Public Storage (PSA) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	Public Storage
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-3551121
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,812,057
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001393311
Common Shares
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series F Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value
Trading Symbol	PSAPrF
Security Exchange Name	NYSE
Series G Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value
Trading Symbol	PSAPrG
Security Exchange Name	NYSE
Series H Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value
Trading Symbol	PSAPrH
Security Exchange Name	NYSE
Series I Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value
Trading Symbol	PSAPrI
Security Exchange Name	NYSE
Series J Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value
Trading Symbol	PSAPrJ
Security Exchange Name	NYSE
Series K Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value
Trading Symbol	PSAPrK
Security Exchange Name	NYSE
Series L Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value
Trading Symbol	PSAPrL
Security Exchange Name	NYSE
Series M Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value
Trading Symbol	PSAPrM
Security Exchange Name	NYSE
Series N Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value
Trading Symbol	PSAPrN
Security Exchange Name	NYSE
Series O Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value
Trading Symbol	PSAPrO
Security Exchange Name	NYSE
Series P Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
Trading Symbol	PSAPrP
Security Exchange Name	NYSE
Series Q Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
Trading Symbol	PSAPrQ
Security Exchange Name	NYSE
Series R Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
Trading Symbol	PSAPrR
Security Exchange Name	NYSE
Series S Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
Trading Symbol	PSAPrS
Security Exchange Name	NYSE
Notes Due 2032
Title of 12(b) Security	0.875% Senior Notes due 2032
Trading Symbol	PSA32
Security Exchange Name	NYSE
Notes Due 2030
Title of 12(b) Security	0.500% Senior Notes due 2030
Trading Symbol	PSA30
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 695,424	$ 775,253
Real estate facilities, at cost:
Land	5,293,989	5,273,073
Buildings	19,129,120	18,946,053
Real estate facilities, gross	24,423,109	24,219,126
Accumulated depreciation	(8,759,281)	(8,554,155)
Real estate facilities, net	15,663,828	15,664,971
Construction in process	377,348	372,992
Total real estate facilities	16,041,176	16,037,963
Investments in unconsolidated real estate entities	285,692	275,752
Goodwill and other intangible assets, net	219,730	232,517
Other assets	265,756	230,822
Total assets	17,507,778	17,552,307
LIABILITIES AND EQUITY
Notes payable	6,899,335	6,870,826
Accrued and other liabilities	470,395	514,680
Total liabilities	7,369,730	7,385,506
Commitments and contingencies (Note 14)
Public Storage shareholders’ equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 at December 31, 2022) at liquidation preference	4,350,000	4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,466,222 shares issued and outstanding (175,265,668 shares at December 31, 2022)	17,547	17,527
Paid-in capital	5,923,564	5,896,423
Accumulated deficit	(168,952)	(110,231)
Accumulated other comprehensive loss	(76,448)	(80,317)
Total Public Storage shareholders’ equity	10,045,711	10,073,402
Noncontrolling interests	92,337	93,399
Total equity	10,138,048	10,166,801
Total liabilities and equity	$ 17,507,778	$ 17,552,307

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	174,000
Preferred stock, shares outstanding (in shares)	174,000	174,000
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)	175,466,222	175,265,668
Common stock, shares outstanding (in shares)	175,466,222	175,265,668

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues	$ 1,094,232	$ 973,445
Expenses:
Depreciation and amortization	221,650	222,128
General and administrative	25,544	23,069
Interest expense	36,101	33,124
Operating expenses	571,586	539,330
Other increases (decreases) to net income:
Interest and other income	18,634	3,379
Equity in earnings of unconsolidated real estate entities	5,995	43,424
Foreign currency exchange (loss) gain	(26,860)	35,377
Net income	520,415	516,295
Allocation to noncontrolling interests	(2,707)	(2,352)
Net income allocable to Public Storage shareholders	517,708	513,943
Allocation of net income to:
Preferred shareholders	(48,678)	(48,365)
Restricted share units	(1,442)	(1,454)
Net income allocable to common shareholders	$ 467,588	$ 464,124
Net income per common share:
Basic (in USD per share)	$ 2.67	$ 2.65
Diluted (in USD per share)	$ 2.65	$ 2.63
Basic weighted average common shares outstanding (in shares)	175,451	175,170
Diluted weighted average common shares outstanding (in shares)	176,228	176,336
Self-storage facilities
Revenues:
Revenues	$ 1,032,184	$ 917,015
Expenses:
Self-storage cost of operations	268,615	245,494
Ancillary operations
Revenues:
Revenues	62,048	56,430
Expenses:
Ancillary cost of operations	$ 19,676	$ 15,515

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 520,415	$ 516,295
Foreign currency translation gain (loss) on investment in Shurgard	3,869	(6,795)
Total comprehensive income	524,284	509,500
Allocation to noncontrolling interests	(2,707)	(2,352)
Comprehensive income allocable to Public Storage shareholders	$ 521,577	$ 507,148

