Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 23, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 175,724,665 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001393311 | |
Common Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Shares, $0.10 par value | |
Trading Symbol | PSA | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
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 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value | |
Trading Symbol | PSAPrS | |
Security Exchange Name | NYSE | |
Notes Due 2032 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company | |
Trading Symbol | PSA/32 | |
Security Exchange Name | NYSE | |
Notes Due 2030 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company | |
Trading Symbol | PSA/30 | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and equivalents | $ 271,645 | $ 370,002 |
Real estate facilities, at cost: | ||
Land | 5,628,128 | 5,628,488 |
Buildings | 21,970,032 | 21,836,750 |
Real estate facilities, gross | 27,598,160 | 27,465,238 |
Accumulated depreciation | (9,671,521) | (9,423,974) |
Real estate facilities, net | 17,926,639 | 18,041,264 |
Construction in process | 389,278 | 345,453 |
Total real estate facilities | 18,315,917 | 18,386,717 |
Investments in unconsolidated real estate entities | 389,048 | 390,180 |
Goodwill and other intangible assets, net | 351,465 | 387,267 |
Other assets | 289,310 | 275,050 |
Total assets | 19,617,385 | 19,809,216 |
LIABILITIES AND EQUITY | ||
Notes payable | 9,067,890 | 9,103,277 |
Accrued and other liabilities | 504,197 | 598,993 |
Total liabilities | 9,572,087 | 9,702,270 |
Commitments and contingencies (Note 14) | ||
Public Storage shareholders’ equity: | ||
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2023) at liquidation preference | 4,350,000 | 4,350,000 |
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,723,561 shares issued and outstanding (175,670,727 shares at December 31, 2023) | 17,572 | 17,567 |
Paid-in capital | 5,991,606 | 5,980,760 |
Accumulated deficit | (336,003) | (267,910) |
Accumulated other comprehensive loss | (74,513) | (67,239) |
Total Public Storage shareholders’ equity | 9,948,662 | 10,013,178 |
Noncontrolling interests | 96,636 | 93,768 |
Total equity | 10,045,298 | 10,106,946 |
Total liabilities and equity | $ 19,617,385 | $ 19,809,216 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 175,723,561 | 175,670,727 |
Common stock, shares outstanding (in shares) | 175,723,561 | 175,670,727 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Revenues | $ 1,157,220 | $ 1,094,232 |
Expenses: | ||
Depreciation and amortization | 285,203 | 221,650 |
Real estate acquisition and development expense | 3,717 | 5,481 |
General and administrative | 21,336 | 16,958 |
Interest expense | 67,778 | 36,101 |
Operating expenses | 702,517 | 568,481 |
Other increases (decreases) to net income: | ||
Interest and other income | 13,966 | 18,634 |
Equity in earnings of unconsolidated real estate entities | 6,090 | 5,995 |
Foreign currency exchange gain (loss) | 37,543 | (26,860) |
Gain on sale of real estate | 874 | 0 |
Income before income tax expense | 513,176 | 523,520 |
Income tax expense | (1,479) | (3,105) |
Net income | 511,697 | 520,415 |
Allocation to noncontrolling interests | (2,749) | (2,707) |
Net income allocable to Public Storage shareholders | 508,948 | 517,708 |
Allocation of net income to: | ||
Preferred shareholders | (48,678) | (48,678) |
Restricted share units and unvested LTIP units | (1,061) | (1,442) |
Net income allocable to common shareholders | $ 459,209 | $ 467,588 |
Net income per common share: | ||
Basic (in USD per share) | $ 2.61 | $ 2.67 |
Diluted (in USD per share) | $ 2.60 | $ 2.65 |
Basic weighted average common shares outstanding (in shares) | 175,700 | 175,451 |
Diluted weighted average common shares outstanding (in shares) | 176,350 | 176,228 |
Self-storage facilities | ||
Revenues: | ||
Revenues | $ 1,086,045 | $ 1,032,184 |
Expenses: | ||
Self-storage cost of operations | 297,414 | 268,615 |
Ancillary operations | ||
Revenues: | ||
Revenues | 71,175 | 62,048 |
Expenses: | ||
Ancillary cost of operations | $ 27,069 | $ 19,676 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 511,697 | $ 520,415 |
Foreign currency translation (loss) gain on investment in Shurgard | (7,275) | 3,869 |
Total comprehensive income | 504,422 | 524,284 |
Allocation to noncontrolling interests | (2,748) | (2,707) |
Comprehensive income allocable to Public Storage shareholders | $ 501,674 | $ 521,577 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - 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 | Common Shares | Common Shares Total Public Storage Shareholders' Equity | Common Shares Common Shares | Common Shares Paid-in Capital |
Beginning balance at Dec. 31, 2022 | $ 10,166,801 | $ 10,073,402 | $ 4,350,000 | $ 17,527 | $ 5,896,423 | $ (110,231) | $ (80,317) | $ 93,399 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common shares in connection with share-based compensation | $ 25,179 | $ 25,179 | $ 20 | $ 25,159 | ||||||||
Taxes withheld upon net share settlement of restricted share units (Note 11) | (8,932) | (8,932) | (8,932) | |||||||||
Share-based compensation expense | 10,914 | 10,914 | 10,914 | |||||||||
Contributions by noncontrolling interests | 4 | 4 | ||||||||||
Net income | 520,415 | 520,415 | 520,415 | |||||||||
Net income allocated to noncontrolling interests | (2,707) | (2,707) | (2,707) | 2,707 | ||||||||
Distributions to: | ||||||||||||
Preferred shareholders | (48,678) | (48,678) | (48,678) | |||||||||
Noncontrolling interests | (3,773) | (3,773) | ||||||||||
Common shareholders and restricted share unitholders | (527,751) | (527,751) | (527,751) | |||||||||
Other comprehensive income (loss) | 3,869 | 3,869 | 3,869 | |||||||||
Ending balance at Mar. 31, 2023 | 10,138,048 | 10,045,711 | 4,350,000 | 17,547 | 5,923,564 | (168,952) | (76,448) | 92,337 | ||||
Beginning 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common shares in connection with share-based compensation | $ 7,833 | $ 7,833 | $ 5 | $ 7,828 | ||||||||
Taxes withheld upon net share settlement of restricted share units (Note 11) | (5,328) | (5,328) | (5,328) | |||||||||
Share-based compensation expense | 11,305 | 11,305 | 11,305 | |||||||||
Contributions by noncontrolling interests | 1,327 | 1,327 | ||||||||||
Net income | 511,697 | 511,697 | 511,697 | |||||||||
Net income allocated to noncontrolling interests | (2,749) | (2,749) | (2,749) | 2,749 | ||||||||
Reallocation of equity | (2,959) | (2,959) | 2,959 | |||||||||
Distributions to: | ||||||||||||
Preferred shareholders | (48,678) | (48,678) | (48,678) | |||||||||
Noncontrolling interests | (4,166) | (4,166) | ||||||||||
Common shareholders and restricted share unitholders | (528,363) | (528,363) | (528,363) | |||||||||
Other comprehensive income (loss) | (7,275) | (7,274) | (7,274) | (1) | ||||||||
Ending balance at Mar. 31, 2024 | $ 10,045,298 | $ 9,948,662 | $ 4,350,000 | $ 17,572 | $ 5,991,606 | $ (336,003) | $ (74,513) | $ 96,636 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Issuance of common shares in connection with share-based compensation (in shares) | 35,389 | |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ 3 | $ 3 |
Common Shares | ||
Issuance of common shares in connection with share-based compensation (in shares) | 52,834 | 200,554 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 511,697 | $ 520,415 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Gain on sale of real estate | (874) | 0 |
Depreciation and amortization | 285,203 | 221,650 |
Equity in earnings of unconsolidated real estate entities | (6,090) | (5,995) |
Distributions from cumulative equity in earnings of unconsolidated real estate entities | 352 | 324 |
Unrealized foreign currency exchange (gain) loss | (37,467) | 26,825 |
Share-based compensation expense | 10,347 | 9,845 |
Other non-cash adjustments | 2,781 | 2,890 |
Changes in operating assets and liabilities, excluding the impact of acquisitions: | ||
Other assets | (16,231) | (36,611) |
Accrued and other liabilities | (84,132) | (42,450) |
Net cash flows from operating activities | 665,586 | 696,893 |
Cash flows from investing activities: | ||
Capital expenditures to maintain real estate facilities | (66,376) | (57,289) |
Capital expenditures for property enhancements | (25,046) | (29,783) |
Capital expenditures for energy efficiencies (LED lighting, solar) | (13,058) | (9,570) |
Development and expansion of real estate facilities | (84,527) | (68,874) |
Acquisition of real estate facilities and intangible assets | 0 | (46,795) |
Proceeds from sale of real estate investments | 2,423 | 0 |
Net cash flows used in investing activities | (186,584) | (212,311) |
