000) (222.67) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 248.54 420,000 229.53 560,000 234.29 Exercised (471,216) (203.30) — — (471,216) (203.30) Cancelled — — (10,000) (228.94) (10,000) (228.94) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted (b) 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (c) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Cancelled — — — — — — Options outstanding December 31, 2022 (d) 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Options exercisable at December 31, 2022 (d) 1,617,555 $ 200.87 10,327 $ 221.68 1,627,882 $ 201.00 2022 2021 2020 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 27,210 $ 44,613 $ 3,433 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 5 5 Risk-free interest rate 2.9% 0.8% 0.4% Expected volatility, based upon historical volatility 22.9% 24.1% 21.6% Expected dividend yield 2.0% 2.9% 3.8% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 5 Risk-free interest rate 1.8% 0.9% Expected volatility, based upon historical volatility 22.6% 26.5% Expected dividend yield 2.3% 2.9% Average estimated value of options granted during the year $ 87.57 $ 62.66 $ 17.79 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021. (c) 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 applicable 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. (d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022. Restricted Share Units We have service-based and performance-based RSUs outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs outstanding vest upon meeting certain performance conditions or market conditions. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. For the years ended December 31, 2022, 2021, and 2020, we incurred share-based compensation cost for RSUs of $39.9 million, $37.6 million, and $25.1 million, respectively. During 2022, 21,985 RSUs were awarded 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. During 2021, 37,000 RSUs were awarded where vesting is dependent upon meeting certain performance targets for 2021, which are considered performance conditions, with continued service-based vesting through the first quarter of 2026. As of December 31, 2021, these targets were met at 125% achievement. Remaining compensation cost related to RSUs outstanding at December 31, 2022 totals approximately $74.3 million and is expected to be recognized over the next two years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): Service-Based Performance-Based Total Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Restricted share units outstanding January 1, 2020 619,150 $ 213.29 — $ — 619,150 $ 213.29 Granted 110,755 222.27 — — 110,755 222.27 Vested (140,089) (200.88) — — (140,089) (200.88) Forfeited (37,028) (215.08) — — (37,028) (215.08) Restricted share units outstanding December 31, 2020 552,788 $ 218.11 — $ — 552,788 $ 218.11 Granted (a) 143,068 336.06 46,250 275.12 189,318 321.17 Vested (138,420) (216.63) — — (138,420) (216.63) Forfeited (32,864) (221.32) — — (32,864) (221.32) Restricted share units outstanding December 31, 2021 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Restricted share units outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52 2022 2021 2020 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 47,244 $ 37,430 $ 31,076 Cash paid for taxes upon vesting in lieu of issuing common shares $ 16,827 $ 13,069 $ 10,518 Common shares issued upon vesting 99,009 81,325 91,627 Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 Risk-free interest rate 1.6% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.3% Average estimated value of restricted share units granted during the year $ 465.11 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria. Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Income per Common Share	Net Income per Common Share We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “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 common shares were excluded from the computation of diluted earnings per share for the year ended December 31, 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 year ended December 31, 2022, 2021, and 2020, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2022 2021 2020 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 4,142,288 $ 1,732,444 $ 1,098,335 Denominator for basic net income per share - weighted average common shares outstanding 175,257 174,858 174,494 Net effect of dilutive stock options - based on treasury stock method 1,023 710 148 Denominator for dilutive net income per share - weighted average common shares outstanding 176,280 175,568 174,642 Net income per common share: Basic $ 23.64 $ 9.91 $ 6.29 Dilutive $ 23.50 $ 9.87 $ 6.29

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker. Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2022 2021 2020 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,946,028 $ 3,203,566 $ 2,721,630 Cost of operations (980,209) (852,030) (807,543) Net operating income 2,965,819 2,351,536 1,914,087 Depreciation and amortization (888,146) (713,428) (553,257) Net income 2,077,673 1,638,108 1,360,830 Ancillary Operations Revenue 236,135 212,258 193,438 Cost of operations (72,698) (68,568) (59,919) Net operating income 163,437 143,690 133,519 Total net income allocated to segments 2,241,110 1,781,798 1,494,349 Other items not allocated to segments: General and administrative (114,742) (101,254) (83,199) Interest and other income 40,567 12,306 22,323 Interest expense (136,319) (90,774) (56,283) Equity in earnings of unconsolidated real estate entities 106,981 232,093 80,497 Foreign currency exchange gain (loss) 98,314 111,787 (97,953) Gain on sale of real estate 1,503 13,683 1,493 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — — Net income $ 4,366,274 $ 1,959,639 $ 1,361,227

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At December 31, 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 $263.5 million at December 31, 2022. We expect to pay approximately $229.8 million in 2023 and $33.7 million in 2024 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $63.4 million at December 31, 2022. We expect to pay approximately $3.1 million in each of 2023 and 2024, $3.0 million in each of 2025 and 2026, $2.1 million in 2027 and $49.1 million thereafter for these commitments.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to December 31, 2022, we acquired or were under contract to acquire eight self-storage facilities across five states with 0.5 million net rentable square feet, for $70.5 million. On February 4, 2023, our Board of Trustees declared a 50% increase in its regular common quarterly dividend from $2.00 to $3.00 per share, payable on March 30, 2023 to shareholders of record as of March 15, 2023. The distribution equates to an annualized increase to the Company’s regular common dividend from $8.00 to $12.00 per share.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost Gross Carrying Amount At December 31, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 226 16,652 359 543,650 981,256 471,088 542,073 1,453,921 1,995,994 928,465 Dallas/Ft. Worth 193 17,274 — 328,518 1,889,830 214,515 329,979 2,102,884 2,432,863 421,762 Houston 145 12,265 — 239,385 647,576 258,080 238,706 906,335 1,145,041 381,723 San Francisco 141 9,197 — 245,623 557,398 314,857 258,373 859,505 1,117,878 557,875 Chicago 137 8,865 — 147,606 440,494 144,497 150,443 582,154 732,597 427,557 Washington DC 118 8,341 — 420,884 1,319,147 199,354 436,704 1,502,681 1,939,385 435,221 Atlanta 112 7,550 1,591 143,799 420,664 101,272 144,161 521,574 665,735 319,016 Seattle/Tacoma 100 6,980 — 211,959 584,089 161,112 212,568 744,592 957,160 410,728 Miami 99 7,460 — 252,244 560,224 172,704 254,137 731,035 985,172 397,084 New York 98 7,278 — 281,499 617,448 268,202 287,836 879,313 1,167,149 536,545 Orlando/Daytona 98 5,781 — 157,808 408,287 70,883 163,289 473,689 636,978 191,858 Denver 70 5,291 8,142 120,117 323,262 106,286 120,838 428,827 549,665 187,978 Minneapolis/St. Paul 65 5,218 — 123,460 300,698 126,906 127,014 424,050 551,064 166,687 Philadelphia 62 4,041 — 58,824 226,733 85,150 57,845 312,862 370,707 187,147 Charlotte 61 4,689 — 89,309 238,236 85,982 97,172 316,355 413,527 158,819 Tampa 57 3,985 — 93,109 213,546 85,926 96,422 296,159 392,581 155,070 Detroit 48 3,595 — 67,465 225,061 61,379 68,871 285,034 353,905 142,253 Portland 49 2,865 — 60,975 218,076 51,935 61,633 269,353 330,986 124,847 Baltimore 50 3,851 — 136,598 775,086 42,754 136,722 817,716 954,438 131,757 Phoenix 50 3,499 — 99,453 304,379 45,259 99,444 349,647 449,091 139,434 West Palm Beach 46 3,833 — 156,788 221,479 114,853 157,496 335,624 493,120 161,302 San Antonio 40 2,827 — 54,753 224,313 31,712 54,711 256,067 310,778 84,489 Austin 37 2,942 — 69,205 188,500 49,021 71,227 235,499 306,726 109,453 Raleigh 38 2,732 — 89,212 212,776 42,985 90,201 254,772 344,973 83,693 Norfolk 36 2,208 — 47,728 128,986 30,103 46,843 159,974 206,817 84,167 Sacramento 35 2,054 — 26,429 80,391 42,815 26,913 122,722 149,635 90,534 Indianapolis 31 2,040 — 40,905 109,447 24,061 41,905 132,508 174,413 57,787 Kansas City 30 1,972 — 19,603 106,102 37,676 19,803 143,578 163,381 70,531 Boston 28 1,962 — 80,843 209,495 39,655 81,409 248,584 329,993 124,302 St. Louis 28 1,749 — 23,539 89,341 35,063 23,395 124,548 147,943 72,260 Columbus 27 2,015 — 44,983 92,001 29,817 45,090 121,711 166,801 57,187 Columbia 27 1,620 — 27,177 83,532 23,724 27,936 106,497 134,433 47,839 Oklahoma City 36 2,695 — 58,426 197,991 19,338 58,426 217,329 275,755 38,708 San Diego 24 2,183 — 89,782 162,043 52,943 92,292 212,476 304,768 111,712 Las Vegas 25 1,649 — 28,016 113,889 22,270 27,264 136,911 164,175 58,605 Cincinnati 21 1,241 — 19,385 67,782 24,688 19,303 92,552 111,855 38,121 Initial Cost Gross Carrying Amount At December 31, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Nashville/Bowling Green 19 1,221 — 25,374 57,494 32,496 25,372 89,992 115,364 37,098 Colorado Springs 16 1,118 — 12,320 60,393 23,467 12,317 83,863 96,180 35,592 Milwaukee 15 964 — 13,189 32,071 10,806 13,158 42,908 56,066 37,262 Louisville 15 913 — 23,563 46,108 8,936 23,562 55,045 78,607 21,323 Jacksonville 15 922 — 14,454 47,415 13,294 14,503 60,660 75,163 38,156 Birmingham 15 606 — 6,316 25,567 15,119 6,204 40,798 47,002 30,303 Richmond 15 768 — 20,979 52,239 6,712 20,784 59,146 79,930 24,763 Greensboro 14 845 — 13,413 35,326 15,088 15,502 48,325 63,827 31,488 Charleston 14 978 — 16,947 56,793 23,215 17,923 79,032 96,955 33,383 Fort Myers/Naples 15 1,148 — 32,185 95,517 8,105 32,420 103,387 135,807 26,587 Chattanooga 13 846 — 10,030 45,578 8,613 9,832 54,389 64,221 19,596 Savannah 12 700 — 33,094 42,465 5,698 31,766 49,491 81,257 23,012 Greensville/Spartanburg/Asheville 14 842 — 10,815 50,364 11,111 11,744 60,546 72,290 25,378 Honolulu 11 807 — 54,184 106,299 21,266 55,101 126,648 181,749 78,924 Hartford/New Haven 11 693 — 6,778 19,959 22,898 8,443 41,192 49,635 35,980 New Orleans 11 772 — 13,372 59,382 9,197 13,540 68,411 81,951 31,527 Salt Lake City 12 758 — 18,606 37,739 6,242 18,255 44,332 62,587 17,354 Memphis 11 645 — 19,581 29,852 11,269 20,934 39,768 60,702 25,156 Mobile 15 759 — 18,688 45,137 6,859 18,515 52,169 70,684 17,238 Omaha 11 940 — 17,965 69,085 4,785 17,965 73,870 91,835 10,254 Buffalo/Rochester 9 462 — 6,785 17,954 4,328 6,783 22,284 29,067 16,267 Cleveland/Akron 10 631 — 5,916 30,775 6,213 6,309 36,595 42,904 14,890 Augusta 9 503 — 9,397 24,669 4,817 9,397 29,486 38,883 9,188 Reno 7 559 — 5,487 18,704 5,353 5,487 24,057 29,544 14,450 Tucson 7 439 — 9,403 25,491 8,779 9,884 33,789 43,673 23,192 Wichita 7 433 — 2,017 6,691 7,767 2,130 14,345 16,475 12,642 Monterey/Salinas 7 329 — 8,465 24,151 7,729 8,455 31,890 40,345 24,998 Boise 6 545 — 13,412 55,496 1,211 13,412 56,707 70,119 3,802 Evansville 5 326 — 2,340 14,316 1,567 2,312 15,911 18,223 5,593 Dayton 5 284 — 1,074 8,975 4,981 1,073 13,957 15,030 8,290 Huntsville/Decatur 5 298 — 9,161 13,481 3,561 9,108 17,095 26,203 7,163 Fort Wayne 4 271 — 3,487 11,003 3,610 3,487 14,613 18,100 6,611 Roanoke 4 223 — 5,093 18,091 1,080 5,093 19,171 24,264 4,645 Palm Springs 3 242 — 8,309 18,065 2,979 8,309 21,044 29,353 13,108 Providence 3 155 — 995 11,206 3,191 995 14,397 15,392 7,928 Shreveport 2 150 — 817 3,030 3,056 741 6,162 6,903 5,088 Springfield/Holyoke 2 144 — 1,428 3,380 1,999 1,427 5,380 6,807 5,243 Initial Cost Gross Carrying Amount At December 31, 2022 Description No. of Net 2022 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 2 99 — 1,047 2,246 2,483 980 4,796 5,776 4,354 Santa Barbara 2 98 — 5,733 9,106 1,133 5,733 10,239 15,972 6,674 Topeka 2 94 — 225 1,419 2,136 225 3,555 3,780 3,279 Lansing 2 88 — 556 2,882 996 556 3,878 4,434 2,791 Flint 1 56 — 543 3,068 275 542 3,344 3,886 2,252 Joplin 1 56 — 264 904 1,046 264 1,950 2,214 1,708 Syracuse 1 55 — 545 1,279 906 545 2,185 2,730 2,097 Modesto/Fresno/Stockton 1 33 — 44 206 1,344 193 1,401 1,594 1,060 Commercial and non-operating real estate — 13,194 26,143 78,824 13,349 104,812 118,161 53,952 2,869 204,217 $ 10,092 $ 5,196,649 $ 14,907,072 $ 4,115,405 $ 5,273,073 $ 18,946,053 $ 24,219,126 $ 8,554,155 Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation and Equity Method of Accounting	Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. The total assets, primarily real estate assets, and the total liabilities of our consolidated VIEs are not material as of December 31, 2022. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor's, commercial paper that is rated A1 by Standard & Poor's or deposits with highly rated commercial banks. Restricted cash, which represent amounts used to collateralize our insurance obligations and are restricted from general corporate use, are included in other assets.
Fair Value	Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, restricted cash, other assets, other liabilities, and notes payable. Cash equivalents, restricted cash, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity.
Real Estate Facilities	Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement.
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value.
Revenue and Expense Recognition	Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings.
Income Taxes	Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. Our tenant reinsurance, merchandise, and third party management operations are subject to corporate income tax and such taxes are included in general and administrative expenses. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2022, we had no tax benefits that were not recognized.
Share-Based Compensation	Share-Based Compensation We generally estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of restricted share units (“RSUs”) with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options with no market conditions at the grant date using the Black-Scholes option-pricing model. We value stock options and RSUs with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options, variables also include actual and projected stock option exercise behaviors. For restricted share units and stock options with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In July 2020, we modified our share-based compensation plans to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of Real Estate Activities	Activity in real estate facilities during 2022, 2021, and 2020 is as follows: For the Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 22,807,833 $ 17,372,627 $ 16,289,146 Capital expenditures to maintain real estate facilities 452,316 284,200 163,834 Acquisitions 733,442 4,940,413 781,219 Dispositions (1,704) (7,408) (303) Developed or expanded facilities opened for operation 227,239 218,001 138,731 Ending balance 24,219,126 22,807,833 17,372,627 Accumulated depreciation: Beginning balance (7,773,308) (7,152,135) (6,623,475) Depreciation expense (781,931) (625,968) (528,660) Dispositions 1,084 4,795 — Ending balance (8,554,155) (7,773,308) (7,152,135) Construction in process: Beginning balance 272,471 188,079 141,934 Costs incurred to develop and expand real estate facilities 336,948 302,393 188,102 Write-off of cancelled projects and transfer to other assets (9,188) — (3,226) Developed or expanded facilities opened for operation (227,239) (218,001) (138,731) Ending balance 372,992 272,471 188,079 Total real estate facilities at December 31, $ 16,037,963 $ 15,306,996 $ 10,408,571