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	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, 2021	$ 9,355,289			$ 9,335,177			$ 4,100,000	$ 17,513		$ 5,821,667			$ (550,416)	$ (53,587)	$ 20,112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares		$ 242,832			$ 242,832		250,000				$ (7,168)
Issuance of common shares in connection with share-based compensation			$ 8,107			$ 8,107			$ 8			$ 8,099
Taxes withheld upon net share settlement of restricted share units (Note 11)	(10,574)			(10,574)						(10,574)
Share-based compensation cost (Note 11)	15,650			15,650						15,650
Contributions by noncontrolling interests	791														791
Net income	516,295			516,295									516,295
Net income allocated to noncontrolling interests	(2,352)			(2,352)									(2,352)		1,692
Distributions to:
Preferred shareholders (Note 9)	(48,365)			(48,365)									(48,365)
Noncontrolling interests	(2,046)														(2,046)
Common shareholders and restricted share unitholders	(351,263)			(351,263)									(351,263)
Other comprehensive income (loss)	(6,795)			(6,795)										(6,795)
Ending balance at Mar. 31, 2022	9,719,261			9,698,712			4,350,000	17,521		5,827,674			(436,101)	(60,382)	20,549
Beginning balance at Dec. 31, 2021	68,249
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	15,426
Net income allocated to noncontrolling interests	660
Noncontrolling interests	(509)
Ending balance at Mar. 31, 2022	83,826
Beginning 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 Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation			$ 25,179			$ 25,179			$ 20			$ 25,159
Taxes withheld upon net share settlement of restricted share units (Note 11)	(8,932)			(8,932)						(8,932)
Share-based compensation cost (Note 11)	10,914			10,914						10,914
Contributions by noncontrolling interests	4														4
Net income	520,415			520,415									520,415
Net income allocated to noncontrolling interests	(2,707)			(2,707)									(2,707)		2,707
Distributions to:
Preferred shareholders (Note 9)	(48,678)			(48,678)									(48,678)
Noncontrolling interests	(3,773)														(3,773)
Common shareholders and restricted share unitholders	(527,751)			(527,751)									(527,751)
Other comprehensive income (loss)	3,869			3,869										3,869
Ending balance at Mar. 31, 2023	$ 10,138,048			$ 10,045,711			$ 4,350,000	$ 17,547		$ 5,923,564			$ (168,952)	$ (76,448)	$ 92,337

CONSOLIDATED STATEMENTS OF EQ_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 520,415	$ 516,295
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	221,650	222,128
Equity in earnings of unconsolidated real estate entities	(5,995)	(43,424)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	324	15,501
Unrealized foreign currency exchange loss (gain)	26,825	(35,377)
Share-based compensation expense	9,845	13,928
Other	2,890	2,042
Changes in operating assets and liabilities:
Other assets	(36,611)	(8,885)
Accrued and other liabilities	(42,450)	(25,967)
Net cash flows from operating activities	696,893	656,241
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(96,642)	(99,549)
Development and expansion of real estate facilities	(68,874)	(76,705)
Acquisition of real estate facilities and intangible assets	(46,795)	(112,277)
Net cash flows used in investing activities	(212,311)	(288,531)
Cash flows from financing activities:
Repayments on notes payable	(129)	(236)
Issuance of preferred shares	0	242,832
Issuance of common shares in connection with share-based compensation	25,116	8,073
Taxes paid upon net share settlement of restricted share units	(8,932)	(10,574)
Contributions by noncontrolling interests	4	791
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(576,251)	(399,584)
Distributions paid to noncontrolling interests	(3,773)	(2,555)
Net cash flows used in financing activities	(563,965)	(161,253)
Net cash flows (used in) from operating, investing, and financing activities	(79,383)	206,457
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	0	173
(Decrease) Increase in cash and equivalents, including restricted cash	(79,383)	206,630
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	775,253	734,599
Restricted cash included in other assets	29,904	26,691
Cash, equivalents, and restricted cash	805,157	761,290
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	695,424	940,524
Restricted cash included in other assets	30,350	27,396
Cash, equivalents, and restricted cash	725,774	967,920
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(11,514)	(14,119)
Construction or expansion of real estate facilities	(50,625)	(42,245)
Real estate acquired in exchange for noncontrolling interests	$ 0	$ (15,426)

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, we had direct and indirect equity interests in 2,877 self-storage facilities (with approximately 204.9 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 March 31, 2023, 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Certain amounts previously reported in our March 31, 2022 Statements of Cash Flows have been reclassified to conform to the March 31, 2023 presentation, with respect to the separate presentation of changes in operating assets and liabilities in the cash flows from operating activities section. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Real Estate Facilities

