Public Storage (PSA) 10-K 24 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Feb. 18, 2025	Jun. 28, 2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	PUBLIC STORAGE
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	93-2834996
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 43,242,396
Entity Common Stock, Shares Outstanding		175,415,530
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001393311
Common Shares
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series F Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value
Trading Symbol	PSAPrF
Security Exchange Name	NYSE
Series G Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value
Trading Symbol	PSAPrG
Security Exchange Name	NYSE
Series H Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value
Trading Symbol	PSAPrH
Security Exchange Name	NYSE
Series I Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value
Trading Symbol	PSAPrI
Security Exchange Name	NYSE
Series J Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value
Trading Symbol	PSAPrJ
Security Exchange Name	NYSE
Series K Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value
Trading Symbol	PSAPrK
Security Exchange Name	NYSE
Series L Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value
Trading Symbol	PSAPrL
Security Exchange Name	NYSE
Series M Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value
Trading Symbol	PSAPrM
Security Exchange Name	NYSE
Series N Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value
Trading Symbol	PSAPrN
Security Exchange Name	NYSE
Series O Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value
Trading Symbol	PSAPrO
Security Exchange Name	NYSE
Series P Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value
Trading Symbol	PSAPrP
Security Exchange Name	NYSE
Series Q Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value
Trading Symbol	PSAPrQ
Security Exchange Name	NYSE
Series R Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value
Trading Symbol	PSAPrR
Security Exchange Name	NYSE
Series S Preferred Stock
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value
Trading Symbol	PSAPrS
Security Exchange Name	NYSE
Notes Due 2032
Title of 12(b) Security	Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company
Trading Symbol	PSA/32
Security Exchange Name	NYSE
Notes Due 2030
Title of 12(b) Security	Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company
Trading Symbol	PSA/30
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and equivalents	$ 447,416	$ 370,002
Real estate facilities, at cost:
Land	5,711,685	5,628,488
Buildings	22,767,053	21,836,750
Real estate facilities, gross	28,478,738	27,465,238
Accumulated depreciation	(10,426,186)	(9,423,974)
Real estate facilities, net	18,052,552	18,041,264
Construction in process	308,101	345,453
Total real estate facilities	18,360,653	18,386,717
Investment in unconsolidated real estate entity	382,490	390,180
Goodwill and other intangible assets, net	282,187	387,267
Other assets	282,188	275,050
Total assets	19,754,934	19,809,216
LIABILITIES AND EQUITY
Notes payable	9,353,034	9,103,277
Accrued and other liabilities	588,248	598,993
Total liabilities	9,941,282	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, 175,408,393 shares issued (175,670,727 shares at December 31, 2023)	17,541	17,567
Paid-in capital	6,116,113	5,980,760
Accumulated deficit	(699,083)	(267,910)
Accumulated other comprehensive loss	(71,965)	(67,239)
Total Public Storage shareholders’ equity	9,712,606	10,013,178
Noncontrolling interests	101,046	93,768
Total equity	9,813,652	10,106,946
Total liabilities and equity	$ 19,754,934	$ 19,809,216

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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)	175,408,393	175,670,727

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Revenues	$ 4,695,616	$ 4,517,690	$ 4,182,163
Expenses:
Depreciation and amortization	1,129,766	970,056	888,146
Real estate acquisition and development expense	15,506	26,451	28,744
General and administrative	106,677	80,632	71,672
Interest expense	287,401	201,132	136,319
Operating expenses	2,797,351	2,426,217	2,177,788
Other increases (decreases) to net income:
Interest and other income	67,212	85,590	40,567
Equity in earnings of unconsolidated real estate entities	19,821	27,897	106,981
Foreign currency exchange gain (loss)	102,244	(51,197)	98,314
Gain on sale of real estate	1,537	17,178	1,503
Gain on sale of equity investment in PS Business Parks, Inc.	0	0	2,128,860
Income before income tax expense	2,089,079	2,170,941	4,380,600
Income tax expense	(4,669)	(10,821)	(14,326)
Net income	2,084,410	2,160,120	4,366,274
Allocation to noncontrolling interests	(12,399)	(11,793)	(17,127)
Net income allocable to Public Storage shareholders	2,072,011	2,148,327	4,349,147
Allocation of net income to:
Preferred shareholders	(194,703)	(194,703)	(194,390)
Restricted share units and unvested LTIP units	(4,623)	(4,883)	(12,469)
Net income allocable to common shareholders	$ 1,872,685	$ 1,948,741	$ 4,142,288
Net income per common share:
Basic (in USD per share)	$ 10.68	$ 11.11	$ 23.64
Diluted (in USD per share)	$ 10.64	$ 11.06	$ 23.50
Basic weighted average common shares outstanding (in shares)	175,351	175,472	175,257
Diluted weighted average common shares outstanding (in shares)	176,038	176,143	176,280
Self-storage facilities
Revenues:
Revenues	$ 4,395,993	$ 4,259,613	$ 3,946,028
Expenses:
Self-storage cost of operations	1,136,720	1,061,950	980,209
Ancillary operations
Revenues:
Revenues	299,623	258,077	236,135
Expenses:
Ancillary cost of operations	$ 121,281	$ 85,996	$ 72,698

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 2,084,410	$ 2,160,120	$ 4,366,274
Foreign currency translation (loss) gain on investment in Shurgard	(4,739)	13,078	(26,730)
Total comprehensive income	2,079,671	2,173,198	4,339,544
Allocation to noncontrolling interests	(12,386)	(11,793)	(17,127)
Comprehensive income allocable to Public Storage shareholders	$ 2,067,285	$ 2,161,405	$ 4,322,417

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Equity	Total Public Storage Shareholders' Equity	Cumulative Preferred Shares	Common Shares	Paid-in Capital	Accumulated Deficit	Accumulated Deficit Including Noncontrolling Interest	Accumulated Deficit, NCI Portion	Accumulated Other Comprehensive Loss	Parent Including Noncontrolling Interest	Parent, NCI Portion	Noncontrolling Interests	Cumulative Preferred Shares	Cumulative Preferred Shares Total Public Storage Shareholders' Equity	Cumulative Preferred Shares Cumulative Preferred Shares	Cumulative Preferred Shares Paid-in Capital	Common Shares	Common Shares Total Public Storage Shareholders' Equity	Common Shares Common Shares	Common Shares Paid-in Capital
Beginning balance at Dec. 31, 2021	$ 9,355,289		$ 9,335,177	$ 4,100,000	$ 17,513	$ 5,821,667	$ (550,416)			$ (53,587)			$ 20,112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares														$ 242,832	$ 242,832	$ 250,000	$ (7,168)
Issuance of commons shares	0
Issuance of common shares in connection with share-based compensation	35,405																	$ 35,405	$ 35,405	$ 29	$ 35,376
Retirement of common shares																		0		(15)	15
Taxes withheld upon net share settlement of restricted share units	(16,827)		(16,827)			(16,827)
Share-based compensation expense	63,360		63,360			63,360
Repurchase of common shares	0
Contributions by noncontrolling interests	6,708												6,708
Reclassification from redeemable noncontrolling interests to noncontrolling interests	83,826												83,826
Net income	4,366,274	$ (660)						$ 4,366,274	$ (17,127)		$ 4,366,274	$ (17,127)	16,467
Distributions to:
Preferred shareholders	(194,390)		(194,390)				(194,390)
Noncontrolling interests	(33,714)												(33,714)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(3,714,572)		(3,714,572)				(3,714,572)
Other comprehensive income (loss)	(26,730)		(26,730)							(26,730)
Ending balance at Dec. 31, 2022	10,166,801		10,073,402	4,350,000	17,527	5,896,423	(110,231)			(80,317)			93,399
Beginning balance at Dec. 31, 2021	68,249
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions by noncontrolling interests	15,426
Reclassification from redeemable noncontrolling interests to noncontrolling interests	(83,826)
Net income allocated to noncontrolling interests	660
Noncontrolling interests	(509)
Ending balance at Dec. 31, 2022	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of commons shares	0
Issuance of common shares in connection with share-based compensation	53,386																	53,386	53,386	40	53,346
Taxes withheld upon net share settlement of restricted share units	(13,950)		(13,950)			(13,950)
Share-based compensation expense	44,941		44,941			44,941