Cash flows from financing activities: | ||
Repayments of notes payable | (36) | (129) |
Issuance of common shares in connection with share-based compensation | 7,800 | 25,116 |
Taxes paid upon net share settlement of restricted share units | (5,328) | (8,932) |
Contributions by noncontrolling interests | 1,327 | 4 |
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders | (576,792) | (576,251) |
Distributions paid to noncontrolling interests | (4,166) | (3,773) |
Net cash flows used in financing activities | (577,195) | (563,965) |
Net decrease in cash and equivalents, including restricted cash | (98,193) | (79,383) |
Cash and equivalents, including restricted cash at beginning of the period: | ||
Cash and equivalents | 370,002 | 775,253 |
Restricted cash included in other assets | 30,373 | 29,904 |
Cash, equivalents, and restricted cash | 400,375 | 805,157 |
Cash and equivalents, including restricted cash at end of the period: | ||
Cash and equivalents | 271,645 | 695,424 |
Restricted cash included in other assets | 30,537 | 30,350 |
Cash, equivalents, and restricted cash | 302,182 | 725,774 |
Costs incurred during the period remaining unpaid at period end for: | ||
Capital expenditures to maintain real estate facilities | (5,976) | (7,105) |
Capital expenditures for property enhancements | (2,580) | (4,029) |
Capital expenditures for energy efficiencies (LED lighting, solar) | (702) | (380) |
Construction or expansion of real estate facilities | (41,460) | (50,625) |
Supplemental cash flow information: | ||
Cash paid for interest, net of amounts capitalized | 75,745 | 20,803 |
Cash paid for income taxes, net of refunds | $ 1,521 | $ 1,101 |
Description of the Business
Description of the Business | 3 Months Ended |
Mar. 31, 2024 | |
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. Effective August 14, 2023, we are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries including Public Storage Operating Company (“PSOC”). 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 a limited partnership, PSA OP is a variable interest entity and is consolidated by the Company as its primary beneficiary. As of March 31, 2024, the Company owned all of the general partner interests and approximately 99.95% of the limited partnership interests of PSA OP, with the remaining 0.05% of limited partnership interests owned by certain trustees and officers of the Company. At March 31, 2024, we owned equity interests in 3,045 self-storage facilities (with approximately 218.4 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.1 million net rentable square feet of commercial and retail space. In addition, we managed 235 facilities for third parties at March 31, 2024. At March 31, 2024, 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 279 self-storage facilities (with approximately 15 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts previously reported in our March 31, 2023 Consolidated Statements of Income have been reclassified to conform to the March 31, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $5.5 million for the three months ended March 31, 2023, previously included in general and administrative expense. The reclassification had no impact on our net income. Certain amounts previously reported in our March 31, 2023 Statements of Cash Flows have been reclassified to conform to the March 31, 2024 presentation, with respect to the 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 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Summary of Significant Accounting Policies There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies , in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. |
Real Estate Facilities
Real Estate Facilities | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Real Estate Facilities | Real Estate Facilities Activity in real estate facilities during the three months ended March 31, 2024 is as follows: Three Months Ended March 31, 2024 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 Capital expenditures to maintain real estate facilities 58,056 Capital expenditures for property enhancements 27,626 Capital expenditures for energy efficiencies (LED lighting, solar) 13,760 Dispositions and other (1,549) Developed or expanded facilities opened for operation 35,029 Ending balance 27,598,160 Accumulated depreciation: Beginning balance (9,423,974) Depreciation expense (247,547) Ending balance (9,671,521) Construction in process: Beginning balance 345,453 Costs incurred to develop and expand real estate facilities 79,322 Write-off of cancelled projects (468) Developed or expanded facilities opened for operation (35,029) Ending balance 389,278 Total real estate facilities at March 31, 2024 $ 18,315,917 During the three months ended March 31, 2024, we completed development and redevelopment activities costing $35.0 million, adding 0.3 million net rentable square feet of self-storage space. Construction in process at March 31, 2024 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. In the three months ended March 31, 2024, we sold a land parcel for $2.4 million in cash and recorded gains on sale of real estate of $0.9 million. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Entities | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Entities | Investments in Unconsolidated Real Estate Entities 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 to 34,132,133 as of March 31, 2024. Based upon the closing price at March 31, 2024 (€41.38 per share of Shurgard common stock, at 1.079 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.5 billion. Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the three months ended March 31, 2024 and 2023, we received $1.0 million and $0.9 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $0.4 million and $0.3 million of intra-entity profits and losses for the three months ended March 31, 2024 and 2023, 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. At March 31, 2024, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by approximately $61.3 million ($63.7 million at December 31, 2023). 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 $2.4 million and $4.5 million during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and 2023, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $7.3 million other comprehensive loss and $3.9 million other comprehensive income during the three months ended March 31, 2024 and 2023, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At March 31, 2024 At December 31, 2023 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 (828,780) 166,798 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,180,245 $ (828,780) $ 351,465 $ 1,180,245 $ (792,978) $ 387,267 Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $35.8 million and $14.6 million for the three months ended March 31, 2024 and 2023, respectively. The estimated future amortization expense for our finite-lived intangible assets at March 31, 2024 is as follows (amounts in thousands): Year Amount Remainder of 2024 $ 80,536 2025 60,467 2026 19,129 2027 2,797 2028 377 Thereafter 3,492 Total $ 166,798 |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024). 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 March 31, 2024). At March 31, 2024 and April 30, 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 March 31, 2024 ($14.6 million at December 31, 2023). The Credit Facility has various customary restrictive covenants with which we were in compliance at March 31, 2024. Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable [Abstract] | |
