Public Storage (PSA) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	93-2834996
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
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 43,990,689
Entity Common Stock, Shares Outstanding		175,691,404
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 2024 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	2023
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	Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
Trading Symbol	PSA/32
Security Exchange Name	NYSE
Notes Due 2030
Title of 12(b) Security	Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
Trading Symbol	PSA/30
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and equivalents	$ 370,002	$ 775,253
Real estate facilities, at cost:
Land	5,628,488	5,273,073
Buildings	21,836,750	18,946,053
Real estate facilities, gross	27,465,238	24,219,126
Accumulated depreciation	(9,423,974)	(8,554,155)
Real estate facilities, net	18,041,264	15,664,971
Construction in process	345,453	372,992
Total real estate facilities	18,386,717	16,037,963
Investments in unconsolidated real estate entities	390,180	275,752
Goodwill and other intangible assets, net	387,267	232,517
Other assets	275,050	230,822
Total assets	19,809,216	17,552,307
LIABILITIES AND EQUITY
Notes payable	9,103,277	6,870,826
Accrued and other liabilities	598,993	514,680
Total liabilities	9,702,270	7,385,506
Commitments and contingencies (Note 15)
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 shares at December 31, 2022) at liquidation preference	4,350,000	4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,670,727 shares issued and outstanding (175,265,668 shares at December 31, 2022)	17,567	17,527
Paid-in capital	5,980,760	5,896,423
Accumulated deficit	(267,910)	(110,231)
Accumulated other comprehensive loss	(67,239)	(80,317)
Total Public Storage shareholders’ equity	10,013,178	10,073,402
Noncontrolling interests	93,768	93,399
Total equity	10,106,946	10,166,801
Total liabilities and equity	$ 19,809,216	$ 17,552,307

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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)	175,670,727	175,265,668
Common stock, shares outstanding (in shares)	175,670,727	175,265,668

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenues	$ 4,517,690	$ 4,182,163	$ 3,415,824
Expenses:
Depreciation and amortization	970,056	888,146	713,428
Real estate acquisition and development expense	26,451	28,744	12,923
General and administrative	80,632	71,672	75,966
Interest expense	201,132	136,319	90,774
Operating expenses	2,426,217	2,177,788	1,813,689
Other increases (decreases) to net income:
Interest and other income	85,590	40,567	12,306
Equity in earnings of unconsolidated real estate entities	27,897	106,981	232,093
Foreign currency exchange (loss) gain	(51,197)	98,314	111,787
Gain on sale of real estate	17,178	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	0	2,128,860	0
Income before income tax expense	2,170,941	4,380,600	1,972,004
Income tax expense	(10,821)	(14,326)	(12,365)
Net income	2,160,120	4,366,274	1,959,639
Allocation to noncontrolling interests	(11,793)	(17,127)	(6,376)
Net income allocable to Public Storage shareholders	2,148,327	4,349,147	1,953,263
Allocation of net income to:
Preferred shareholders	(194,703)	(194,390)	(186,579)
Preferred shareholders - redemptions (Note 10)	0	0	(28,914)
Restricted share units	(4,883)	(12,469)	(5,326)
Net income allocable to common shareholders	$ 1,948,741	$ 4,142,288	$ 1,732,444
Net income per common share:
Basic (in USD per share)	$ 11.11	$ 23.64	$ 9.91
Diluted (in USD per share)	$ 11.06	$ 23.50	$ 9.87
Basic weighted average common shares outstanding (in shares)	175,472	175,257	174,858
Diluted weighted average common shares outstanding (in shares)	176,143	176,280	175,568
Self-storage facilities
Revenues:
Revenues	$ 4,259,613	$ 3,946,028	$ 3,203,566
Expenses:
Self-storage cost of operations	1,061,950	980,209	852,030
Ancillary operations
Revenues:
Revenues	258,077	236,135	212,258
Expenses:
Ancillary cost of operations	$ 85,996	$ 72,698	$ 68,568

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,160,120	$ 4,366,274	$ 1,959,639
Foreign currency translation gain (loss) on investment in Shurgard	13,078	(26,730)	(10,186)
Total comprehensive income	2,173,198	4,339,544	1,949,453
Allocation to noncontrolling interests	(11,793)	(17,127)	(6,376)
Comprehensive income allocable to Public Storage shareholders	$ 2,161,405	$ 4,322,417	$ 1,943,077

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Thousands	Total	Total Public Storage Shareholders' Equity	Cumulative Preferred Shares	Common Shares	Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Cumulative Preferred Shares	Cumulative Preferred Shares Total Public Storage Shareholders' Equity	Cumulative Preferred Shares Cumulative Preferred Shares	Cumulative Preferred Shares Paid-in Capital	Common Shares	Common Shares Total Public Storage Shareholders' Equity	Common Shares Common Shares	Common Shares Paid-in Capital
Beginning balance at Dec. 31, 2020	$ 8,576,899	$ 8,558,867	$ 3,792,500	$ 17,458	$ 5,707,101	$ (914,791)	$ (43,401)	$ 18,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares									$ 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
Beginning balance at Dec. 31, 2020	0
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 withheld 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
Reclassification 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares in connection with share-based compensation	53,386												$ 53,386	$ 53,386	$ 40	$ 53,346
Taxes withheld upon net share settlement of restricted share units	(13,950)	(13,950)			(13,950)
Share-based compensation expense	44,941	44,941			44,941
Contributions by noncontrolling interests	3,203							3,203
Net income	2,160,120	2,160,120				2,160,120
Net income allocated to noncontrolling interests	(11,793)	(11,793)				(11,793)		11,793
Distributions to:
Preferred shareholders	(194,703)	(194,703)				(194,703)
Noncontrolling interests	(14,627)							(14,627)
Common shareholders and restricted share unitholders	(2,111,303)	(2,111,303)				(2,111,303)
Other comprehensive income (loss)	13,078	13,078					13,078
Ending balance at Dec. 31, 2023	10,106,946	$ 10,013,178	$ 4,350,000	$ 17,567	$ 5,980,760	$ (267,910)	$ (67,239)	$ 93,768
Ending balance at Dec. 31, 2023	$ 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
Issuance of common shares in connection with share-based compensation (in shares)	283,190	552,713
Distributions to common shareholders and restricted share unitholders (in USD per share)	$ 21.15	$ 8
Preferred Shares
Issuance of preferred shares (in shares)	10,000	47,300
Redemption and shares called for redemption of preferred shares (in shares)		35,000
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	283,190	552,713
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 2,160,120	$ 4,366,274	$ 1,959,639
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of equity investment in PS Business Parks, Inc.	0	(2,128,860)	0
Gain on sale of real estate	(17,178)	(1,503)	(13,683)
Depreciation and amortization	970,056	888,146	713,428
Equity in earnings of unconsolidated real estate entities	(27,897)	(106,981)	(232,093)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	29,333	134,769	150,488
Unrealized foreign currency exchange loss (gain)	51,239	(97,563)	(111,787)
Share-based compensation expense	41,566	56,703	59,815
Other non-cash adjustments	20,508	15,207	4,883
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Other assets	(16,365)	(29,638)	(44,127)
Accrued and other liabilities	35,266	20,587	56,992
Net cash flows from operating activities	3,246,648	3,117,141	2,543,555
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(236,572)	(218,713)	(136,989)
Capital expenditures for property enhancements	(159,939)	(189,699)	(103,730)
Capital expenditures for energy efficiencies (LED lighting, solar)	(64,626)	(51,361)	(29,519)
Development and expansion of real estate facilities	(364,445)	(313,511)	(281,981)
Acquisition of real estate facilities and intangible assets	(473,176)	(757,944)	(5,047,106)
Acquisition of BREIT Simply Storage LLC, net of cash acquired	(2,178,151)	0	0
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	10,975	13,670	19,518
Contributions to unconsolidated real estate entities	(112,554)	0	0
Proceeds from sale of real estate investments	39,986	1,543	16,296
Proceeds from sale of equity investment in PS Business Parks, Inc.	0	2,636,011	0
Net cash flows (used in) from investing activities	(3,538,502)	1,119,996	(5,563,511)
Cash flows from financing activities:
Issuance costs on amendment of credit facility	(8,377)	0	0
Repayments of notes payable	(8,259)	(513,495)	(2,218)
Issuance of notes payable, net of issuance costs	2,181,273	0	5,038,904
Issuance of preferred shares	0	242,832	1,147,455
Issuance of common shares in connection with share-based compensation	53,131	35,271	95,860
Redemption of preferred shares	0	0	(1,175,000)
Taxes paid upon net share settlement of restricted share units	(13,950)	(16,827)	(13,069)
Acquisition of noncontrolling interests	0	0	(692)
Contributions by noncontrolling interests	3,203	1,669	2,451
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(2,305,322)	(3,908,497)	(1,588,888)
Distributions paid to noncontrolling interests	(14,627)	(34,223)	(6,662)
Net cash flows (used in) from financing activities	(112,928)	(4,193,270)	3,498,141
Net cash flows (used in) from operating, investing, and financing activities	(404,782)	43,867	478,185
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	0	0	505
Net (decrease) increase in cash and equivalents, including restricted cash	(404,782)	43,867	478,690
Cash and equivalents, including restricted cash at beginning 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
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	370,002	775,253	734,599
Restricted cash included in other assets	30,373	29,904	26,691
Cash, equivalents, and restricted cash	400,375	805,157	761,290
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(10,798)	(9,903)	(10,879)
Capital expenditures for property enhancements	(3,046)	(4,502)	(11,726)
Capital expenditures for energy efficiencies (LED lighting, solar)	(386)	(855)	(775)
Construction or expansion of real estate facilities	(68,099)	(65,650)	(50,051)
Real estate acquired in exchange for noncontrolling interests	0	(19,865)	(68,170)
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	146,213	127,711	74,192
Cash paid for income taxes, net of refunds	$ 11,056	$ 11,293	$ 12,696

Description of the Business

Description of the Business	12 Months Ended
	Dec. 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”) is a Maryland real estate investment trust (“REIT”) engaged in 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. On August 14, 2023, the Company completed a reorganization in which its interest in its facilities is now held through an operating partnership, Public Storage OP, L.P. (“PSA OP”) and its subsidiaries including Public Storage Operating Company (“PSOC”), formerly known as Public Storage. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The reorganization was accounted for as a transaction between entities under common control and there was no change in the Company’s total assets, liabilities or results of operations. Subsequent to the reorganization, the primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the membership interests in PSOC. As of December 31, 2023, the Company owned all of the limited partnership interests of PSA OP. At December 31, 2023, we owned equity interests in 3,044 self-storage facilities (with approximately 218.1 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. In addition, we managed 210 facilities for third parties at December 31, 2023. At December 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 275 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	12 Months Ended
	Dec. 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 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, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). We revised our prior period financial statements to correct the presentation of income tax expense in the Consolidated Statements of Income. Income tax expense in the amounts of $14.3 million and $12.4 million for 2022 and 2021, respectively, previously included in general and administrative expense, has been reclassified and presented separately in the Consolidated Statements of Income to conform to the 2023 presentation. This immaterial correction had no impact on our net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the years ended December 31, 2022 and 2021. Certain amounts previously reported in our 2022 and 2021 Consolidated Statements of Income have been reclassified to conform to the 2023 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amounts of $28.7 million and $12.9 million for 2022 and 2021, respectively, previously included in general and administrative expense. The reclassifications had no impact on our net income. Certain amounts previously reported in our 2022 and 2021 Statements of Cash Flows have been reclassified to conform to the 2023 presentation, with respect to the separate presentation of changes in operating assets and liabilities in the cash flows from operating activities section and major types of capital expenditures in the cash flows from investing activities section. The reclassifications did not affect the subtotals for cash flows from operating, investing or financing activities. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 15) 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. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2023. 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, (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 and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense 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, 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, 2023, due primarily to our investment in Shurgard (Note 5) and our notes payable denominated in Euros (Note 8), 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 1.104 U.S. Dollars per Euro at December 31, 2023 (1.070 at December 31, 2022), and average exchange rates of 1.081, 1.054 and 1.183 for the years ended December 31, 2023, 2022, and 2021, respectively. Income Taxes We and a subsidiary of PSOC 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. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, and third party management operations are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future. We recognize tax benefits of uncertain income tax positions 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, 2023, we had no tax benefits that were not recognized. We also incur income taxes in certain state and local jurisdictions, which are included in income tax expense in the Consolidated Statements of Income. 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. Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate 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. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure , to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The ASU’s amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

Simply Acquisition

Simply Acquisition	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Simply Acquisition	Simply Acquisition On September 13, 2023, we acquired all the membership interests of BREIT Simply Storage LLC, a self-storage company that owns and operates 127 self-storage facilities (9.4 million net rentable square feet) and manages 25 self-storage facilities for third parties, for a purchase price of $2.2 billion in cash, including cash acquired of $6.0 million and direct transaction costs of $9.6 million (the “Simply Acquisition”). We accounted for the Simply Acquisition as an asset acquisition because substantially all the fair value of the gross assets acquired is concentrated in the real estate assets and intangible assets associated with the self-storage facilities, which are determined to be similar in nature. As a result, the direct transaction costs of $9.6 million were capitalized to the basis of the acquired properties. The total purchase price was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. The total purchase price, including direct transaction costs, was allocated as follows (in thousands): Cash $ 6,032 Real estate facilities: Land 229,396 Buildings 1,762,752 Construction in process 2,922 Intangible assets: Acquired customers in place 209,516 Non real estate-related contracts 4,750 Other assets 12,046 Accrued and other liabilities (43,231) Total purchase price, including direct transaction costs $ 2,184,183

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate Facilities	Real Estate Facilities Activity in real estate facilities during 2023, 2022, and 2021 is as follows: For the Years Ended December 31, 2023 2022 2021 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 24,219,126 $ 22,807,833 $ 17,372,627 Capital expenditures to maintain real estate facilities 232,048 205,169 137,428 Capital expenditures for property enhancements 163,380 194,931 116,478 Capital expenditures for energy efficiencies (LED lighting, solar) 65,026 52,216 30,294 Acquisitions 2,442,118 733,442 4,940,413 Dispositions and other (19,322) (1,704) (7,408) Developed or expanded facilities opened for operation 362,862 227,239 218,001 Ending balance 27,465,238 24,219,126 22,807,833 Accumulated depreciation: Beginning balance (8,554,155) (7,773,308) (7,152,135) Depreciation expense (881,255) (781,931) (625,968) Dispositions and other 11,436 1,084 4,795 Ending balance (9,423,974) (8,554,155) (7,773,308) Construction in process: Beginning balance 372,992 272,471 188,079 Costs incurred to develop and expand real estate facilities 356,788 336,948 302,393 Acquisitions 2,922 — — Write-off of cancelled projects and transfer to other assets (24,387) (9,188) — Developed or expanded facilities opened for operation (362,862) (227,239) (218,001) Ending balance 345,453 372,992 272,471 Total real estate facilities at December 31, $ 18,386,717 $ 16,037,963 $ 15,306,996 During 2023, in addition to the Simply Acquisition, we acquired 37 self-storage facilities (2.7 million net rentable square feet of storage space), for a total cost of $473.2 million in cash. Approximately $23.2 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $362.9 million during 2023, adding 1.7 million net rentable square feet of self-storage space. Construction in process at December 31, 2023 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2023, we wrote off $11.7 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as real estate acquisition and development expense. We also transferred $12.7 million of land cost related to cancelled development projects to other assets at December 31, 2023. During 2023, we completed a real estate transaction with a third-party, through which we sold an operating self-storage facility with a net book value of $7.1 million for gross proceeds of $40.0 million and acquired a nearby land parcel for $13.5 million. At the close of the transaction, we entered into a leaseback of the self-storage facility until we complete development of the acquired land into a self-storage facility, no later than December 31, 2026. Of the $40.0 million in gross proceeds, $24.3 million was allocated to the sale of the property based on its estimated fair value, resulting a net gain on sale of real estate of $17.1 million after direct transaction costs, and $15.7 million was classified as a reduction of costs to develop the acquired land included in construction in process. During 2023, we also sold a land parcel for $0.1 million in cash and recorded a related gain on sale of real estate of $0.1 million. 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 real estate acquisition and development 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 PS Business Parks, Inc. (“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 (21.8 million 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. At December 31, 2023, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $18.3 billion (unaudited).