Repurchase of common shares	0
Contributions by noncontrolling interests	3,203												3,203
Net income	2,160,120							2,160,120	(11,793)		2,160,120	(11,793)	11,793
Distributions to:
Preferred shareholders	(194,703)		(194,703)				(194,703)
Noncontrolling interests	(14,627)												(14,627)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(2,111,303)		(2,111,303)				(2,111,303)
Other comprehensive income (loss)	13,078		13,078							13,078
Ending balance at Dec. 31, 2023	10,106,946		10,013,178	4,350,000	17,567	5,980,760	(267,910)			(67,239)			93,768
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income allocated to noncontrolling interests	0
Ending balance at Dec. 31, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of commons shares	60,321																	60,321	60,321	18	60,303
Issuance of common shares in connection with share-based compensation	47,411																	$ 47,411	$ 47,411	$ 29	$ 47,382
Taxes withheld upon net share settlement of restricted share units	(12,667)		(12,667)			(12,667)
Share-based compensation expense	49,317		49,317			49,317
Repurchase of common shares	(200,000)		(200,000)		(73)		(199,927)
Acquisition of noncontrolling interests	(1,591)		(1,602)			(1,602)							11
Contributions by noncontrolling interests	2,938												2,938
Net income	2,084,410							$ 2,084,410	$ (12,399)		$ 2,084,410	$ (12,399)	12,399
Reallocation of equity			(7,380)			(7,380)							7,380
Distributions to:
Preferred shareholders	(194,703)		(194,703)				(194,703)
Noncontrolling interests	(15,437)												(15,437)
Common shareholders, restricted share unitholders and unvested LTIP unitholders	(2,108,554)		(2,108,554)				(2,108,554)
Other comprehensive income (loss)	(4,739)		(4,726)							(4,726)			(13)
Ending balance at Dec. 31, 2024	9,813,652		$ 9,712,606	$ 4,350,000	$ 17,541	$ 6,116,113	$ (699,083)			$ (71,965)			$ 101,046
Ending balance at Dec. 31, 2024	$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Issuance of common shares in connection with share-based compensation (in shares)	283,190
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares	$ 21.15
Issuance of commons shares for cash (in shares)	0
Employee stock-based compensation and exercise of stock options (in shares)	283,190
Cumulative Preferred Shares
Issuance of preferred shares (in shares)	10,000
Common Shares
Issuance of common shares in connection with share-based compensation (in shares)	283,190
Retirement of common shares (in shares)	151,977
Employee stock-based compensation and exercise of stock options (in shares)	283,190

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 2,084,410	$ 2,160,120	$ 4,366,274
Adjustments to reconcile net income to net cash flows from operating activities:
Gain on sale of equity investment in PS Business Parks, Inc.	0	0	(2,128,860)
Gain on sale of real estate	(1,537)	(17,178)	(1,503)
Depreciation and amortization	1,129,766	970,056	888,146
Equity in earnings of unconsolidated real estate entities	(19,821)	(27,897)	(106,981)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	11,039	29,333	134,769
Unrealized foreign currency exchange (gain) loss	(101,974)	51,239	(97,563)
Share-based compensation expense	44,747	41,566	56,703
Other non-cash adjustments	11,410	20,508	15,207
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Other assets	(44,968)	(16,365)	(29,638)
Accrued and other liabilities	15,183	35,266	20,587
Net cash flows from operating activities	3,128,255	3,246,648	3,117,141
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(239,655)	(236,572)	(218,713)
Capital expenditures for property enhancements	(126,757)	(159,939)	(189,699)
Capital expenditures for energy efficiencies (LED lighting, solar)	(53,612)	(64,626)	(51,361)
Development and expansion of real estate facilities	(326,854)	(364,445)	(313,511)
Acquisition of real estate facilities and intangible assets	(267,473)	(473,176)	(757,944)
Acquisition of BREIT Simply Storage LLC, net of cash acquired	0	(2,178,151)	0
Issuance of notes receivable	(9,960)	0	0
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	13,285	10,975	13,670
Contributions to unconsolidated real estate entity	0	(112,554)	0
Proceeds from sale of real estate investments	8,388	39,986	1,543
Proceeds from sale of equity investment in PS Business Parks, Inc.	0	0	2,636,011
Net cash flows (used in) from investing activities	(1,002,638)	(3,538,502)	1,119,996
Cash flows from financing activities:
Issuance costs on amendment of credit facility	0	(8,377)	0
Repayments of notes payable	(808,505)	(8,259)	(513,495)
Issuance of notes payable, net of issuance costs	1,151,022	2,181,273	0
Issuance of preferred shares	0	0	242,832
Issuance of common shares	60,321	0	0
Issuance of common shares in connection with share-based compensation	47,278	53,131	35,271
Taxes paid upon net share settlement of restricted share units	(12,667)	(13,950)	(16,827)
Repurchase of common shares	(200,000)	0	0
Acquisition of noncontrolling interests	(1,591)	0	0
Contributions by noncontrolling interests	2,938	3,203	1,669
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders	(2,301,935)	(2,305,322)	(3,908,497)
Distributions paid to noncontrolling interests	(15,437)	(14,627)	(34,223)
Net cash flows used in financing activities	(2,078,576)	(112,928)	(4,193,270)
Net increase (decrease) in cash and equivalents, including restricted cash	47,041	(404,782)	43,867
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	370,002	775,253	734,599
Restricted cash included in other assets	30,373	29,904	26,691
Cash, equivalents, and restricted cash	400,375	805,157	761,290
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	447,416	370,002	775,253
Restricted cash included in other assets	0	30,373	29,904
Cash, equivalents, and restricted cash	447,416	400,375	805,157
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(7,324)	(10,798)	(9,903)
Capital expenditures for property enhancements	(1,087)	(3,046)	(4,502)
Capital expenditures for energy efficiencies (LED lighting, solar)	(1,179)	(386)	(855)
Construction or expansion of real estate facilities	(47,159)	(68,099)	(65,650)
Real estate acquired in exchange for noncontrolling interests	0	0	(19,865)
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized	269,498	146,213	127,711
Cash paid for income taxes, net of refunds	$ 6,877	$ 11,056	$ 11,293

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	1. Description of the Business Public Storage 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 equity interests in PSOC. As of December 31, 2024, Public Storage owned all of the general partner interests and approximately 99.87% of the limited partnership interests of PSA OP, with the remaining 0.13% of limited partnership interests owned by certain trustees and officers of the Company. Unless stated otherwise or the context otherwise requires, references to “Public Storage” mean the parent entity, Public Storage, and references to “the Company,” “we,” “us,” and “our” mean collectively Public Storage, PSA OP, PSOC, and those entities/subsidiaries owned or controlled by Public Storage, PSA OP, and PSOC. At December 31, 2024, we owned interests in 3,073 self-storage facilities (with approximately 221.3 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.0 million net rentable square feet of commercial and retail space. In addition, we managed 307 facilities (with approximately 23.3 million net rentable square feet) for third parties at December 31, 2024. At December 31, 2024, we owned an approximate 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 318 self-storage facilities (with approximately 17 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Summary of Significant Accounting Policies Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2024. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions. Cash Equivalents Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, notes receivable, other assets, other liabilities, and notes payable. Cash equivalents, notes receivable, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 40 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement, (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense on our income statement. Notes Receivable We account for notes receivable from bridge loans we originate to third-party self-storage owners at amortized cost. The bridge loans, collateralized by operating self-storage properties, typically have a term of three years or four years with two one-year extensions, and have variable interest rates. We recognize interest income and other fee income related to the bridge loans using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. We recognize an allowance for expected credit losses for outstanding notes receivable and unfunded loan commitments. At December 31, 2024, we had a notes receivable balance of $10.0 million included in other assets and an unfunded loan commitment of $12.5 million expected to close in 2025 subject to the satisfaction of certain conditions. As of December 31, 2024, none of the notes receivable were in past-due or nonaccrual status and the allowance for expected credit losses was immaterial. Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investment in unconsolidated real estate entity for impairment quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the Shurgard® trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that it is more likely than not that the asset is impaired. When we conclude that it is not more likely than not that the asset is impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for all periods presented herein. Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense as incurred. Foreign Currency Exchange Translation The local currency (the Euro) is the functional currency for our equity interests in Shurgard. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, are included in equity as a component of accumulated other comprehensive income (loss). When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. At December 31, 2024, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 7), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, against the U.S. Dollar. The Euro was translated at exchange rates of approximately 1.039 U.S. Dollars per Euro at December 31, 2024 (1.104 at December 31, 2023), and average exchange rates of 1.082, 1.081 and 1.054 for the years ended December 31, 2024, 2023, and 2022, respectively. Income Taxes We and a subsidiary of PSOC have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, third party management operations and our equity investment in Shurgard are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future. We recognize tax benefits of uncertain income tax positions only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2024, we had no uncertain tax positions. We also incur income taxes in certain state and local jurisdictions, which are included in income tax expense in the Consolidated Statements of Income. Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant 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. We estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of RSUs, DSUs, and LTIP units with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options and AO LTIP units with no market conditions at the grant date using the Black-Scholes option-pricing model. We value awards with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options and AO LTIP units, variables also include actual and projected stock option exercise and AO LTIP unit conversion behaviors. For awards with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier. Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The ASU’s amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate Facilities	3. Real Estate Facilities Activity in real estate facilities during 2024, 2023, and 2022 is as follows: For the Years Ended December 31, 2024 2023 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 $ 24,219,126 $ 22,807,833 Capital expenditures to maintain real estate facilities 234,541 232,048 205,169 Capital expenditures for property enhancements 126,324 163,380 194,931 Capital expenditures for energy efficiencies (LED lighting, solar) 54,433 65,026 52,216 Acquisitions 254,940 2,442,118 733,442 Dispositions and other (106) (19,322) (1,704) Developed or expanded facilities opened for operation 343,368 362,862 227,239 Ending balance 28,478,738 27,465,238 24,219,126 Accumulated depreciation: Beginning balance (9,423,974) (8,554,155) (7,773,308) Depreciation expense (1,002,212) (881,255) (781,931) Dispositions and other — 11,436 1,084 Ending balance (10,426,186) (9,423,974) (8,554,155) Construction in process: Beginning balance 345,453 372,992 272,471 Costs incurred to develop and expand real estate facilities 307,650 356,788 336,948 Acquisitions — 2,922 — Write-off of cancelled projects and transfer to other assets (1,634) (24,387) (9,188) Developed or expanded facilities opened for operation (343,368) (362,862) (227,239) Ending balance 308,101 345,453 372,992 Total real estate facilities at December 31, $ 18,360,653 $ 18,386,717 $ 16,037,963 During 2024, we acquired 22 self-storage facilities (1.7 million net rentable square feet of storage space), for a total cost of $267.5 million in cash. Approximately $12.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $343.4 million, adding 1.5 million net rentable square feet of self-storage space. Construction in process at December 31, 2024 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2023, we acquired all the membership interests of BREIT Simply Storage LLC, a self-storage company that owns and operates 127 self-storage facilities (9.4 million net rentable square feet) and manages 25 self-storage facilities for third parties, for a purchase price of $2.2 billion in cash (the “Simply Acquisition”). Approximately $2.0 billion of the total costs was allocated to real estate facilities and $214.3 million was allocated to intangible assets. During 2023, in addition to the Simply Acquisition, we acquired 37 self-storage facilities (2.7 million net rentable square feet of storage space), for a total cost of $473.2 million in cash. Approximately $23.2 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $362.9 million during 2023, adding 1.7 million net rentable square feet of self-storage space. Construction in process at December 31, 2023 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2023, we wrote off $11.7 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as real estate acquisition and development expense. We also transferred $12.7 million of land cost related to cancelled development projects to other assets at December 31, 2023. During 2023, we completed a real estate transaction with a third-party, through which we sold an operating self-storage facility with a net book value of $7.1 million for gross proceeds of $40.0 million and acquired a nearby land parcel for $13.5 million. At the close of the transaction, we entered into a leaseback of the self-storage facility until we complete development of the acquired land into a self-storage facility, no later than December 31, 2026. Of the $40.0 million in gross proceeds, $24.3 million was allocated to the sale of the property based on its estimated fair value, resulting a net gain on sale of real estate of $17.1 million after direct transaction costs, and $15.7 million was classified as a reduction of costs to develop the acquired land included in construction in process. During 2023, we also sold a land parcel for $0.1 million in cash and recorded a related gain on sale of real estate of $0.1 million. During 2022, we acquired 74 self-storage facilities (4.7 million net rentable square feet of storage space), for a total cost of $730.5 million, consisting of $710.6 million in cash and $19.9 million in partnership units in one of our subsidiaries. Approximately $24.1 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $227.2 million during 2022, adding 1.4 million net rentable square feet of self-storage space. Construction in process at December 31, 2022 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2022, we wrote off $7.0 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as real estate acquisition and development expense. We also transferred $2.2 million of land cost related to a cancelled development project to other assets at December 31, 2022. Additionally, on July 8, 2022, we acquired from PS Business Parks, Inc. (“PSB”) the commercial interests in five properties at three sites jointly occupied with certain of our self-storage facilities located in Maryland and Virginia, for $47.3 million. We recognized $27.0 million of real estate assets and $0.7 million of intangibles for the properties acquired, representing the cost of these commercial properties that we did not have interest in through our equity investment in PSB. We recognized the remaining $19.6 million as an increase to our basis in our equity investment in PSB, which represents the elimination of our portion of the gain recorded by PSB. During 2022, we sold portions of real estate facilities in connection with eminent domain proceedings for $1.5 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1.5 million. At December 31, 2024, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $18.6 billion (unaudited).