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities	The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at December 31, Equity in Earnings of Unconsolidated Real Estate for the Year Ended December 31, 2022 2021 2022 2021 2020 PSB $ — $ 515,312 $ 80,596 $ 207,722 $ 64,835 Shurgard 275,752 313,451 26,385 24,371 15,662 Total $ 275,752 $ 828,763 $ 106,981 $ 232,093 $ 80,497 The following tables represent summarized financial information for PSB and Shurgard in aggregate derived from their respective reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2022, 2021, and 2020 (amounts in thousands). Due to the complete sale of our equity investment in PSB in July 2022, the summarized financial information for 2022 includes PSB's financial activities through June 30, 2022, which represents the most practical date of such reported information prior to the transaction. Year Ended December 31, 2022 2021 2020 Revenues $ 572,192 $ 790,461 $ 721,393 Costs of operations 193,868 263,398 242,992 Operating income 220,948 333,624 290,901 Gain on sale of real estate 128,743 359,904 27,234 Net Income 299,226 639,062 275,680 At December 31, 2022 2021 Real estate assets $ 1,391,806 $ 3,437,115 Other assets 289,420 481,403 Total assets $ 1,681,226 $ 3,918,518 Debt $ 860,977 $ 943,276 Other liabilities 224,701 298,787 Noncontrolling interests 2,659 262,243 Shareholders' equity 592,889 2,414,212 Total liabilities and equity $ 1,681,226 $ 3,918,518

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 31, 2022 At December 31, 2021 Gross Book Value Accumulated Amortization Net Book Value Gross Book Value Accumulated Amortization Net Book Value Goodwill $ 165,843 $ — $ 165,843 $ 165,843 $ — $ 165,843 Shurgard® Trade Name 18,824 — 18,824 18,824 — 18,824 Finite-lived intangible assets, subject to amortization 201,668 (153,818) 47,850 198,180 (79,953) 118,227 Total goodwill and other intangible assets $ 386,335 $ (153,818) $ 232,517 $ 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 December 31, 2022 is as follows (amounts in thousands): Year Amount 2023 $ 36,852 2024 5,746 Thereafter 5,252 Total $ 47,850