Investments in Unconsolidated R

Investments in Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2023
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 equity in earnings of the Unconsolidated Real Estate Entities (amounts in thousands): Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2023 2022 2021 Shurgard $ 27,897 $ 26,385 $ 24,371 PSB — 80,596 207,722 Total $ 27,897 $ 106,981 $ 232,093 Investment in Shurgard Our investment in Shurgard was $390.2 million and $275.8 million as of December 31, 2023 and December 31, 2022, respectively. Throughout all periods presented, we had a 35% equity interest in Shurgard. On November 14, 2023, Shurgard issued 8,163,265 new common shares to institutional investors. Public Storage participated on a pro-rata basis in the offering and acquired 2,863,674 common shares for a cost of $112.6 million, maintaining our 35% equity interest in Shurgard. As a result of the offering, Shurgard common shares that we effectively owned increased from 31,268,459 as of December 31, 2022 to 34,132,133 as of December 31, 2023. Based upon the closing price at December 31, 2023 (€44.86 per share of Shurgard common stock, at 1.104 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.7 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 2023, 2022, and 2021, we received $3.8 million, $3.5 million, and $3.5 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.3 million, $1.2 million, and $1.2 million of intra-entity profits and losses for 2023, 2022, and 2021, 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 2023, 2022, and 2021, we received cash dividend distributions from Shurgard totaling $39.0 million, $37.8 million, and $41.5 million, respectively. Approximately $11.0 million, $13.7 million, and $19.5 million of total cash distributions from Shurgard during the year ended 2023, 2022, and 2021, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows. At December 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 $63.7 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 $4.1 million, $6.9 million, and $8.4 million during 2023, 2022, and 2021, respectively. As of December 31, 2023, 2022, and 2021, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $13.1 million other comprehensive gain, $26.7 million other comprehensive loss, and $10.2 million other comprehensive loss, respectively. 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. During 2022 and 2021, we received cash distributions from PSB totaling $109.5 million and $127.3 million, respectively, which were classified within cash flows from operating activities in the Consolidated Statements of Cash flows. Since the sale of PSB in July 2022, we no longer recognize equity in earnings or receive cash distributions from PSB. Summarized financial information of PSB The following table represents summarized financial information for PSB derived from its reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2022 and 2021 (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. Summarized financial information for Shurgard is excluded in the table below. Year Ended December 31, 2022 2021 Revenues $ 223,750 $ 438,703 Costs of operations 66,701 130,896 Operating income 88,702 195,264 Gain on sale of real estate 118,801 359,875 Net Income 208,665 553,029

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 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 December 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 995,578 (792,978) 202,600 758,106 (710,256) 47,850 Total goodwill and other intangible assets $ 1,180,245 $ (792,978) $ 387,267 $ 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 $82.7 million, $95.2 million and $76.6 million in 2023, 2022, and 2021, respectively. During 2023, 2022, and 2021, intangibles increased $237.5 million, $24.8 million, and $174.9 million, respectively, in connection with the Simply Acquisition (Note 3) and the acquisition of real estate facilities (Note 4). The remaining amortization expense will be recognized over a weighted average life of approximately 1.2 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2023 is as follows (amounts in thousands): Year Amount 2024 $ 116,338 2025 60,467 2026 19,129 2027 2,797 2028 377 Thereafter 3,492 Total $ 202,600

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2023
Line of Credit Facility [Abstract]
Credit Facility	Credit Facility On June 12, 2023, PSOC entered into an amended revolving credit agreement (the “Credit Facility”), which increased our borrowing limit from $500 million to $1.5 billion and extended the maturity date from April 19, 2024 to June 12, 2027. We have the option to further extend the maturity date by up to one additional year with additional extension fees up to 0.125% of the extended commitment amount. Amounts drawn on the Credit Facility bear annual interest at rates ranging from SOFR plus 0.65% to SOFR plus 1.40% depending upon our credit rating (SOFR plus 0.70% at December 31, 2023). We are also required to pay a quarterly facility fee ranging from 0.10% per annum to 0.30% per annum depending upon our credit rating (0.10% per annum at December 31, 2023). At December 31, 2023 and February 20, 2024, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $14.6 million at December 31, 2023 ($18.6 million at December 31, 2022 under the previous credit facility). The Credit Facility has various customary restrictive covenants with which we were in compliance at December 31, 2023. We incurred a total of $8.4 million of issuance costs associated with the amended Credit Facility, which is classified as Other Assets on the Consolidated Balance Sheets and will be amortized as Interest Expense on the Consolidated Statement of Income through June 12, 2027. Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2023
Notes Payable [Abstract]
Notes Payable	Notes Payable Our notes payable (all of which were issued by PSOC), 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, 2023 and December 31, 2022 are set forth in the tables below: Amounts at December 31, 2023 Amounts at December 31, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 5.831% $ 700,000 $ (221) $ 699,779 $ 700,031 $ 699,075 $ 691,309 Notes due July 25, 2025 SOFR+0.60% 5.961% 400,000 (1,278) 398,722 400,295 — — Notes due February 15, 2026 0.875% 1.030% 500,000 (1,581) 498,419 462,362 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,487) 647,513 597,131 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (1,964) 498,036 476,394 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,922) 647,078 584,520 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,337) 547,663 490,758 547,182 468,509 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,947) 497,053 516,899 — — Notes due May 1, 2029 3.385% 3.459% 500,000 (1,637) 498,363 477,692 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,012) 644,988 562,240 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,782) 547,218 469,845 546,866 443,514 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,552) 694,448 725,753 — — Notes due August 1, 2053 5.350% 5.442% 600,000 (7,983) 592,017 628,413 — — 7,450,000 (38,703) 7,411,297 7,092,333 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 110,372 — 110,372 109,380 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 267,116 — 267,116 261,083 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 772,607 (7,488) 765,119 638,177 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 551,862 (4,322) 547,540 455,895 530,317 396,297 1,701,957 (11,810) 1,690,147 1,464,535 1,637,025 1,312,964 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.7 million 4.398% 4.398% 1,833 — 1,833 1,733 10,092 9,568 $ 9,153,790 $ (50,513) $ 9,103,277 $ 8,558,601 $ 6,870,826 $ 5,958,083 Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes. U.S. Dollar Denominated Unsecured Notes On July 26, 2023, we completed a public offering of $400 million, $500 million, $700 million, and $600 million aggregate principal amount of unsecured senior notes bearing interest at an annual rate of Compounded SOFR + 0.60% (reset quarterly), 5.125%, 5.100%, and 5.350%, respectively, and maturing on July 25, 2025, January 15, 2029, August 1, 2033, and August 1, 2053, respectively. Interest on the 2025 notes is payable quarterly, commencing on October 25, 2023. Interest on the 2029 notes is payable semi-annually, commencing on January 15, 2024. Interest on the 2033 notes and 2053 notes is payable semi-annually, commencing on February 1, 2024. In connection with the offering, we incurred a total of $18.7 million in costs. 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 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, 2023. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 16% at December 31, 2023) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 17x for the twelve months ended December 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. 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 (loss) gain” on our income statement (losses of $51.6 million for 2023, as compared to gains of $99.2 million for 2022 and $111.8 million for 2021). 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, 2023, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030. At December 31, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2024 $ 810,372 $ 124 $ 810,496 2025 667,116 131 667,247 2026 1,150,000 138 1,150,138 2027 500,000 146 500,146 2028 1,200,000 129 1,200,129 Thereafter 4,824,469 1,165 4,825,634 $ 9,151,957 $ 1,833 $ 9,153,790 Weighted average effective rate 3.1% 4.4% 3.1%

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Shares At December 31, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 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 December 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. During 2022 and 2021, 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 (none in 2023) (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 During 2021, we redeemed the following series of Preferred Shares at par (none in 2023 and 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 Common Shares During 2023, 2022, and 2021, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2023 2022 2021 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 12) 405,059 $ 53,386 283,190 $ 35,405 552,713 $ 95,860 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, 2023, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2023. On February 4, 2023, our Board declared a 50% increase in our 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. Common share dividends paid, including amounts paid to our restricted share unitholders and deferred share unitholders, totaled $2.111 billion ($12.00 per share), $3.714 billion ($21.15 per share), and $1.402 billion ($8.00 per share) for the years ended December 31, 2023, 2022, and 2021, 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 $194.7 million, $194.4 million and $186.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. 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. For the tax year ended December 31, 2023, distributions for the common shares and all the various series of preferred shares were classified as follows: 2023 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 100.00 % 100.00 % 100.00 % 100.00 % Capital Gain Distributions 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions At December 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 $2.1 million, $2.2 million and $2.1 million for 2023, 2022, and 2021, respectively.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 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. 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, 2023, there were a total of 1,364,578 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, $2.4 million, $4.1 million, and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2023, 2022, and 2021, respectively. For Years Ended December 31, 2023 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 13,636 $ 17,950 $ 20,544 Ancillary cost of operations 1,289 888 1,561 Real estate acquisition and development expense 1,242 11,204 4,031 General and administrative 25,399 26,661 33,729 Total $ 41,566 $ 56,703 $ 59,865 Included in share-based compensation is $3.2 million, $14.9 million and $15.9 million for the years ended December 31, 2023, 2022, and 2021, 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 awards in cash. For the years ended December 31, 2023, 2022, and 2021, we incurred share-based compensation cost for outstanding stock options of $14.9 million, $19.9 million and $25.1 million, respectively. During 2023, we granted 60,000 stock options in connection with non-management trustee compensation. 117,168 stock options were awarded during 2023 where 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. During 2022, 77,683 stock options were awarded where 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. These performance targets were met at 125% achievement at December 31, 2023. With the relative Total Shareholder Return modifier measured through December 31, 2023, the total payout was at 150% of the target options originally granted. The stock options outstanding at December 31, 2023 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $249.3 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 $14.7 million and is expected to be recognized as compensation cost over approximately two years on average. Exercisable stock options have an aggregate intrinsic value of approximately $183.1 million at December 31, 2023 and remaining average contractual lives of approximately four years. Additional information with respect to stock options during 2023, 2022, and 2021 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, 2021 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 Granted (e) 60,000 286.81 180,423 265.46 240,425 270.79 Exercised (272,250) (167.15) (34,401) (221.68) (306,651) (173.26) Cancelled (12,049) (293.81) (34,987) (229.34) (47,036) (245.86) Options outstanding December 31, 2023 1,629,742 $ 218.83 1,421,477 $ 234.16 3,051,221 $ 225.97 Options exercisable at December 31, 2023 1,475,764 $ 210.75 507,766 $ 221.68 1,983,530 $ 213.55 2023 2022 2021 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 35,662 $ 27,210 $ 44,613 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 6 5 Risk-free interest rate 3.5% 2.9% 0.8% Expected volatility, based upon historical volatility 24.4% 22.9% 24.1% Expected dividend yield 4.2% 2.0% 2.9% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 7 5 Risk-free interest rate 3.5% 1.8% 0.9% Expected volatility, based upon historical volatility 23.8% 22.6% 26.5% Expected dividend yield 4.1% 2.3% 2.9% Average estimated value of options granted during the year $ 56.86 $ 87.57 $ 62.66 (a) Amount granted for performance-based stock options includes 180,000 options for performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes 61,250 options for 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 at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022. (e) Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021. 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, 2023, 2022, and 2021, we incurred share-based compensation cost for RSUs of $28.2 million, $39.9 million, and $37.6 million, respectively. Among the 115,185 RSUs granted during 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. 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, 2023, these targets were met at 125% achievement. Remaining compensation cost related to RSUs outstanding at December 31, 2023 totals approximately $72.5 million and is expected to be recognized over the next three 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, 2021 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 Granted 77,974 296.19 37,211 295.61 115,185 296.01 Vested (132,909) (245.19) (9,250) (275.12) (142,159) (247.13) Forfeited (30,229) (266.60) (2,183) (300.86) (32,412) (268.91) Restricted share units outstanding December 31, 2023 322,648 $ 272.14 94,013 $ 327.06 416,661 $ 284.53 2023 2022 2021 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 41,999 $ 47,244 $ 37,430 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,950 $ 16,827 $ 13,069 Common shares issued upon vesting 96,657 99,009 81,325 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 3 Risk-free interest rate 3.8% 1.6% Expected volatility, based upon historical volatility 28.2% 26.5% Expected dividend yield 4.1% 2.3% (a) Amount granted for performance-based RSUs includes 9,250 RSUs for performance adjustments above target for RSUs granted in 2021. 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 2023, we granted 2,085 DSUs and 884 unrestricted common shares. During 2023, 867 previously granted DSUs were settled in common shares. A total of 10,769 DSUs were outstanding at December 31, 2023 (9,551 at December 31, 2022).