Investment in Unconsolidated Re

Investment in Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Real Estate Entities	4. Investment in Unconsolidated Real Estate Entities The following table sets forth our equity in earnings of the Unconsolidated Real Estate Entities (amounts in thousands): Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2024 2023 2022 Shurgard $ 19,821 $ 27,897 $ 26,385 PSB — — 80,596 Total $ 19,821 $ 27,897 $ 106,981 Investment in Shurgard Throughout all periods presented, we had an approximately 35% equity interest in Shurgard. On November 14, 2023, Shurgard issued 8,163,265 new common shares to institutional investors. We participated on a pro-rata basis in the offering and acquired 2,863,674 common shares for a cost of $112.6 million. On September 26, 2024, Shurgard issued 1,114,194 new common shares to its shareholders who opted to exchange the cash dividend rights declared on August 13, 2024 for additional shares. We received 487,600 new common shares in exchange for all of our dividend rights. At December 31, 2024, we effectively owned 34,619,733 common shares of Shurgard. Based upon the closing price at December 31, 2024 (€35.85 per share of Shurgard common stock, at 1.039 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.3 billion. Our equity in earnings of Shurgard comprise our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During 2024, 2023, and 2022, we received $4.3 million, $3.8 million, and $3.5 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.5 million, $1.3 million, and $1.2 million of intra-entity profits and losses for 2024, 2023, and 2022, 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 Consolidated Statements of Income. During 2024, 2023, and 2022, we received cash dividend distributions from Shurgard totaling $22.8 million, $39.0 million, and $37.8 million, respectively. Approximately $13.3 million, $11.0 million, and $13.7 million of total cash distributions from Shurgard during the year ended 2024, 2023, and 2022, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows. At December 31, 2024, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $62.6 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 increased by $3.4 million during 2024, due to an increase of our ownership interest in Shurgard from the exchange of our cash dividend rights for additional common shares of Shurgard. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $4.5 million, $4.1 million, and $6.9 million during 2024, 2023, and 2022, respectively. As of December 31, 2024, 2023, and 2022, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $4.7 million other comprehensive loss, $13.1 million other comprehensive income, and $26.7 million other comprehensive loss, respectively. Investment in PSB On July 20, 2022, in connection with the closing of the merger of PS Business Parks, Inc. (“PSB”) with affiliates of Blackstone Real Estate (“Blackstone”), we completed the sale of our 41% common equity interest in PSB in its entirety. At the close of the merger transaction, we received a total of $2.7 billion of cash proceeds and recognized a gain of $2.1 billion during the third quarter of 2022. During 2022, we received cash distributions from PSB totaling $109.5 million, which were classified within cash flows from operating activities in the Consolidated Statements of Cash flows. Since the sale of PSB in July 2022, we no longer recognize equity in earnings or receive cash distributions from PSB.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets Goodwill and other intangible assets consisted of the following (amounts in thousands): At December 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 1,008,111 (910,591) 97,520 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,192,778 $ (910,591) $ 282,187 $ 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 $117.6 million, $82.7 million and $95.2 million in 2024, 2023, and 2022, respectively. During 2024, 2023, and 2022, intangibles increased $12.5 million, $237.5 million, and $24.8 million, respectively, in connection with the acquisition of real estate facilities and Simply Acquisition (Note 3). The remaining amortization expense will be recognized over a weighted average life of approximately 1.2 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2024 is as follows (amounts in thousands): Year Amount 2025 $ 69,121 2026 21,573 2027 2,956 2028 381 2029 212 Thereafter 3,277 Total $ 97,520

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2024
Line of Credit Facility [Abstract]
Credit Facility	6. 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 Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2024
Notes Payable [Abstract]
Notes Payable	7. Notes Payable Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2024 and December 31, 2023 are set forth in the tables below: Amounts at December 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 5.818% $ — $ — $ — $ — $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR 5.164% 400,000 (463) 399,537 400,714 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (840) 499,160 479,639 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (1,617) 648,383 614,981 647,513 597,131 Notes due April 16, 2027 SOFR 5.326% 700,000 (2,456) 697,544 706,119 — — Notes due September 15, 2027 3.094% 3.218% 500,000 (1,436) 498,564 480,904 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,244) 647,756 592,876 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (1,856) 548,144 494,867 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,361) 497,639 506,074 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,327) 498,673 472,031 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,327) 645,673 555,387 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,430) 547,570 459,682 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (4,972) 695,028 695,171 694,448 725,753 Notes due August 1, 2053 5.350% 5.474% 900,000 (15,776) 884,224 856,992 592,017 628,413 7,750,000 (42,105) 7,707,895 7,315,437 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% — — — — 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 251,385 — 251,385 249,979 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 727,105 (6,370) 720,735 630,159 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 519,361 (3,786) 515,575 443,113 547,540 455,895 Notes due April 11, 2039 4.080% 4.080% 155,808 (72) 155,736 166,979 — — 1,653,659 (10,228) 1,643,431 1,490,230 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.2 million 4.328% 4.328% 1,708 — 1,708 1,591 1,833 1,733 $ 9,405,367 $ (52,333) $ 9,353,034 $ 8,807,258 $ 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 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 On April 23, 2024, we repaid PSOC’s outstanding $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR On July 26, 2023, PSOC completed a public offering of $400 million, $500 million, $700 million, and $600 million aggregate principal amount of unsecured senior notes bearing interest at an annual rate of Compounded SOFR + 0.60% (reset quarterly), 5.125%, 5.100%, and 5.350%, respectively, and maturing on July 25, 2025, January 15, 2029, August 1, 2033, and August 1, 2053, respectively. Interest on the 2025 notes is payable quarterly, commencing on October 25, 2023. Interest on the 2029 notes is payable semi-annually, commencing on January 15, 2024. Interest on the 2033 notes and 2053 notes is payable semi-annually, commencing on February 1, 2024. In connection with the offering, we incurred a total of $18.7 million in costs. On August 15, 2022, PSOC redeemed its 2.370% Senior Notes due September 15, 2022, with an aggregate principal amount of $500.0 million. The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at December 31, 2024. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 17% at December 31, 2024) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 12x for the twelve months ended December 31, 2024) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes At December 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) €500.0 million issued in a public offering on January 24, 2020, (iii) €700.0 million issued in a public offering on September 9, 2021, and (iv) €150.0 million issued to institutional investors on April 11, 2024. Interest is payable semi-annually on the notes issued November 3, 2015 and April 11, 2024, and annually on the notes issued January 24, 2020 and September 9, 2021. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes. The €150.0 million notes issued to institutional investors on April 11, 2024 bear interest at a fixed rate of 4.080% and mature on April 11, 2039. We received $162.5 million in net proceeds upon converting the Euros to U.S. Dollars. On April 11, 2024, we repaid PSOC’s outstanding €100.0 million aggregate principal amount 1.540% senior notes due April 12, 2024 to the same institutional investors for $108.4 million. 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 $103.0 million for 2024, as compared to losses of $51.6 million for 2023 and gains of $99.2 million for 2022). Mortgage Notes We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At December 31, 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 December 31, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2025 $ 651,385 $ 131 $ 651,516 2026 1,150,000 138 1,150,138 2027 1,200,000 146 1,200,146 2028 1,200,000 129 1,200,129 2029 1,000,000 88 1,000,088 Thereafter 4,202,274 1,076 4,203,350 $ 9,403,659 $ 1,708 $ 9,405,367 Weighted average effective rate 3.1% 4.3% 3.1% Interest capitalized as real estate totaled $10.5 million, $9.3 million, and $6.0 million for 2024, 2023, and 2022, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interests	8. 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 December 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. Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 11 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which 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 OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At December 31, 2024, approximately 0.13% of the partnership interests of PSA OP, representing 227,340 vested LTIP units, were not owned by the Company. There were no outstanding OP Units not owned by the Company at December 31, 2024. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	9. Shareholders’ Equity Preferred Shares At December 31, 2024 and 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 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 December 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. In 2022, we issued 10.0 million depositary shares, each representing 0.001 of a share of our 4.100% Series S Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $250.0 million in gross proceeds, and we incurred $7.2 million in issuance costs. Common Shares During 2024, 2023, and 2022, activity with respect to our common shares was as follows (dollar amounts in thousands): 2024 2023 2022 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 280,141 $ 47,411 405,059 $ 53,386 283,190 $ 35,405 Issuance of commons shares for cash 184,390 60,321 — — — — Repurchase of common shares (726,865) (200,000) — — — — (262,334) $ (92,268) 405,059 $ 53,386 283,190 $ 35,405 In 2024, our Board authorized an “at the market” offering program pursuant to which management may issue common shares up to an aggregate gross sales price of $2.0 billion on the open market or in privately negotiated transactions. In 2024, we issued 184,390 of our common shares on the open market for aggregate net proceeds of approximately $60.3 million in cash. Our Board has authorized a share repurchase program pursuant to which management may repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. During 2024, we repurchased 726,865 of our common shares under the repurchase program on the open market for a total cost of $200.0 million. The repurchased shares are constructively retired and returned to an authorized and unissued status. There are 10,551,219 common shares that may yet be repurchased under our repurchase program as of December 31, 2024. On February 4, 2023, our Board declared a 50% increase in our regular common quarterly dividend from $2.00 to $3.00 per share. The distribution equates to an annualized increase to the Company’s regular common dividend from $8.00 to $12.00 per share. Common share dividends paid, including amounts paid to our restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders totaled $2.107 billion ($12.00 per share), $2.111 billion ($12.00 per share), and $3.714 billion ($21.15 per share) for the years ended December 31, 2024, 2023, and 2022, respectively. Included in common share dividends paid during 2022 is $2.3 billion of a special cash dividend (“Special Dividend”) of $13.15 per common share paid on August 4, 2022 in connection with the sale of our equity investment in PSB on July 20, 2022. Preferred share dividends totaled $194.7 million, $194.7 million and $194.4 million for the years ended December 31, 2024, 2023, and 2022, respectively. The unaudited characterization of dividends for U.S. federal corporate income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. For the tax year ended December 31, 2024, distributions for the common shares and all the various series of preferred shares were classified as follows: 2024 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 100.00 % 100.00 % 100.00 % 100.00 % Capital Gain Distributions 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 % The ordinary income dividends distributed for the tax year ended December 31, 2024 are not qualified dividends under the Internal Revenue Code; however, they are subject to the 20% deduction under IRS Section 199A.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions At December 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 $2.2 million, $2.1 million and $2.2 million for 2024, 2023, and 2022, respectively.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	11. Share-Based Compensation We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table. In addition, $3.1 million, $2.4 million, and $4.1 million of share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2024, 2023, and 2022, respectively. For Years Ended December 31, 2024 2023 2022 (Amounts in thousands) Self-storage cost of operations $ 12,128 $ 13,636 $ 17,950 Ancillary cost of operations 1,161 1,289 888 Real estate acquisition and development expense 2,750 1,242 11,204 General and administrative 28,708 25,399 26,661 Total $ 44,747 $ 41,566 $ 56,703 Following the amendment of our 2021 Equity and Performance-Based Incentive Plan in February 2024, which further provided for the grant of awards in the form of LTIP units and AO LTIP units of PSA OP, we issued LTIP units and AO LTIP units in substitution for 156,632 RSUs and 2,238,874 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. 