Public Storage (PSA) 10-Q 30 Apr 24 2024 Q1 Quarterly report Financial data

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