Notes Payable | Notes Payable Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at March 31, 2024 and December 31, 2023 are set forth in the tables below: Amounts at March 31, 2024 Amounts at December 31, 2023 Coupon Rate Effective Rate Principal Unamortized Costs Book Fair Book Fair ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due April 23, 2024 SOFR+0.47% 5.818% $ 700,000 $ (45) $ 699,955 $ 700,123 $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR+0.60% 5.948% 400,000 (1,074) 398,926 400,990 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (1,396) 498,604 462,641 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,269) 647,731 596,394 647,513 597,131 Notes due September 15, 2027 3.094% 3.218% 500,000 (1,832) 498,168 473,279 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,752) 647,248 578,980 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,217) 547,783 485,904 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,800) 497,200 508,982 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,559) 498,441 469,267 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,841) 645,159 549,167 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,695) 547,305 456,506 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,407) 694,593 702,013 694,448 725,753 Notes due August 1, 2053 5.350% 5.442% 600,000 (7,915) 592,085 599,071 592,017 628,413 7,450,000 (36,802) 7,413,198 6,983,317 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,930 — 107,930 107,792 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 261,205 — 261,205 254,901 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 755,509 (7,210) 748,299 624,319 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 539,649 (4,188) 535,461 445,722 547,540 455,895 1,664,293 (11,398) 1,652,895 1,432,734 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.5 million 4.374% 4.374% 1,797 — 1,797 1,734 1,833 1,733 $ 9,116,090 $ (48,200) $ 9,067,890 $ 8,417,785 $ 9,103,277 $ 8,558,601 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 The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at March 31, 2024. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 17% at March 31, 2024) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 15x for the twelve months ended March 31, 2024) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes At March 31, 2024, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €100.0 million issued to institutional investors on April 12, 2016, (iii) €500.0 million issued in a public offering on January 24, 2020, and (iv) €700.0 million issued in a public offering on September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (gains of $37.8 million and losses of $27.1 million for the three months ended March 31, 2024 and 2023, respectively). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At March 31, 2024, 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 March 31, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2024 $ 807,930 $ 88 $ 808,018 2025 661,205 131 661,336 2026 1,150,000 138 1,150,138 2027 500,000 146 500,146 2028 1,200,000 129 1,200,129 Thereafter 4,795,158 1,165 4,796,323 $ 9,114,293 $ 1,797 $ 9,116,090 Weighted average effective rate 3.1% 4.4% 3.1% Interest capitalized as real estate totaled $2.4 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests There are noncontrolling interests related to several subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At March 31, 2024, certain of these subsidiaries have issued 499,966 partnership units to third-parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Preferred Shares At March 31, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2024 At December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000 The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions, and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our Board of Trustees (our “Board”) until the arrearage has been cured. At March 31, 2024, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital. Dividends and Distributions Dividends and distributions paid to our common shareholders, restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders, totaled $528.1 million ($3.00 per share/unit) and $527.6 million ($3.00 per share/unit) for the three months ended March 31, 2024 and 2023, respectively. In addition, we accrued $0.3 million and $0.2 million of dividends and distributions to holders of unearned performance-based restricted share units and LTIP Units for the three months ended March 31, 2024 and 2023, respectively. Preferred share dividends totaled $48.7 million for each of the three months ended March 31, 2024 and 2023. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions At March 31, 2024, 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 66 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children own the remaining equity interest in the limited liability company. These facilities operate under the Public Storage® tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the Public Storage® name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received premium payments of approximately $0.5 million for each of the three months ended March 31, 2024 and 2023. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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. In February 2024, we amended our 2021 Equity and Performance-Based Incentive Plan to further provide for the grant of awards to certain officers and trustees of the Company in the form of LTIP Units and appreciation-only LTIP Units (“AO LTIP Units”) of PSA OP. LTIP Units are structured as “profit interests” for U.S. federal income tax purposes. During the three months ended March 31, 2024, we issued LTIP Units and AO LTIP Units in substitution for 156,632 RSUs and 2,102,424 stock options, respectively. The LTIP Units and AO LTIP Units issued have the same vesting conditions as the original awards and remain classified as equity awards. The fair value of the LTIP Units and AO LTIP Units issued is materially the same as the original awards immediately before the substitution. As a result, we did not adjust the share-based compensation costs associated with these substituted awards. We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $0.6 million and $0.7 million of share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 (Amounts in thousands) Self-storage cost of operations $ 3,245 $ 3,924 Ancillary cost of operations 376 317 Real estate acquisition and development expense 688 324 General and administrative 6,038 5,280 Total $ 10,347 $ 9,845 As of March 31, 2024, there was $91.6 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years. Restricted Share Units and LTIP Units We have service-based and performance-based RSUs and LTIP Units outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs and LTIP Units outstanding vest upon meeting certain performance conditions or market conditions. Upon vesting, the grantee of RSUs 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. Vested LTIP Units represent noncontrolling interests of PSA OP and may be converted, subject to the satisfaction of all applicable vesting conditions, on a one-for-one basis into common units of PSA OP, which are exchangeable by the holders for cash, or at the Company’s election, on a one-for-one basis into common shares of the Company. Holders of RSUs and LTIP Units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders, except that holders of performance-based awards are not entitled to receive the full distributions until expiration of the applicable performance period, at which time holders of any earned performance-based awards are entitled to receive a catch-up distribution for the periods prior to such time. Below is a summary of award activity issued in the form of RSUs and LTIP Units for the three months ended March 31, 2024. Service-Based Performance-Based (a) Total Unvested awards outstanding January 1, 2024 322,648 94,013 416,661 Granted (b) 4,470 34,550 39,020 Vested (c) (55,481) (9,250) (64,731) Forfeited (7,365) — (7,365) Unvested awards outstanding March 31, 2024 264,272 119,313 383,585 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the three months ended March 31, 2024, 34,550 performance-based LTIP Unit awards (at target) were granted to certain executive officers, where vesting is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These LTIP Unit awards 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 from zero to a maximum of 69,100 LTIP Units. (c) 16,914 common shares were issued from the vesting of RSUs. For the three months ended March 31, 2024, we incurred share-based compensation cost for RSUs and LTIP Units of $7.9 million. Stock Options and AO LTIP Units We have service-based and performance-based stock options and AO LTIP Units outstanding. Performance-based stock options and AO LTIP Units vest upon meeting certain performance conditions or market conditions. Stock options and AO LTIP Units generally vest over 3 to 5 years, expire 10 years after the grant date, and have an exercise or conversion price equal to the closing trading price of our common shares on the grant date. Common shares of the Company are issued for options exercised and vested LTIP Units are issued for AO LTIP Units converted. Employees cannot require the Company to settle their awards in cash. Below is a summary of award activity issued in the form of stock options and AO LTIP Units for the three months ended March 31, 2024. Service-Based Performance-Based (a) Total Awards outstanding January 1, 2024 1,629,742 1,421,479 3,051,221 Granted (b) 64,278 63,717 127,995 Exercised or converted (c) (111,048) (27,616) (138,664) Awards outstanding March 31, 2024 1,582,972 1,457,580 3,040,552 Awards exercisable at March 31, 2024 1,394,671 885,994 2,280,665 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the three months ended March 31, 2024, 64,278 of service-based and 63,717 of performance-based AO LTIP Unit awards (at target) were granted to certain executive officers. The vesting of the performance-based AO LTIP Unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These performance-based AO LTIP Unit awards 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 from zero to a maximum of 127,434 AO LTIP Units. (c) 35,389 common shares were issued upon the exercise of stock options. 