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. For the years ended December 31, 2024, 2023, and 2022, we incurred share-based compensation cost for RSUs and LTIP units of $34.4 million, $28.2 million, and $39.9 million, respectively. Among the 128,565 RSUs and LTIP units granted in 2024, 34,550 performance-based LTIP unit awards and 3,770 performance-based RSUs were granted to certain executive officers and key employees. The vesting of performance-based 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 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. The vesting of performance-based RSUs is dependent upon meeting certain operational performance targets in 2024 and continued service through 2028. These performance targets were met at 100% achievement at December 31, 2024. During 2023, 37,211 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These RSUs require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target RSUs originally granted. During 2024, we issued LTIP units in substitution for these outstanding RSUs. During 2022, 21,985 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. During 2024, we issued LTIP units in substitution for these RSUs. As of December 31, 2024, these targets were met at 130% achievement. Remaining compensation cost related to RSUs and LTIP units outstanding at December 31, 2024 totals approximately $68.6 million and is expected to be recognized over the next three years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): Service-Based Performance-Based (a) Total Number of Awards Weighted-Average Grant-Date Fair Value Number of Awards Weighted-Average Grant-Date Fair Value Number of Awards Weighted-Average Grant-Date Fair Value Unvested awards outstanding January 1, 2022 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Unvested awards outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52 Granted 77,974 296.19 37,211 295.61 115,185 296.01 Vested (132,909) (245.19) (9,250) (275.12) (142,159) (247.13) Forfeited (30,229) (266.60) (2,183) (300.86) (32,412) (268.91) Unvested awards outstanding December 31, 2023 322,648 $ 272.14 94,013 $ 327.06 416,661 $ 284.53 Granted (b) 83,651 308.24 44,914 228.68 128,565 280.45 Vested (130,321) (259.20) (10,004) (275.12) (140,325) (260.33) Forfeited (18,104) (286.93) (866) (300.86) (18,970) (287.57) Unvested awards outstanding December 31, 2024 257,874 $ 289.35 128,057 $ 296.79 385,931 $ 291.82 2024 2023 2022 Amounts for the year (in 000's, except number of shares): Fair value of vested shares and vested LTIP units on vesting date $ 41,848 $ 41,999 $ 47,244 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,667 $ 13,950 $ 16,827 Common shares issued upon vesting 63,840 96,657 99,009 Vested LTIP units issued upon vesting 40,396 — — Average assumptions used in valuing restricted share and LTIP units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 3 3 Risk-free interest rate 4.2% 3.8% 1.6% Expected volatility, based upon historical volatility 23.8% 28.2% 26.5% Expected dividend yield 4.3% 4.1% 2.3% (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) Amount granted for performance-based awards includes 6,594 LTIP units for payout adjustments based on Total Shareholder Return modifier for awards granted in 2022. 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 1 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. For the years ended December 31, 2024, 2023, and 2022, we incurred share-based compensation cost for outstanding stock options of $12.7 million, $14.9 million and $19.9 million, respectively. During 2024, we granted 106,484 of service-based AO LTIP units, 63,717 of performance-based AO LTIP units, and 3,600 service-based options to certain executive officers and trustees. The vesting of the performance-based AO LTIP units 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 units 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. During 2023, we granted 60,000 stock options in connection with non-management trustee compensation. 117,168 stock options were awarded during 2023 where vesting is dependent upon meeting certain market conditions over the three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These stock options require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target options originally granted. During 2024, we issued AO LTIP units in substitution for these stock options. During 2022, 77,683 stock options were awarded where vesting is dependent upon meeting certain market conditions over the three-year period from January 1, 2022 through December 31, 2024, with continued service-based vesting through the first quarter of 2027. During 2024, we issued AO LTIP units in substitution for these stock options. As of December 31, 2024, these targets were met at 130% achievement. The stock options and AO LTIP units outstanding at December 31, 2024 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $172.5 million and remaining average contractual lives of approximately five years. Total compensation cost related to nonvested AO LTIP units and stock options that have not yet been recognized is $10.2 million and are expected to be recognized as compensation cost over approximately two years on average. Exercisable stock options and convertible AO LTIP units have an aggregate intrinsic value of approximately $143.4 million at December 31, 2024 and remaining average contractual lives of approximately four years. Additional information with respect to stock options and AO LTIP units during 2024, 2023, and 2022 is as follows: Service-Based Performance-Based (a) Total Number of Awards Weighted Average Exercise or Conversion Price per Award Number of Awards Weighted Average Exercise or Conversion Price per Award Number of Awards Weighted Average Exercise or Conversion Price per Award Awards outstanding January 1, 2022 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (b) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Awards outstanding December 31, 2022 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Granted (c) 60,000 286.81 180,425 265.46 240,425 270.79 Exercised (272,250) (167.15) (34,401) (221.68) (306,651) (173.26) Cancelled (12,049) (293.81) (34,987) (229.34) (47,036) (245.86) Awards outstanding December 31, 2023 1,629,742 $ 218.83 1,421,479 $ 234.16 3,051,221 $ 225.97 Granted (d) 110,084 278.82 87,782 297.12 197,866 286.94 Exercised or converted (e) (381,850) (194.09) (301,498) (221.83) (683,348) (206.33) Cancelled (10,110) (320.69) (5,164) (221.68) (15,274) (287.21) Awards outstanding December 31, 2024 1,347,866 $ 229.98 1,202,599 $ 241.90 2,550,465 $ 235.60 Awards exercisable or convertible at December 31, 2024 1,187,232 $ 221.59 612,112 $ 221.97 1,799,344 $ 221.72 (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) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. (c) Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021. (d) Amount granted for performance-based awards includes 24,065 AO LTIP units for payout adjustments based on Total Shareholder Return for awards granted in 2022. (e) 214,996 common shares were issued upon the exercise of stock options. 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the year ended December 31, 2024. 2024 2023 2022 Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's) $ 85,833 $ 35,662 $ 27,210 Average assumptions used in valuing options and AO LTIP units with the Black-Scholes method: Expected life of options in years 6 6 6 Risk-free interest rate 4.2% 3.5% 2.9% Expected volatility, based upon historical volatility 24.4% 24.4% 22.9% Expected dividend yield 4.3% 4.2% 2.0% Average assumptions used in valuing options and AO LTIP units with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 7 7 Risk-free interest rate 4.1% 3.5% 1.8% Expected volatility, based upon historical volatility 24.1% 23.8% 22.6% Expected dividend yield 4.3% 4.1% 2.3% Average estimated value of options and AO LTIP units granted during the year $ 51.33 $ 56.86 $ 87.57 Trustee Deferral Program

Net Income per Common Share