Real Estate Facilities	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during the three months ended March 31, 2023 is as follows: Three Months Ended March 31, 2023 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 24,219,126 Capital expenditures to maintain real estate facilities 93,740 Acquisitions 44,936 Developed or expanded facilities opened for operation 65,307 Ending balance 24,423,109 Accumulated depreciation: Beginning balance (8,554,155) Depreciation expense (205,126) Ending balance (8,759,281) Construction in process: Beginning balance 372,992 Costs incurred to develop and expand real estate facilities 70,981 Write-off of cancelled projects (1,318) Developed or expanded facilities opened for operation (65,307) Ending balance 377,348 Total real estate facilities at March 31, 2023 $ 16,041,176 During the three months ended March 31, 2023, we acquired five self-storage facilities (0.3 million net rentable square feet of storage space), for a total cost of $46.8 million in cash. Approximately $1.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $65.3 million during the three months ended March 31, 2023, adding 0.4 million net rentable square feet of self-storage space. Construction in process at March 31, 2023 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Real Estate Entities	Investments in Unconsolidated Real Estate Entities The following tables set forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at March 31, 2023 December 31, 2022 Shurgard $ 285,692 $ 275,752 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2023 2022 PSB $ — $ 36,886 Shurgard 5,995 6,538 Total $ 5,995 $ 43,424 Investment in PSB 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. 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 during the third quarter of 2022. Since the sale of PSB in July 2022, we no longer recognize equity in earnings or receive cash distributions from PSB. During the three months ended March 31, 2022, we received cash distributions from PSB totaling $15.2 million. 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 March 31, 2023 (€44.10 per share of Shurgard common stock, at 1.088 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.5 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During each of the three months ended March 31, 2023 and 2022, we received $0.9 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark. We eliminated $0.3 million of intra-entity profits and losses for each of the three months ended March 31, 2023 and 2022, 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. At March 31, 2023, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $63.3 million ($67.8 million at December 31, 2022). 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 $4.5 million and $1.3 million during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and 2022, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $3.9 million other comprehensive income and $6.8 million other comprehensive loss during the three month ended March 31, 2023 and 2022, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At March 31, 2023 At December 31, 2022 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 759,964 (724,901) 35,063 758,106 (710,256) 47,850 Total goodwill and other intangible assets $ 944,631 $ (724,901) $ 219,730 $ 942,773 $ (710,256) $ 232,517 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $14.6 million and $33.9 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, intangibles increased $1.9 million, in connection with the acquisition of real estate facilities (Note 3). The estimated future amortization expense for our finite-lived intangible assets at March 31, 2023 is as follows (amounts in thousands): Year Amount Remainder of 2023 $ 23,545 2024 6,175 Thereafter 5,343 Total $ 35,063