44,058 vested LTIP Units were issued upon conversion of 103,275 AO LTIP Units in the three months ended March 31, 2024. For the three months ended March 31, 2024, we incurred share-based compensation cost for stock options and AO LTIP Units of $2.9 million. Trustee Deferral Program Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, or fully-vested DSUs to be settled at a specified future date. Unrestricted common shares and/or DSUs will be granted to the non-management trustee on the last day of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the applicable closing price of our common shares on such date. During the three months ended March 31, 2024, we granted 560 DSUs and 115 unrestricted common shares. During the three months ended March 31, 2024, 416 previously granted DSUs were settled in common shares. A total of 10,913 DSUs were outstanding at March 31, 2024 (10,769 at December 31, 2023). |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
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 and unvested LTIP Units, for non-forfeitable dividends and distributions 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 and AO LTIP Units outstanding for diluted net income per common share. Stock options and AO LTIP Units representing 443,336 common shares were excluded from the computation of diluted earnings per share for the three months ended March 31, 2024, as compared to 264,512 common shares for the same period in 2023, because their effect would have been antidilutive. The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three months ended March 31, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 459,209 $ 467,588 Denominator for basic net income per share - weighted average common shares outstanding 175,700 175,451 Net effect of dilutive stock options and AO LTIP Units - based on treasury stock method 650 777 Denominator for dilutive net income per share - weighted average common shares outstanding 176,350 176,228 Net income per common share: Basic $ 2.61 $ 2.67 Dilutive $ 2.60 $ 2.65 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
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) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. The presentation in the table below sets forth the Net Operating Income (“NOI”) of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended March 31, 2024 2023 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,086,045 $ 1,032,184 Cost of operations (297,414) (268,615) Net operating income 788,631 763,569 Depreciation and amortization (285,203) (221,650) Net income 503,428 541,919 Ancillary Operations Revenue 71,175 62,048 Cost of operations (27,069) (19,676) Net operating income 44,106 42,372 Total net income allocated to segments 547,534 584,291 Other items not allocated to segments: Real estate acquisition and development expense (3,717) (5,481) General and administrative (21,336) (16,958) Interest and other income 13,966 18,634 Interest expense (67,778) (36,101) Equity in earnings of unconsolidated real estate entities 6,090 5,995 Foreign currency exchange gain (loss) 37,543 (26,860) Gain on sale of real estate 874 — Income tax expense (1,479) (3,105) Net income $ 511,697 $ 520,415 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At March 31, 2024, there were approximately 1.4 million certificates held by our self-storage customers, representing aggregate coverage of approximately $6.5 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $143.4 million at March 31, 2024. We expect to pay approximately $113.5 million in the remainder of 2024 and $29.9 million in 2025 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $64.4 million at March 31, 2024. We expect to pay approximately $2.9 million in the remainder of 2024, $4.1 million in 2025, $4.0 million in 2026, $2.6 million in 2027, $2.5 million in 2028, and $48.3 million thereafter for these commitments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 11, 2024, PSOC issued €150 million of senior notes to institutional investors, bearing interest at a fixed rate of 4.080% and maturing on April 11, 2039. The senior notes are guaranteed by Public Storage. We received $162.6 million of net proceeds from the issuance after converting the Euros to U.S. Dollars. On April 11, 2024, we repaid PSOC’s €100 million 1.540% senior notes due April 12, 2024 to the same institutional investors for $108.4 million. On April 16, 2024, PSOC completed a public offering of $1.0 billion aggregate principal amount of senior notes, including $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.70% (reset quarterly) maturing on April 16, 2027 and $300 million aggregate principal amount of senior notes bearing interest at a fixed annual rate of 5.350% maturing on August 1, 2053. The 2053 notes constitute a further issuance of, and form a single series with, our outstanding 5.350% senior notes due 2053 issued on July 26, 2023 in the aggregate principal amount of $600 million. These senior notes are guaranteed by Public Storage. We received $988.5 million of net proceeds from the offering. On April 23, 2024, we repaid our outstanding $700 million aggregate principal amount of floating rate senior notes at maturity. Subsequent to March 31, 2024, we acquired or were under contract to acquire four self-storage facilities across four states with 0.3 million net rentable square feet, for $34.6 million. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 508,948 | $ 517,708 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts previously reported in our March 31, 2023 Consolidated Statements of Income have been reclassified to conform to the March 31, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $5.5 million for the three months ended March 31, 2023, previously included in general and administrative expense. The reclassification had no impact on our net income. Certain amounts previously reported in our March 31, 2023 Statements of Cash Flows have been reclassified to conform to the March 31, 2024 presentation, with respect to the 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 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
Real Estate Facilities (Tables)
Real Estate Facilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Schedule of Real Estate Activities | Activity in real estate facilities during the three months ended March 31, 2024 is as follows: Three Months Ended March 31, 2024 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 Capital expenditures to maintain real estate facilities 58,056 Capital expenditures for property enhancements 27,626 Capital expenditures for energy efficiencies (LED lighting, solar) 13,760 Dispositions and other (1,549) Developed or expanded facilities opened for operation 35,029 Ending balance 27,598,160 Accumulated depreciation: Beginning balance (9,423,974) Depreciation expense (247,547) Ending balance (9,671,521) Construction in process: Beginning balance 345,453 Costs incurred to develop and expand real estate facilities 79,322 Write-off of cancelled projects (468) Developed or expanded facilities opened for operation (35,029) Ending balance 389,278 Total real estate facilities at March 31, 2024 $ 18,315,917 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and other intangible assets consisted of the following (amounts in thousands): At March 31, 2024 At December 31, 2023 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 (828,780) 166,798 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,180,245 $ (828,780) $ 351,465 $ 1,180,245 $ (792,978) $ 387,267 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for our finite-lived intangible assets at March 31, 2024 is as follows (amounts in thousands): Year Amount Remainder of 2024 $ 80,536 2025 60,467 2026 19,129 2027 2,797 2028 377 Thereafter 3,492 Total $ 166,798 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Payable [Abstract] | |