Net Income per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Net Income per Common Share	12. 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 138,739 common shares were excluded from the computation of diluted earnings per share for 2024, as compared to 375,577 common shares for 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 year ended December 31, 2024, 2023, and 2022, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2024 2023 2022 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,872,685 $ 1,948,741 $ 4,142,288 Denominator for basic net income per share - weighted average common shares outstanding 175,351 175,472 175,257 Net effect of dilutive stock options and AO LTIP units - based on treasury stock method 687 671 1,023 Denominator for dilutive net income per share - weighted average common shares outstanding 176,038 176,143 176,280 Net income per common share: Basic $ 10.68 $ 11.11 $ 23.64 Dilutive $ 10.64 $ 11.06 $ 23.50

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	13. Segment Information Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our President and Chief Executive Officer, who is our chief operating decision maker (“CODM”). 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. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis. The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations reportable segment. Ancillary Operations The Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments. Presentation of Segment Information The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income: For the Years Ended December 31, 2024 2023 2022 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 4,395,993 $ 4,259,613 $ 3,946,028 Cost of operations: Property taxes (451,992) (411,323) (385,034) On-site property manager payroll (167,258) (164,405) (152,914) Repairs and maintenance (93,763) (83,429) (74,857) Utilities (63,611) (62,462) (61,510) Marketing (106,414) (90,717) (63,358) Other direct property costs (122,119) (114,879) (101,939) Supervisory payroll (51,616) (50,065) (50,895) Centralized management costs (67,820) (71,034) (71,752) Share-based compensation (12,127) (13,636) (17,950) Total cost of operations (1,136,720) (1,061,950) (980,209) Net operating income 3,259,273 3,197,663 2,965,819 Depreciation and amortization (1,129,766) (970,056) (888,146) Net income 2,129,507 2,227,607 2,077,673 Ancillary Operations Revenue 299,623 258,077 236,135 Cost of operations (121,281) (85,996) (72,698) Net operating income 178,342 172,081 163,437 Total net income allocated to segments 2,307,849 2,399,688 2,241,110 Other items not allocated to segments: Real estate acquisition and development expense (15,506) (26,451) (28,744) General and administrative (106,677) (80,632) (71,672) Interest and other income 67,212 85,590 40,567 Interest expense (287,401) (201,132) (136,319) Equity in earnings of unconsolidated real estate entities 19,821 27,897 106,981 Foreign currency exchange gain (loss) 102,244 (51,197) 98,314 Gain on sale of real estate 1,537 17,178 1,503 Gain on sale of equity investment in PS Business Parks, Inc. — — 2,128,860 Income tax expense (4,669) (10,821) (14,326) Net income $ 2,084,410 $ 2,160,120 $ 4,366,274

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. 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 $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At December 31, 2024, there were approximately 1.4 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $6.8 billion. Commitments We have construction commitments representing future expected payments for construction under contract totaling $194.9 million at December 31, 2024. We expect to pay approximately $166.1 million in 2025 and $28.8 million in 2026 for these construction commitments. We have future contractual payments on land, equipment and office space under various lease commitments totaling $61.8 million at December 31, 2024. We expect to pay approximately $4.1 million in each of 2025 and 2026, $2.7 million in 2027, $2.5 million in each of 2028 and 2029, and $45.9 million thereafter for these commitments. We have an unfunded loan commitment totaling $12.5 million at December 31, 2024. We expect to fund the loan in 2025 subject to the satisfaction of certain conditions.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Subsequent to December 31, 2024, we acquired or were under contract to acquire nine self-storage facilities across six states with 0.7 million net rentable square feet, for $140.7 million. In early 2025, multiple wildfires erupted in southern California and caused significant destruction of business and residential structures. We did not incur any direct property damage in the affected areas. In response to the devastation, a “State of Emergency” has been declared for Los Angeles County and Ventura County, under which a temporary governmental pricing limitation is in place for our self-storage facilities located in these counties. These self-storage facilities generated approximately 10% of revenues earned by our Same Store Facilities in 2024. We anticipate a potentially significant negative impact on the revenue growth from these self-storage facilities, the extent of which depends largely on the duration of the State of Emergency order and other future actions by government authorities, among other factors.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Initial Cost Gross Carrying Amount At December 31, 2024 Description No. of Net 2024 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Self-storage facilities by market: Los Angeles 232 17,467 $ 248 $ 574,307 $ 1,111,245 $ 549,871 $ 579,775 $ 1,655,648 $ 2,235,423 $ 1,062,270 Dallas/Ft. Worth 218 19,443 — 378,140 2,255,401 274,810 380,571 2,527,780 2,908,351 632,547 Houston 166 13,963 — 273,784 912,051 336,695 273,106 1,249,424 1,522,530 476,974 Chicago 143 9,309 — 156,554 519,539 207,680 159,391 724,382 883,773 476,306 San Francisco 141 9,422 — 245,623 557,398 361,192 258,374 905,839 1,164,213 627,244 Washington DC 119 8,470 — 423,176 1,329,933 227,094 438,682 1,541,521 1,980,203 567,893 Atlanta 115 7,697 1,460 143,692 434,433 141,734 144,055 575,804 719,859 355,586 Orlando/Daytona 111 6,529 — 177,574 590,015 108,423 183,055 692,957 876,012 244,461 New York 106 8,034 — 314,288 736,217 392,123 320,926 1,121,702 1,442,628 636,153 Seattle/Tacoma 102 7,333 — 246,108 634,810 225,107 248,368 857,657 1,106,025 488,989 Miami 100 7,545 — 259,200 563,334 205,780 261,093 767,221 1,028,314 465,690 Denver 71 5,313 — 120,585 328,245 129,745 121,305 457,270 578,575 223,070 Minneapolis/St. Paul 68 5,505 — 128,142 332,631 154,639 131,695 483,717 615,412 210,948 Tampa 68 4,734 — 107,321 371,573 101,191 110,635 469,450 580,085 194,524 Philadelphia 67 4,470 — 66,271 297,576 99,517 65,292 398,072 463,364 219,646 Charlotte 62 4,752 — 89,937 250,135 109,993 97,800 352,265 450,065 190,588 Detroit 54 3,963 — 77,077 289,354 83,259 78,484 371,206 449,690 171,808 Phoenix 53 3,920 — 108,051 367,874 67,421 108,042 435,304 543,346 175,570 Baltimore 51 4,160 — 141,077 787,692 81,603 142,301 868,071 1,010,372 203,133 Portland 50 2,929 — 65,013 225,043 56,624 65,671 281,009 346,680 151,739 Oklahoma City 48 3,527 — 69,100 310,648 35,229 69,100 345,877 414,977 65,848 West Palm Beach 46 3,850 — 156,788 221,479 129,817 157,736 350,348 508,084 193,751 San Antonio 41 2,936 — 56,453 237,783 46,153 56,411 283,978 340,389 107,429 Raleigh 40 2,899 — 92,421 233,949 56,297 93,390 289,277 382,667 107,472 Austin 39 3,103 — 72,382 212,110 62,590 74,904 272,178 347,082 131,590 Indianapolis 37 2,450 — 46,160 171,251 32,612 47,160 202,863 250,023 74,840 Norfolk 36 2,197 — 47,939 125,410 