Credit Facility

Credit Facility	3 Months Ended
	Mar. 31, 2023
Line of Credit Facility [Abstract]
Credit Facility	Credit FacilityWe have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit that matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% to LIBOR plus 1.350% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.75% at March 31, 2023). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.10% per annum at March 31, 2023). At March 31, 2023 and May 3, 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 March 31, 2023 ($18.6 million at December 31, 2022). The Credit Facility has various customary restrictive covenants with which we were in compliance at March 31, 2023.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
Notes Payable [Abstract]
Notes Payable	Notes Payable Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at March 31, 2023 and December 31, 2022 are set forth in the tables below: Amounts at March 31, 2023 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% 5.091% $ 700,000 $ (749) $ 699,251 $ 694,272 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,137) 497,863 449,291 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,139) 646,861 586,358 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,360) 497,640 470,930 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,430) 646,570 569,513 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,698) 547,302 479,934 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,869) 498,131 465,044 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,526) 644,474 539,458 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,046) 546,954 449,666 5,250,000 (24,954) 5,225,046 4,704,466 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 108,779 — 108,779 105,871 Notes due November 3, 2025 2.175% 2.175% 263,259 — 263,259 251,539 Notes due September 9, 2030 0.500% 0.640% 761,451 (8,332) 753,119 561,682 Notes due January 24, 2032 0.875% 0.978% 543,893 (4,724) 539,169 387,388 1,677,382 (13,056) 1,664,326 1,306,480 Mortgage Debt , secured by 5 real estate facilities with a net book value of $16.9 million 3.407% 3.407% 9,963 — 9,963 9,656 $ 6,937,345 $ (38,010) $ 6,899,335 $ 6,020,602 Amounts at December 31, 2022 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 699,075 691,309 Notes due February 15, 2026 497,678 441,849 Notes due November 9, 2026 646,643 578,899 Notes due September 15, 2027 497,508 466,029 Notes due May 1, 2028 646,401 558,197 Notes due November 9, 2028 547,182 468,509 Notes due May 1, 2029 498,053 456,855 Notes due May 1, 2031 644,303 530,390 Notes due November 9, 2031 546,866 443,514 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 107,035 104,344 Notes due November 3, 2025 259,039 246,119 Notes due September 9, 2030 740,634 566,204 Notes due January 24, 2032 530,317 396,297 1,637,025 1,312,964 Mortgage Debt 10,092 9,568 $ 6,870,826 $ 5,958,083 U.S. Dollar Denominated Unsecured Notes 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 March 31, 2023. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 14% at March 31, 2023) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 25x for the twelve months ended March 31, 2023) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange (loss) gain” on our income statement (losses of $27.1 million and gains of $35.4 million for the three months ended March 31, 2023 and 2022, respectively). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At March 31, 2023, 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 March 31, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2023 $ — $ 8,141 $ 8,141 2024 808,779 124 808,903 2025 263,259 131 263,390 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,205,344 1,289 4,206,633 $ 6,927,382 $ 9,963 $ 6,937,345 Weighted average effective rate 2.2% 3.4% 2.2% Cash paid for interest totaled $22.4 million and $22.2 million for the three months ended March 31, 2023 and 2022, respectively. Interest capitalized as real estate totaled $1.7 million and $1.2 million for the three months ended March 31, 2023 and 2022, respectively.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At March 31, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2023 At December 31, 2022 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 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At March 31, 2023, 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. Dividends 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. The distribution equates to an annualized increase to the Company’s regular common dividend from $8.00 to $12.00 per share.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsAt March 31, 2023, 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 $0.5 million for each of the three months ended March 31, 2023 and 2022.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant equity awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, restricted share units (“RSUs”), deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation. We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $0.7 million and $1.0 million of share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, 2023 2022 (Amounts in thousands) Self-storage cost of operations $ 4,210 $ 4,864 Ancillary cost of operations 31 266 General and administrative 5,604 8,798 Total $ 9,845 $ 13,928 Included in share-based compensation is $0.5 million and $4.2 million during the three months ended March 31, 2023 and 2022, respectively, in connection with retirement acceleration as discussed in Note 2 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. As of March 31, 2023, there was $100.4 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years. Stock Options We have service-based 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 awards in cash. During the three months ended March 31, 2023, 117,168 stock options were granted, 150,658 options were exercised, and 25,816 options were forfeited. A total of 3,105,177 stock options were outstanding at March 31, 2023 (3,164,483 at December 31, 2022). For the stock options granted during the three months ended March 31, 2023, vesting is dependent upon meeting certain market conditions over the three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These stock options require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target options originally granted. For the three months ended March 31, 2023 and 2022, we incurred share-based compensation cost for outstanding stock options of $3.2 million and $3.9 million, respectively. 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. Upon vesting, the grantee receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. During the three months ended March 31, 2023, 38,895 RSUs were granted, 12,514 RSUs were forfeited and 67,748 RSUs vested. The vesting resulted in the issuance of 48,817 common shares. A total of 434,680 RSUs were outstanding at March 31, 2023 (476,047 at December 31, 2022). During the three months ended March 31, 2023, 37,211 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These RSUs 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 RSUs originally granted. Also included in the RSUs granted during the three months ended March 31, 2023 are 1,684 service-based RSUs. For the three months ended March 31, 2023 and 2022, we incurred share-based compensation cost for RSUs of $7.2 million and $10.8 million, respectively. Trustee Deferral Program Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, or fully-vested DSUs to be settled at a specified future date. Unrestricted common shares and/or DSUs will be granted to the non-management trustee on the last day of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the applicable closing price of our common shares on such date. During the three months ended March 31, 2023, we granted 501 DSUs and 212 unrestricted common shares. During the three months ended March 31, 2023, 867 previously granted DSUs were settled in common shares.

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2023
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 264,512 common shares were excluded from the computation of diluted earnings per share for the three months ended March 31, 2023, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three months ended March 31, 2023 and 2022, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 467,588 $ 464,124 Denominator for basic net income per share - weighted average common shares outstanding 175,451 175,170 Net effect of dilutive stock options - based on treasury stock method 777 1,166 Denominator for dilutive net income per share - weighted average common shares outstanding 176,228 176,336 Net income per common share: Basic $ 2.67 $ 2.65 Dilutive $ 2.65 $ 2.63

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker. Self-Storage Operations The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own from (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended March 31, 2023 2022 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,032,184 $ 917,015 Cost of operations (268,615) (245,494) Net operating income 763,569 671,521 Depreciation and amortization (221,650) (222,128) Net income 541,919 449,393 Ancillary Operations Revenue 62,048 56,430 Cost of operations (19,676) (15,515) Net operating income 42,372 40,915 Total net income allocated to segments 584,291 490,308 Other items not allocated to segments: General and administrative (25,544) (23,069) Interest and other income 18,634 3,379 Interest expense (36,101) (33,124) Equity in earnings of unconsolidated real estate entities 5,995 43,424 Foreign currency exchange (loss) gain (26,860) 35,377 Net income $ 520,415 $ 516,295