Schedule of Notes Payable | Our notes payable at March 31, 2024 and December 31, 2023 are set forth in the tables below: Amounts at March 31, 2024 Amounts at December 31, 2023 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% 5.818% $ 700,000 $ (45) $ 699,955 $ 700,123 $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR+0.60% 5.948% 400,000 (1,074) 398,926 400,990 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (1,396) 498,604 462,641 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (2,269) 647,731 596,394 647,513 597,131 Notes due September 15, 2027 3.094% 3.218% 500,000 (1,832) 498,168 473,279 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,752) 647,248 578,980 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (2,217) 547,783 485,904 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,800) 497,200 508,982 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,559) 498,441 469,267 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,841) 645,159 549,167 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,695) 547,305 456,506 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (5,407) 694,593 702,013 694,448 725,753 Notes due August 1, 2053 5.350% 5.442% 600,000 (7,915) 592,085 599,071 592,017 628,413 7,450,000 (36,802) 7,413,198 6,983,317 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% 107,930 — 107,930 107,792 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 261,205 — 261,205 254,901 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 755,509 (7,210) 748,299 624,319 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 539,649 (4,188) 535,461 445,722 547,540 455,895 1,664,293 (11,398) 1,652,895 1,432,734 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.5 million 4.374% 4.374% 1,797 — 1,797 1,734 1,833 1,733 $ 9,116,090 $ (48,200) $ 9,067,890 $ 8,417,785 $ 9,103,277 $ 8,558,601 |
Schedule of Maturities of Notes Payable | At March 31, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total Remainder of 2024 $ 807,930 $ 88 $ 808,018 2025 661,205 131 661,336 2026 1,150,000 138 1,150,138 2027 500,000 146 500,146 2028 1,200,000 129 1,200,129 Thereafter 4,795,158 1,165 4,796,323 $ 9,114,293 $ 1,797 $ 9,116,090 Weighted average effective rate 3.1% 4.4% 3.1% |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Preferred Shares | At March 31, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At March 31, 2024 At December 31, 2023 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series F 6/2/2022 5.150 % 11,200 $ 280,000 11,200 $ 280,000 Series G 8/9/2022 5.050 % 12,000 300,000 12,000 300,000 Series H 3/11/2024 5.600 % 11,400 285,000 11,400 285,000 Series I 9/12/2024 4.875 % 12,650 316,250 12,650 316,250 Series J 11/15/2024 4.700 % 10,350 258,750 10,350 258,750 Series K 12/20/2024 4.750 % 9,200 230,000 9,200 230,000 Series L 6/17/2025 4.625 % 22,600 565,000 22,600 565,000 Series M 8/14/2025 4.125 % 9,200 230,000 9,200 230,000 Series N 10/6/2025 3.875 % 11,300 282,500 11,300 282,500 Series O 11/17/2025 3.900 % 6,800 170,000 6,800 170,000 Series P 6/16/2026 4.000 % 24,150 603,750 24,150 603,750 Series Q 8/17/2026 3.950 % 5,750 143,750 5,750 143,750 Series R 11/19/2026 4.000 % 17,400 435,000 17,400 435,000 Series S 1/13/2027 4.100 % 10,000 250,000 10,000 250,000 Total Preferred Shares 174,000 $ 4,350,000 174,000 $ 4,350,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation Expense | We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $0.6 million and $0.7 million of share-based compensation cost was capitalized as real estate facilities for the three months ended March 31, 2024 and 2023, respectively. Three Months Ended March 31, 2024 2023 (Amounts in thousands) Self-storage cost of operations $ 3,245 $ 3,924 Ancillary cost of operations 376 317 Real estate acquisition and development expense 688 324 General and administrative 6,038 5,280 Total $ 10,347 $ 9,845 |
Schedule of Restricted Share Units and LTIP Units Activity | Below is a summary of award activity issued in the form of RSUs and LTIP Units for the three months ended March 31, 2024. Service-Based Performance-Based (a) Total Unvested awards outstanding January 1, 2024 322,648 94,013 416,661 Granted (b) 4,470 34,550 39,020 Vested (c) (55,481) (9,250) (64,731) Forfeited (7,365) — (7,365) Unvested awards outstanding March 31, 2024 264,272 119,313 383,585 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the three months ended March 31, 2024, 34,550 performance-based LTIP Unit awards (at target) were granted to certain executive officers, where vesting is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These LTIP Unit awards 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 from zero to a maximum of 69,100 LTIP Units. (c) 16,914 common shares were issued from the vesting of RSUs. |
Schedule of Stock Options and AO LTIP Units Activity | Below is a summary of award activity issued in the form of stock options and AO LTIP Units for the three months ended March 31, 2024. Service-Based Performance-Based (a) Total Awards outstanding January 1, 2024 1,629,742 1,421,479 3,051,221 Granted (b) 64,278 63,717 127,995 Exercised or converted (c) (111,048) (27,616) (138,664) Awards outstanding March 31, 2024 1,582,972 1,457,580 3,040,552 Awards exercisable at March 31, 2024 1,394,671 885,994 2,280,665 (a) Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance. (b) During the three months ended March 31, 2024, 64,278 of service-based and 63,717 of performance-based AO LTIP Unit awards (at target) were granted to certain executive officers. The vesting of the performance-based AO LTIP Unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These performance-based AO LTIP Unit awards 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 from zero to a maximum of 127,434 AO LTIP Units. (c) 35,389 common shares were issued upon the exercise of stock options. 44,058 vested LTIP Units were issued upon conversion of 103,275 AO LTIP Units in the three months ended March 31, 2024. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income Per Common Share | The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the three months ended March 31, 2024 and 2023, respectively (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 459,209 $ 467,588 Denominator for basic net income per share - weighted average common shares outstanding 175,700 175,451 Net effect of dilutive stock options and AO LTIP Units - based on treasury stock method 650 777 Denominator for dilutive net income per share - weighted average common shares outstanding 176,350 176,228 Net income per common share: Basic $ 2.61 $ 2.67 Dilutive $ 2.60 $ 2.65 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: Three Months Ended March 31, 2024 2023 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 1,086,045 $ 1,032,184 Cost of operations (297,414) (268,615) Net operating income 788,631 763,569 Depreciation and amortization (285,203) (221,650) Net income 503,428 541,919 Ancillary Operations Revenue 71,175 62,048 Cost of operations (27,069) (19,676) Net operating income 44,106 42,372 Total net income allocated to segments 547,534 584,291 Other items not allocated to segments: Real estate acquisition and development expense (3,717) (5,481) General and administrative (21,336) (16,958) Interest and other income 13,966 18,634 Interest expense (67,778) (36,101) Equity in earnings of unconsolidated real estate entities 6,090 5,995 Foreign currency exchange gain (loss) 37,543 (26,860) Gain on sale of real estate 874 — Income tax expense (1,479) (3,105) Net income $ 511,697 $ 520,415 |
Description of the Business (De
Description of the Business (Details) ft² in Millions | 3 Months Ended | |
Mar. 31, 2024 ft² storage_facility country state | Nov. 14, 2023 | |
Public Storage Parent | ||
Nature Of Business [Line Items] | ||
Ownership interest | 99.95% | |
Trustees and Officers | ||
Nature Of Business [Line Items] | ||
Ownership interest | 0.05% | |
Shurgard | ||
Nature Of Business [Line Items] | ||
PSA number of self-storage facilities | storage_facility | 279 | |
Net rentable area (in square feet) | ft² | 15 | |
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 | 3,045 | |
Net rentable area (in square feet) | ft² | 218.4 | |
Number of states with facilities | state | 40 | |
Number of third-party self-storage facilities managed | storage_facility | 235 | |
Public Storage | Commercial and Retail Space | ||
Nature Of Business [Line Items] | ||
Net rentable area (in square feet) | ft² | 1.1 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Income tax expense | $ 1,479 | $ 3,105 |
Real estate acquisition and development expense | $ 3,717 | $ 5,481 |
Real Estate Facilities (Schedul
Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Operating facilities, at cost: | ||
Beginning balance (Operating facilities, at cost) | $ 27,465,238 | |
Capital expenditures to maintain real estate facilities | 58,056 | |
Capital expenditures for property enhancements | 27,626 | |
Capital expenditures for energy efficiencies (LED lighting, solar) | 13,760 | |
Dispositions and other | (1,549) | |
Developed or expanded facilities opened for operation | 35,029 | |