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Payable [Abstract]
Notes Payable	Our notes payable at December 31, 2022 and 2021 are set forth in the tables below: Amounts at December 31, 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% 2.831% $ 700,000 $ (925) $ 699,075 $ 691,309 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,322) 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,357) 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,492) 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,599) 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,818) 547,182 468,509 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,947) 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,697) 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,134) 546,866 443,514 5,250,000 (26,291) 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,035 — 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 259,039 — 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 749,245 (8,611) 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 535,175 (4,858) 530,317 396,297 1,650,494 (13,469) 1,637,025 1,312,964 Mortgage Debt , secured by 5 real estate facilities with a net book value of $17.0 million 3.410% 3.410% 10,092 — 10,092 9,568 $ 6,910,586 $ (39,760) $ 6,870,826 $ 5,958,083 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 December 31, 2022, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2023 $ — $ 8,270 $ 8,270 2024 807,035 124 807,159 2025 259,039 131 259,170 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,184,420 1,289 4,185,709 $ 6,900,494 $ 10,092 $ 6,910,586 Weighted average effective rate 2.0% 3.4% 2.0%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2022 At December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 — — Total Preferred Shares 174,000 $ 4,350,000 164,000 $ 4,100,000 During 2022, 2021, and 2020, we issued the following series of Preferred Shares at an issuance price of $25.00 per depository share with each depository share representing 0.001 of a share of Preferred Share (amounts in thousands): Year Series Shares Gross Proceeds Issuance Costs 2022 S 10,000 $ 250,000 $ 7,168 2021 P, Q and R 47,300 1,182,500 35,045 2020 L, M, N and O 49,900 1,247,500 39,294 During 2021 and 2020, we redeemed the following series of Preferred Shares at par (none in 2022) (amounts in thousands): Year Series Aggregate Redemption Amount Allocation of Income to Preferred Shares Holders in Connection with Redemption 2021 C, D and E $ 875,000 $ 28,914 2020 (a) V, W, X and B 1,520,000 48,265 (a) On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed Series B Preferred Shares. The liquidation value (at par) was reclassified as a liability as of December 31, 2020 and we recorded allocation of income to the holders of our Preferred Shares in 2020 in connection with this redemption.
Schedule of Issuance and Repurchases of Common Shares	During 2022, 2021, and 2020, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2022 2021 2020 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 283,190 $ 35,405 552,713 $ 95,860 163,127 $ 12,664
Schedule of Distribution Classification	For the tax year ended December 31, 2022, distributions for the common shares and all the various series of preferred shares were classified as follows: 2022 (unaudited) 1st Quarter 2nd Quarter 8/4/2022 Special 3rd Quarter 4th Quarter Ordinary Dividends 29.61 % 29.61 % 39.66 % — % 100.00 % Capital Gain Distributions 70.39 % 70.39 % 60.34 % 100.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Expense	We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $4.1 million and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2022 and 2021, respectively (none in 2020). For Years Ended December 31, 2022 2021 2020 (Amounts in thousands) Self-storage cost of operations $ 17,950 $ 20,544 $ 14,904 Ancillary cost of operations 888 1,561 — General and administrative 37,865 37,760 18,586 Total $ 56,703 $ 59,865 $ 33,490
Share-Based Payment Arrangement, Option, Activity	Additional information with respect to stock options during 2022, 2021, and 2020 is as follows: Service-Based Performance-Based Total Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding January 1, 2020 2,339,667 $ 204.53 — $ — 2,339,667 $ 204.53 Granted 70,000 200.61 770,000 228.94 840,000 226.58 Exercised (71,500) (175.16) — — (71,500) (175.16) Cancelled (107,000) (220.33) (40,000) (228.94) (147,000) (222.67) Options outstanding December 31, 2020 2,231,167 $ 204.60 730,000 $ 228.94 2,961,167 $ 210.59 Granted (a) 140,000 248.54 420,000 229.53 560,000 234.29 Exercised (471,216) (203.30) — — (471,216) (203.30) Cancelled — — (10,000) (228.94) (10,000) (228.94) Options outstanding December 31, 2021 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted (b) 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (c) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Cancelled — — — — — — Options outstanding December 31, 2022 (d) 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Options exercisable at December 31, 2022 (d) 1,617,555 $ 200.87 10,327 $ 221.68 1,627,882 $ 201.00
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	2022 2021 2020 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 27,210 $ 44,613 $ 3,433 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 5 5 Risk-free interest rate 2.9% 0.8% 0.4% Expected volatility, based upon historical volatility 22.9% 24.1% 21.6% Expected dividend yield 2.0% 2.9% 3.8% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 5 Risk-free interest rate 1.8% 0.9% Expected volatility, based upon historical volatility 22.6% 26.5% Expected dividend yield 2.3% 2.9% Average estimated value of options granted during the year $ 87.57 $ 62.66 $ 17.79 (a) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes performance adjustments above target for options granted in 2021. (c) 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 applicable 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. (d) The weighted average exercise price of options outstanding and options exercisable at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022.
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): Service-Based Performance-Based Total Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Number of Restricted Share Units Weighted-Average Grant-Date Fair Value Restricted share units outstanding January 1, 2020 619,150 $ 213.29 — $ — 619,150 $ 213.29 Granted 110,755 222.27 — — 110,755 222.27 Vested (140,089) (200.88) — — (140,089) (200.88) Forfeited (37,028) (215.08) — — (37,028) (215.08) Restricted share units outstanding December 31, 2020 552,788 $ 218.11 — $ — 552,788 $ 218.11 Granted (a) 143,068 336.06 46,250 275.12 189,318 321.17 Vested (138,420) (216.63) — — (138,420) (216.63) Forfeited (32,864) (221.32) — — (32,864) (221.32) Restricted share units outstanding December 31, 2021 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Restricted share units outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions	2022 2021 2020 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 47,244 $ 37,430 $ 31,076 Cash paid for taxes upon vesting in lieu of issuing common shares $ 16,827 $ 13,069 $ 10,518 Common shares issued upon vesting 99,009 81,325 91,627 Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 Risk-free interest rate 1.6% Expected volatility, based upon historical volatility 26.5% Expected dividend yield 2.3% Average estimated value of restricted share units granted during the year $ 465.11 (a) Amount includes adjustments above target for performance-based RSUs granted in fiscal year 2021 based on achievement of performance criteria.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2022, 2021, and 2020, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2022 2021 2020 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 4,142,288 $ 1,732,444 $ 1,098,335 Denominator for basic net income per share - weighted average common shares outstanding 175,257 174,858 174,494 Net effect of dilutive stock options - based on treasury stock method 1,023 710 148 Denominator for dilutive net income per share - weighted average common shares outstanding 176,280 175,568 174,642 Net income per common share: Basic $ 23.64 $ 9.91 $ 6.29 Dilutive $ 23.50 $ 9.87 $ 6.29

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Summary Of Segment Information	The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2022 2021 2020 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 3,946,028 $ 3,203,566 $ 2,721,630 Cost of operations (980,209) (852,030) (807,543) Net operating income 2,965,819 2,351,536 1,914,087 Depreciation and amortization (888,146) (713,428) (553,257) Net income 2,077,673 1,638,108 1,360,830 Ancillary Operations Revenue 236,135 212,258 193,438 Cost of operations (72,698) (68,568) (59,919) Net operating income 163,437 143,690 133,519 Total net income allocated to segments 2,241,110 1,781,798 1,494,349 Other items not allocated to segments: General and administrative (114,742) (101,254) (83,199) Interest and other income 40,567 12,306 22,323 Interest expense (136,319) (90,774) (56,283) Equity in earnings of unconsolidated real estate entities 106,981 232,093 80,497 Foreign currency exchange gain (loss) 98,314 111,787 (97,953) Gain on sale of real estate 1,503 13,683 1,493 Gain on sale of equity investment in PS Business Parks, Inc. 2,128,860 — — Net income $ 4,366,274 $ 1,959,639 $ 1,361,227

Description of the Business (Na

Description of the Business (Narrative) (Details) ft² in Thousands	Dec. 31, 2022 ft² country storage_facility state	Jul. 20, 2022	Dec. 31, 2021	Dec. 31, 2020
Nature Of Business [Line Items]
Net rentable area (in square feet)	204,217
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	266
Net rentable area (in square feet)	15,000
Ownership interest (percentage)	35%		35%	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	2,869
Net rentable area (in square feet)	204,200
Number of states with facilities | state	40
Public Storage | Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	1,200

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest in real estate sold at fair value	100%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	25 years

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Impairments	$ 0	$ 0	$ 0

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation (percentage)	1.070	1.134
Weighted Average
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate	1.054	1.183	1.141

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 22,807,833	$ 17,372,627	$ 16,289,146
Capital expenditures to maintain real estate facilities	452,316	284,200	163,834
Acquisitions	733,442	4,940,413	781,219
Dispositions	(1,704)	(7,408)	(303)
Developed or expanded facilities opened for operation	227,239	218,001	138,731
Ending balance (Operating facilities, at cost)	24,219,126	22,807,833	17,372,627
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(7,773,308)	(7,152,135)	(6,623,475)
Depreciation expense	(781,931)	(625,968)	(528,660)
Dispositions	1,084	4,795	0
Ending balance (Accumulated depreciation)	(8,554,155)	(7,773,308)	(7,152,135)
Construction in process:
Beginning balance (Construction in process)	272,471	188,079	141,934
Costs incurred to develop and expand real estate facilities	336,948	302,393	188,102
Write-off of cancelled projects and transfer to other assets	(9,188)	0	(3,226)
Developed or expanded facilities opened for operation	(227,239)	(218,001)	(138,731)
Ending balance (Construction in process)	372,992	272,471	188,079
Total real estate facilities	$ 16,037,963	$ 15,306,996	$ 10,408,571

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) ft² in Thousands, $ in Thousands		12 Months Ended
	Jul. 08, 2022 USD ($) site property	Dec. 31, 2022 USD ($) ft² storage_facility	Dec. 31, 2021 USD ($) ft² storage_facility	Dec. 31, 2020 USD ($) ft² storage_facility
Schedule Of Real Estate Facilities [Line Items]
Payments to acquire real estate		$ 757,944	$ 5,047,106	$ 792,266
Write off development cost		7,000
Land cost transferred		2,200
Proceeds from real estate and real estate joint ventures		1,543	16,296	1,796
Gain on sale of real estate		1,503	13,683	1,493
Write-off of cancelled projects		9,188	$ 0	$ 3,226
Adjusted basis of real estate		$ 16,500,000
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | storage_facility		74	232	62
Net rentable area acquired | ft²		4,700	21,830	5,100
Total cost of acquisition		$ 730,500	$ 5,100,000	$ 792,300
Payments to acquire real estate		710,600	5,000,000
Issuance of partnership units		19,900	68,200
Payments to acquire intangible assets		24,100	174,900	14,900
Liabilities assumed				3,800
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
Disposal of Real Estate Facilities
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate		1,500	13,700
Completed Developed and Expansion Project | Newly Developed and Expansion Projects
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand		$ 227,200	$ 218,000	$ 138,700
Additional net rentable square feet | ft²		1,400	1,600	1,100

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities and Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	$ 275,752	$ 828,763
Equity in Earnings of Unconsolidated Real Estate	106,981	232,093	$ 80,497
PSB
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	0	515,312
Equity in Earnings of Unconsolidated Real Estate	80,596	207,722	64,835
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated real estate entities	275,752	313,451
Equity in Earnings of Unconsolidated Real Estate	$ 26,385	$ 24,371	$ 15,662

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities - (Schedule Of Investments In Real Estate Entities and Operation Statements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenue	$ 4,182,163	$ 3,415,824	$ 2,915,068
Costs of operations	2,192,114	1,826,054	1,560,201
Gain on sale of real estate	1,503	13,683	1,493
Net income	4,366,274	1,959,639	1,361,227
PSB and Shurgard
Schedule of Equity Method Investments [Line Items]
Revenue	572,192	790,461	721,393
Costs of operations	193,868	263,398	242,992
Operating income	220,948	333,624	290,901
Gain on sale of real estate	128,743	359,904	27,234
Net income	$ 299,226	$ 639,062	$ 275,680

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities - (Schedule Of Investments In Real Estate Entities and Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Real estate assets	$ 16,037,963	$ 15,306,996	$ 10,408,571
Other assets	230,822	207,656
Total assets	17,552,307	17,380,908
Noncontrolling interests	93,399	20,112
Shareholders' equity	10,073,402	9,335,177
Liabilities and Equity	17,552,307	17,380,908
PSB and Shurgard
Schedule of Equity Method Investments [Line Items]
Real estate assets	1,391,806	3,437,115
Other assets	289,420	481,403
Total assets	1,681,226	3,918,518
Debt	860,977	943,276
Other liabilities	224,701	298,787
Noncontrolling interests	2,659	262,243
Shareholders' equity	592,889	2,414,212
Liabilities and Equity	$ 1,681,226	$ 3,918,518

Investments in Unconsolidated_6

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 20, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.		$ 2,636,011	$ 0	$ 0
Gain on sale of equity investment in PS Business Parks, Inc.		2,128,860	0	0
Cash distribution received		134,769	150,488	72,098
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	$ 127,300	$ 60,700
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
Gain on sale of equity investment in PS Business Parks, Inc.	$ 2,100,000
PSB | Blackstone Real Estate
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.		$ 2,600,000
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%	35%
Cash distribution received		$ 37,800	$ 41,500	$ 34,900
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Cash distribution received		$ 1,200	$ 1,200	$ 1,100

Investments in Unconsolidated_7

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2022 € / shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	1.070	1.134
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 134,769	$ 150,488	$ 72,098
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	$ 13,670	$ 19,518	$ 24,658
Shurgard
Schedule of Equity Method Investments [Line Items]
Common stock owned of Shurgard (in shares) | shares	31,268,459	31,268,459	31,268,459
Ownership interest (percentage)	35%	35%	35%
Closing price per share (in Euros per share) | € / shares				€ 42.85
Market value	$ 1,400,000
License fees received	3,500	$ 3,500	$ 3,100
Distributions from cumulative equity in earnings of unconsolidated real estate entities	37,800	41,500	34,900
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	13,700	19,500	24,700
Basis differential	67,800	74,700
Amortization of basis differential	$ 6,900	$ 8,400	$ 5,800