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, there were approximately 1.3 million certificates held by our self-storage customers, representing aggregate coverage of approximately $5.8 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $249.5 million at March 31, 2023. We expect to pay approximately $189.6 million in the remainder of 2023, $59.4 million in 2024, and $0.5 million in 2025 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $62.5 million at March 31, 2023. We expect to pay approximately $2.1 million in the remainder of 2023, $3.1 million in 2024, $3.0 million in each of 2025 and 2026, $2.1 million in 2027, and $49.2 million thereafter for these commitments.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to March 31, 2023, we acquired or were under contract to acquire 12 self-storage facilities across three states with 0.9 million net rentable square feet, for $139.0 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Certain amounts previously reported in our March 31, 2022 Statements of Cash Flows have been reclassified to conform to the March 31, 2023 presentation, with respect to the separate presentation of changes in operating assets and liabilities in the cash flows from operating activities section. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Activities	Activity in real estate facilities during the three months ended March 31, 2023 is as follows: Three Months Ended March 31, 2023 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 24,219,126 Capital expenditures to maintain real estate facilities 93,740 Acquisitions 44,936 Developed or expanded facilities opened for operation 65,307 Ending balance 24,423,109 Accumulated depreciation: Beginning balance (8,554,155) Depreciation expense (205,126) Ending balance (8,759,281) Construction in process: Beginning balance 372,992 Costs incurred to develop and expand real estate facilities 70,981 Write-off of cancelled projects (1,318) Developed or expanded facilities opened for operation (65,307) Ending balance 377,348 Total real estate facilities at March 31, 2023 $ 16,041,176

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities	The following tables set forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Entities at March 31, 2023 December 31, 2022 Shurgard $ 285,692 $ 275,752 Equity in Earnings of Unconsolidated Real Estate Entities for the Three Months Ended March 31, 2023 2022 PSB $ — $ 36,886 Shurgard 5,995 6,538 Total $ 5,995 $ 43,424

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 At December 31, 2022 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 759,964 (724,901) 35,063 758,106 (710,256) 47,850 Total goodwill and other intangible assets $ 944,631 $ (724,901) $ 219,730 $ 942,773 $ (710,256) $ 232,517
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense for our finite-lived intangible assets at March 31, 2023 is as follows (amounts in thousands): Year Amount Remainder of 2023 $ 23,545 2024 6,175 Thereafter 5,343 Total $ 35,063

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Payable [Abstract]
Schedule of Notes Payable	Our notes payable at March 31, 2023 and December 31, 2022 are set forth in the tables below: Amounts at March 31, 2023 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% 5.091% $ 700,000 $ (749) $ 699,251 $ 694,272 Notes due February 15, 2026 0.875% 1.030% 500,000 (2,137) 497,863 449,291 Notes due November 9, 2026 1.500% 1.640% 650,000 (3,139) 646,861 586,358 Notes due September 15, 2027 3.094% 3.218% 500,000 (2,360) 497,640 470,930 Notes due May 1, 2028 1.850% 1.962% 650,000 (3,430) 646,570 569,513 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,698) 547,302 479,934 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,869) 498,131 465,044 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,526) 644,474 539,458 Notes due November 9, 2031 2.250% 2.322% 550,000 (3,046) 546,954 449,666 5,250,000 (24,954) 5,225,046 4,704,466 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 108,779 — 108,779 105,871 Notes due November 3, 2025 2.175% 2.175% 263,259 — 263,259 251,539 Notes due September 9, 2030 0.500% 0.640% 761,451 (8,332) 753,119 561,682 Notes due January 24, 2032 0.875% 0.978% 543,893 (4,724) 539,169 387,388 1,677,382 (13,056) 1,664,326 1,306,480 Mortgage Debt , secured by 5 real estate facilities with a net book value of $16.9 million 3.407% 3.407% 9,963 — 9,963 9,656 $ 6,937,345 $ (38,010) $ 6,899,335 $ 6,020,602 Amounts at December 31, 2022 Book Value Fair Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 699,075 691,309 Notes due February 15, 2026 497,678 441,849 Notes due November 9, 2026 646,643 578,899 Notes due September 15, 2027 497,508 466,029 Notes due May 1, 2028 646,401 558,197 Notes due November 9, 2028 547,182 468,509 Notes due May 1, 2029 498,053 456,855 Notes due May 1, 2031 644,303 530,390 Notes due November 9, 2031 546,866 443,514 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 107,035 104,344 Notes due November 3, 2025 259,039 246,119 Notes due September 9, 2030 740,634 566,204 Notes due January 24, 2032 530,317 396,297 1,637,025 1,312,964 Mortgage Debt 10,092 9,568 $ 6,870,826 $ 5,958,083
Schedule of Maturities of Notes Payable	At March 31, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2023 $ — $ 8,141 $ 8,141 2024 808,779 124 808,903 2025 263,259 131 263,390 2026 1,150,000 138 1,150,138 2027 500,000 140 500,140 Thereafter 4,205,344 1,289 4,206,633 $ 6,927,382 $ 9,963 $ 6,937,345 Weighted average effective rate 2.2% 3.4% 2.2%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At March 31, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2023 At December 31, 2022 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 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $0.7 million and $1.0 million of share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, 2023 2022 (Amounts in thousands) Self-storage cost of operations $ 4,210 $ 4,864 Ancillary cost of operations 31 266 General and administrative 5,604 8,798 Total $ 9,845 $ 13,928