Ending balance (Operating facilities, at cost) | 27,598,160 | |
Accumulated depreciation: | ||
Beginning balance (Accumulated depreciation) | (9,423,974) | |
Depreciation expense | (247,547) | |
Ending balance (Accumulated depreciation) | (9,671,521) | |
Construction in process: | ||
Beginning balance (Construction in process) | 345,453 | |
Costs incurred to develop and expand real estate facilities | 79,322 | |
Write-off of cancelled projects | (468) | |
Developed or expanded facilities opened for operation | (35,029) | |
Ending balance (Construction in process) | 389,278 | |
Total real estate facilities | $ 18,315,917 | $ 18,386,717 |
Real Estate Facilities (Narrati
Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) ft² | Mar. 31, 2023 USD ($) | |
Schedule Of Real Estate Facilities [Line Items] | ||
Aggregate costs to develop and expand | $ 35,000 | |
Net rentable area developed or expanded | ft² | 0.3 | |
Proceeds from sale of real estate investments | $ 2,423 | $ 0 |
Gain on sale of real estate | 874 | $ 0 |
Land Parcel | ||
Schedule Of Real Estate Facilities [Line Items] | ||
Gain on sale of real estate | $ 900 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Entities (Details) $ in Thousands | 3 Months Ended | ||||
Nov. 14, 2023 USD ($) shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | Mar. 31, 2024 € / shares | Dec. 31, 2023 USD ($) shares | |
Schedule of Equity Method Investments [Line Items] | |||||
Exchange rate translation (as percent) | 1.079 | ||||
Cash distribution received | $ 352 | $ 324 | |||
Gain (loss) of foreign currency translation | $ (7,275) | 3,869 | |||
Shurgard | |||||
Schedule of Equity Method Investments [Line Items] | |||||
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 | € 41.38 | ||||
Market value | $ 1,500,000 | ||||
License fees received | 1,000 | 900 | |||
Basis differential | 61,300 | $ 63,700 | |||
Amortization of basis differential | 2,400 | 4,500 | |||
Shurgard | Trademark License | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash distribution received | $ 400 | $ 300 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill, gross | $ 165,843 | $ 165,843 |
Goodwill, net | 165,843 | 165,843 |
Gross Book Value | 995,578 | 995,578 |
Accumulated Amortization | (828,780) | (792,978) |
Total | 166,798 | 202,600 |
Gross Book Value | 1,180,245 | 1,180,245 |
Net Book Value | 351,465 | 387,267 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 18,824 | $ 18,824 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 35.8 | $ 14.6 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 80,536 | |
2025 | 60,467 | |
2026 | 19,129 | |
2027 | 2,797 | |
2028 | 377 | |
Thereafter | 3,492 | |
Total | $ 166,798 | $ 202,600 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) | Mar. 31, 2024 | Jun. 12, 2023 | Apr. 30, 2024 | Dec. 31, 2023 | Jun. 11, 2023 |
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 | ||||
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 | $ 14,600,000 |
Notes Payable (Schedule of Note
Notes Payable (Schedule of Notes Payable) (Details) $ in Thousands | Mar. 31, 2024 USD ($) real_estate_facility | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | ||
Principal | $ 9,116,090 | |
Unamortized Costs | (48,200) | |
Book Value | 9,067,890 | $ 9,103,277 |
Fair Value | 8,417,785 | 8,558,601 |
U.S. Dollar Denominated Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal | 7,450,000 | |
Unamortized Costs | (36,802) | |
Book Value | 7,413,198 | 7,411,297 |
Fair Value | $ 6,983,317 | 7,092,333 |
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | ||
Debt Instrument [Line Items] | ||
Effective Rate | 5.818% | |
Principal | $ 700,000 | |
Unamortized Costs | (45) | |
Book Value | 699,955 | 699,779 |
Fair Value | $ 700,123 | 700,031 |
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025 | ||
Debt Instrument [Line Items] | ||
Effective Rate | 5.948% | |
Principal | $ 400,000 | |
Unamortized Costs | (1,074) | |
Book Value | 398,926 | 398,722 |
Fair Value | $ 400,990 | 400,295 |
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 0.875% | |
Effective Rate | 1.03% | |
Principal | $ 500,000 | |
Unamortized Costs | (1,396) | |
Book Value | 498,604 | 498,419 |
Fair Value | $ 462,641 | 462,362 |
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 1.50% | |
Effective Rate | 1.64% | |
Principal | $ 650,000 | |
Unamortized Costs | (2,269) | |
Book Value | 647,731 | 647,513 |
Fair Value | $ 596,394 | 597,131 |
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 | (1,832) | |
Book Value | 498,168 | 498,036 |
Fair Value | $ 473,279 | 476,394 |
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 1.85% | |
Effective Rate | 1.962% | |
Principal | $ 650,000 | |
Unamortized Costs | (2,752) | |
Book Value | 647,248 | 647,078 |
Fair Value | $ 578,980 | 584,520 |
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 1.95% | |
Effective Rate | 2.044% | |
Principal | $ 550,000 | |
Unamortized Costs | (2,217) | |
Book Value | 547,783 | 547,663 |
Fair Value | $ 485,904 | 490,758 |
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 | (2,800) | |
Book Value | 497,200 | 497,053 |
Fair Value | $ 508,982 | 516,899 |
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 | (1,559) | |
Book Value | 498,441 | 498,363 |
Fair Value | $ 469,267 | 477,692 |
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 2.30% | |
Effective Rate | 2.419% | |
Principal | $ 650,000 | |
Unamortized Costs | (4,841) | |
Book Value | 645,159 | 644,988 |
Fair Value | $ 549,167 | 562,240 |
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 2.25% | |
Effective Rate | 2.322% | |
Principal | $ 550,000 | |
Unamortized Costs | (2,695) | |
Book Value | 547,305 | 547,218 |
Fair Value | $ 456,506 | 469,845 |
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 | (5,407) | |
Book Value | 694,593 | 694,448 |
Fair Value | $ 702,013 | 725,753 |
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 | (7,915) | |
Book Value | 592,085 | 592,017 |
Fair Value | $ 599,071 | 628,413 |
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 | $ 1,664,293 | |
Unamortized Costs | (11,398) | |
Book Value | 1,652,895 | 1,690,147 |
Fair Value | $ 1,432,734 | 1,464,535 |
Euro Denominated Unsecured Debt | Notes due April 12, 2024 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 1.54% | |
Effective Rate | 1.54% | |
Principal | $ 107,930 | |
Unamortized Costs | 0 | |
Book Value | 107,930 | 110,372 |
Fair Value | $ 107,792 | 109,380 |
Euro Denominated Unsecured Debt | Notes due November 3, 2025 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 2.175% | |
Effective Rate | 2.175% | |
Principal | $ 261,205 | |
Unamortized Costs | 0 | |
Book Value | 261,205 | 267,116 |
Fair Value | $ 254,901 | 261,083 |
Euro Denominated Unsecured Debt | Notes due September 9, 2030 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 0.50% | |
Effective Rate | 0.64% | |
Principal | $ 755,509 | |
Unamortized Costs | (7,210) | |
Book Value | 748,299 | 765,119 |
Fair Value | $ 624,319 | 638,177 |
Euro Denominated Unsecured Debt | Notes due January 24, 2032 | ||
Debt Instrument [Line Items] | ||
Coupon Rate | 0.875% | |
Effective Rate | 0.978% | |
Principal | $ 539,649 | |
Unamortized Costs | (4,188) | |
Book Value | 535,461 | 547,540 |
Fair Value | $ 445,722 | 455,895 |
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 | $ 11,500 | |
Coupon Rate | 4.374% | |
Effective Rate | 4.374% | |
Principal | $ 1,797 | |
Unamortized Costs | 0 | |
Book Value | 1,797 | 1,833 |
Fair Value | $ 1,734 | $ 1,733 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2024 USD ($) tranche | Mar. 31, 2023 USD ($) | Sep. 09, 2021 EUR (€) | Jan. 24, 2020 EUR (€) | Apr. 12, 2016 EUR (€) | Nov. 03, 2015 EUR (€) | |
Debt Instrument [Line Items] | ||||||
Foreign currency exchange gain (loss) | $ | $ 37,543 | $ (26,860) | ||||
Interest capitalized as real estate | $ | $ 2,400 | 1,700 | ||||
U.S. Dollar Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt to total assets ratio | 17% | |||||
Adjusted EBTIDA to interest Expense ratio | 15 | |||||
U.S. Dollar Denominated Unsecured Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Adjusted EBTIDA to interest Expense ratio | 1.5 | |||||
Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Number of tranches | tranche | 4 | |||||
Foreign currency exchange gain (loss) | $ | $ 37,800 | $ (27,100) | ||||
Maximum Covenant | U.S. Dollar Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt to total assets ratio | 65% | |||||
Notes due November 3, 2025 | Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance amount | € 242,000,000 | |||||
Interest rate (as percent) | 2.175% | |||||
Notes due April 12, 2024 | Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance amount | € 100,000,000 | |||||
Interest rate (as percent) | 1.54% | |||||