Net Income per Common Share

Net Income per Common Share	12 Months Ended
	Dec. 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. Stock options representing 375,577 common shares were excluded from the computation of diluted earnings per share for 2023, as compared to 147,344 common shares for 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, 2023, 2022, and 2021, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2023 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,948,741 $ 4,142,288 $ 1,732,444 Denominator for basic net income per share - weighted average common shares outstanding 175,472 175,257 174,858 Net effect of dilutive stock options - based on treasury stock method 671 1,023 710 Denominator for dilutive net income per share - weighted average common shares outstanding 176,143 176,280 175,568 Net income per common share: Basic $ 11.11 $ 23.64 $ 9.91 Dilutive $ 11.06 $ 23.50 $ 9.87

Segment Information

Segment Information	12 Months Ended
	Dec. 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 through the following operating segments: (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, 2023 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 4,259,613 $ 3,946,028 $ 3,203,566 Cost of operations (1,061,950) (980,209) (852,030) Net operating income 3,197,663 2,965,819 2,351,536 Depreciation and amortization (970,056) (888,146) (713,428) Net income 2,227,607 2,077,673 1,638,108 Ancillary Operations Revenue 258,077 236,135 212,258 Cost of operations (85,996) (72,698) (68,568) Net operating income 172,081 163,437 143,690 Total net income allocated to segments 2,399,688 2,241,110 1,781,798 Other items not allocated to segments: Real estate acquisition and development expense (26,451) (28,744) (12,923) General and administrative (80,632) (71,672) (75,966) Interest and other income 85,590 40,567 12,306 Interest expense (201,132) (136,319) (90,774) Equity in earnings of unconsolidated real estate entities 27,897 106,981 232,093 Foreign currency exchange (loss) gain (51,197) 98,314 111,787 Gain on sale of real estate 17,178 1,503 13,683 Gain on sale of equity investment in PS Business Parks, Inc. — 2,128,860 — Income tax expense (10,821) (14,326) (12,365) Net income $ 2,160,120 $ 4,366,274 $ 1,959,639

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 December 31, 2023, there were approximately 1.3 million certificates held by our self-storage customers, representing aggregate coverage of approximately $6.2 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $164.8 million at December 31, 2023. We expect to pay approximately $149.3 million in 2024 and $15.5 million in 2025 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $65.4 million at December 31, 2023. We expect to pay approximately $4.0 million in each of 2024, 2025, and 2026, $2.6 million in 2027, $2.5 million in 2028, and $48.3 million thereafter for these commitments.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
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, 2023 Description No. of Net 2023 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 230 17,257 $ 306 $ 559,185 $ 1,068,073 $ 541,531 $ 565,340 $ 1,603,449 $ 2,168,789 $ 994,124 Dallas/Ft. Worth 211 18,907 — 361,873 2,184,105 256,575 364,101 2,438,452 2,802,553 521,797 Houston 165 13,894 — 272,737 902,137 303,823 272,058 1,206,639 1,478,697 422,909 Chicago 143 9,310 — 156,554 519,539 170,469 159,391 687,171 846,562 449,618 San Francisco 141 9,197 — 245,623 557,398 319,345 258,373 863,993 1,122,366 591,695 Washington DC 119 8,458 — 423,176 1,329,933 213,344 438,682 1,527,771 1,966,453 502,381 Atlanta 115 7,710 1,527 143,692 434,433 120,141 144,055 554,211 698,266 331,367 Orlando/Daytona 109 6,430 — 174,624 573,412 92,255 180,105 660,186 840,291 214,161 New York 106 7,892 — 314,288 736,217 299,222 320,626 1,029,101 1,349,727 584,340 Seattle/Tacoma 102 7,266 — 246,108 634,810 218,764 248,369 851,313 1,099,682 447,887 Miami 100 7,508 — 259,200 563,334 183,251 261,093 744,692 1,005,785 431,641 Denver 70 5,290 — 120,117 323,262 115,449 120,838 437,990 558,828 204,831 Minneapolis/St. Paul 68 5,456 — 128,142 332,631 141,412 131,696 470,489 602,185 186,863 Philadelphia 67 4,484 — 66,271 297,576 95,223 65,292 393,778 459,070 202,399 Tampa 66 4,587 — 103,717 353,560 94,617 107,030 444,864 551,894 172,976 Charlotte 62 4,752 — 89,937 250,135 95,517 97,800 337,789 435,589 173,600 Detroit 54 3,963 — 77,077 289,354 73,053 78,483 361,001 439,484 155,132 Phoenix 53 3,825 — 108,051 367,874 48,863 108,042 416,746 524,788 156,365 Baltimore 50 3,919 — 136,598 775,086 58,286 136,722 833,248 969,970 167,074 Portland 50 2,917 — 65,013 225,043 55,281 65,671 279,666 345,337 138,095 Oklahoma City 48 3,493 — 69,100 310,648 28,922 69,100 339,570 408,670 49,755 West Palm Beach 46 3,833 — 156,788 221,479 119,973 157,496 340,744 498,240 177,442 San Antonio 40 2,827 — 54,753 224,313 40,978 54,711 265,333 320,044 95,103 Austin 39 3,123 — 72,382 212,110 56,840 74,404 266,928 341,332 119,942 Raleigh 39 2,813 — 90,683 224,341 49,943 91,672 273,295 364,967 94,764 Indianapolis 37 2,450 — 46,160 171,251 31,225 47,160 201,476 248,636 65,018 Norfolk 36 2,199 — 47,939 125,410 34,521 47,378 160,492 207,870 89,683 Sacramento 36 2,120 — 32,023 92,323 44,386 32,507 136,225 168,732 96,150 Columbia 35 2,236 — 39,521 165,797 26,242 40,280 191,280 231,560 53,940 Columbus 32 2,443 — 55,843 143,208 33,589 55,950 176,690 232,640 61,850 Kansas City 31 2,121 — 20,212 114,080 54,757 20,412 168,637 189,049 75,990 Boston 29 2,038 — 85,717 223,625 42,014 86,283 265,073 351,356 136,437 St. Louis 27 1,749 — 22,546 85,838 40,671 23,395 125,660 149,055 77,098 Las Vegas 26 1,743 — 32,147 129,839 24,005 31,395 154,596 185,991 64,709 San Diego 24 2,183 — 89,782 162,043 54,101 92,292 213,634 305,926 121,509 Nashville/Bowling Green 22 1,435 — 31,362 100,045 33,215 31,360 133,262 164,622 41,120 Initial Cost Gross Carrying Amount At December 31, 2023 Description No. of Net 2023 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Memphis 22 1,418 — 27,627 167,899 15,346 28,980 181,892 210,872 28,898 Cincinnati 21 1,241 — 19,385 67,782 29,599 19,303 97,463 116,766 41,676 Mobile 19 1,097 — 24,147 95,838 9,590 23,974 105,601 129,575 20,429 Colorado Springs 17 1,172 — 13,667 64,569 26,394 13,664 90,966 104,630 38,685 Fort Myers/Naples 16 1,209 — 33,789 113,782 12,180 34,023 125,728 159,751 31,735 Greensville/Spartanburg/Asheville 16 998 — 12,910 68,856 12,940 13,826 80,880 94,706 28,410 Louisville 16 970 — 24,868 50,185 10,346 24,867 60,532 85,399 24,018 Richmond 16 808 — 21,121 56,202 10,092 20,926 66,489 87,415 27,542 Milwaukee 15 964 — 13,189 32,071 11,262 13,158 43,364 56,522 38,449 Jacksonville 15 922 — 14,454 47,415 16,595 14,503 63,961 78,464 40,554 Greensboro 15 911 — 15,590 43,181 16,298 17,679 57,390 75,069 33,648 Birmingham 15 606 — 6,316 25,567 16,677 6,204 42,356 48,560 31,601 Charleston 14 978 — 16,947 56,793 26,117 17,923 81,934 99,857 36,810 Chattanooga 13 846 — 10,030 45,578 9,066 9,832 54,842 64,674 21,705 Salt Lake City 13 802 — 20,454 41,607 6,647 20,103 48,605 68,708 18,945 Honolulu 12 896 — 69,611 127,041 23,033 70,528 149,157 219,685 85,116 New Orleans 12 861 — 14,096 72,425 13,077 14,264 85,334 99,598 34,714 Savannah 12 700 — 33,094 42,465 5,987 31,766 49,780 81,546 25,473 Omaha 11 940 — 17,965 69,085 5,467 17,965 74,552 92,517 13,693 Hartford/New Haven 11 693 — 6,778 19,959 27,641 8,443 45,935 54,378 37,212 Cleveland/Akron 10 631 — 5,916 30,775 9,494 6,309 39,876 46,185 16,296 Augusta 10 586 — 9,833 35,451 5,190 9,833 40,641 50,474 10,833 Buffalo/Rochester 9 462 — 6,785 17,954 7,251 6,783 25,207 31,990 17,283 Boise 7 671 — 16,756 71,912 2,221 16,756 74,133 90,889 6,900 Reno 7 559 — 5,487 18,704 6,980 5,487 25,684 31,171 15,473 Tucson 7 439 — 9,403 25,491 8,990 9,884 34,000 43,884 24,851 Wichita 7 433 — 2,017 6,691 8,834 2,130 15,412 17,542 12,945 Monterey/Salinas 7 329 — 8,465 24,151 7,845 8,455 32,006 40,461 26,472 Evansville 5 326 — 2,340 14,316 1,686 2,312 16,030 18,342 6,174 Huntsville/Decatur 5 298 — 9,161 13,481 3,848 9,108 17,382 26,490 7,747 Dayton 5 284 — 1,074 8,975 5,283 1,073 14,259 15,332 8,624 Fort Wayne 4 271 — 3,487 11,003 3,695 3,487 14,698 18,185 7,042 Providence 4 248 — 2,644 26,118 4,000 2,644 30,118 32,762 8,544 Lansing 4 233 — 2,048 22,897 1,755 2,048 24,652 26,700 3,210 Roanoke 4 223 — 5,093 18,091 1,591 5,093 19,682 24,775 5,425 Palm Springs 3 242 — 8,309 18,065 3,282 8,309 21,347 29,656 14,206 Flint 3 191 — 2,734 19,228 666 2,733 19,895 22,628 2,588 Initial Cost Gross Carrying Amount At December 31, 2023 Description No. of Net 2023 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 3 155 — 2,142 10,787 3,799 2,075 14,653 16,728 4,719 Shreveport 2 150 — 817 3,030 3,476 741 6,582 7,323 5,329 Springfield/Holyoke 2 144 — 1,428 3,380 2,599 1,427 5,980 7,407 5,330 Santa Barbara 2 98 — 5,733 9,106 1,183 5,733 10,289 16,022 7,172 Topeka 2 94 — 225 1,419 2,167 225 3,586 3,811 3,342 Joplin 1 56 — 264 904 1,067 264 1,971 2,235 1,738 Syracuse 1 55 — 545 1,279 1,413 545 2,692 3,237 2,155 Modesto/Fresno/Stockton 1 33 — 44 206 1,399 193 1,456 1,649 1,167 Commercial and non-operating real estate — 13,194 26,143 136,325 13,348 162,314 175,662 69,331 3,044 218,071 $ 1,833 $ 5,542,781 $ 17,177,947 $ 4,744,510 $ 5,628,488 $ 21,836,750 $ 27,465,238 $ 9,423,974 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 2,148,327	$ 4,349,147	$ 1,953,263

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying 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, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). We revised our prior period financial statements to correct the presentation of income tax expense in the Consolidated Statements of Income. Income tax expense in the amounts of $14.3 million and $12.4 million for 2022 and 2021, respectively, previously included in general and administrative expense, has been reclassified and presented separately in the Consolidated Statements of Income to conform to the 2023 presentation. This immaterial correction had no impact on our net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the years ended December 31, 2022 and 2021. Certain amounts previously reported in our 2022 and 2021 Consolidated Statements of Income have been reclassified to conform to the 2023 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amounts of $28.7 million and $12.9 million for 2022 and 2021, respectively, previously included in general and administrative expense. The reclassifications had no impact on our net income. Certain amounts previously reported in our 2022 and 2021 Statements of Cash Flows have been reclassified to conform to the 2023 presentation, with respect to the separate presentation of changes in operating assets and liabilities in the cash flows from operating activities section and major types of capital expenditures in the cash flows from investing activities section. The reclassifications did not affect the subtotals for cash flows from operating, investing or financing activities. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 15) 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.).
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. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2023. 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.
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, (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 and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense 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, 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 and a subsidiary of PSOC 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. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, and third party management operations are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future. We recognize tax benefits of uncertain income tax positions 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, 2023, we had no tax benefits that were not recognized. We also incur income taxes in certain state and local jurisdictions, which are included in income tax expense in the Consolidated Statements of Income.
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. Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate 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.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure , to require a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Public entities with a single reportable segment are required to provide the new disclosures and all the disclosures required under ASC 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The ASU’s amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

Simply Acquisition (Tables)

Simply Acquisition (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Assets and Liabilities	The total purchase price, including direct transaction costs, was allocated as follows (in thousands): Cash $ 6,032 Real estate facilities: Land 229,396 Buildings 1,762,752 Construction in process 2,922 Intangible assets: Acquired customers in place 209,516 Non real estate-related contracts 4,750 Other assets 12,046 Accrued and other liabilities (43,231) Total purchase price, including direct transaction costs $ 2,184,183

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Activities	For the Years Ended December 31, 2023 2022 2021 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 24,219,126 $ 22,807,833 $ 17,372,627 Capital expenditures to maintain real estate facilities 232,048 205,169 137,428 Capital expenditures for property enhancements 163,380 194,931 116,478 Capital expenditures for energy efficiencies (LED lighting, solar) 65,026 52,216 30,294 Acquisitions 2,442,118 733,442 4,940,413 Dispositions and other (19,322) (1,704) (7,408) Developed or expanded facilities opened for operation 362,862 227,239 218,001 Ending balance 27,465,238 24,219,126 22,807,833 Accumulated depreciation: Beginning balance (8,554,155) (7,773,308) (7,152,135) Depreciation expense (881,255) (781,931) (625,968) Dispositions and other 11,436 1,084 4,795 Ending balance (9,423,974) (8,554,155) (7,773,308) Construction in process: Beginning balance 372,992 272,471 188,079 Costs incurred to develop and expand real estate facilities 356,788 336,948 302,393 Acquisitions 2,922 — — Write-off of cancelled projects and transfer to other assets (24,387) (9,188) — Developed or expanded facilities opened for operation (362,862) (227,239) (218,001) Ending balance 345,453 372,992 272,471 Total real estate facilities at December 31, $ 18,386,717 $ 16,037,963 $ 15,306,996