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Common Share	The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three months ended March 31, 2023 and 2022, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 467,588 $ 464,124 Denominator for basic net income per share - weighted average common shares outstanding 175,451 175,170 Net effect of dilutive stock options - based on treasury stock method 777 1,166 Denominator for dilutive net income per share - weighted average common shares outstanding 176,228 176,336 Net income per common share: Basic $ 2.67 $ 2.65 Dilutive $ 2.65 $ 2.63

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended March 31, 2023 2022 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,032,184 $ 917,015 Cost of operations (268,615) (245,494) Net operating income 763,569 671,521 Depreciation and amortization (221,650) (222,128) Net income 541,919 449,393 Ancillary Operations Revenue 62,048 56,430 Cost of operations (19,676) (15,515) Net operating income 42,372 40,915 Total net income allocated to segments 584,291 490,308 Other items not allocated to segments: General and administrative (25,544) (23,069) Interest and other income 18,634 3,379 Interest expense (36,101) (33,124) Equity in earnings of unconsolidated real estate entities 5,995 43,424 Foreign currency exchange (loss) gain (26,860) 35,377 Net income $ 520,415 $ 516,295

Description of the Business (De

Description of the Business (Details) ft² in Millions	Mar. 31, 2023 ft² state storage_facility country	Jul. 20, 2022
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	266
Net rentable area (in square feet)	15
Ownership interest (percentage)	35%
Number of countries in which entity operates | country	7
PSB
Nature Of Business [Line Items]
Ownership interest (percentage)		41%
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	2,877
Net rentable area (in square feet)	204.9
Number of states with facilities | state	40
Public Storage | Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	1.2

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 24,219,126
Capital expenditures to maintain real estate facilities	93,740
Acquisitions	44,936
Developed or expanded facilities opened for operation	65,307
Ending balance (Operating facilities, at cost)	24,423,109
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(8,554,155)
Depreciation expense	(205,126)
Ending balance (Accumulated depreciation)	(8,759,281)
Construction in process:
Beginning balance (Construction in process)	372,992
Costs incurred to develop and expand real estate facilities	70,981
Write-off of cancelled projects	(1,318)
Developed or expanded facilities opened for operation	(65,307)
Ending balance (Construction in process)	377,348
Total real estate facilities	$ 16,041,176	$ 16,037,963

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) ft² in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) ft² storage_facility
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | storage_facility	5
Net rentable area acquired | ft²	0.3
Total cost of acquisition	$ 46.8
Payments to acquire intangible assets	1.9
Newly Developed and Expansion Projects | Completed Developed and Expansion Project
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand	$ 65.3
Additional net rentable square feet | ft²	0.4

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities and Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 285,692		$ 275,752
Equity in Earnings of Unconsolidated Real Estate Entities	5,995	$ 43,424
PSB
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities	0	36,886
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	285,692		$ 275,752
Equity in Earnings of Unconsolidated Real Estate Entities	$ 5,995	$ 6,538

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 20, 2022	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Cash distribution received		$ 324		$ 15,501
PSB
Schedule of Equity Method Investments [Line Items]
Ownership interest (percentage)	41%
Cash distribution received				$ 15,200
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

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Mar. 31, 2023 € / shares	Dec. 31, 2022 USD ($) shares
Schedule of Equity Method Investments [Line Items]
Exchange rate translation (percentage)	1.088
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 324	$ 15,501
Foreign currency translation gain (loss) on investment in Shurgard	$ 3,869	(6,795)
Shurgard
Schedule of Equity Method Investments [Line Items]
Common stock owned of Shurgard (in shares) | shares	31,268,459			31,268,459
Ownership interest (percentage)	35%
Closing price per share (in Euros per share) | € / shares			€ 44.10
Market value	$ 1,500,000
License fees received	900	900
Basis differential	63,300			$ 67,800
Amortization of basis differential	4,500	1,300
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Distributions from cumulative equity in earnings of unconsolidated real estate entities	$ 300	$ 300

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Goodwill, gross	$ 165,843	$ 165,843
Goodwill, net	165,843	165,843
Gross Book Value	759,964	758,106
Accumulated Amortization	(724,901)	(710,256)
Total	35,063	47,850
Gross Book Value	944,631	942,773
Net Book Value	219,730	232,517
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 (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14.6	$ 33.9
Increase in finite-lived intangible assets	$ 1.9

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 23,545
2024	6,175
Thereafter	5,343
Total	$ 35,063	$ 47,850

Credit Facility (Details)

Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	May 03, 2023	Dec. 31, 2022
Credit Facility
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500,000,000
Interest rate spread	0.75%
Facility fee percentage	0.10%
Outstanding borrowings	$ 0
Standby Letters of Credit
Schedule Of Debt [Line Items]
Undrawn standby letters of credit	$ 18,600,000		$ 18,600,000
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 (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) $ in Thousands	Mar. 31, 2023 USD ($) real_estate_facility	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal	$ 6,937,345
Unamortized Costs	(38,010)
Book Value	6,899,335	$ 6,870,826
Fair Value	6,020,602	5,958,083
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	5,250,000
Unamortized Costs	(24,954)
Book Value	5,225,046	5,223,709
Fair Value	$ 4,704,466	4,635,551
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	5.091%
Principal	$ 700,000
Unamortized Costs	(749)
Book Value	699,251	699,075
Fair Value	$ 694,272	691,309
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	1.03%
Principal	$ 500,000
Unamortized Costs	(2,137)
Book Value	497,863	497,678
Fair Value	$ 449,291	441,849
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026
Debt Instrument [Line Items]
Coupon Rate	1.50%
Effective Rate	1.64%
Principal	$ 650,000
Unamortized Costs	(3,139)
Book Value	646,861	646,643
Fair Value	$ 586,358	578,899
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	(2,360)
Book Value	497,640	497,508
Fair Value	$ 470,930	466,029
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028
Debt Instrument [Line Items]
Coupon Rate	1.85%
Effective Rate	1.962%
Principal	$ 650,000
Unamortized Costs	(3,430)
Book Value	646,570	646,401
Fair Value	$ 569,513	558,197
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028
Debt Instrument [Line Items]
Coupon Rate	1.95%
Effective Rate	2.044%
Principal	$ 550,000
Unamortized Costs	(2,698)
Book Value	547,302	547,182
Fair Value	$ 479,934	468,509
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	(1,869)
Book Value	498,131	498,053
Fair Value	$ 465,044	456,855
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031
Debt Instrument [Line Items]
Coupon Rate	2.30%
Effective Rate	2.419%
Principal	$ 650,000
Unamortized Costs	(5,526)
Book Value	644,474	644,303
Fair Value	$ 539,458	530,390
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031
Debt Instrument [Line Items]
Coupon Rate	2.25%
Effective Rate	2.322%
Principal	$ 550,000
Unamortized Costs	(3,046)
Book Value	546,954	546,866
Fair Value	$ 449,666	443,514
U.S. Dollar Denominated Unsecured Debt | SOFR | Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread	0.47%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 1,677,382
Unamortized Costs	(13,056)
Book Value	1,664,326	1,637,025
Fair Value	$ 1,306,480	1,312,964
Euro Denominated Unsecured Debt | Notes due April 12, 2024
Debt Instrument [Line Items]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 108,779
Unamortized Costs	0
Book Value	108,779	107,035
Fair Value	$ 105,871	104,344
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 263,259
Unamortized Costs	0
Book Value	263,259	259,039
Fair Value	$ 251,539	246,119
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 761,451
Unamortized Costs	(8,332)
Book Value	753,119	740,634
Fair Value	$ 561,682	566,204
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 543,893
Unamortized Costs	(4,724)
Book Value	539,169	530,317
Fair Value	$ 387,388	396,297
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	$ 16,900
Coupon Rate	3.407%
Effective Rate	3.407%
Principal	$ 9,963
Unamortized Costs	0
Book Value	9,963	10,092
Fair Value	$ 9,656	$ 9,568

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) tranche	Mar. 31, 2022 USD ($)	Sep. 09, 2021 EUR (€)	Jan. 24, 2020 EUR (€)	Apr. 12, 2016 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Foreign currency exchange (loss) gain | $	$ (26,860)	$ 35,377
Cash paid for interest expense | $	22,400	22,200
Interest capitalized as real estate | $	$ 1,700	1,200
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to total assets ratio	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
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Number of tranches | tranche	4
Foreign currency exchange (loss) gain | $	$ (27,100)	$ 35,400
Maximum Covenant | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to total assets ratio	65%
Notes due November 3, 2025 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount | €						€ 242,000,000
Interest rate	2.175%
Notes due April 12, 2024 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount | €					€ 100,000,000
Interest rate	1.54%
Notes due January 24, 2032 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount | €				€ 500,000,000
Interest rate	0.875%
Notes due September 9, 2030 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance amount | €			€ 700,000,000
Interest rate	0.50%
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate	3.20%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate	7.10%

Notes Payable (Schedule of Matu

Notes Payable (Schedule of Maturities of Notes Payable) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Remainder of 2023	$ 8,141
2024	808,903
2025	263,390
2026	1,150,138
2027	500,140
Thereafter	4,206,633
Total debt	$ 6,937,345
Weighted average effective rate	2.20%
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2023	$ 0
2024	808,779
2025	263,259
2026	1,150,000
2027	500,000
Thereafter	4,205,344
Total debt	$ 6,927,382
Weighted average effective rate	2.20%
Mortgage Debt
Debt Instrument [Line Items]
Remainder of 2023	$ 8,141
2024	124
2025	131
2026	138
2027	140
Thereafter	1,289
Total debt	$ 9,963
Weighted average effective rate	3.40%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - Noncontrolling Interests	Mar. 31, 2023 shares
Noncontrolling Interest [Line Items]
Convertible partnership units (in shares)	499,966
Partnership units conversion ratio	1