Notes due January 24, 2032 | Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance amount | € 500,000,000 | |||||
Interest rate (as percent) | 0.875% | |||||
Notes due September 9, 2030 | Euro Denominated Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance amount | € 700,000,000 | |||||
Interest rate (as percent) | 0.50% | |||||
Mortgage Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as percent) | 3.90% | |||||
Mortgage Debt | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as percent) | 7.10% |
Notes Payable (Schedule of Matu
Notes Payable (Schedule of Maturities of Notes Payable) (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2024 | $ 808,018 |
2025 | 661,336 |
2026 | 1,150,138 |
2027 | 500,146 |
2028 | 1,200,129 |
Thereafter | 4,796,323 |
Total debt | $ 9,116,090 |
Weighted average effective rate | 3.10% |
Unsecured Debt | |
Debt Instrument [Line Items] | |
Remainder of 2024 | $ 807,930 |
2025 | 661,205 |
2026 | 1,150,000 |
2027 | 500,000 |
2028 | 1,200,000 |
Thereafter | 4,795,158 |
Total debt | $ 9,114,293 |
Weighted average effective rate | 3.10% |
Mortgage Debt | |
Debt Instrument [Line Items] | |
Remainder of 2024 | $ 88 |
2025 | 131 |
2026 | 138 |
2027 | 146 |
2028 | 129 |
Thereafter | 1,165 |
Total debt | $ 1,797 |
Weighted average effective rate | 4.40% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | Mar. 31, 2024 shares |
LTIP Units | |
Noncontrolling Interest [Line Items] | |
Partnership units conversion ratio | 1 |
Vested LTIP Uits Outstanding (in shares) | 83,051 |
Trustees and Officers | |
Noncontrolling Interest [Line Items] | |
Ownership interest of noncontrolling owners | 0.05% |
Noncontrolling Interests | |
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 | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||
Preferred stock, shares outstanding (in shares) | 174,000 | 174,000 |
Liquidation Preference | $ 4,350,000 | $ 4,350,000 |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 02, 2022 | |
Dividend Rate | 5.15% | |
Preferred stock, shares outstanding (in shares) | 11,200 | 11,200 |
Liquidation Preference | $ 280,000 | $ 280,000 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 09, 2022 | |
Dividend Rate | 5.05% | |
Preferred stock, shares outstanding (in shares) | 12,000 | 12,000 |
Liquidation Preference | $ 300,000 | $ 300,000 |
Series H Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Mar. 11, 2024 | |
Dividend Rate | 5.60% | |
Preferred stock, shares outstanding (in shares) | 11,400 | 11,400 |
Liquidation Preference | $ 285,000 | $ 285,000 |
Series I Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Sep. 12, 2024 | |
Dividend Rate | 4.875% | |
Preferred stock, shares outstanding (in shares) | 12,650 | 12,650 |
Liquidation Preference | $ 316,250 | $ 316,250 |
Series J Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 15, 2024 | |
Dividend Rate | 4.70% | |
Preferred stock, shares outstanding (in shares) | 10,350 | 10,350 |
Liquidation Preference | $ 258,750 | $ 258,750 |
Series K Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Dec. 20, 2024 | |
Dividend Rate | 4.75% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series L Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 17, 2025 | |
Dividend Rate | 4.625% | |
Preferred stock, shares outstanding (in shares) | 22,600 | 22,600 |
Liquidation Preference | $ 565,000 | $ 565,000 |
Series M Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 14, 2025 | |
Dividend Rate | 4.125% | |
Preferred stock, shares outstanding (in shares) | 9,200 | 9,200 |
Liquidation Preference | $ 230,000 | $ 230,000 |
Series N Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Oct. 06, 2025 | |
Dividend Rate | 3.875% | |
Preferred stock, shares outstanding (in shares) | 11,300 | 11,300 |
Liquidation Preference | $ 282,500 | $ 282,500 |
Series O Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 17, 2025 | |
Dividend Rate | 3.90% | |
Preferred stock, shares outstanding (in shares) | 6,800 | 6,800 |
Liquidation Preference | $ 170,000 | $ 170,000 |
Series P Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jun. 16, 2026 | |
Dividend Rate | 4% | |
Preferred stock, shares outstanding (in shares) | 24,150 | 24,150 |
Liquidation Preference | $ 603,750 | $ 603,750 |
Series Q Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Aug. 17, 2026 | |
Dividend Rate | 3.95% | |
Preferred stock, shares outstanding (in shares) | 5,750 | 5,750 |
Liquidation Preference | $ 143,750 | $ 143,750 |
Series R Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Nov. 19, 2026 | |
Dividend Rate | 4% | |
Preferred stock, shares outstanding (in shares) | 17,400 | 17,400 |
Liquidation Preference | $ 435,000 | $ 435,000 |
Series S Preferred Stock | ||
Class of Stock [Line Items] | ||
Earliest Redemption Date | Jan. 13, 2027 | |
Dividend Rate | 4.10% | |
Preferred stock, shares outstanding (in shares) | 10,000 | 10,000 |
Liquidation Preference | $ 250,000 | $ 250,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) board_member dividend $ / shares | Mar. 31, 2023 USD ($) $ / shares | |
Stockholders' Equity Note [Abstract] | ||
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend | 6 | |
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | board_member | 2 | |
Amount of preferred dividends in arrears | $ 0 | |
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent | 66.67% | |
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent | 66.67% | |
Redemption price per share (in USD per share) | $ / shares | $ 25 | |
Common stock dividends paid in aggregate | $ 528,100,000 | $ 527,600,000 |
Dividends and distributions accrued | $ 300,000 | $ 200,000 |
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares | $ 3 | $ 3 |
Preferred share dividends | $ 48,700,000 | $ 48,700,000 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) adult_children storage_facility | Mar. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||
Tenants reinsurance premiums earned by subsidiaries | $ | $ 0.5 | $ 0.5 |
Hughes Owned Canadian Facilities | Canada | Related Party | ||
Related Party Transaction [Line Items] | ||
Number of self-storage facilities | storage_facility | 66 | |
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 Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
RSUs substituted by LTIP Units (in shares) | 156,632 | |
Stock Options substituted by AO LTIP Units (in shares) | 2,102,424 | |
Share-based compensation cost capitalized | $ 0.6 | $ 0.7 |
Unrecognized compensation cost | $ 91.6 | |
Compensation recognition period (in years) | 3 years |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based compensation cost capitalized | $ 600 | $ 700 |
Share-based Payment Arrangement, Expensed, Amount [Line Items] | ||
Share-based compensation expense | 10,347 | 9,845 |
Self-storage cost of operations | ||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | ||
Share-based compensation expense | 3,245 | 3,924 |
Ancillary cost of operations | ||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | ||
Share-based compensation expense | 376 | 317 |
Real estate acquisition and development expense | ||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | ||
Share-based compensation expense | 688 | 324 |
General and administrative | ||
Share-based Payment Arrangement, Expensed, Amount [Line Items] | ||
Share-based compensation expense | $ 6,038 | $ 5,280 |
Share-Based Compensation (Restr
Share-Based Compensation (Restricted Share Units and LTIP Units) (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 10,347 | $ 9,845 |
Restricted Share Units and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 7,900 | |
LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Partnership units conversion ratio | 1 | |
PSA OP Common Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Partnership units conversion ratio | 1 | |
Minimum | Restricted Share Units and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years | |
Maximum | Restricted Share Units and LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 8 years |
Share-Based Compensation (Res_2
Share-Based Compensation (Restricted Share Units and LTIP Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2024 shares | |
Number of Restricted Share Units | |
Shares issued from vesting (in shares) | 16,914 |
Restricted Share Units and LTIP Units | |
Number of Restricted Share Units | |
Unvested awards outstanding, beginning balance (in shares) | 416,661 |
Granted (in shares) | 39,020 |
Vested (in shares) | (64,731) |
Forfeited (in shares) | (7,365) |
Unvested awards outstanding, ending balance (in shares) | 383,585 |
Service-Based | |
Number of Restricted Share Units | |
Unvested awards outstanding, beginning balance (in shares) | 322,648 |
Granted (in shares) | 4,470 |