Investments in Unconsolidated_2

Investments in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 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 table sets forth our equity in earnings of the Unconsolidated Real Estate Entities (amounts in thousands): Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2023 2022 2021 Shurgard $ 27,897 $ 26,385 $ 24,371 PSB — 80,596 207,722 Total $ 27,897 $ 106,981 $ 232,093 The following table represents summarized financial information for PSB derived from its reported financial statements prepared under US GAAP before our basis difference adjustments for the years ended December 31, 2022 and 2021 (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. Summarized financial information for Shurgard is excluded in the table below. Year Ended December 31, 2022 2021 Revenues $ 223,750 $ 438,703 Costs of operations 66,701 130,896 Operating income 88,702 195,264 Gain on sale of real estate 118,801 359,875 Net Income 208,665 553,029

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 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 December 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 995,578 (792,978) 202,600 758,106 (710,256) 47,850 Total goodwill and other intangible assets $ 1,180,245 $ (792,978) $ 387,267 $ 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 December 31, 2023 is as follows (amounts in thousands): Year Amount 2024 $ 116,338 2025 60,467 2026 19,129 2027 2,797 2028 377 Thereafter 3,492 Total $ 202,600

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Payable [Abstract]
Schedule of Notes Payable	Our notes payable at December 31, 2023 and December 31, 2022 are set forth in the tables below: Amounts at December 31, 2023 Amounts at December 31, 2022 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 5.831% $ 700,000 $ (221) $ 699,779 $ 700,031 $ 699,075 $ 691,309 Notes due July 25, 2025 SOFR+0.60% 5.961% 400,000 (1,278) 398,722 400,295 — — Notes due February 15, 2026 0.875% 1.030% 500,000 (1,581) 498,419 462,362 497,678 441,849 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,487) 647,513 597,131 646,643 578,899 Notes due September 15, 2027 3.094% 3.218% 500,000 (1,964) 498,036 476,394 497,508 466,029 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,922) 647,078 584,520 646,401 558,197 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,337) 547,663 490,758 547,182 468,509 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,947) 497,053 516,899 — — Notes due May 1, 2029 3.385% 3.459% 500,000 (1,637) 498,363 477,692 498,053 456,855 Notes due May 1, 2031 2.300% 2.419% 650,000 (5,012) 644,988 562,240 644,303 530,390 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,782) 547,218 469,845 546,866 443,514 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,552) 694,448 725,753 — — Notes due August 1, 2053 5.350% 5.442% 600,000 (7,983) 592,017 628,413 — — 7,450,000 (38,703) 7,411,297 7,092,333 5,223,709 4,635,551 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 110,372 — 110,372 109,380 107,035 104,344 Notes due November 3, 2025 2.175% 2.175% 267,116 — 267,116 261,083 259,039 246,119 Notes due September 9, 2030 0.500% 0.640% 772,607 (7,488) 765,119 638,177 740,634 566,204 Notes due January 24, 2032 0.875% 0.978% 551,862 (4,322) 547,540 455,895 530,317 396,297 1,701,957 (11,810) 1,690,147 1,464,535 1,637,025 1,312,964 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.7 million 4.398% 4.398% 1,833 — 1,833 1,733 10,092 9,568 $ 9,153,790 $ (50,513) $ 9,103,277 $ 8,558,601 $ 6,870,826 $ 5,958,083
Schedule of Maturities of Notes Payable	At December 31, 2023, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2024 $ 810,372 $ 124 $ 810,496 2025 667,116 131 667,247 2026 1,150,000 138 1,150,138 2027 500,000 146 500,146 2028 1,200,000 129 1,200,129 Thereafter 4,824,469 1,165 4,825,634 $ 9,151,957 $ 1,833 $ 9,153,790 Weighted average effective rate 3.1% 4.4% 3.1%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At December 31, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 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 During 2022 and 2021, 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 (none in 2023) (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 During 2021, we redeemed the following series of Preferred Shares at par (none in 2023 and 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
Schedule of Issuance of Common Shares	During 2023, 2022, and 2021, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2023 2022 2021 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 12) 405,059 $ 53,386 283,190 $ 35,405 552,713 $ 95,860
Schedule of Distribution Classification	For the tax year ended December 31, 2023, distributions for the common shares and all the various series of preferred shares were classified as follows: 2023 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 100.00 % 100.00 % 100.00 % 100.00 % Capital Gain Distributions 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 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, $2.4 million, $4.1 million, and $3.9 million share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2023, 2022, and 2021, respectively. For Years Ended December 31, 2023 2022 2021 (Amounts in thousands) Self-storage cost of operations $ 13,636 $ 17,950 $ 20,544 Ancillary cost of operations 1,289 888 1,561 Real estate acquisition and development expense 1,242 11,204 4,031 General and administrative 25,399 26,661 33,729 Total $ 41,566 $ 56,703 $ 59,865
Schedule of Share-Based Payment Arrangement, Option, Activity	Additional information with respect to stock options during 2023, 2022, and 2021 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, 2021 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 Granted (e) 60,000 286.81 180,423 265.46 240,425 270.79 Exercised (272,250) (167.15) (34,401) (221.68) (306,651) (173.26) Cancelled (12,049) (293.81) (34,987) (229.34) (47,036) (245.86) Options outstanding December 31, 2023 1,629,742 $ 218.83 1,421,477 $ 234.16 3,051,221 $ 225.97 Options exercisable at December 31, 2023 1,475,764 $ 210.75 507,766 $ 221.68 1,983,530 $ 213.55
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	2023 2022 2021 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 35,662 $ 27,210 $ 44,613 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years 6 6 5 Risk-free interest rate 3.5% 2.9% 0.8% Expected volatility, based upon historical volatility 24.4% 22.9% 24.1% Expected dividend yield 4.2% 2.0% 2.9% Average assumptions used in valuing options with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 7 5 Risk-free interest rate 3.5% 1.8% 0.9% Expected volatility, based upon historical volatility 23.8% 22.6% 26.5% Expected dividend yield 4.1% 2.3% 2.9% Average estimated value of options granted during the year $ 56.86 $ 87.57 $ 62.66 (a) Amount granted for performance-based stock options includes 180,000 options for performance adjustments above target for options granted in 2020. (b) Amount granted for performance-based stock options includes 61,250 options for 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 at December 31, 2022 reflect the adjusted exercise price post the anti-dilution adjustment on August 3, 2022. (e) Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021.
Schedule of Share-Based Compensation Restricted Units	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, 2021 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 Granted 77,974 296.19 37,211 295.61 115,185 296.01 Vested (132,909) (245.19) (9,250) (275.12) (142,159) (247.13) Forfeited (30,229) (266.60) (2,183) (300.86) (32,412) (268.91) Restricted share units outstanding December 31, 2023 322,648 $ 272.14 94,013 $ 327.06 416,661 $ 284.53
Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions	2023 2022 2021 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 41,999 $ 47,244 $ 37,430 Cash paid for taxes upon vesting in lieu of issuing common shares $ 13,950 $ 16,827 $ 13,069 Common shares issued upon vesting 96,657 99,009 81,325 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 3 Risk-free interest rate 3.8% 1.6% Expected volatility, based upon historical volatility 28.2% 26.5% Expected dividend yield 4.1% 2.3% (a) Amount granted for performance-based RSUs includes 9,250 RSUs for performance adjustments above target for RSUs granted in 2021.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2023, 2022, and 2021, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2023 2022 2021 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,948,741 $ 4,142,288 $ 1,732,444 Denominator for basic net income per share - weighted average common shares outstanding 175,472 175,257 174,858 Net effect of dilutive stock options - based on treasury stock method 671 1,023 710 Denominator for dilutive net income per share - weighted average common shares outstanding 176,143 176,280 175,568 Net income per common share: Basic $ 11.11 $ 23.64 $ 9.91 Dilutive $ 11.06 $ 23.50 $ 9.87

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 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: For the Years Ended December 31, 2023 2022 2021 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 4,259,613 $ 3,946,028 $ 3,203,566 Cost of operations (1,061,950) (980,209) (852,030) Net operating income 3,197,663 2,965,819 2,351,536 Depreciation and amortization (970,056) (888,146) (713,428) Net income 2,227,607 2,077,673 1,638,108 Ancillary Operations Revenue 258,077 236,135 212,258 Cost of operations (85,996) (72,698) (68,568) Net operating income 172,081 163,437 143,690 Total net income allocated to segments 2,399,688 2,241,110 1,781,798 Other items not allocated to segments: Real estate acquisition and development expense (26,451) (28,744) (12,923) General and administrative (80,632) (71,672) (75,966) Interest and other income 85,590 40,567 12,306 Interest expense (201,132) (136,319) (90,774) Equity in earnings of unconsolidated real estate entities 27,897 106,981 232,093 Foreign currency exchange (loss) gain (51,197) 98,314 111,787 Gain on sale of real estate 17,178 1,503 13,683 Gain on sale of equity investment in PS Business Parks, Inc. — 2,128,860 — Income tax expense (10,821) (14,326) (12,365) Net income $ 2,160,120 $ 4,366,274 $ 1,959,639

Description of the Business (De

Description of the Business (Details) ft² in Thousands	Dec. 31, 2023 ft² state country storage_facility	Nov. 14, 2023
Nature Of Business [Line Items]
Net rentable area (in square feet)	218,071
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	275
Net rentable area (in square feet)	15,000
Ownership interest (as percent)	35%	35%
Number of countries in which entity operates | country	7
Public Storage
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	3,044
Net rentable area (in square feet)	218,100
Number of states with facilities | state	40
Number of third-party self-storage facilities managed | storage_facility	210
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 (Basis of Presentation) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Income tax expense	$ 10,821	$ 14,326	$ 12,365
Real estate acquisition and development expense	$ 26,451	$ 28,744	$ 12,923

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023
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_5

Basis of Presentation and Summary of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Impairments	$ 0	$ 0	$ 0

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation (as percent)	1.104	1.070
Weighted Average
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate	1.081	1.054	1.183

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0

Simply Acquisition (Narrative)

Simply Acquisition (Narrative) (Details) - Simply Acquisition $ in Thousands, ft² in Millions	Sep. 13, 2023 USD ($) storage_facility ft²
Asset Acquisition [Line Items]
Number of operating self-storage facilities acquired | storage_facility	127
Net rentable area acquired (in Sq.ft) | ft²	9.4
Number of self-storage facilities to manage for third parties | storage_facility	25
Total cost of acquisition	$ 2,184,183
Cash acquired	6,032
Direct transaction cost	$ 9,600

Simply Acquisition (Schedule of

Simply Acquisition (Schedule of Recognized Assets and Liabilities) (Details) - Simply Acquisition $ in Thousands	Sep. 13, 2023 USD ($)
Asset Acquisition [Line Items]
Cash	$ 6,032
Real estate facilities:
Land	229,396
Buildings	1,762,752
Construction in process	2,922
Intangible assets:
Acquired customers in place	209,516
Non real estate-related contracts	4,750
Other assets	12,046
Accrued and other liabilities	(43,231)
Total purchase price, including direct transaction costs	$ 2,184,183

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 24,219,126	$ 22,807,833	$ 17,372,627
Capital expenditures to maintain real estate facilities	232,048	205,169	137,428
Capital expenditures for property enhancements	163,380	194,931	116,478
Capital expenditures for energy efficiencies (LED lighting, solar)	65,026	52,216	30,294
Acquisitions	2,442,118	733,442	4,940,413
Dispositions and other	(19,322)	(1,704)	(7,408)
Developed or expanded facilities opened for operation	362,862	227,239	218,001
Ending balance (Operating facilities, at cost)	27,465,238	24,219,126	22,807,833
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(8,554,155)	(7,773,308)	(7,152,135)
Depreciation expense	(881,255)	(781,931)	(625,968)
Dispositions and other	11,436	1,084	4,795
Ending balance (Accumulated depreciation)	(9,423,974)	(8,554,155)	(7,773,308)
Construction in process:
Beginning balance (Construction in process)	372,992	272,471	188,079
Costs incurred to develop and expand real estate facilities	356,788	336,948	302,393
Acquisitions	2,922	0	0
Write-off of cancelled projects and transfer to other assets	(24,387)	(9,188)	0
Developed or expanded facilities opened for operation	(362,862)	(227,239)	(218,001)
Ending balance (Construction in process)	345,453	372,992	272,471
Total real estate facilities	$ 18,386,717	$ 16,037,963	$ 15,306,996

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions		12 Months Ended
	Jul. 08, 2022 USD ($) site property	Dec. 31, 2023 USD ($) ft² storage_facility	Dec. 31, 2022 USD ($) ft² storage_facility	Dec. 31, 2021 USD ($) ft² storage_facility
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand		$ 362,900	$ 227,200	$ 218,000
Net rentable area developed or expanded | ft²		1.7	1.4	1.6
Write off development cost		$ 11,700	$ 7,000
Land cost transferred		12,700	2,200
Payment for acquisition, land, held-for-use		13,500
Payments to acquire real estate		473,176	757,944	$ 5,047,106
Gain on sale of real estate		17,178	1,503	13,683
Proceeds from sale of real estate investments		39,986	1,543	16,296
Adjusted basis of real estate		18,300,000
Disposal of Real Estate Facilities
Schedule Of Real Estate Facilities [Line Items]
Net book value of real estate transaction		7,100
Gross proceeds from sale of real estate		40,000
Proceeds allocated to the sale of the property		24,300
Gain on sale of real estate		17,100	$ 1,500	$ 13,700
Amount of excess cash proceeds from sale		15,700
Land Parcel
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate		100
Proceeds from sale of real estate investments		$ 100
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities acquired | storage_facility		37	74	232
Net rentable area acquired (in Sq.ft) | ft²		2.7	4.7	21.8
Total cost of acquisition		$ 473,200	$ 730,500	$ 5,100,000
Payments to acquire intangible assets		$ 23,200	24,100	174,900
Payments to acquire real estate			710,600	5,000,000
Issuance of partnership units			$ 19,900	$ 68,200
Commercial Interests
Schedule Of Real Estate Facilities [Line Items]
Total cost of acquisition	$ 47,300
Number of properties acquired | property	5
Number of sites in commercial interest acquisition | site	3
Real estate investments, net	$ 27,000
Intangible assets, gross (excluding goodwill)	700
Increase of equity investment	$ 19,600