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	174,000	174,000
Liquidation Preference	$ 4,350,000	$ 4,350,000
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	10,000
Liquidation Preference	$ 250,000	$ 250,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)			3 Months Ended
	Feb. 04, 2023 $ / shares	Feb. 03, 2023 $ / shares	Mar. 31, 2023 USD ($) board_member dividend $ / shares	Mar. 31, 2022 USD ($) $ / shares
Stockholders' Equity Note [Abstract]
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)			$ 25
Increase in regular common dividend	50%
Common stock, quarterly dividends (in USD per share)	$ 3	$ 2
Common stock, annual dividends (in USD per share)	$ 12	$ 8
Common stock dividends paid in aggregate | $			$ 527,600,000	$ 351,200,000
Distributions to common shareholders and restricted share unitholders (in USD per share)			$ 3	$ 2
Preferred share dividends | $			$ 48,678,000	$ 48,365,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) storage_facility adult_children	Mar. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 0.5	$ 0.5
Canada | Hughes Owned Canadian Facilities
Related Party Transaction [Line Items]
Number of self-storage facilities | storage_facility	65
Number of Ms. Gustavson's adult children owning remaining equity in LLC | adult_children	2
Ownership interest by parent	0%
Canada | Hughes Owned Canadian Facilities | Tamara Hughes Gustavson
Related Party Transaction [Line Items]
Ownership interest of noncontrolling owners (less than)	0.10%

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 700	$ 1,000
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	9,845	13,928
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	4,210	4,864
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	31	266
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 5,604	$ 8,798

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense	$ 500	$ 4,200
Unrecognized compensation cost	$ 100,400
Compensation recognition period (in years)	3 years
Stock options granted (in shares)	117,168
Exercised (in shares)	150,658
Stock options forfeited (in shares)	25,816
Stock options outstanding (in shares)	3,105,177		3,164,483
Share-based compensation expense	$ 9,845	13,928
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)	10 years
Share-based compensation expense	$ 3,200	3,900
Performance Target, Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period	3 years
Percentage of target options originally granted (percentage)	200%
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,200	$ 10,800
Grants in period (in shares)	38,895
Forfeited in period (in shares)	12,514
Vested (in shares)	67,748
Employee stock-based compensation and exercise of stock options (in shares)	48,817
Restricted share units outstanding (in shares)	434,680		476,047
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance period	3 years
Grants in period (in shares)	37,211
Percentage of target options originally granted (percentage)	200%
Service-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,684
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	501
Granted DSU's (in shares)	867
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	212
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Minimum | Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Maximum | Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	8 years

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	264,512
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 467,588	$ 464,124
Denominator for basic net income per share - weighted average common shares outstanding (in shares)	175,451,000	175,170,000
Net effect of dilutive stock options - based on treasury stock method (in shares)	777,000	1,166,000
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares)	176,228,000	176,336,000
Basic (in USD per share)	$ 2.67	$ 2.65
Diluted (in USD per share)	$ 2.65	$ 2.63

Segment Information (Schedule o

Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 1,094,232	$ 973,445
Depreciation and amortization	(221,650)	(222,128)
General and administrative	(25,544)	(23,069)
Interest and other income	18,634	3,379
Interest expense	(36,101)	(33,124)
Equity in earnings of unconsolidated real estate entities	5,995	43,424
Foreign currency exchange (loss) gain	(26,860)	35,377
Net income	520,415	516,295
Operating Segments
Segment Reporting Information [Line Items]
Net income	584,291	490,308
Segment Reconciling Items
Segment Reporting Information [Line Items]
General and administrative	(25,544)	(23,069)
Interest and other income	18,634	3,379
Interest expense	(36,101)	(33,124)
Equity in earnings of unconsolidated real estate entities	5,995	43,424
Foreign currency exchange (loss) gain	(26,860)	35,377
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	1,032,184	917,015
Cost of operations	(268,615)	(245,494)
Net operating income	763,569	671,521
Depreciation and amortization	(221,650)	(222,128)
Net income	541,919	449,393
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	62,048	56,430
Net operating income	42,372	40,915
Cost of operations	$ (19,676)	$ (15,515)

Commitments and Contingencies (

Commitments and Contingencies (Details) certificate in Millions	Mar. 31, 2023 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	1.3
Aggregate coverage of tenants participating in insurance program	$ 5,800,000,000
Construction commitments	249,500,000
Construction commitments remainder of 2023	189,600,000
Construction commitments 2024	59,400,000
Construction commitments 2025	500,000
Various lease commitments	62,500,000
Various lease commitments remainder of 2023	2,100,000
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	$ 49,200,000

Subsequent Events (Details)

Subsequent Events (Details) - Acquisition of Self-Storage Facilities Other Investments ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 03, 2023 USD ($) ft² storage_facility state	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Total cost of acquisition		$ 46.8
Subsequent Event
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | storage_facility	12
Number of states self-storage facilities acquired or under contracts to be acquired | state	3
Net rentable area (in square feet) | ft²	0.9
Total cost of acquisition	$ 139