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill, gross	$ 165,843	$ 165,843
Goodwill, net	165,843	165,843
Gross Book Value	201,668	198,180
Accumulated Amortization	(153,818)	(79,953)
Total	47,850	118,227
Gross Book Value	386,335	382,847
Net Book Value	232,517	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 95.2	$ 76.6	$ 16.1
Increase in finite-lived intangible assets	$ 24.8	$ 174.9	$ 14.9
Finite-lived intangible assets, weighted average useful life	1 year 3 months 18 days

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 36,852
2024	5,746
Thereafter	5,252
Total	$ 47,850	$ 118,227

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - USD ($)		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Feb. 21, 2023	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) $ in Thousands	Dec. 31, 2022 USD ($) real_estate_facility	Apr. 23, 2021	Aug. 15, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 09, 2021	Jan. 19, 2021
Debt Instrument [Line Items]
Principal	$ 6,910,586
Unamortized Costs	(39,760)
Book Value	6,870,826			$ 7,475,279
Fair Value	5,958,083			7,589,932
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,250,000
Unamortized Costs	(26,291)
Book Value	5,223,709			5,717,998
Fair Value	$ 4,635,551			5,831,539
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2022
Debt Instrument [Line Items]
Coupon Rate			2.37%
Principal			$ 500,000
Book Value				499,637
Fair Value				506,362
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	2.831%
Principal	$ 700,000
Unamortized Costs	(925)
Book Value	699,075			698,372
Fair Value	$ 691,309			700,314
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%					0.875%
Effective Rate	1.03%
Principal	$ 500,000
Unamortized Costs	(2,322)
Book Value	497,678			496,939
Fair Value	$ 441,849			488,141
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%				1.50%
Effective Rate	1.64%
Principal	$ 650,000
Unamortized Costs	(3,357)
Book Value	646,643			645,773
Fair Value	$ 578,899			649,996
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2027
Debt Instrument [Line Items]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000
Unamortized Costs	(2,492)
Book Value	497,508			496,980
Fair Value	$ 466,029			535,206
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%	1.85%
Effective Rate	1.962%
Principal	$ 650,000
Unamortized Costs	(3,599)
Book Value	646,401			645,724
Fair Value	$ 558,197			649,221
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%				1.95%
Effective Rate	2.044%
Principal	$ 550,000
Unamortized Costs	(2,818)
Book Value	547,182			546,701
Fair Value	$ 468,509			548,241
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029
Debt Instrument [Line Items]
Coupon Rate	3.385%
Effective Rate	3.459%
Principal	$ 500,000
Unamortized Costs	(1,947)
Book Value	498,053			497,743
Fair Value	$ 456,855			545,580
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%	2.30%
Effective Rate	2.419%
Principal	$ 650,000
Unamortized Costs	(5,697)
Book Value	644,303			643,617
Fair Value	$ 530,390			656,546
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%				2.25%
Effective Rate	2.322%
Principal	$ 550,000
Unamortized Costs	(3,134)
Book Value	546,866			546,512
Fair Value	$ 443,514			551,932
U.S. Dollar Denominated Unsecured Debt | SOFR | Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread	0.47%	0.47%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 1,650,494
Unamortized Costs	(13,469)
Book Value	1,637,025			1,733,997
Fair Value	$ 1,312,964			1,734,185
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 107,035
Unamortized Costs	0
Book Value	107,035			113,431
Fair Value	$ 104,344			117,526
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 259,039
Unamortized Costs	0
Book Value	259,039			274,518
Fair Value	$ 246,119			295,256
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 749,245
Unamortized Costs	(8,611)
Book Value	740,634			784,287
Fair Value	$ 566,204			769,561
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 535,175
Unamortized Costs	(4,858)
Book Value	530,317			561,761
Fair Value	$ 396,297			551,842
Mortgage Debt
Debt Instrument [Line Items]
Number of real estate facilities securing debt | real_estate_facility	5
Net book value of real estate facilities securing notes payable	$ 17,000
Coupon Rate	3.41%
Effective Rate	3.41%
Principal	$ 10,092
Unamortized Costs	0
Book Value	10,092			23,284
Fair Value	$ 9,568			$ 24,208

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands			12 Months Ended
	Dec. 31, 2022 USD ($) tranche	Apr. 23, 2021 USD ($)	Dec. 31, 2022 USD ($) tranche	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 15, 2022 USD ($)	Nov. 09, 2021 USD ($)	Sep. 09, 2021 EUR (€)	Jan. 19, 2021 USD ($)	Jan. 24, 2020 EUR (€)	Apr. 12, 2016 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Total debt	$ 6,910,586		$ 6,910,586
Foreign currency exchange gain (loss)			98,314	$ 111,787	$ (97,953)
Cash paid for interest expense			133,800	77,700	52,700
Interest capitalized as real estate			$ 6,000	3,500	3,400
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate	3.20%		3.20%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate	7.10%		7.10%
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 5,250,000		$ 5,250,000
Debt to total assets ratio	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
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Interest rate	0.875%		0.875%						0.875%
Total debt	$ 500,000		$ 500,000
Debt issuance amount									$ 500,000
Debt issuance costs									$ 3,800
U.S. Dollar Denominated Unsecured Debt | Notes Due April 23, 2024 May 1, 2028 And May 1, 2031
Debt Instrument [Line Items]
Debt issuance costs		$ 13,700
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Total debt	$ 700,000		$ 700,000
Debt issuance amount		$ 700,000
Reset quarterly rate	4.36%		4.36%
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | SOFR
Debt Instrument [Line Items]
Interest rate spread	0.47%	0.47%
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Interest rate	1.85%	1.85%	1.85%
Total debt	$ 650,000		$ 650,000
Debt issuance amount		$ 650,000
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Interest rate	2.30%	2.30%	2.30%
Total debt	$ 650,000		$ 650,000
Debt issuance amount		$ 650,000
U.S. Dollar Denominated Unsecured Debt | Notes Due November 9, 2026, November 9, 2028 and November 9, 2031
Debt Instrument [Line Items]
Debt issuance costs							$ 11,300
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Interest rate	1.50%		1.50%				1.50%
Total debt	$ 650,000		$ 650,000
Debt issuance amount							$ 650,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Interest rate	1.95%		1.95%				1.95%
Total debt	$ 550,000		$ 550,000
Debt issuance amount							$ 550,000
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Interest rate	2.25%		2.25%				2.25%
Total debt	$ 550,000		$ 550,000
Debt issuance amount							$ 550,000
U.S. Dollar Denominated Unsecured Debt | Maximum Covenant
Debt Instrument [Line Items]
Debt to total assets ratio	65%		65%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 1,650,494		$ 1,650,494
Number of tranches | tranche	4		4
Foreign currency exchange gain (loss)			$ 99,200	$ 111,800	$ (98,000)
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Interest rate	2.175%		2.175%
Total debt	$ 259,039		$ 259,039
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%
Total debt	$ 107,035		$ 107,035
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%
Total debt	$ 535,175		$ 535,175
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%
Total debt	$ 749,245		$ 749,245
Debt issuance amount | €								€ 700,000,000

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total debt	$ 6,910,586
Total
Debt Instrument [Line Items]
2023	8,270
2024	807,159
2025	259,170
2026	1,150,138
2027	500,140
Thereafter	4,185,709
Total debt	$ 6,910,586
Weighted average effective rate	2%
Unsecured Debt
Debt Instrument [Line Items]
2023	$ 0
2024	807,035
2025	259,039
2026	1,150,000
2027	500,000
Thereafter	4,184,420
Total debt	$ 6,900,494
Weighted average effective rate	2%
Mortgage Debt
Debt Instrument [Line Items]
2023	$ 8,270
2024	124
2025	131
2026	138
2027	140
Thereafter	1,289
Total debt	$ 10,092
Weighted average effective rate	3.40%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)
Acquisition of Self-Storage Facilities Other Investments
Noncontrolling Interest [Line Items]
Issuance of partnership units | $			$ 19.9	$ 68.2
Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Issuance of partnership units | $	$ 83.8	$ 83.8
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 Other Investments
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)			54,137
Noncontrolling Interests | Acquisition of Self Storage Facilities to Date
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	254,833

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	174,000	164,000
Liquidation Preference	$ 4,350,000	$ 4,100,000
Series F Preferred Stock
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 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%
Preferred stock, shares outstanding (in shares)	10,000	0
Liquidation Preference	$ 250,000	$ 0

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)		12 Months Ended
	Aug. 04, 2022 $ / shares	Dec. 31, 2022 USD ($) dividend board_member $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
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
Number of shares authorized for repurchase (in shares) | shares		35,000,000
Number of shares repurchased to date | shares		23,700,000
Shares repurchased pursuant to authorization (in shares) | shares		0	0	0
Common stock dividends paid in aggregate		$ 3,714,000,000	$ 1,402,000,000	$ 1,399,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares		$ 21.15	$ 8	$ 8
Preferred share dividends		$ 194,390,000	$ 186,579,000	$ 207,068,000
Special Dividend
Class of Stock [Line Items]
Common stock dividends paid in aggregate		$ 2,300,000,000
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Issuance and Repurchases of Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Issuance price per share (in USD per share)	$ 25	$ 25	$ 25
Preferred shares per depositary share (in shares)	0.001	0.001	0.001
Gross Proceeds	$ 242,832	$ 1,147,455	$ 1,208,206
Allocation of Income to Preferred Shares Holders in Connection with Redemption	$ 0	$ 28,914	$ 48,265
Series S Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)	10,000
Gross Proceeds	$ 250,000
Issuance Costs	$ 7,168
P, Q and R
Class of Stock [Line Items]
Shares issued (in shares)		47,300
Gross Proceeds		$ 1,182,500
Issuance Costs		35,045
L, M, N and O
Class of Stock [Line Items]
Shares issued (in shares)			49,900
Gross Proceeds			$ 1,247,500
Issuance Costs			39,294
C, D and E
Class of Stock [Line Items]
Aggregate Redemption Amount		875,000
Allocation of Income to Preferred Shares Holders in Connection with Redemption		$ 28,914
V, W, X and B
Class of Stock [Line Items]
Aggregate Redemption Amount			1,520,000
Allocation of Income to Preferred Shares Holders in Connection with Redemption			$ 48,265

Shareholders' Equity (Activity

Shareholders' Equity (Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Employee stock-based compensation and exercise of stock options (in shares)	283,190	552,713	163,127
Employee stock-based compensation and exercise of stock options	$ 35,405	$ 95,860	$ 12,664