Investments in Unconsolidated_3

Investments in Unconsolidated Real Estate Entities (Schedule of Investments in Real Estate Entities and Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities	$ 27,897	$ 106,981	$ 232,093
Shurgard
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities	27,897	26,385	24,371
PSB
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities	$ 0	$ 80,596	$ 207,722

Investments in Unconsolidated_4

Investments in Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands		12 Months Ended
	Nov. 14, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023 € / shares
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated real estate entities		$ 112,554	$ 0	$ 0
Exchange rate translation (as percent)		1.104	1.070
Cash distribution received		$ 29,333	$ 134,769	150,488
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities		10,975	13,670	19,518
Gain (loss) of foreign currency translation		13,078	(26,730)	(10,186)
Shurgard
Schedule of Equity Method Investments [Line Items]
Investments in shurgard		$ 390,200	$ 275,800
Ownership interest (as percent)	35%	35%
Issuance of shares (in shares) | shares	8,163,265
Number of shares acquired on pro-rata (in shares) | shares	2,863,674
Contributions to unconsolidated real estate entities	$ 112,600
Common stock owned of Shurgard (in shares) | shares		34,132,133	31,268,459
Share price (in euro per share) | € / shares					€ 44.86
Market value		$ 1,700,000
License fees received		3,800	$ 3,500	3,500
Cash distribution received		39,000	37,800	41,500
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities		11,000	13,700	19,500
Basis differential		63,700	67,800
Amortization of basis differential		4,100	6,900	8,400
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Cash distribution received		$ 1,300	$ 1,200	$ 1,200

Investments in Unconsolidated_5

Investments in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 20, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.			$ 0	$ 2,636,011	$ 0
Gain on sale of equity investment in PS Business Parks, Inc.			0	2,128,860	0
Cash distribution received			$ 29,333	134,769	150,488
PSB
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	41%
Cash distribution received				$ 109,500	$ 127,300
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_6

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 4,517,690	$ 4,182,163	$ 3,415,824
Costs of operations	2,426,217	2,177,788	1,813,689
Gain on sale of real estate	17,178	1,503	13,683
Net income	$ 2,160,120	4,366,274	1,959,639
PSB
Schedule of Equity Method Investments [Line Items]
Revenue		223,750	438,703
Costs of operations		66,701	130,896
Operating income		88,702	195,264
Gain on sale of real estate		118,801	359,875
Net income		$ 208,665	$ 553,029

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Dec. 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	995,578	758,106
Accumulated Amortization	(792,978)	(710,256)
Total	202,600	47,850
Gross Book Value	1,180,245	942,773
Net Book Value	387,267	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 82.7	$ 95.2	$ 76.6
Increase in finite-lived intangible assets	$ 237.5	$ 24.8	$ 174.9
Finite-lived intangible assets, weighted average useful life (in years)	1 year 2 months 12 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, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 116,338
2025	60,467
2026	19,129
2027	2,797
2028	377
Thereafter	3,492
Total	$ 202,600	$ 47,850

Credit Facility (Details)

Credit Facility (Details) - USD ($)	Dec. 31, 2023	Jun. 12, 2023	Feb. 20, 2024	Jun. 11, 2023	Dec. 31, 2022
Credit Facility
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity		$ 1,500,000,000		$ 500,000,000
Debt instrument, extension fee maximum, percentage of commitment		0.125%
Facility fee percentage	0.10%
Outstanding borrowings	$ 0
Debt issuance costs, line of credit arrangements, gross	$ 8,400,000
Credit Facility | Subsequent Event
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0
Credit Facility | Secured Overnight Financing Rate (SOFR)
Schedule Of Debt [Line Items]
Interest rate spread (as percent)	0.70%
Credit Facility | Minimum
Schedule Of Debt [Line Items]
Facility fee percentage	0.10%
Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		0.65%
Credit Facility | Maximum
Schedule Of Debt [Line Items]
Facility fee percentage	0.30%
Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		1.40%
Standby Letters of Credit
Schedule Of Debt [Line Items]
Undrawn standby letters of credit	$ 14,600,000				$ 18,600,000

Notes Payable (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) $ in Thousands	Dec. 31, 2023 USD ($) real_estate_facility	Jul. 26, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 09, 2021	Apr. 23, 2021	Jan. 19, 2021
Debt Instrument [Line Items]
Principal	$ 9,153,790
Unamortized Costs	(50,513)
Book Value	9,103,277		$ 6,870,826
Fair Value	8,558,601		5,958,083
Notes due July 25, 2025
Debt Instrument [Line Items]
Principal		$ 400,000
Notes due January 15, 2029
Debt Instrument [Line Items]
Coupon Rate		5.125%
Principal		$ 500,000
Notes due August 1, 2033
Debt Instrument [Line Items]
Coupon Rate		5.10%
Principal		$ 700,000
Notes due August 1, 2053
Debt Instrument [Line Items]
Coupon Rate		5.35%
Principal		$ 600,000
Secured Overnight Financing Rate (SOFR) | Notes due July 25, 2025
Debt Instrument [Line Items]
Interest rate spread (as percent)		0.60%
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	7,450,000
Unamortized Costs	(38,703)
Book Value	7,411,297		5,223,709
Fair Value	$ 7,092,333		4,635,551
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Effective Rate	5.831%
Principal	$ 700,000
Unamortized Costs	(221)
Book Value	699,779		699,075
Fair Value	$ 700,031		691,309
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025
Debt Instrument [Line Items]
Effective Rate	5.961%
Principal	$ 400,000
Unamortized Costs	(1,278)
Book Value	398,722		0
Fair Value	$ 400,295		0
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	(1,581)
Book Value	498,419		497,678
Fair Value	$ 462,362		441,849
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	(2,487)
Book Value	647,513		646,643
Fair Value	$ 597,131		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	(1,964)
Book Value	498,036		497,508
Fair Value	$ 476,394		466,029
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	(2,922)
Book Value	647,078		646,401
Fair Value	$ 584,520		558,197
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	(2,337)
Book Value	547,663		547,182
Fair Value	$ 490,758		468,509
U.S. Dollar Denominated Unsecured Debt | Notes due January 15, 2029
Debt Instrument [Line Items]
Coupon Rate	5.125%
Effective Rate	5.26%
Principal	$ 500,000
Unamortized Costs	(2,947)
Book Value	497,053		0
Fair Value	$ 516,899		0
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	(1,637)
Book Value	498,363		498,053
Fair Value	$ 477,692		456,855
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	(5,012)
Book Value	644,988		644,303
Fair Value	$ 562,240		530,390
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	(2,782)
Book Value	547,218		546,866
Fair Value	$ 469,845		443,514
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2033
Debt Instrument [Line Items]
Coupon Rate	5.10%
Effective Rate	5.207%
Principal	$ 700,000
Unamortized Costs	(5,552)
Book Value	694,448		0
Fair Value	$ 725,753		0
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2053
Debt Instrument [Line Items]
Coupon Rate	5.35%
Effective Rate	5.442%
Principal	$ 600,000
Unamortized Costs	(7,983)
Book Value	592,017		0
Fair Value	$ 628,413		0
U.S. Dollar Denominated Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Notes due April 23, 2024
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.47%
U.S. Dollar Denominated Unsecured Debt | Secured Overnight Financing Rate (SOFR) | Notes due July 25, 2025
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.60%
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal	$ 1,701,957
Unamortized Costs	(11,810)
Book Value	1,690,147		1,637,025
Fair Value	$ 1,464,535		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	$ 110,372
Unamortized Costs	0
Book Value	110,372		107,035
Fair Value	$ 109,380		104,344
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 267,116
Unamortized Costs	0
Book Value	267,116		259,039
Fair Value	$ 261,083		246,119
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate	0.50%
Effective Rate	0.64%
Principal	$ 772,607
Unamortized Costs	(7,488)
Book Value	765,119		740,634
Fair Value	$ 638,177		566,204
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 551,862
Unamortized Costs	(4,322)
Book Value	547,540		530,317
Fair Value	$ 455,895		396,297
Mortgage Debt
Debt Instrument [Line Items]
Number of real estate facilities securing debt | real_estate_facility	2
Net book value of real estate facilities securing notes payable	$ 11,700
Coupon Rate	4.398%
Effective Rate	4.398%
Principal	$ 1,833
Unamortized Costs	0
Book Value	1,833		10,092
Fair Value	$ 1,733		$ 9,568

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands				12 Months Ended
	Dec. 31, 2023 USD ($) tranche	Jul. 26, 2023 USD ($)	Apr. 23, 2021 USD ($)	Dec. 31, 2023 USD ($) tranche	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	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	$ 9,153,790			$ 9,153,790
Foreign currency exchange (loss) gain				(51,197)	$ 98,314	$ 111,787
Cash paid for interest, net of amounts capitalized				155,500	133,800	77,700
Interest capitalized as real estate				9,300	6,000	3,500
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 7,450,000			$ 7,450,000
Debt to total assets ratio	16%			16%
Adjusted EBTIDA to interest Expense ratio				17
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]
Total debt	$ 1,701,957			$ 1,701,957
Number of tranches | tranche	4			4
Foreign currency exchange (loss) gain				$ (51,600)	$ 99,200	$ 111,800
Notes due on 2025, 2029, 2033, and 2053 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs		$ 18,700
Maximum Covenant | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt to total assets ratio	65%			65%
Notes due November 3, 2025 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 267,116			$ 267,116
Interest rate (as percent)	2.175%			2.175%
Debt issuance amount | €													€ 242,000,000
Notes due April 12, 2024 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 110,372			$ 110,372
Interest rate (as percent)	1.54%			1.54%
Debt issuance amount | €												€ 100,000,000
Notes due January 24, 2032 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 551,862			$ 551,862
Interest rate (as percent)	0.875%			0.875%
Debt issuance amount | €											€ 500,000,000
Notes due September 9, 2030 | Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 772,607			$ 772,607
Interest rate (as percent)	0.50%			0.50%
Debt issuance amount | €									€ 700,000,000
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate (as percent)	3.90%			3.90%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate (as percent)	7.10%			7.10%
Notes due July 25, 2025
Debt Instrument [Line Items]
Total debt		$ 400,000
Notes due July 25, 2025 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 400,000			$ 400,000
Notes due July 25, 2025 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread (as percent)		0.60%
Notes due July 25, 2025 | Secured Overnight Financing Rate (SOFR) | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.60%
Notes due January 15, 2029
Debt Instrument [Line Items]
Total debt		$ 500,000
Interest rate (as percent)		5.125%
Notes due January 15, 2029 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 500,000			$ 500,000
Interest rate (as percent)	5.125%			5.125%
Notes due August 1, 2033
Debt Instrument [Line Items]
Total debt		$ 700,000
Interest rate (as percent)		5.10%
Notes due August 1, 2033 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 700,000			$ 700,000
Interest rate (as percent)	5.10%			5.10%
Notes due August 1, 2053
Debt Instrument [Line Items]
Total debt		$ 600,000
Interest rate (as percent)		5.35%
Notes due August 1, 2053 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 600,000			$ 600,000
Interest rate (as percent)	5.35%			5.35%
Notes Due September 15, 2022 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt							$ 500,000
Interest rate (as percent)							2.37%
Notes due February 15, 2026 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 500,000			$ 500,000
Interest rate (as percent)	0.875%			0.875%						0.875%
Debt issuance costs										$ 3,800
Debt issuance amount										$ 500,000
Notes due April 23, 2024 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 700,000			$ 700,000
Reset quarterly rate (as percent)	4.36%			4.36%
Debt issuance amount			$ 700,000
Notes due April 23, 2024 | Secured Overnight Financing Rate (SOFR) | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.47%
Notes due April 23, 2024 | SOFR | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Interest rate spread (as percent)			0.47%
Notes due May 1, 2028 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 650,000			$ 650,000
Interest rate (as percent)	1.85%		1.85%	1.85%
Debt issuance amount			$ 650,000
Notes due May 1, 2031 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 650,000			$ 650,000
Interest rate (as percent)	2.30%		2.30%	2.30%
Debt issuance amount			$ 650,000
Notes Due April 23, 2024 May 1, 2028 And May 1, 2031 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs			$ 13,700
Notes due November 9, 2026 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 650,000			$ 650,000
Interest rate (as percent)	1.50%			1.50%				1.50%
Debt issuance amount								$ 650,000
Notes due November 9, 2028 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 550,000			$ 550,000
Interest rate (as percent)	1.95%			1.95%				1.95%
Debt issuance amount								$ 550,000
Notes due November 9, 2031 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Total debt	$ 550,000			$ 550,000
Interest rate (as percent)	2.25%			2.25%				2.25%
Debt issuance amount								$ 550,000
Notes Due November 9, 2026, November 9, 2028 and November 9, 2031 | U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs								$ 11,300

Notes Payable (Schedule of Matu

Notes Payable (Schedule of Maturities of Notes Payable) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 810,496
2025	667,247
2026	1,150,138
2027	500,146
2028	1,200,129
Thereafter	4,825,634
Total debt	$ 9,153,790
Weighted average effective rate	3.10%
Unsecured Debt
Debt Instrument [Line Items]
2024	$ 810,372
2025	667,116
2026	1,150,000
2027	500,000
2028	1,200,000
Thereafter	4,824,469
Total debt	$ 9,151,957
Weighted average effective rate	3.10%
Mortgage Debt
Debt Instrument [Line Items]
2024	$ 124
2025	131
2026	138
2027	146
2028	129
Thereafter	1,165
Total debt	$ 1,833
Weighted average effective rate	4.40%

Noncontrolling Interests (Detai

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

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Preferred Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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)				12 Months Ended
	Feb. 04, 2023 $ / shares	Feb. 03, 2023 $ / shares	Aug. 04, 2022 $ / shares	Dec. 31, 2023 USD ($) dividend board_member $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 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)				$ 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
Increase in regular common dividend (as percent)	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 | $				$ 2,111,000,000	$ 3,714,000,000	$ 1,402,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share)				$ 12	$ 21.15	$ 8
Preferred share dividends | $				$ 194,700,000	$ 194,400,000	$ 186,600,000
Special Dividend
Class of Stock [Line Items]
Special cash dividend | $					$ 2,300,000,000
Common stock, dividends, per share, cash paid (in USD per share)			$ 13.15