Vested (in shares) | (55,481) |
Forfeited (in shares) | (7,365) |
Unvested awards outstanding, ending balance (in shares) | 264,272 |
Performance-Based | |
Number of Restricted Share Units | |
Unvested awards outstanding, beginning balance (in shares) | 94,013 |
Granted (in shares) | 34,550 |
Vested (in shares) | (9,250) |
Forfeited (in shares) | 0 |
Unvested awards outstanding, ending balance (in shares) | 119,313 |
Performance-Based LTIP Units | |
Number of Restricted Share Units | |
Granted (in shares) | 34,550 |
Award performance period (in years) | 3 years |
Performance-Based LTIP Units | Minimum | |
Number of Restricted Share Units | |
Number of units, grantees earnings (in shares) | 0 |
Performance-Based LTIP Units | Maximum | |
Number of Restricted Share Units | |
Number of units, grantees earnings (in shares) | 69,100 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Options and AO LTIP Units) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 10,347 | $ 9,845 |
Stock Options and AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period (in years) | 10 years | |
Share-based compensation expense | $ 2,900 | |
Minimum | Stock Options and AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Maximum | Stock Options and AO LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 5 years |
Share-Based Compensation (Sto_2
Share-Based Compensation (Stock Options and AO LTIP Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2024 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Employee stock-based compensation and exercise of stock options (in shares) | 35,389 |
Stock Options and AO LTIP Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options outstanding, beginning balance (in shares) | 3,051,221 |
Granted (in shares) | 127,995 |
Exercised (in shares) | (138,664) |
Number of options outstanding, ending balance (in shares) | 3,040,552 |
Number of options exercisable (in shares) | 2,280,665 |
Service-Based | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options outstanding, beginning balance (in shares) | 1,629,742 |
Granted (in shares) | 64,278 |
Exercised (in shares) | (111,048) |
Number of options outstanding, ending balance (in shares) | 1,582,972 |
Number of options exercisable (in shares) | 1,394,671 |
Performance-Based | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Number of options outstanding, beginning balance (in shares) | 1,421,479 |
Granted (in shares) | 63,717 |
Exercised (in shares) | (27,616) |
Number of options outstanding, ending balance (in shares) | 1,457,580 |
Number of options exercisable (in shares) | 885,994 |
Service-Based AO LTIP Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Stock options granted (in shares) | 64,278 |
Performance-Based AO LTIP Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Stock options granted (in shares) | 63,717 |
Award performance period (in years) | 3 years |
Performance-Based AO LTIP Units | Minimum | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Number of units, grantees earnings (in shares) | 0 |
Performance-Based AO LTIP Units | Maximum | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Number of units, grantees earnings (in shares) | 127,434 |
LTIP Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Conversion of partnership units (in shares) | 44,058 |
AO LTIP Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |
Conversion of partnership units (in shares) | 103,275 |
Share-Based Compensation (Trust
Share-Based Compensation (Trustee Deferral Program) (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Deferred Stock Units (DSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 560 | |
Granted DSUs (in shares) | 416 | |
Restricted share units outstanding (in shares) | 10,913 | 10,769 |
Unrestricted Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 115 |
Net Income per Common Share (De
Net Income per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 443,336 | 264,512 |
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders | $ 459,209 | $ 467,588 |
Denominator for basic net income per share - weighted average common shares outstanding (in shares) | 175,700,000 | 175,451,000 |
Net effect of dilutive stock options and AO LTIP Units - based on treasury stock method (in shares) | 650,000 | 777,000 |
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares) | 176,350,000 | 176,228,000 |
Basic (in USD per share) | $ 2.61 | $ 2.67 |
Diluted (in USD per share) | $ 2.60 | $ 2.65 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,157,220 | $ 1,094,232 |
Depreciation and amortization | (285,203) | (221,650) |
Real estate acquisition and development expense | (3,717) | (5,481) |
General and administrative | (21,336) | (16,958) |
Interest and other income | 13,966 | 18,634 |
Interest expense | (67,778) | (36,101) |
Equity in earnings of unconsolidated real estate entities | 6,090 | 5,995 |
Foreign currency exchange gain (loss) | 37,543 | (26,860) |
Gain on sale of real estate | 874 | 0 |
Income tax expense | (1,479) | (3,105) |
Net income | 511,697 | 520,415 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net income | 547,534 | 584,291 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Real estate acquisition and development expense | (3,717) | (5,481) |
General and administrative | (21,336) | (16,958) |
Interest and other income | 13,966 | 18,634 |
Interest expense | (67,778) | (36,101) |
Equity in earnings of unconsolidated real estate entities | 6,090 | 5,995 |
Foreign currency exchange gain (loss) | 37,543 | (26,860) |
Gain on sale of real estate | 874 | 0 |
Income tax expense | (1,479) | (3,105) |
Self-Storage Operations Reportable Segment | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,086,045 | 1,032,184 |
Cost of operations | (297,414) | (268,615) |
Net operating income | 788,631 | 763,569 |
Depreciation and amortization | (285,203) | (221,650) |
Net income | 503,428 | 541,919 |
Ancillary Operations | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 71,175 | 62,048 |
Net operating income | 44,106 | 42,372 |
Cost of operations | $ (27,069) | $ (19,676) |
Commitments and Contingencies (
Commitments and Contingencies (Details) certificate in Millions | Mar. 31, 2024 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 | 1.4 |
Aggregate coverage of tenants participating in insurance program | $ 6,500,000,000 |
Construction commitments | 143,400,000 |
Construction commitments remainder of 2024 | 113,500,000 |
Construction commitments 2025 | 29,900,000 |
Various lease commitments | 64,400,000 |
Various lease commitments remainder of 2024 | 2,900,000 |
Various lease commitments 2025 | 4,100,000 |
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 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, ft² in Millions | 1 Months Ended | ||||||
Apr. 23, 2024 USD ($) | Apr. 16, 2024 USD ($) | Apr. 11, 2024 USD ($) | Apr. 30, 2024 USD ($) state ft² storage_facility | Apr. 11, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Jul. 26, 2023 USD ($) | |
Subsequent Event [Line Items] | |||||||
Total debt | $ 9,116,090 | ||||||
Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt issuance amount | $ 1,000,000 | ||||||
Net proceeds from convertion of currency | 988,500 | ||||||
Subsequent Event | Acquisition of Self-Storage Facilities Other Investments | |||||||
Subsequent Event [Line Items] | |||||||
Number of self-storage facilities acquired or under contract to be acquired | storage_facility | 4 | ||||||
Number of states self-storage facilities acquired or under contracts to be acquired | state | 4 | ||||||
Net rentable area acquired (in Sq.ft) | ft² | 0.3 | ||||||
Total cost of acquisition | $ 34,600 | ||||||
Notes Due April 11, 2039 | Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt issuance amount | € | € 150,000,000 | ||||||
Interest rate (as percent) | 4.08% | ||||||
Net proceeds from convertion of currency | $ 162,600 | ||||||
Notes due April 12, 2024 | Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt issuance amount | € | € 100,000,000 | ||||||
Interest rate (as percent) | 1.54% | ||||||
Repayments of senior notes | $ 108,400 | ||||||
Notes Due April 16, 2027 | Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Total debt | $ 700,000 | ||||||
Notes Due April 16, 2027 | Subsequent Event | Secured Overnight Financing Rate (SOFR) | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | ||||||
Notes due August 1, 2053 | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Total debt | $ 600,000 | ||||||
Notes due August 1, 2053 | Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Interest rate (as percent) | 5.35% | ||||||
Total debt | $ 300,000 | ||||||
Notes Due April 2024 | Subsequent Event | Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of outstanding amount | $ 700,000 |