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule Of Distribution Classification) (Details)		3 Months Ended
	Aug. 04, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Ordinary Dividends	39.66%	100%	0%	29.61%	29.61%
Capital Gain Distributions	60.34%	0%	100%	70.39%	70.39%
Total	100%	100%	100%	100%	100%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) adult_children storage_facility	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 2.2	$ 2.1	$ 1.6
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 (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense	$ 14,900	$ 15,900	$ 5,700
Share-based compensation expense	$ 56,703	$ 59,865	$ 33,490
Stock options granted (in shares)	203,933	560,000	840,000
Compensation cost not yet recognized	$ 21,200
Average remaining contractual lives (in years)	3 years
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	$ 19,900	$ 25,100	$ 7,600
Stock options outstanding, aggregate intrinsic value	$ 209,800
Average remaining contractual lives (in years)	5 years
Compensation recognition period (in years)	3 years
Aggregate intrinsic value for stock options exercisable	$ 128,900
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	3 years	3 years
Percentage of target options originally granted (percentage)	200%
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2021, 2022, and 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		245,000
Performance target (percentage)	125%	100%
Performance Target, Stock Options | Dependent upon Meeting Certain Performance Targets with Respect to 2020, 2021, and 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)			770,000
Performance target (percentage)	125%
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 39,900	$ 37,600	$ 25,100
Compensation recognition period (in years)	2 years
Unrecognized compensation cost	$ 74,300
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period	3 years
Stock options granted (in shares)		37,000
Performance target (percentage)		125%
Grants in period (in shares)	21,985
Percentage of target options originally granted (percentage)	200%
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	2,425
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	432
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
2021 Equity and Performance-Based Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved in connection with share-based incentive plan (in shares)				3,000,000
Number of shares available for grant (in shares)	1,724,352

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 4,100,000	$ 3,900,000	$ 0
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	56,703,000	59,865,000	33,490,000
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	17,950,000	20,544,000	14,904,000
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	888,000	1,561,000	0
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 37,865,000	$ 37,760,000	$ 18,586,000

Share-Based Compensation (Sha_2

Share-Based Compensation (Share-Based Payment Arrangement, Option, Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Number of options outstanding, beginning balance (in shares)	3,039,951	2,961,167	2,339,667
Granted (in shares)	203,933	560,000	840,000
Special dividend adjustment (in shares)	104,348
Exercised (in shares)	(183,749)	(471,216)	(71,500)
Cancelled (in shares)	0	(10,000)	(147,000)
Number of options outstanding, ending balance (in shares)	3,164,483	3,039,951	2,961,167
Number of options exercisable (in shares)	1,627,882
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 216.04	$ 210.59	$ 204.53
Granted (in USD per share)	331.46	234.29	226.58
Exercised (in USD per share)	(191.74)	(203.30)	(175.16)
Cancelled (in USD per share)	0	(228.94)	(222.67)
Number of options outstanding, ending balance (in USD per share)	217.75	$ 216.04	$ 210.59
Number of options exercisable (in USD per share)	$ 201
Service-Based
Number of Options
Number of options outstanding, beginning balance (in shares)	1,899,951	2,231,167	2,339,667
Granted (in shares)	65,000	140,000	70,000
Special dividend adjustment (in shares)	62,512
Exercised (in shares)	(173,422)	(471,216)	(71,500)
Cancelled (in shares)	0	0	(107,000)
Number of options outstanding, ending balance (in shares)	1,854,041	1,899,951	2,231,167
Number of options exercisable (in shares)	1,617,555
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 208.16	$ 204.60	$ 204.53
Granted (in USD per share)	398.97	248.54	200.61
Exercised (in USD per share)	(189.95)	(203.30)	(175.16)
Cancelled (in USD per share)	0	0	(220.33)
Number of options outstanding, ending balance (in USD per share)	209.53	$ 208.16	$ 204.60
Number of options exercisable (in USD per share)	$ 200.87
Performance-Based
Number of Options
Number of options outstanding, beginning balance (in shares)	1,140,000	730,000	0
Granted (in shares)	138,933	420,000	770,000
Special dividend adjustment (in shares)	41,836
Exercised (in shares)	(10,327)	0	0
Cancelled (in shares)	0	(10,000)	(40,000)
Number of options outstanding, ending balance (in shares)	1,310,442	1,140,000	730,000
Number of options exercisable (in shares)	10,327
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 229.16	$ 228.94	$ 0
Granted (in USD per share)	299.88	229.53	228.94
Exercised (in USD per share)	(221.68)	0	0
Cancelled (in USD per share)	0	(228.94)	(228.94)
Number of options outstanding, ending balance (in USD per share)	229.39	$ 229.16	$ 228.94
Number of options exercisable (in USD per share)	$ 221.68

Share-Based Compensation (Sha_3

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 04, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exercise date intrinsic value of options exercised during the year | $		$ 27,210	$ 44,613	$ 3,433
Average estimated value of options granted during the year		$ 87.57	$ 62.66	$ 17.79
Anti-dilution adjustments of outstanding stock options, conversion ratio	1.03275
Share-based compensation arrangement by share-based payment award, options, outstanding, number, increase (decrease) (in shares) | shares	104,348
Special Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, cash paid (in USD per share)	$ 13.15
Share-Based Payment Arrangement, Option, Valued With Black-Scholes Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options in years, based upon historical experience (in years)		6 years	5 years	5 years
Risk-free interest rate		2.90%	0.80%	0.40%
Expected volatility, based upon historical volatility		22.90%	24.10%	21.60%
Expected dividend yield		2%	2.90%	3.80%
Share-Based Payment Arrangement, Option, Valued With Monte-Carlo Simulation Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options in years, based upon historical experience (in years)		7 years	5 years
Risk-free interest rate		1.80%	0.90%
Expected volatility, based upon historical volatility		22.60%	26.50%
Expected dividend yield		2.30%	2.90%

Share-Based Compensation (Sha_4

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	570,822	552,788	619,150
Granted (in shares)	73,560	189,318	110,755
Vested (in shares)	(146,138)	(138,420)	(140,089)
Forfeited (in shares)	(22,197)	(32,864)	(37,028)
Restricted share units outstanding, ending balance (in shares)	476,047	570,822	552,788
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 251.95	$ 218.11	$ 213.29
Granted (in USD per share)	344.74	321.17	222.27
Vested (in USD per share)	(240.71)	(216.63)	(200.88)
Forfeited (in USD per share)	(256.50)	(221.32)	(215.08)
Restricted share units outstanding, ending balance (in USD per share)	$ 269.52	$ 251.95	$ 218.11
Service-Based
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	524,572	552,788	619,150
Granted (in shares)	51,575	143,068	110,755
Vested (in shares)	(146,138)	(138,420)	(140,089)
Forfeited (in shares)	(22,197)	(32,864)	(37,028)
Restricted share units outstanding, ending balance (in shares)	407,812	524,572	552,788
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 249.90	$ 218.11	$ 213.29
Granted (in USD per share)	293.43	336.06	222.27
Vested (in USD per share)	(240.71)	(216.63)	(200.88)
Forfeited (in USD per share)	(256.50)	(221.32)	(215.08)
Restricted share units outstanding, ending balance (in USD per share)	$ 258.34	$ 249.90	$ 218.11
Performance-Based
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	46,250	0	0
Granted (in shares)	21,985	46,250
Restricted share units outstanding, ending balance (in shares)	68,235	46,250	0
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 275.12	$ 0	$ 0
Granted (in USD per share)	465.11	275.12	0
Restricted share units outstanding, ending balance (in USD per share)	$ 336.33	$ 275.12	$ 0

Share-Based Compensation (Sha_5

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - Restricted Share Units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	$ 47,244	$ 37,430	$ 31,076
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 16,827	$ 13,069	$ 10,518
Common shares issued upon vesting (in shares)	99,009	81,325	91,627
Time from the valuation date to the end of the Performance Period (in years)	3 years
Risk-free interest rate	1.60%
Expected volatility, based upon historical volatility	26.50%
Expected dividend yield	2.30%
Average estimated value of restricted share units granted during the year (in usd per share)	$ 465.11

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	147,344
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 4,142,288	$ 1,732,444	$ 1,098,335
Denominator for basic net income per share - weighted average common shares outstanding (in shares)	175,257,000	174,858,000	174,494,000
Net effect of dilutive stock options - based on treasury stock method (in shares)	1,023,000	710,000	148,000
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares)	176,280,000	175,568,000	174,642,000
Basic (in USD per share)	$ 23.64	$ 9.91	$ 6.29
Diluted (in USD per share)	$ 23.50	$ 9.87	$ 6.29

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 4,182,163	$ 3,415,824	$ 2,915,068
Depreciation and amortization	(888,146)	(713,428)	(553,257)
General and administrative	(114,742)	(101,254)	(83,199)
Interest and other income	40,567	12,306	22,323
Interest expense	(136,319)	(90,774)	(56,283)
Equity in earnings of unconsolidated real estate entities	106,981	232,093	80,497
Foreign currency exchange gain (loss)	98,314	111,787	(97,953)
Gain on sale of real estate	1,503	13,683	1,493
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	0
Net income	4,366,274	1,959,639	1,361,227
Operating Segments
Segment Reporting Information [Line Items]
Net income	2,241,110	1,781,798	1,494,349
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(114,742)	(101,254)	(83,199)
Interest and other income	40,567	12,306	22,323
Interest expense	(136,319)	(90,774)	(56,283)
Equity in earnings of unconsolidated real estate entities	106,981	232,093	80,497
Foreign currency exchange gain (loss)	98,314	111,787	(97,953)
Gain on sale of real estate	1,503	13,683	1,493
Gain on sale of equity investment in PS Business Parks, Inc.	2,128,860	0	0
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	3,946,028	3,203,566	2,721,630
Cost of operations	(980,209)	(852,030)	(807,543)
Net operating income	2,965,819	2,351,536	1,914,087
Depreciation and amortization	(888,146)	(713,428)	(553,257)
Net income	2,077,673	1,638,108	1,360,830
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	236,135	212,258	193,438
Net operating income	163,437	143,690	133,519
Cost of operations	$ (72,698)	$ (68,568)	$ (59,919)