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule of Issuance and Repurchases of Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Gross Proceeds	$ 0	$ 242,832	$ 1,147,455
Allocation of Income to Preferred Shares Holders in Connection with Redemption	$ 0	$ 0	$ 28,914
Cumulative Preferred Shares
Class of Stock [Line Items]
Issuance price per share (in USD per share)		$ 25	$ 25
Preferred shares per depositary share (in shares)		0.001	0.001
Shares issued (in shares)	0
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
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

Shareholders' Equity (Activity

Shareholders' Equity (Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Employee stock-based compensation and exercise of stock options (in shares)	405,059	283,190	552,713
Employee stock-based compensation and exercise of stock options	$ 53,386	$ 35,405	$ 95,860

Shareholders' Equity (Schedul_3

Shareholders' Equity (Schedule of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Ordinary Dividends	100%	100%	100%	100%
Capital Gain Distributions	0%	0%	0%	0%
Total	100%	100%	100%	100%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) storage_facility adult_children	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 2.1	$ 2.2	$ 2.1
Hughes Owned Canadian Facilities | Canada | Related Party
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%
Tamara Hughes Gustavson | Hughes Owned Canadian Facilities | Canada | Related Party
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
	Apr. 26, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of share-based payment arrangement		$ 3,200	$ 14,900	$ 15,900
Share-based compensation expense		41,566	56,703	59,865
Compensation cost not yet recognized		$ 14,700
Average remaining contractual lives (in years)		4 years
Non-Management Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		60,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period (in years)		10 years
Share-based compensation expense		$ 14,900	$ 19,900	$ 25,100
Stock options outstanding, aggregate intrinsic value		$ 249,300
Average remaining contractual lives (in years)		5 years
Compensation recognition period (in years)		2 years
Aggregate intrinsic value for stock options exercisable		$ 183,100
Performance Target, Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		117,168	77,683	245,000
Award performance period		3 years	3 years	3 years
Percentage of target options originally granted (as percent)		200%	200%
Performance target (as percent)				125%
Percentage of total payout, target options originally granted (as percent)		150%
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,085
Granted DSUs (in shares)		867
Restricted share units outstanding (in shares)		10,769	9,551
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		884
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		5 years
2021 Equity and Performance-Based Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	3,000,000
Number of shares available for grant (in shares)		1,364,578

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 2,400	$ 4,100	$ 3,900
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	41,566	56,703	59,865
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	13,636	17,950	20,544
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	1,289	888	1,561
Real estate acquisition and development expense
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	1,242	11,204	4,031
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 25,399	$ 26,661	$ 33,729

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Payment Arrangement, Option, Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Number of options outstanding, beginning balance (in shares)	3,164,483	3,039,951	2,961,167
Granted (in shares)	240,425	203,933	560,000
Special dividend adjustment (in shares)		104,348
Exercised (in shares)	(306,651)	(183,749)	(471,216)
Cancelled (in shares)	(47,036)	0	(10,000)
Number of options outstanding, ending balance (in shares)	3,051,221	3,164,483	3,039,951
Number of options exercisable (in shares)	1,983,530
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 217.75	$ 216.04	$ 210.59
Granted (in USD per share)	270.79	331.46	234.29
Exercised (in USD per share)	(173.26)	(191.74)	(203.30)
Cancelled (in USD per share)	(245.86)	0	(228.94)
Number of options outstanding, ending balance (in USD per share)	225.97	$ 217.75	$ 216.04
Number of options exercisable (in USD per share)	$ 213.55
Service-Based
Number of Options
Number of options outstanding, beginning balance (in shares)	1,854,041	1,899,951	2,231,167
Granted (in shares)	60,000	65,000	140,000
Special dividend adjustment (in shares)		62,512
Exercised (in shares)	(272,250)	(173,422)	(471,216)
Cancelled (in shares)	(12,049)	0	0
Number of options outstanding, ending balance (in shares)	1,629,742	1,854,041	1,899,951
Number of options exercisable (in shares)	1,475,764
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 209.53	$ 208.16	$ 204.60
Granted (in USD per share)	286.81	398.97	248.54
Exercised (in USD per share)	(167.15)	(189.95)	(203.30)
Cancelled (in USD per share)	(293.81)	0	0
Number of options outstanding, ending balance (in USD per share)	218.83	$ 209.53	$ 208.16
Number of options exercisable (in USD per share)	$ 210.75
Performance-Based
Number of Options
Number of options outstanding, beginning balance (in shares)	1,310,442	1,140,000	730,000
Granted (in shares)	180,423	138,933	420,000
Special dividend adjustment (in shares)		41,836
Exercised (in shares)	(34,401)	(10,327)	0
Cancelled (in shares)	(34,987)	0	(10,000)
Number of options outstanding, ending balance (in shares)	1,421,477	1,310,442	1,140,000
Number of options exercisable (in shares)	507,766
Weighted Average Exercise Price per Share
Number of options outstanding, beginning balance (in USD per share)	$ 229.39	$ 229.16	$ 228.94
Granted (in USD per share)	265.46	299.88	229.53
Exercised (in USD per share)	(221.68)	(221.68)	0
Cancelled (in USD per share)	(229.34)	0	(228.94)
Number of options outstanding, ending balance (in USD per share)	234.16	$ 229.39	$ 229.16
Number of options exercisable (in USD per share)	$ 221.68

Share-Based Compensation (Sha_2

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 04, 2022 $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exercise date intrinsic value of options exercised during the year | $		$ 35,662	$ 27,210	$ 44,613
Average estimated value of options granted during the year (in USD per share) | $ / shares		$ 56.86	$ 87.57	$ 62.66
Anti-dilution adjustments of outstanding stock options, conversion ratio	1.03275
Special Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15
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	6 years	5 years
Risk-free interest rate		3.50%	2.90%	0.80%
Expected volatility, based upon historical volatility		24.40%	22.90%	24.10%
Expected dividend yield		4.20%	2%	2.90%
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	7 years	5 years
Risk-free interest rate		3.50%	1.80%	0.90%
Expected volatility, based upon historical volatility		23.80%	22.60%	26.50%
Expected dividend yield		4.10%	2.30%	2.90%
Performance-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares			61,250	180,000
Stock option granted for payout adjustments (in shares) | shares		63,257

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 41,566	$ 56,703	$ 59,865
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 28,200	$ 39,900	$ 37,600
Granted (in shares)	115,185	73,560	189,318
Unrecognized compensation cost	$ 72,500
Compensation recognition period (in years)	3 years
Performance Target, Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	37,211	21,985	37,000
Award performance period	3 years	3 years
Percentage of target options originally granted (as percent)	200%	200%
Performance target (as percent)	125%
Minimum | Restricted Share Units
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

Share-Based Compensation (Sha_3

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Service-Based
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	407,812	524,572	552,788
Granted (in shares)	77,974	51,575	143,068
Vested (in shares)	(132,909)	(146,138)	(138,420)
Forfeited (in shares)	(30,229)	(22,197)	(32,864)
Restricted share units outstanding, ending balance (in shares)	322,648	407,812	524,572
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 258.34	$ 249.90	$ 218.11
Granted (in USD per share)	296.19	293.43	336.06
Vested (in USD per share)	(245.19)	(240.71)	(216.63)
Forfeited (in USD per share)	(266.60)	(256.50)	(221.32)
Restricted share units outstanding, ending balance (in USD per share)	$ 272.14	$ 258.34	$ 249.90
Performance-Based
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	68,235	46,250	0
Granted (in shares)	37,211	21,985	46,250
Vested (in shares)	(9,250)
Forfeited (in shares)	(2,183)
Restricted share units outstanding, ending balance (in shares)	94,013	68,235	46,250
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 336.33	$ 275.12	$ 0
Granted (in USD per share)	295.61	465.11	275.12
Vested (in USD per share)	(275.12)
Forfeited (in USD per share)	(300.86)
Restricted share units outstanding, ending balance (in USD per share)	$ 327.06	$ 336.33	$ 275.12
Restricted Share Units
Number of Restricted Share Units
Restricted share units outstanding, beginning balance (in shares)	476,047	570,822	552,788
Granted (in shares)	115,185	73,560	189,318
Vested (in shares)	(142,159)	(146,138)	(138,420)
Forfeited (in shares)	(32,412)	(22,197)	(32,864)
Restricted share units outstanding, ending balance (in shares)	416,661	476,047	570,822
Weighted-Average Grant-Date Fair Value
Restricted share units outstanding, beginning balance (in USD per share)	$ 269.52	$ 251.95	$ 218.11
Granted (in USD per share)	296.01	344.74	321.17
Vested (in USD per share)	(247.13)	(240.71)	(216.63)
Forfeited (in USD per share)	(268.91)	(256.50)	(221.32)
Restricted share units outstanding, ending balance (in USD per share)	$ 284.53	$ 269.52	$ 251.95

Share-Based Compensation (Sch_2

Share-Based Compensation (Schedule of Share-Based Payment Award, Restricted Stock Units, Valuation Assumptions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	$ 41,999	$ 47,244	$ 37,430
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 13,950	$ 16,827	$ 13,069
Common shares issued upon vesting (in shares)	96,657	99,009	81,325
Time from the valuation date to the end of the Performance Period (in years)	3 years	3 years
Risk-free interest rate	3.80%	1.60%
Expected volatility, based upon historical volatility	28.20%	26.50%
Expected dividend yield	4.10%	2.30%
Granted (in shares)	115,185	73,560	189,318
Performance-Based Restricted Stock Units Adjustment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			9,250

Net Income per Common Share (De

Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	375,577	147,344
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 1,948,741	$ 4,142,288	$ 1,732,444
Denominator for basic net income per share - weighted average common shares outstanding (in shares)	175,472,000	175,257,000	174,858,000
Net effect of dilutive stock options - based on treasury stock method (in shares)	671,000	1,023,000	710,000
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares)	176,143,000	176,280,000	175,568,000
Basic (in USD per share)	$ 11.11	$ 23.64	$ 9.91
Diluted (in USD per share)	$ 11.06	$ 23.50	$ 9.87

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 4,517,690	$ 4,182,163	$ 3,415,824
Depreciation and amortization	(970,056)	(888,146)	(713,428)
Real estate acquisition and development expense	(26,451)	(28,744)	(12,923)
General and administrative	(80,632)	(71,672)	(75,966)
Interest and other income	85,590	40,567	12,306
Interest expense	(201,132)	(136,319)	(90,774)
Equity in earnings of unconsolidated real estate entities	27,897	106,981	232,093
Foreign currency exchange (loss) gain	(51,197)	98,314	111,787
Gain on sale of real estate	17,178	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	0	2,128,860	0
Income tax expense	(10,821)	(14,326)	(12,365)
Net income	2,160,120	4,366,274	1,959,639
Operating Segments
Segment Reporting Information [Line Items]
Net income	2,399,688	2,241,110	1,781,798
Segment Reconciling Items
Segment Reporting Information [Line Items]
Real estate acquisition and development expense	(26,451)	(28,744)	(12,923)
General and administrative	(80,632)	(71,672)	(75,966)
Interest and other income	85,590	40,567	12,306
Interest expense	(201,132)	(136,319)	(90,774)
Equity in earnings of unconsolidated real estate entities	27,897	106,981	232,093
Foreign currency exchange (loss) gain	(51,197)	98,314	111,787
Gain on sale of real estate	17,178	1,503	13,683
Gain on sale of equity investment in PS Business Parks, Inc.	0	2,128,860	0
Income tax expense	(10,821)	(14,326)	(12,365)
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	4,259,613	3,946,028	3,203,566
Cost of operations	(1,061,950)	(980,209)	(852,030)
Net operating income	3,197,663	2,965,819	2,351,536
Depreciation and amortization	(970,056)	(888,146)	(713,428)
Net income	2,227,607	2,077,673	1,638,108
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	258,077	236,135	212,258
Net operating income	172,081	163,437	143,690
Cost of operations	$ (85,996)	$ (72,698)	$ (68,568)

Commitments and Contingencies (

Commitments and Contingencies (Details) certificate in Millions	Dec. 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	$ 6,200,000,000
Construction commitments	164,800,000
Construction commitments 2024	149,300,000
Construction commitments 2025	15,500,000
Various lease commitments	65,400,000
Various lease commitments 2024	4,000,000
Various lease commitments 2025	4,000,000
Various lease commitments 2026	4,000,000
Various lease commitments 2027	2,600,000
Various lease commitments 2028	2,500,000
Various lease commitments thereafter	$ 48,300,000