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) certificate in Millions	Dec. 31, 2022 USD ($) certificate
Commitments and Contingencies Disclosure [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property loss	25,000,000
Reduced deductible for property loss	5,000,000
Aggregate loss threshold for reduced deductible for property loss	35,000,000
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property loss	5,000,000
Aggregate limit for property loss 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	263,500,000
Construction commitments 2023	229,800,000
Construction commitments 2024	33,700,000
Various lease commitments	63,400,000
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 2027	2,100,000
Various lease commitments thereafter	$ 49,100,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) $ / shares in Units, ft² in Thousands, $ in Millions			2 Months Ended	12 Months Ended
	Feb. 04, 2023 $ / shares	Feb. 03, 2023 $ / shares	Feb. 21, 2023 USD ($) ft² storage_facility state	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Subsequent Event [Line Items]
Net rentable area (in square feet) | ft²				204,217
Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Total cost of acquisition | $				$ 730.5	$ 5,100	$ 792.3
Subsequent Event
Subsequent Event [Line Items]
Increase in regular common dividend	50%
Common stock, quarterly dividends (in USD per share) | $ / shares	$ 3	$ 2
Common stock, annual dividends (in USD per share) | $ / shares	$ 12	$ 8
Subsequent Event | Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | storage_facility			8
Number of states self-storage facilities acquired or under contracts to be acquired | state			5
Net rentable area (in square feet) | ft²			500
Total cost of acquisition | $			$ 70.5

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft² storage_facility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2,869
Net Rentable Square Feet | ft²	204,217
2022 Encum- brances	$ 10,092
Initial Cost, Land	5,196,649
Initial Cost, Building & Improvements	14,907,072
Costs Subsequent to Acquisition	4,115,405
Gross Carrying Amount, Land	5,273,073
Gross Carrying Amount, Buildings	18,946,053
Gross Carrying Amount, Total	24,219,126
Accumulated Depreciation	8,554,155
Commercial and non-operating real estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
2022 Encum- brances	0
Initial Cost, Land	13,194
Initial Cost, Building & Improvements	26,143
Costs Subsequent to Acquisition	78,824
Gross Carrying Amount, Land	13,349
Gross Carrying Amount, Buildings	104,812
Gross Carrying Amount, Total	118,161
Accumulated Depreciation	$ 53,952
Los Angeles | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	226
Net Rentable Square Feet | ft²	16,652
2022 Encum- brances	$ 359
Initial Cost, Land	543,650
Initial Cost, Building & Improvements	981,256
Costs Subsequent to Acquisition	471,088
Gross Carrying Amount, Land	542,073
Gross Carrying Amount, Buildings	1,453,921
Gross Carrying Amount, Total	1,995,994
Accumulated Depreciation	$ 928,465
Dallas/Ft. Worth | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	193
Net Rentable Square Feet | ft²	17,274
2022 Encum- brances	$ 0
Initial Cost, Land	328,518
Initial Cost, Building & Improvements	1,889,830
Costs Subsequent to Acquisition	214,515
Gross Carrying Amount, Land	329,979
Gross Carrying Amount, Buildings	2,102,884
Gross Carrying Amount, Total	2,432,863
Accumulated Depreciation	$ 421,762
Houston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	145
Net Rentable Square Feet | ft²	12,265
2022 Encum- brances	$ 0
Initial Cost, Land	239,385
Initial Cost, Building & Improvements	647,576
Costs Subsequent to Acquisition	258,080
Gross Carrying Amount, Land	238,706
Gross Carrying Amount, Buildings	906,335
Gross Carrying Amount, Total	1,145,041
Accumulated Depreciation	$ 381,723
San Francisco | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	141
Net Rentable Square Feet | ft²	9,197
2022 Encum- brances	$ 0
Initial Cost, Land	245,623
Initial Cost, Building & Improvements	557,398
Costs Subsequent to Acquisition	314,857
Gross Carrying Amount, Land	258,373
Gross Carrying Amount, Buildings	859,505
Gross Carrying Amount, Total	1,117,878
Accumulated Depreciation	$ 557,875
Chicago | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	137
Net Rentable Square Feet | ft²	8,865
2022 Encum- brances	$ 0
Initial Cost, Land	147,606
Initial Cost, Building & Improvements	440,494
Costs Subsequent to Acquisition	144,497
Gross Carrying Amount, Land	150,443
Gross Carrying Amount, Buildings	582,154
Gross Carrying Amount, Total	732,597
Accumulated Depreciation	$ 427,557
Washington DC | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	118
Net Rentable Square Feet | ft²	8,341
2022 Encum- brances	$ 0
Initial Cost, Land	420,884
Initial Cost, Building & Improvements	1,319,147
Costs Subsequent to Acquisition	199,354
Gross Carrying Amount, Land	436,704
Gross Carrying Amount, Buildings	1,502,681
Gross Carrying Amount, Total	1,939,385
Accumulated Depreciation	$ 435,221
Atlanta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	112
Net Rentable Square Feet | ft²	7,550
2022 Encum- brances	$ 1,591
Initial Cost, Land	143,799
Initial Cost, Building & Improvements	420,664
Costs Subsequent to Acquisition	101,272
Gross Carrying Amount, Land	144,161
Gross Carrying Amount, Buildings	521,574
Gross Carrying Amount, Total	665,735
Accumulated Depreciation	$ 319,016
Seattle/Tacoma | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	100
Net Rentable Square Feet | ft²	6,980
2022 Encum- brances	$ 0
Initial Cost, Land	211,959
Initial Cost, Building & Improvements	584,089
Costs Subsequent to Acquisition	161,112
Gross Carrying Amount, Land	212,568
Gross Carrying Amount, Buildings	744,592
Gross Carrying Amount, Total	957,160
Accumulated Depreciation	$ 410,728
Miami | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	99
Net Rentable Square Feet | ft²	7,460
2022 Encum- brances	$ 0
Initial Cost, Land	252,244
Initial Cost, Building & Improvements	560,224
Costs Subsequent to Acquisition	172,704
Gross Carrying Amount, Land	254,137
Gross Carrying Amount, Buildings	731,035
Gross Carrying Amount, Total	985,172
Accumulated Depreciation	$ 397,084
New York | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	98
Net Rentable Square Feet | ft²	7,278
2022 Encum- brances	$ 0
Initial Cost, Land	281,499
Initial Cost, Building & Improvements	617,448
Costs Subsequent to Acquisition	268,202
Gross Carrying Amount, Land	287,836
Gross Carrying Amount, Buildings	879,313
Gross Carrying Amount, Total	1,167,149
Accumulated Depreciation	$ 536,545
Orlando/Daytona | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	98
Net Rentable Square Feet | ft²	5,781
2022 Encum- brances	$ 0
Initial Cost, Land	157,808
Initial Cost, Building & Improvements	408,287
Costs Subsequent to Acquisition	70,883
Gross Carrying Amount, Land	163,289
Gross Carrying Amount, Buildings	473,689
Gross Carrying Amount, Total	636,978
Accumulated Depreciation	$ 191,858
Denver | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	70
Net Rentable Square Feet | ft²	5,291
2022 Encum- brances	$ 8,142
Initial Cost, Land	120,117
Initial Cost, Building & Improvements	323,262
Costs Subsequent to Acquisition	106,286
Gross Carrying Amount, Land	120,838
Gross Carrying Amount, Buildings	428,827
Gross Carrying Amount, Total	549,665
Accumulated Depreciation	$ 187,978
Minneapolis/St. Paul | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	65
Net Rentable Square Feet | ft²	5,218
2022 Encum- brances	$ 0
Initial Cost, Land	123,460
Initial Cost, Building & Improvements	300,698
Costs Subsequent to Acquisition	126,906
Gross Carrying Amount, Land	127,014
Gross Carrying Amount, Buildings	424,050
Gross Carrying Amount, Total	551,064
Accumulated Depreciation	$ 166,687
Philadelphia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	62
Net Rentable Square Feet | ft²	4,041
2022 Encum- brances	$ 0
Initial Cost, Land	58,824
Initial Cost, Building & Improvements	226,733
Costs Subsequent to Acquisition	85,150
Gross Carrying Amount, Land	57,845
Gross Carrying Amount, Buildings	312,862
Gross Carrying Amount, Total	370,707
Accumulated Depreciation	$ 187,147
Charlotte | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	61
Net Rentable Square Feet | ft²	4,689
2022 Encum- brances	$ 0
Initial Cost, Land	89,309
Initial Cost, Building & Improvements	238,236
Costs Subsequent to Acquisition	85,982
Gross Carrying Amount, Land	97,172
Gross Carrying Amount, Buildings	316,355
Gross Carrying Amount, Total	413,527
Accumulated Depreciation	$ 158,819
Tampa | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	57
Net Rentable Square Feet | ft²	3,985
2022 Encum- brances	$ 0
Initial Cost, Land	93,109
Initial Cost, Building & Improvements	213,546
Costs Subsequent to Acquisition	85,926
Gross Carrying Amount, Land	96,422
Gross Carrying Amount, Buildings	296,159
Gross Carrying Amount, Total	392,581
Accumulated Depreciation	$ 155,070
Detroit | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	48
Net Rentable Square Feet | ft²	3,595
2022 Encum- brances	$ 0
Initial Cost, Land	67,465
Initial Cost, Building & Improvements	225,061
Costs Subsequent to Acquisition	61,379
Gross Carrying Amount, Land	68,871
Gross Carrying Amount, Buildings	285,034
Gross Carrying Amount, Total	353,905
Accumulated Depreciation	$ 142,253
Portland | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	49
Net Rentable Square Feet | ft²	2,865
2022 Encum- brances	$ 0
Initial Cost, Land	60,975
Initial Cost, Building & Improvements	218,076
Costs Subsequent to Acquisition	51,935
Gross Carrying Amount, Land	61,633
Gross Carrying Amount, Buildings	269,353
Gross Carrying Amount, Total	330,986
Accumulated Depreciation	$ 124,847
Baltimore | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	50
Net Rentable Square Feet | ft²	3,851
2022 Encum- brances	$ 0
Initial Cost, Land	136,598
Initial Cost, Building & Improvements	775,086
Costs Subsequent to Acquisition	42,754
Gross Carrying Amount, Land	136,722
Gross Carrying Amount, Buildings	817,716
Gross Carrying Amount, Total	954,438
Accumulated Depreciation	$ 131,757
Phoenix | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	50
Net Rentable Square Feet | ft²	3,499
2022 Encum- brances	$ 0
Initial Cost, Land	99,453
Initial Cost, Building & Improvements	304,379
Costs Subsequent to Acquisition	45,259
Gross Carrying Amount, Land	99,444
Gross Carrying Amount, Buildings	349,647
Gross Carrying Amount, Total	449,091
Accumulated Depreciation	$ 139,434
West Palm Beach | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	46
Net Rentable Square Feet | ft²	3,833
2022 Encum- brances	$ 0
Initial Cost, Land	156,788
Initial Cost, Building & Improvements	221,479
Costs Subsequent to Acquisition	114,853
Gross Carrying Amount, Land	157,496
Gross Carrying Amount, Buildings	335,624
Gross Carrying Amount, Total	493,120
Accumulated Depreciation	$ 161,302
San Antonio | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	40
Net Rentable Square Feet | ft²	2,827
2022 Encum- brances	$ 0
Initial Cost, Land	54,753
Initial Cost, Building & Improvements	224,313
Costs Subsequent to Acquisition	31,712
Gross Carrying Amount, Land	54,711
Gross Carrying Amount, Buildings	256,067
Gross Carrying Amount, Total	310,778
Accumulated Depreciation	$ 84,489
Austin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	37
Net Rentable Square Feet | ft²	2,942
2022 Encum- brances	$ 0
Initial Cost, Land	69,205
Initial Cost, Building & Improvements	188,500
Costs Subsequent to Acquisition	49,021
Gross Carrying Amount, Land	71,227
Gross Carrying Amount, Buildings	235,499
Gross Carrying Amount, Total	306,726
Accumulated Depreciation	$ 109,453
Raleigh | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	38
Net Rentable Square Feet | ft²	2,732
2022 Encum- brances	$ 0
Initial Cost, Land	89,212
Initial Cost, Building & Improvements	212,776
Costs Subsequent to Acquisition	42,985
Gross Carrying Amount, Land	90,201
Gross Carrying Amount, Buildings	254,772
Gross Carrying Amount, Total	344,973
Accumulated Depreciation	$ 83,693
Norfolk | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	36
Net Rentable Square Feet | ft²	2,208
2022 Encum- brances	$ 0
Initial Cost, Land	47,728
Initial Cost, Building & Improvements	128,986
Costs Subsequent to Acquisition	30,103
Gross Carrying Amount, Land	46,843
Gross Carrying Amount, Buildings	159,974
Gross Carrying Amount, Total	206,817
Accumulated Depreciation	$ 84,167
Sacramento | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	35
Net Rentable Square Feet | ft²	2,054
2022 Encum- brances	$ 0
Initial Cost, Land	26,429
Initial Cost, Building & Improvements	80,391
Costs Subsequent to Acquisition	42,815
Gross Carrying Amount, Land	26,913
Gross Carrying Amount, Buildings	122,722
Gross Carrying Amount, Total	149,635
Accumulated Depreciation	$ 90,534
Indianapolis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	31
Net Rentable Square Feet | ft²	2,040
2022 Encum- brances	$ 0
Initial Cost, Land	40,905
Initial Cost, Building & Improvements	109,447
Costs Subsequent to Acquisition	24,061
Gross Carrying Amount, Land	41,905
Gross Carrying Amount, Buildings	132,508
Gross Carrying Amount, Total	174,413
Accumulated Depreciation	$ 57,787
Kansas City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	30
Net Rentable Square Feet | ft²	1,972
2022 Encum- brances	$ 0
Initial Cost, Land	19,603
Initial Cost, Building & Improvements	106,102
Costs Subsequent to Acquisition	37,676
Gross Carrying Amount, Land	19,803
Gross Carrying Amount, Buildings	143,578
Gross Carrying Amount, Total	163,381
Accumulated Depreciation	$ 70,531
Boston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	28
Net Rentable Square Feet | ft²	1,962
2022 Encum- brances	$ 0
Initial Cost, Land	80,843
Initial Cost, Building & Improvements	209,495
Costs Subsequent to Acquisition	39,655
Gross Carrying Amount, Land	81,409
Gross Carrying Amount, Buildings	248,584
Gross Carrying Amount, Total	329,993
Accumulated Depreciation	$ 124,302
St. Louis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	28
Net Rentable Square Feet | ft²	1,749
2022 Encum- brances	$ 0
Initial Cost, Land	23,539
Initial Cost, Building & Improvements	89,341
Costs Subsequent to Acquisition	35,063
Gross Carrying Amount, Land	23,395
Gross Carrying Amount, Buildings	124,548
Gross Carrying Amount, Total	147,943
Accumulated Depreciation	$ 72,260
Columbus | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	27
Net Rentable Square Feet | ft²	2,015
2022 Encum- brances	$ 0
Initial Cost, Land	44,983
Initial Cost, Building & Improvements	92,001
Costs Subsequent to Acquisition	29,817
Gross Carrying Amount, Land	45,090
Gross Carrying Amount, Buildings	121,711
Gross Carrying Amount, Total	166,801
Accumulated Depreciation	$ 57,187
Columbia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	27
Net Rentable Square Feet | ft²	1,620
2022 Encum- brances	$ 0
Initial Cost, Land	27,177
Initial Cost, Building & Improvements	83,532
Costs Subsequent to Acquisition	23,724
Gross Carrying Amount, Land	27,936
Gross Carrying Amount, Buildings	106,497
Gross Carrying Amount, Total	134,433
Accumulated Depreciation	$ 47,839
Oklahoma City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	36
Net Rentable Square Feet | ft²	2,695
2022 Encum- brances	$ 0
Initial Cost, Land	58,426
Initial Cost, Building & Improvements	197,991
Costs Subsequent to Acquisition	19,338
Gross Carrying Amount, Land	58,426
Gross Carrying Amount, Buildings	217,329
Gross Carrying Amount, Total	275,755
Accumulated Depreciation	$ 38,708
San Diego | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	24
Net Rentable Square Feet | ft²	2,183
2022 Encum- brances	$ 0
Initial Cost, Land	89,782
Initial Cost, Building & Improvements	162,043
Costs Subsequent to Acquisition	52,943
Gross Carrying Amount, Land	92,292
Gross Carrying Amount, Buildings	212,476
Gross Carrying Amount, Total	304,768
Accumulated Depreciation	$ 111,712
Las Vegas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	25
Net Rentable Square Feet | ft²	1,649
2022 Encum- brances	$ 0
Initial Cost, Land	28,016
Initial Cost, Building & Improvements	113,889
Costs Subsequent to Acquisition	22,270
Gross Carrying Amount, Land	27,264
Gross Carrying Amount, Buildings	136,911
Gross Carrying Amount, Total	164,175
Accumulated Depreciation	$ 58,605
Cincinnati | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	21
Net Rentable Square Feet | ft²	1,241
2022 Encum- brances	$ 0
Initial Cost, Land	19,385
Initial Cost, Building & Improvements	67,782
Costs Subsequent to Acquisition	24,688
Gross Carrying Amount, Land	19,303
Gross Carrying Amount, Buildings	92,552
Gross Carrying Amount, Total	111,855
Accumulated Depreciation	$ 38,121
Nashville/Bowling Green | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	19
Net Rentable Square Feet | ft²	1,221
2022 Encum- brances	$ 0
Initial Cost, Land	25,374
Initial Cost, Building & Improvements	57,494
Costs Subsequent to Acquisition	32,496
Gross Carrying Amount, Land	25,372
Gross Carrying Amount, Buildings	89,992
Gross Carrying Amount, Total	115,364
Accumulated Depreciation	$ 37,098
Colorado Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	16