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2023 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	3,044
Net Rentable Square Feet | ft²	218,071
2023 Encum- brances	$ 1,833
Initial Cost, Land	5,542,781
Initial Cost, Building & Improvements	17,177,947
Costs Subsequent to Acquisition	4,744,510
Gross Carrying Amount, Land	5,628,488
Gross Carrying Amount, Buildings	21,836,750
Gross Carrying Amount, Total	27,465,238
Accumulated Depreciation	$ 9,423,974
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
Commercial and non-operating real estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
2023 Encum- brances	$ 0
Initial Cost, Land	13,194
Initial Cost, Building & Improvements	26,143
Costs Subsequent to Acquisition	136,325
Gross Carrying Amount, Land	13,348
Gross Carrying Amount, Buildings	162,314
Gross Carrying Amount, Total	175,662
Accumulated Depreciation	$ 69,331
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	230
Net Rentable Square Feet | ft²	17,257
2023 Encum- brances	$ 306
Initial Cost, Land	559,185
Initial Cost, Building & Improvements	1,068,073
Costs Subsequent to Acquisition	541,531
Gross Carrying Amount, Land	565,340
Gross Carrying Amount, Buildings	1,603,449
Gross Carrying Amount, Total	2,168,789
Accumulated Depreciation	$ 994,124
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	211
Net Rentable Square Feet | ft²	18,907
2023 Encum- brances	$ 0
Initial Cost, Land	361,873
Initial Cost, Building & Improvements	2,184,105
Costs Subsequent to Acquisition	256,575
Gross Carrying Amount, Land	364,101
Gross Carrying Amount, Buildings	2,438,452
Gross Carrying Amount, Total	2,802,553
Accumulated Depreciation	$ 521,797
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	165
Net Rentable Square Feet | ft²	13,894
2023 Encum- brances	$ 0
Initial Cost, Land	272,737
Initial Cost, Building & Improvements	902,137
Costs Subsequent to Acquisition	303,823
Gross Carrying Amount, Land	272,058
Gross Carrying Amount, Buildings	1,206,639
Gross Carrying Amount, Total	1,478,697
Accumulated Depreciation	$ 422,909
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	143
Net Rentable Square Feet | ft²	9,310
2023 Encum- brances	$ 0
Initial Cost, Land	156,554
Initial Cost, Building & Improvements	519,539
Costs Subsequent to Acquisition	170,469
Gross Carrying Amount, Land	159,391
Gross Carrying Amount, Buildings	687,171
Gross Carrying Amount, Total	846,562
Accumulated Depreciation	$ 449,618
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
2023 Encum- brances	$ 0
Initial Cost, Land	245,623
Initial Cost, Building & Improvements	557,398
Costs Subsequent to Acquisition	319,345
Gross Carrying Amount, Land	258,373
Gross Carrying Amount, Buildings	863,993
Gross Carrying Amount, Total	1,122,366
Accumulated Depreciation	$ 591,695
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	119
Net Rentable Square Feet | ft²	8,458
2023 Encum- brances	$ 0
Initial Cost, Land	423,176
Initial Cost, Building & Improvements	1,329,933
Costs Subsequent to Acquisition	213,344
Gross Carrying Amount, Land	438,682
Gross Carrying Amount, Buildings	1,527,771
Gross Carrying Amount, Total	1,966,453
Accumulated Depreciation	$ 502,381
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	115
Net Rentable Square Feet | ft²	7,710
2023 Encum- brances	$ 1,527
Initial Cost, Land	143,692
Initial Cost, Building & Improvements	434,433
Costs Subsequent to Acquisition	120,141
Gross Carrying Amount, Land	144,055
Gross Carrying Amount, Buildings	554,211
Gross Carrying Amount, Total	698,266
Accumulated Depreciation	$ 331,367
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	109
Net Rentable Square Feet | ft²	6,430
2023 Encum- brances	$ 0
Initial Cost, Land	174,624
Initial Cost, Building & Improvements	573,412
Costs Subsequent to Acquisition	92,255
Gross Carrying Amount, Land	180,105
Gross Carrying Amount, Buildings	660,186
Gross Carrying Amount, Total	840,291
Accumulated Depreciation	$ 214,161
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	106
Net Rentable Square Feet | ft²	7,892
2023 Encum- brances	$ 0
Initial Cost, Land	314,288
Initial Cost, Building & Improvements	736,217
Costs Subsequent to Acquisition	299,222
Gross Carrying Amount, Land	320,626
Gross Carrying Amount, Buildings	1,029,101
Gross Carrying Amount, Total	1,349,727
Accumulated Depreciation	$ 584,340
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	102
Net Rentable Square Feet | ft²	7,266
2023 Encum- brances	$ 0
Initial Cost, Land	246,108
Initial Cost, Building & Improvements	634,810
Costs Subsequent to Acquisition	218,764
Gross Carrying Amount, Land	248,369
Gross Carrying Amount, Buildings	851,313
Gross Carrying Amount, Total	1,099,682
Accumulated Depreciation	$ 447,887
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	100
Net Rentable Square Feet | ft²	7,508
2023 Encum- brances	$ 0
Initial Cost, Land	259,200
Initial Cost, Building & Improvements	563,334
Costs Subsequent to Acquisition	183,251
Gross Carrying Amount, Land	261,093
Gross Carrying Amount, Buildings	744,692
Gross Carrying Amount, Total	1,005,785
Accumulated Depreciation	$ 431,641
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	5,290
2023 Encum- brances	$ 0
Initial Cost, Land	120,117
Initial Cost, Building & Improvements	323,262
Costs Subsequent to Acquisition	115,449
Gross Carrying Amount, Land	120,838
Gross Carrying Amount, Buildings	437,990
Gross Carrying Amount, Total	558,828
Accumulated Depreciation	$ 204,831
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	68
Net Rentable Square Feet | ft²	5,456
2023 Encum- brances	$ 0
Initial Cost, Land	128,142
Initial Cost, Building & Improvements	332,631
Costs Subsequent to Acquisition	141,412
Gross Carrying Amount, Land	131,696
Gross Carrying Amount, Buildings	470,489
Gross Carrying Amount, Total	602,185
Accumulated Depreciation	$ 186,863
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	67
Net Rentable Square Feet | ft²	4,484
2023 Encum- brances	$ 0
Initial Cost, Land	66,271
Initial Cost, Building & Improvements	297,576
Costs Subsequent to Acquisition	95,223
Gross Carrying Amount, Land	65,292
Gross Carrying Amount, Buildings	393,778
Gross Carrying Amount, Total	459,070
Accumulated Depreciation	$ 202,399
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	66
Net Rentable Square Feet | ft²	4,587
2023 Encum- brances	$ 0
Initial Cost, Land	103,717
Initial Cost, Building & Improvements	353,560
Costs Subsequent to Acquisition	94,617
Gross Carrying Amount, Land	107,030
Gross Carrying Amount, Buildings	444,864
Gross Carrying Amount, Total	551,894
Accumulated Depreciation	$ 172,976
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	62
Net Rentable Square Feet | ft²	4,752
2023 Encum- brances	$ 0
Initial Cost, Land	89,937
Initial Cost, Building & Improvements	250,135
Costs Subsequent to Acquisition	95,517
Gross Carrying Amount, Land	97,800
Gross Carrying Amount, Buildings	337,789
Gross Carrying Amount, Total	435,589
Accumulated Depreciation	$ 173,600
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	54
Net Rentable Square Feet | ft²	3,963
2023 Encum- brances	$ 0
Initial Cost, Land	77,077
Initial Cost, Building & Improvements	289,354
Costs Subsequent to Acquisition	73,053
Gross Carrying Amount, Land	78,483
Gross Carrying Amount, Buildings	361,001
Gross Carrying Amount, Total	439,484
Accumulated Depreciation	$ 155,132
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	53
Net Rentable Square Feet | ft²	3,825
2023 Encum- brances	$ 0
Initial Cost, Land	108,051
Initial Cost, Building & Improvements	367,874
Costs Subsequent to Acquisition	48,863
Gross Carrying Amount, Land	108,042
Gross Carrying Amount, Buildings	416,746
Gross Carrying Amount, Total	524,788
Accumulated Depreciation	$ 156,365
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	3,919
2023 Encum- brances	$ 0
Initial Cost, Land	136,598
Initial Cost, Building & Improvements	775,086
Costs Subsequent to Acquisition	58,286
Gross Carrying Amount, Land	136,722
Gross Carrying Amount, Buildings	833,248
Gross Carrying Amount, Total	969,970
Accumulated Depreciation	$ 167,074
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	50
Net Rentable Square Feet | ft²	2,917
2023 Encum- brances	$ 0
Initial Cost, Land	65,013
Initial Cost, Building & Improvements	225,043
Costs Subsequent to Acquisition	55,281
Gross Carrying Amount, Land	65,671
Gross Carrying Amount, Buildings	279,666
Gross Carrying Amount, Total	345,337
Accumulated Depreciation	$ 138,095
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	48
Net Rentable Square Feet | ft²	3,493
2023 Encum- brances	$ 0
Initial Cost, Land	69,100
Initial Cost, Building & Improvements	310,648
Costs Subsequent to Acquisition	28,922
Gross Carrying Amount, Land	69,100
Gross Carrying Amount, Buildings	339,570
Gross Carrying Amount, Total	408,670
Accumulated Depreciation	$ 49,755
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
2023 Encum- brances	$ 0
Initial Cost, Land	156,788
Initial Cost, Building & Improvements	221,479
Costs Subsequent to Acquisition	119,973
Gross Carrying Amount, Land	157,496
Gross Carrying Amount, Buildings	340,744
Gross Carrying Amount, Total	498,240
Accumulated Depreciation	$ 177,442
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
2023 Encum- brances	$ 0
Initial Cost, Land	54,753
Initial Cost, Building & Improvements	224,313
Costs Subsequent to Acquisition	40,978
Gross Carrying Amount, Land	54,711
Gross Carrying Amount, Buildings	265,333
Gross Carrying Amount, Total	320,044
Accumulated Depreciation	$ 95,103
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	39
Net Rentable Square Feet | ft²	3,123
2023 Encum- brances	$ 0
Initial Cost, Land	72,382
Initial Cost, Building & Improvements	212,110
Costs Subsequent to Acquisition	56,840
Gross Carrying Amount, Land	74,404
Gross Carrying Amount, Buildings	266,928
Gross Carrying Amount, Total	341,332
Accumulated Depreciation	$ 119,942
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	39
Net Rentable Square Feet | ft²	2,813
2023 Encum- brances	$ 0
Initial Cost, Land	90,683
Initial Cost, Building & Improvements	224,341
Costs Subsequent to Acquisition	49,943
Gross Carrying Amount, Land	91,672
Gross Carrying Amount, Buildings	273,295
Gross Carrying Amount, Total	364,967
Accumulated Depreciation	$ 94,764
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	37
Net Rentable Square Feet | ft²	2,450
2023 Encum- brances	$ 0
Initial Cost, Land	46,160
Initial Cost, Building & Improvements	171,251
Costs Subsequent to Acquisition	31,225
Gross Carrying Amount, Land	47,160
Gross Carrying Amount, Buildings	201,476
Gross Carrying Amount, Total	248,636
Accumulated Depreciation	$ 65,018
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	2,199
2023 Encum- brances	$ 0
Initial Cost, Land	47,939
Initial Cost, Building & Improvements	125,410
Costs Subsequent to Acquisition	34,521
Gross Carrying Amount, Land	47,378
Gross Carrying Amount, Buildings	160,492
Gross Carrying Amount, Total	207,870
Accumulated Depreciation	$ 89,683
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	36
Net Rentable Square Feet | ft²	2,120
2023 Encum- brances	$ 0
Initial Cost, Land	32,023
Initial Cost, Building & Improvements	92,323
Costs Subsequent to Acquisition	44,386
Gross Carrying Amount, Land	32,507
Gross Carrying Amount, Buildings	136,225
Gross Carrying Amount, Total	168,732
Accumulated Depreciation	$ 96,150
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	35
Net Rentable Square Feet | ft²	2,236
2023 Encum- brances	$ 0
Initial Cost, Land	39,521
Initial Cost, Building & Improvements	165,797
Costs Subsequent to Acquisition	26,242
Gross Carrying Amount, Land	40,280
Gross Carrying Amount, Buildings	191,280
Gross Carrying Amount, Total	231,560
Accumulated Depreciation	$ 53,940
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	32
Net Rentable Square Feet | ft²	2,443
2023 Encum- brances	$ 0
Initial Cost, Land	55,843
Initial Cost, Building & Improvements	143,208
Costs Subsequent to Acquisition	33,589
Gross Carrying Amount, Land	55,950
Gross Carrying Amount, Buildings	176,690
Gross Carrying Amount, Total	232,640
Accumulated Depreciation	$ 61,850
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	31
Net Rentable Square Feet | ft²	2,121
2023 Encum- brances	$ 0
Initial Cost, Land	20,212
Initial Cost, Building & Improvements	114,080
Costs Subsequent to Acquisition	54,757
Gross Carrying Amount, Land	20,412
Gross Carrying Amount, Buildings	168,637
Gross Carrying Amount, Total	189,049
Accumulated Depreciation	$ 75,990
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	29
Net Rentable Square Feet | ft²	2,038
2023 Encum- brances	$ 0
Initial Cost, Land	85,717
Initial Cost, Building & Improvements	223,625
Costs Subsequent to Acquisition	42,014
Gross Carrying Amount, Land	86,283
Gross Carrying Amount, Buildings	265,073
Gross Carrying Amount, Total	351,356
Accumulated Depreciation	$ 136,437
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	27
Net Rentable Square Feet | ft²	1,749
2023 Encum- brances	$ 0
Initial Cost, Land	22,546
Initial Cost, Building & Improvements	85,838
Costs Subsequent to Acquisition	40,671
Gross Carrying Amount, Land	23,395
Gross Carrying Amount, Buildings	125,660
Gross Carrying Amount, Total	149,055
Accumulated Depreciation	$ 77,098
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	26
Net Rentable Square Feet | ft²	1,743
2023 Encum- brances	$ 0
Initial Cost, Land	32,147
Initial Cost, Building & Improvements	129,839
Costs Subsequent to Acquisition	24,005
Gross Carrying Amount, Land	31,395
Gross Carrying Amount, Buildings	154,596
Gross Carrying Amount, Total	185,991
Accumulated Depreciation	$ 64,709
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
2023 Encum- brances	$ 0
Initial Cost, Land	89,782
Initial Cost, Building & Improvements	162,043
Costs Subsequent to Acquisition	54,101
Gross Carrying Amount, Land	92,292
Gross Carrying Amount, Buildings	213,634
Gross Carrying Amount, Total	305,926
Accumulated Depreciation	$ 121,509
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	22
Net Rentable Square Feet | ft²	1,435
2023 Encum- brances	$ 0
Initial Cost, Land	31,362
Initial Cost, Building & Improvements	100,045
Costs Subsequent to Acquisition	33,215
Gross Carrying Amount, Land	31,360
Gross Carrying Amount, Buildings	133,262
Gross Carrying Amount, Total	164,622
Accumulated Depreciation	$ 41,120
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	22
Net Rentable Square Feet | ft²	1,418
2023 Encum- brances	$ 0
Initial Cost, Land	27,627
Initial Cost, Building & Improvements	167,899
Costs Subsequent to Acquisition	15,346
Gross Carrying Amount, Land	28,980
Gross Carrying Amount, Buildings	181,892
Gross Carrying Amount, Total	210,872
Accumulated Depreciation	$ 28,898
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
2023 Encum- brances	$ 0
Initial Cost, Land	19,385