Net Rentable Square Feet | ft²	1,118
2022 Encum- brances	$ 0
Initial Cost, Land	12,320
Initial Cost, Building & Improvements	60,393
Costs Subsequent to Acquisition	23,467
Gross Carrying Amount, Land	12,317
Gross Carrying Amount, Buildings	83,863
Gross Carrying Amount, Total	96,180
Accumulated Depreciation	$ 35,592
Milwaukee | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	964
2022 Encum- brances	$ 0
Initial Cost, Land	13,189
Initial Cost, Building & Improvements	32,071
Costs Subsequent to Acquisition	10,806
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	42,908
Gross Carrying Amount, Total	56,066
Accumulated Depreciation	$ 37,262
Louisville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	913
2022 Encum- brances	$ 0
Initial Cost, Land	23,563
Initial Cost, Building & Improvements	46,108
Costs Subsequent to Acquisition	8,936
Gross Carrying Amount, Land	23,562
Gross Carrying Amount, Buildings	55,045
Gross Carrying Amount, Total	78,607
Accumulated Depreciation	$ 21,323
Jacksonville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	922
2022 Encum- brances	$ 0
Initial Cost, Land	14,454
Initial Cost, Building & Improvements	47,415
Costs Subsequent to Acquisition	13,294
Gross Carrying Amount, Land	14,503
Gross Carrying Amount, Buildings	60,660
Gross Carrying Amount, Total	75,163
Accumulated Depreciation	$ 38,156
Birmingham | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	606
2022 Encum- brances	$ 0
Initial Cost, Land	6,316
Initial Cost, Building & Improvements	25,567
Costs Subsequent to Acquisition	15,119
Gross Carrying Amount, Land	6,204
Gross Carrying Amount, Buildings	40,798
Gross Carrying Amount, Total	47,002
Accumulated Depreciation	$ 30,303
Richmond | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	768
2022 Encum- brances	$ 0
Initial Cost, Land	20,979
Initial Cost, Building & Improvements	52,239
Costs Subsequent to Acquisition	6,712
Gross Carrying Amount, Land	20,784
Gross Carrying Amount, Buildings	59,146
Gross Carrying Amount, Total	79,930
Accumulated Depreciation	$ 24,763
Greensboro | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	14
Net Rentable Square Feet | ft²	845
2022 Encum- brances	$ 0
Initial Cost, Land	13,413
Initial Cost, Building & Improvements	35,326
Costs Subsequent to Acquisition	15,088
Gross Carrying Amount, Land	15,502
Gross Carrying Amount, Buildings	48,325
Gross Carrying Amount, Total	63,827
Accumulated Depreciation	$ 31,488
Charleston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	14
Net Rentable Square Feet | ft²	978
2022 Encum- brances	$ 0
Initial Cost, Land	16,947
Initial Cost, Building & Improvements	56,793
Costs Subsequent to Acquisition	23,215
Gross Carrying Amount, Land	17,923
Gross Carrying Amount, Buildings	79,032
Gross Carrying Amount, Total	96,955
Accumulated Depreciation	$ 33,383
Fort Myers/Naples | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	1,148
2022 Encum- brances	$ 0
Initial Cost, Land	32,185
Initial Cost, Building & Improvements	95,517
Costs Subsequent to Acquisition	8,105
Gross Carrying Amount, Land	32,420
Gross Carrying Amount, Buildings	103,387
Gross Carrying Amount, Total	135,807
Accumulated Depreciation	$ 26,587
Chattanooga | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	13
Net Rentable Square Feet | ft²	846
2022 Encum- brances	$ 0
Initial Cost, Land	10,030
Initial Cost, Building & Improvements	45,578
Costs Subsequent to Acquisition	8,613
Gross Carrying Amount, Land	9,832
Gross Carrying Amount, Buildings	54,389
Gross Carrying Amount, Total	64,221
Accumulated Depreciation	$ 19,596
Savannah | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	12
Net Rentable Square Feet | ft²	700
2022 Encum- brances	$ 0
Initial Cost, Land	33,094
Initial Cost, Building & Improvements	42,465
Costs Subsequent to Acquisition	5,698
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	49,491
Gross Carrying Amount, Total	81,257
Accumulated Depreciation	$ 23,012
Greensville/Spartanburg/Asheville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	14
Net Rentable Square Feet | ft²	842
2022 Encum- brances	$ 0
Initial Cost, Land	10,815
Initial Cost, Building & Improvements	50,364
Costs Subsequent to Acquisition	11,111
Gross Carrying Amount, Land	11,744
Gross Carrying Amount, Buildings	60,546
Gross Carrying Amount, Total	72,290
Accumulated Depreciation	$ 25,378
Honolulu | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	807
2022 Encum- brances	$ 0
Initial Cost, Land	54,184
Initial Cost, Building & Improvements	106,299
Costs Subsequent to Acquisition	21,266
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	126,648
Gross Carrying Amount, Total	181,749
Accumulated Depreciation	$ 78,924
Hartford/New Haven | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	693
2022 Encum- brances	$ 0
Initial Cost, Land	6,778
Initial Cost, Building & Improvements	19,959
Costs Subsequent to Acquisition	22,898
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	41,192
Gross Carrying Amount, Total	49,635
Accumulated Depreciation	$ 35,980
New Orleans | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	772
2022 Encum- brances	$ 0
Initial Cost, Land	13,372
Initial Cost, Building & Improvements	59,382
Costs Subsequent to Acquisition	9,197
Gross Carrying Amount, Land	13,540
Gross Carrying Amount, Buildings	68,411
Gross Carrying Amount, Total	81,951
Accumulated Depreciation	$ 31,527
Salt Lake City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	12
Net Rentable Square Feet | ft²	758
2022 Encum- brances	$ 0
Initial Cost, Land	18,606
Initial Cost, Building & Improvements	37,739
Costs Subsequent to Acquisition	6,242
Gross Carrying Amount, Land	18,255
Gross Carrying Amount, Buildings	44,332
Gross Carrying Amount, Total	62,587
Accumulated Depreciation	$ 17,354
Memphis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	645
2022 Encum- brances	$ 0
Initial Cost, Land	19,581
Initial Cost, Building & Improvements	29,852
Costs Subsequent to Acquisition	11,269
Gross Carrying Amount, Land	20,934
Gross Carrying Amount, Buildings	39,768
Gross Carrying Amount, Total	60,702
Accumulated Depreciation	$ 25,156
Mobile | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	759
2022 Encum- brances	$ 0
Initial Cost, Land	18,688
Initial Cost, Building & Improvements	45,137
Costs Subsequent to Acquisition	6,859
Gross Carrying Amount, Land	18,515
Gross Carrying Amount, Buildings	52,169
Gross Carrying Amount, Total	70,684
Accumulated Depreciation	$ 17,238
Omaha | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	940
2022 Encum- brances	$ 0
Initial Cost, Land	17,965
Initial Cost, Building & Improvements	69,085
Costs Subsequent to Acquisition	4,785
Gross Carrying Amount, Land	17,965
Gross Carrying Amount, Buildings	73,870
Gross Carrying Amount, Total	91,835
Accumulated Depreciation	$ 10,254
Buffalo/Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	9
Net Rentable Square Feet | ft²	462
2022 Encum- brances	$ 0
Initial Cost, Land	6,785
Initial Cost, Building & Improvements	17,954
Costs Subsequent to Acquisition	4,328
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	22,284
Gross Carrying Amount, Total	29,067
Accumulated Depreciation	$ 16,267
Cleveland/Akron | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	10
Net Rentable Square Feet | ft²	631
2022 Encum- brances	$ 0
Initial Cost, Land	5,916
Initial Cost, Building & Improvements	30,775
Costs Subsequent to Acquisition	6,213
Gross Carrying Amount, Land	6,309
Gross Carrying Amount, Buildings	36,595
Gross Carrying Amount, Total	42,904
Accumulated Depreciation	$ 14,890
Augusta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	9
Net Rentable Square Feet | ft²	503
2022 Encum- brances	$ 0
Initial Cost, Land	9,397
Initial Cost, Building & Improvements	24,669
Costs Subsequent to Acquisition	4,817
Gross Carrying Amount, Land	9,397
Gross Carrying Amount, Buildings	29,486
Gross Carrying Amount, Total	38,883
Accumulated Depreciation	$ 9,188
Reno | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	559
2022 Encum- brances	$ 0
Initial Cost, Land	5,487
Initial Cost, Building & Improvements	18,704
Costs Subsequent to Acquisition	5,353
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	24,057
Gross Carrying Amount, Total	29,544
Accumulated Depreciation	$ 14,450
Tucson | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	439
2022 Encum- brances	$ 0
Initial Cost, Land	9,403
Initial Cost, Building & Improvements	25,491
Costs Subsequent to Acquisition	8,779
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	33,789
Gross Carrying Amount, Total	43,673
Accumulated Depreciation	$ 23,192
Wichita | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	433
2022 Encum- brances	$ 0
Initial Cost, Land	2,017
Initial Cost, Building & Improvements	6,691
Costs Subsequent to Acquisition	7,767
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	14,345
Gross Carrying Amount, Total	16,475
Accumulated Depreciation	$ 12,642
Monterey/Salinas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	329
2022 Encum- brances	$ 0
Initial Cost, Land	8,465
Initial Cost, Building & Improvements	24,151
Costs Subsequent to Acquisition	7,729
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	31,890
Gross Carrying Amount, Total	40,345
Accumulated Depreciation	$ 24,998
Boise | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	6
Net Rentable Square Feet | ft²	545
2022 Encum- brances	$ 0
Initial Cost, Land	13,412
Initial Cost, Building & Improvements	55,496
Costs Subsequent to Acquisition	1,211
Gross Carrying Amount, Land	13,412
Gross Carrying Amount, Buildings	56,707
Gross Carrying Amount, Total	70,119
Accumulated Depreciation	$ 3,802
Evansville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	326
2022 Encum- brances	$ 0
Initial Cost, Land	2,340
Initial Cost, Building & Improvements	14,316
Costs Subsequent to Acquisition	1,567
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	15,911
Gross Carrying Amount, Total	18,223
Accumulated Depreciation	$ 5,593
Dayton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	284
2022 Encum- brances	$ 0
Initial Cost, Land	1,074
Initial Cost, Building & Improvements	8,975
Costs Subsequent to Acquisition	4,981
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,957
Gross Carrying Amount, Total	15,030
Accumulated Depreciation	$ 8,290
Huntsville/Decatur | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	298
2022 Encum- brances	$ 0
Initial Cost, Land	9,161
Initial Cost, Building & Improvements	13,481
Costs Subsequent to Acquisition	3,561
Gross Carrying Amount, Land	9,108
Gross Carrying Amount, Buildings	17,095
Gross Carrying Amount, Total	26,203
Accumulated Depreciation	$ 7,163
Fort Wayne | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	4
Net Rentable Square Feet | ft²	271
2022 Encum- brances	$ 0
Initial Cost, Land	3,487
Initial Cost, Building & Improvements	11,003
Costs Subsequent to Acquisition	3,610
Gross Carrying Amount, Land	3,487
Gross Carrying Amount, Buildings	14,613
Gross Carrying Amount, Total	18,100
Accumulated Depreciation	$ 6,611
Roanoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	4
Net Rentable Square Feet | ft²	223
2022 Encum- brances	$ 0
Initial Cost, Land	5,093
Initial Cost, Building & Improvements	18,091
Costs Subsequent to Acquisition	1,080
Gross Carrying Amount, Land	5,093
Gross Carrying Amount, Buildings	19,171
Gross Carrying Amount, Total	24,264
Accumulated Depreciation	$ 4,645
Palm Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3
Net Rentable Square Feet | ft²	242
2022 Encum- brances	$ 0
Initial Cost, Land	8,309
Initial Cost, Building & Improvements	18,065
Costs Subsequent to Acquisition	2,979
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	21,044
Gross Carrying Amount, Total	29,353
Accumulated Depreciation	$ 13,108
Providence | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3
Net Rentable Square Feet | ft²	155
2022 Encum- brances	$ 0
Initial Cost, Land	995
Initial Cost, Building & Improvements	11,206
Costs Subsequent to Acquisition	3,191
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	14,397
Gross Carrying Amount, Total	15,392
Accumulated Depreciation	$ 7,928
Shreveport | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	150
2022 Encum- brances	$ 0
Initial Cost, Land	817
Initial Cost, Building & Improvements	3,030
Costs Subsequent to Acquisition	3,056
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	6,162
Gross Carrying Amount, Total	6,903
Accumulated Depreciation	$ 5,088
Springfield/Holyoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	144
2022 Encum- brances	$ 0
Initial Cost, Land	1,428
Initial Cost, Building & Improvements	3,380
Costs Subsequent to Acquisition	1,999
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,380
Gross Carrying Amount, Total	6,807
Accumulated Depreciation	$ 5,243
Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	99
2022 Encum- brances	$ 0
Initial Cost, Land	1,047
Initial Cost, Building & Improvements	2,246
Costs Subsequent to Acquisition	2,483
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,796
Gross Carrying Amount, Total	5,776
Accumulated Depreciation	$ 4,354
Santa Barbara | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	98
2022 Encum- brances	$ 0
Initial Cost, Land	5,733
Initial Cost, Building & Improvements	9,106
Costs Subsequent to Acquisition	1,133
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	10,239
Gross Carrying Amount, Total	15,972
Accumulated Depreciation	$ 6,674
Topeka | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	94
2022 Encum- brances	$ 0
Initial Cost, Land	225
Initial Cost, Building & Improvements	1,419
Costs Subsequent to Acquisition	2,136
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,555
Gross Carrying Amount, Total	3,780
Accumulated Depreciation	$ 3,279
Lansing | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	88
2022 Encum- brances	$ 0
Initial Cost, Land	556
Initial Cost, Building & Improvements	2,882
Costs Subsequent to Acquisition	996
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,878
Gross Carrying Amount, Total	4,434
Accumulated Depreciation	$ 2,791
Flint | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	56
2022 Encum- brances	$ 0
Initial Cost, Land	543
Initial Cost, Building & Improvements	3,068
Costs Subsequent to Acquisition	275
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,344
Gross Carrying Amount, Total	3,886
Accumulated Depreciation	$ 2,252
Joplin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	56
2022 Encum- brances	$ 0
Initial Cost, Land	264
Initial Cost, Building & Improvements	904
Costs Subsequent to Acquisition	1,046
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,950
Gross Carrying Amount, Total	2,214
Accumulated Depreciation	$ 1,708
Syracuse | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	55
2022 Encum- brances	$ 0
Initial Cost, Land	545
Initial Cost, Building & Improvements	1,279
Costs Subsequent to Acquisition	906
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,185
Gross Carrying Amount, Total	2,730
Accumulated Depreciation	$ 2,097
Modesto/Fresno/Stockton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	33
2022 Encum- brances	$ 0
Initial Cost, Land	44
Initial Cost, Building & Improvements	206
Costs Subsequent to Acquisition	1,344
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,401
Gross Carrying Amount, Total	1,594
Accumulated Depreciation	$ 1,060
Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	25 years