Initial Cost, Building & Improvements	67,782
Costs Subsequent to Acquisition	29,599
Gross Carrying Amount, Land	19,303
Gross Carrying Amount, Buildings	97,463
Gross Carrying Amount, Total	116,766
Accumulated Depreciation	$ 41,676
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	19
Net Rentable Square Feet | ft²	1,097
2023 Encum- brances	$ 0
Initial Cost, Land	24,147
Initial Cost, Building & Improvements	95,838
Costs Subsequent to Acquisition	9,590
Gross Carrying Amount, Land	23,974
Gross Carrying Amount, Buildings	105,601
Gross Carrying Amount, Total	129,575
Accumulated Depreciation	$ 20,429
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	17
Net Rentable Square Feet | ft²	1,172
2023 Encum- brances	$ 0
Initial Cost, Land	13,667
Initial Cost, Building & Improvements	64,569
Costs Subsequent to Acquisition	26,394
Gross Carrying Amount, Land	13,664
Gross Carrying Amount, Buildings	90,966
Gross Carrying Amount, Total	104,630
Accumulated Depreciation	$ 38,685
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	16
Net Rentable Square Feet | ft²	1,209
2023 Encum- brances	$ 0
Initial Cost, Land	33,789
Initial Cost, Building & Improvements	113,782
Costs Subsequent to Acquisition	12,180
Gross Carrying Amount, Land	34,023
Gross Carrying Amount, Buildings	125,728
Gross Carrying Amount, Total	159,751
Accumulated Depreciation	$ 31,735
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	16
Net Rentable Square Feet | ft²	998
2023 Encum- brances	$ 0
Initial Cost, Land	12,910
Initial Cost, Building & Improvements	68,856
Costs Subsequent to Acquisition	12,940
Gross Carrying Amount, Land	13,826
Gross Carrying Amount, Buildings	80,880
Gross Carrying Amount, Total	94,706
Accumulated Depreciation	$ 28,410
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	16
Net Rentable Square Feet | ft²	970
2023 Encum- brances	$ 0
Initial Cost, Land	24,868
Initial Cost, Building & Improvements	50,185
Costs Subsequent to Acquisition	10,346
Gross Carrying Amount, Land	24,867
Gross Carrying Amount, Buildings	60,532
Gross Carrying Amount, Total	85,399
Accumulated Depreciation	$ 24,018
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	16
Net Rentable Square Feet | ft²	808
2023 Encum- brances	$ 0
Initial Cost, Land	21,121
Initial Cost, Building & Improvements	56,202
Costs Subsequent to Acquisition	10,092
Gross Carrying Amount, Land	20,926
Gross Carrying Amount, Buildings	66,489
Gross Carrying Amount, Total	87,415
Accumulated Depreciation	$ 27,542
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
2023 Encum- brances	$ 0
Initial Cost, Land	13,189
Initial Cost, Building & Improvements	32,071
Costs Subsequent to Acquisition	11,262
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	43,364
Gross Carrying Amount, Total	56,522
Accumulated Depreciation	$ 38,449
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
2023 Encum- brances	$ 0
Initial Cost, Land	14,454
Initial Cost, Building & Improvements	47,415
Costs Subsequent to Acquisition	16,595
Gross Carrying Amount, Land	14,503
Gross Carrying Amount, Buildings	63,961
Gross Carrying Amount, Total	78,464
Accumulated Depreciation	$ 40,554
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	15
Net Rentable Square Feet | ft²	911
2023 Encum- brances	$ 0
Initial Cost, Land	15,590
Initial Cost, Building & Improvements	43,181
Costs Subsequent to Acquisition	16,298
Gross Carrying Amount, Land	17,679
Gross Carrying Amount, Buildings	57,390
Gross Carrying Amount, Total	75,069
Accumulated Depreciation	$ 33,648
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
2023 Encum- brances	$ 0
Initial Cost, Land	6,316
Initial Cost, Building & Improvements	25,567
Costs Subsequent to Acquisition	16,677
Gross Carrying Amount, Land	6,204
Gross Carrying Amount, Buildings	42,356
Gross Carrying Amount, Total	48,560
Accumulated Depreciation	$ 31,601
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
2023 Encum- brances	$ 0
Initial Cost, Land	16,947
Initial Cost, Building & Improvements	56,793
Costs Subsequent to Acquisition	26,117
Gross Carrying Amount, Land	17,923
Gross Carrying Amount, Buildings	81,934
Gross Carrying Amount, Total	99,857
Accumulated Depreciation	$ 36,810
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
2023 Encum- brances	$ 0
Initial Cost, Land	10,030
Initial Cost, Building & Improvements	45,578
Costs Subsequent to Acquisition	9,066
Gross Carrying Amount, Land	9,832
Gross Carrying Amount, Buildings	54,842
Gross Carrying Amount, Total	64,674
Accumulated Depreciation	$ 21,705
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	13
Net Rentable Square Feet | ft²	802
2023 Encum- brances	$ 0
Initial Cost, Land	20,454
Initial Cost, Building & Improvements	41,607
Costs Subsequent to Acquisition	6,647
Gross Carrying Amount, Land	20,103
Gross Carrying Amount, Buildings	48,605
Gross Carrying Amount, Total	68,708
Accumulated Depreciation	$ 18,945
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	12
Net Rentable Square Feet | ft²	896
2023 Encum- brances	$ 0
Initial Cost, Land	69,611
Initial Cost, Building & Improvements	127,041
Costs Subsequent to Acquisition	23,033
Gross Carrying Amount, Land	70,528
Gross Carrying Amount, Buildings	149,157
Gross Carrying Amount, Total	219,685
Accumulated Depreciation	$ 85,116
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	12
Net Rentable Square Feet | ft²	861
2023 Encum- brances	$ 0
Initial Cost, Land	14,096
Initial Cost, Building & Improvements	72,425
Costs Subsequent to Acquisition	13,077
Gross Carrying Amount, Land	14,264
Gross Carrying Amount, Buildings	85,334
Gross Carrying Amount, Total	99,598
Accumulated Depreciation	$ 34,714
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
2023 Encum- brances	$ 0
Initial Cost, Land	33,094
Initial Cost, Building & Improvements	42,465
Costs Subsequent to Acquisition	5,987
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	49,780
Gross Carrying Amount, Total	81,546
Accumulated Depreciation	$ 25,473
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
2023 Encum- brances	$ 0
Initial Cost, Land	17,965
Initial Cost, Building & Improvements	69,085
Costs Subsequent to Acquisition	5,467
Gross Carrying Amount, Land	17,965
Gross Carrying Amount, Buildings	74,552
Gross Carrying Amount, Total	92,517
Accumulated Depreciation	$ 13,693
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
2023 Encum- brances	$ 0
Initial Cost, Land	6,778
Initial Cost, Building & Improvements	19,959
Costs Subsequent to Acquisition	27,641
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	45,935
Gross Carrying Amount, Total	54,378
Accumulated Depreciation	$ 37,212
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
2023 Encum- brances	$ 0
Initial Cost, Land	5,916
Initial Cost, Building & Improvements	30,775
Costs Subsequent to Acquisition	9,494
Gross Carrying Amount, Land	6,309
Gross Carrying Amount, Buildings	39,876
Gross Carrying Amount, Total	46,185
Accumulated Depreciation	$ 16,296
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	10
Net Rentable Square Feet | ft²	586
2023 Encum- brances	$ 0
Initial Cost, Land	9,833
Initial Cost, Building & Improvements	35,451
Costs Subsequent to Acquisition	5,190
Gross Carrying Amount, Land	9,833
Gross Carrying Amount, Buildings	40,641
Gross Carrying Amount, Total	50,474
Accumulated Depreciation	$ 10,833
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
2023 Encum- brances	$ 0
Initial Cost, Land	6,785
Initial Cost, Building & Improvements	17,954
Costs Subsequent to Acquisition	7,251
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	25,207
Gross Carrying Amount, Total	31,990
Accumulated Depreciation	$ 17,283
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	7
Net Rentable Square Feet | ft²	671
2023 Encum- brances	$ 0
Initial Cost, Land	16,756
Initial Cost, Building & Improvements	71,912
Costs Subsequent to Acquisition	2,221
Gross Carrying Amount, Land	16,756
Gross Carrying Amount, Buildings	74,133
Gross Carrying Amount, Total	90,889
Accumulated Depreciation	$ 6,900
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
2023 Encum- brances	$ 0
Initial Cost, Land	5,487
Initial Cost, Building & Improvements	18,704
Costs Subsequent to Acquisition	6,980
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	25,684
Gross Carrying Amount, Total	31,171
Accumulated Depreciation	$ 15,473
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
2023 Encum- brances	$ 0
Initial Cost, Land	9,403
Initial Cost, Building & Improvements	25,491
Costs Subsequent to Acquisition	8,990
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	34,000
Gross Carrying Amount, Total	43,884
Accumulated Depreciation	$ 24,851
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
2023 Encum- brances	$ 0
Initial Cost, Land	2,017
Initial Cost, Building & Improvements	6,691
Costs Subsequent to Acquisition	8,834
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	15,412
Gross Carrying Amount, Total	17,542
Accumulated Depreciation	$ 12,945
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
2023 Encum- brances	$ 0
Initial Cost, Land	8,465
Initial Cost, Building & Improvements	24,151
Costs Subsequent to Acquisition	7,845
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	32,006
Gross Carrying Amount, Total	40,461
Accumulated Depreciation	$ 26,472
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
2023 Encum- brances	$ 0
Initial Cost, Land	2,340
Initial Cost, Building & Improvements	14,316
Costs Subsequent to Acquisition	1,686
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	16,030
Gross Carrying Amount, Total	18,342
Accumulated Depreciation	$ 6,174
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
2023 Encum- brances	$ 0
Initial Cost, Land	9,161
Initial Cost, Building & Improvements	13,481
Costs Subsequent to Acquisition	3,848
Gross Carrying Amount, Land	9,108
Gross Carrying Amount, Buildings	17,382
Gross Carrying Amount, Total	26,490
Accumulated Depreciation	$ 7,747
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
2023 Encum- brances	$ 0
Initial Cost, Land	1,074
Initial Cost, Building & Improvements	8,975
Costs Subsequent to Acquisition	5,283
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	14,259
Gross Carrying Amount, Total	15,332
Accumulated Depreciation	$ 8,624
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
2023 Encum- brances	$ 0
Initial Cost, Land	3,487
Initial Cost, Building & Improvements	11,003
Costs Subsequent to Acquisition	3,695
Gross Carrying Amount, Land	3,487
Gross Carrying Amount, Buildings	14,698
Gross Carrying Amount, Total	18,185
Accumulated Depreciation	$ 7,042
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	4
Net Rentable Square Feet | ft²	248
2023 Encum- brances	$ 0
Initial Cost, Land	2,644
Initial Cost, Building & Improvements	26,118
Costs Subsequent to Acquisition	4,000
Gross Carrying Amount, Land	2,644
Gross Carrying Amount, Buildings	30,118
Gross Carrying Amount, Total	32,762
Accumulated Depreciation	$ 8,544
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	4
Net Rentable Square Feet | ft²	233
2023 Encum- brances	$ 0
Initial Cost, Land	2,048
Initial Cost, Building & Improvements	22,897
Costs Subsequent to Acquisition	1,755
Gross Carrying Amount, Land	2,048
Gross Carrying Amount, Buildings	24,652
Gross Carrying Amount, Total	26,700
Accumulated Depreciation	$ 3,210
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
2023 Encum- brances	$ 0
Initial Cost, Land	5,093
Initial Cost, Building & Improvements	18,091
Costs Subsequent to Acquisition	1,591
Gross Carrying Amount, Land	5,093
Gross Carrying Amount, Buildings	19,682
Gross Carrying Amount, Total	24,775
Accumulated Depreciation	$ 5,425
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
2023 Encum- brances	$ 0
Initial Cost, Land	8,309
Initial Cost, Building & Improvements	18,065
Costs Subsequent to Acquisition	3,282
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	21,347
Gross Carrying Amount, Total	29,656
Accumulated Depreciation	$ 14,206
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	3
Net Rentable Square Feet | ft²	191
2023 Encum- brances	$ 0
Initial Cost, Land	2,734
Initial Cost, Building & Improvements	19,228
Costs Subsequent to Acquisition	666
Gross Carrying Amount, Land	2,733
Gross Carrying Amount, Buildings	19,895
Gross Carrying Amount, Total	22,628
Accumulated Depreciation	$ 2,588
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	3
Net Rentable Square Feet | ft²	155
2023 Encum- brances	$ 0
Initial Cost, Land	2,142
Initial Cost, Building & Improvements	10,787
Costs Subsequent to Acquisition	3,799
Gross Carrying Amount, Land	2,075
Gross Carrying Amount, Buildings	14,653
Gross Carrying Amount, Total	16,728
Accumulated Depreciation	$ 4,719
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
2023 Encum- brances	$ 0
Initial Cost, Land	817
Initial Cost, Building & Improvements	3,030
Costs Subsequent to Acquisition	3,476
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	6,582
Gross Carrying Amount, Total	7,323
Accumulated Depreciation	$ 5,329
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
2023 Encum- brances	$ 0
Initial Cost, Land	1,428
Initial Cost, Building & Improvements	3,380
Costs Subsequent to Acquisition	2,599
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,980
Gross Carrying Amount, Total	7,407
Accumulated Depreciation	$ 5,330
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
2023 Encum- brances	$ 0
Initial Cost, Land	5,733
Initial Cost, Building & Improvements	9,106
Costs Subsequent to Acquisition	1,183
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	10,289
Gross Carrying Amount, Total	16,022
Accumulated Depreciation	$ 7,172
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
2023 Encum- brances	$ 0
Initial Cost, Land	225
Initial Cost, Building & Improvements	1,419
Costs Subsequent to Acquisition	2,167
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,586
Gross Carrying Amount, Total	3,811
Accumulated Depreciation	$ 3,342
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
2023 Encum- brances	$ 0
Initial Cost, Land	264
Initial Cost, Building & Improvements	904
Costs Subsequent to Acquisition	1,067
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,971
Gross Carrying Amount, Total	2,235
Accumulated Depreciation	$ 1,738
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
2023 Encum- brances	$ 0
Initial Cost, Land	545
Initial Cost, Building & Improvements	1,279
Costs Subsequent to Acquisition	1,413
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,692
Gross Carrying Amount, Total	3,237
Accumulated Depreciation	$ 2,155
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
2023 Encum- brances	$ 0
Initial Cost, Land	44
Initial Cost, Building & Improvements	206
Costs Subsequent to Acquisition	1,399
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,456
Gross Carrying Amount, Total	1,649
Accumulated Depreciation	$ 1,167