38,406 47,378 164,377 211,755 97,324 Sacramento 36 2,120 — 32,023 92,323 45,327 32,507 137,166 169,673 102,237 Columbia 35 2,237 — 39,521 165,797 34,641 40,280 199,679 239,959 62,235 Columbus 32 2,432 — 55,843 143,208 42,154 55,950 185,255 241,205 69,078 Kansas City 31 2,119 — 20,212 114,080 62,257 20,412 176,137 196,549 82,289 Boston 29 2,038 — 85,717 223,625 43,838 86,283 266,897 353,180 148,893 Las Vegas 27 1,857 — 35,047 148,111 27,347 34,295 176,210 210,505 71,762 St. Louis 27 1,749 — 22,546 85,838 48,397 24,295 132,486 156,781 81,773 Nashville/Bowling Green 25 1,651 — 46,669 134,144 38,632 46,667 172,778 219,445 46,574 San Diego 24 2,340 — 89,782 162,043 78,791 92,292 238,324 330,616 132,474 Initial Cost Gross Carrying Amount At December 31, 2024 Description No. of Net 2024 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Memphis 22 1,418 — 27,627 167,899 17,992 28,980 184,538 213,518 37,310 Cincinnati 22 1,338 — 21,126 79,210 32,176 21,044 111,468 132,512 45,948 Mobile 20 1,168 — 26,313 99,387 13,595 26,140 113,155 139,295 25,324 Fort Myers/Naples 17 1,346 — 36,676 121,930 26,861 36,910 148,557 185,467 37,930 Colorado Springs 17 1,169 — 13,667 64,569 29,288 13,664 93,860 107,524 42,074 Greensville/Spartanburg/Asheville 17 1,051 — 13,415 73,643 17,783 14,331 90,510 104,841 32,180 Louisville 16 982 — 24,868 50,185 13,271 24,867 63,457 88,324 26,745 Richmond 16 789 — 21,121 56,202 11,382 20,926 67,779 88,705 30,745 Charleston 15 1,056 — 19,490 69,158 27,340 20,466 95,522 115,988 40,459 Milwaukee 15 964 — 13,189 32,071 16,008 13,158 48,110 61,268 39,900 Jacksonville 15 922 — 14,454 47,415 18,660 14,503 66,026 80,529 43,028 Greensboro 15 911 — 15,590 43,181 21,084 17,679 62,176 79,855 36,395 Birmingham 15 606 — 6,316 25,567 21,603 6,204 47,282 53,486 33,526 Chattanooga 13 857 — 10,030 45,578 12,357 9,832 58,133 67,965 23,983 Salt Lake City 13 800 — 20,454 41,607 9,197 20,103 51,155 71,258 20,838 Savannah 13 766 — 36,503 52,174 9,443 35,175 62,945 98,120 27,963 Honolulu 12 896 — 69,611 127,041 24,917 70,528 151,041 221,569 92,010 New Orleans 12 863 — 14,096 72,425 15,022 14,264 87,279 101,543 38,687 Omaha 11 938 — 17,965 69,085 6,836 17,965 75,921 93,886 17,172 Hartford/New Haven 11 693 — 6,778 19,959 28,640 8,443 46,934 55,377 38,998 Cleveland/Akron 10 631 — 5,916 30,775 10,568 6,309 40,950 47,259 18,181 Augusta 10 584 — 9,833 35,451 6,567 9,833 42,018 51,851 12,832 Buffalo/Rochester 9 462 — 6,785 17,954 8,612 6,783 26,568 33,351 18,780 Boise 7 671 — 16,756 71,912 2,284 16,756 74,196 90,952 10,162 Reno 7 559 — 5,487 18,704 7,969 5,487 26,673 32,160 16,796 Tucson 7 439 — 9,403 25,491 9,538 9,884 34,548 44,432 26,539 Wichita 7 433 — 2,017 6,691 11,032 2,130 17,610 19,740 13,483 Monterey/Salinas 7 329 — 8,465 24,151 8,076 8,455 32,237 40,692 27,888 Evansville 5 326 — 2,340 14,316 2,720 2,312 17,064 19,376 6,831 Huntsville/Decatur 5 298 — 9,161 13,481 5,098 9,108 18,632 27,740 8,473 Roanoke 5 298 — 6,916 27,161 1,922 6,916 29,083 35,999 6,602 Dayton 5 284 — 1,074 8,975 6,498 1,073 15,474 16,547 9,063 Fort Wayne 4 271 — 3,487 11,003 4,736 3,487 15,739 19,226 7,531 Providence 4 248 — 2,644 26,118 4,707 2,644 30,825 33,469 9,803 Lansing 4 233 — 2,048 22,897 2,235 2,048 25,132 27,180 4,352 Palm Springs 3 242 — 8,309 18,065 3,544 8,309 21,609 29,918 15,348 Flint 3 191 — 2,734 19,228 1,044 2,733 20,273 23,006 3,492 Initial Cost Gross Carrying Amount At December 31, 2024 Description No. of Net 2024 Encum- brances Land Buildings & Costs Land Buildings Total Accumulated Rochester 3 155 — 2,142 10,787 4,201 2,075 15,055 17,130 5,475 Shreveport 2 150 — 817 3,030 3,522 741 6,628 7,369 5,578 Springfield/Holyoke 2 144 — 1,428 3,380 2,752 1,427 6,133 7,560 5,508 Santa Barbara 2 98 — 5,733 9,106 1,227 5,733 10,333 16,066 7,708 Topeka 2 94 — 225 1,419 2,896 225 4,315 4,540 3,423 Joplin 1 56 — 264 904 1,454 264 2,358 2,622 1,804 Syracuse 1 55 — 545 1,279 1,544 545 2,823 3,368 2,295 Modesto/Fresno/Stockton 1 33 — 44 206 1,465 193 1,522 1,715 1,271 Commercial and non-operating real estate — 12,307 19,892 154,431 13,352 173,278 186,630 95,045 3,073 221,280 $ 1,708 $ 5,620,692 $ 17,476,960 $ 5,381,086 $ 5,711,685 $ 22,767,053 $ 28,478,738 $ 10,426,186 Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 40 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,072,011	$ 2,148,327	$ 4,349,147

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our cybersecurity program focuses on (i) preventing and preparing for cybersecurity incidents, (ii) detecting and analyzing cybersecurity incidents, and (iii) containing, eradicating, recovering from, and reporting cybersecurity events. Prevention and Preparation We identify and address information security risks by employing a defense-in-depth methodology, consisting of both proactive and reactive elements, which provides multiple, redundant defensive measures and prescribes actions to take in case a security control fails or a vulnerability is exploited. We leverage internal resources, along with strategic external partnerships, to mitigate cybersecurity threats to the Company. We have partnerships for security operations center (SOC) services, penetration testing, incident response, and various third-party assessments. We deploy both commercially available solutions and proprietary systems to actively manage threats to our information technology environment. We assess our cybersecurity program against various frameworks. Our information security program is certified for compliance with the Payment Card Industry Data Security Standard for the safe handling and protection of credit card data. Annually, we are assessed, either internally or by an independent third party, against the National Institute of Standards and Technology (NIST) 800-53 Moderate Baseline. We also utilize reports prepared by our external partners to assess our cyber proficiency on a standalone basis and comparatively against peers and other companies, and we regularly engage external resources regarding emerging threats. We have policies and procedures to oversee and identify the cybersecurity risks associated with our use of third-party service providers, including contractual mechanisms, as well as the regular review of SOC reports, relevant cyber attestations, and other independent cyber ratings. We employ an information security and training program for our employees, including annual mandatory computer-based training, regular internal communications, and ongoing end-user testing to measure the effectiveness of our information security program. As part of this commitment, we require our employees to complete a Cybersecurity Awareness eCourse and acknowledge our Information Security policy each year. In addition, we have an established schedule and process for regular phishing awareness campaigns that are designed to imitate real-world contemporary threats and provide immediate feedback (and, if necessary, additional training or remedial action) to employees. As discussed above, we maintain an IRP that guides our response to a cybersecurity incident. Annually, we test the IRP’s response procedures, including thorough disaster response and business continuity plan exercises. These exercises are intended to challenge and validate our information security response and resources through simulated cybersecurity incidents, including engagement of outside cybersecurity legal counsel, other third-party partners, key internal personnel, executive management, and our Board. Detection and Analysis Cybersecurity incidents may be detected through a variety of means, which may include, but are not limited to, automated event-detection notifications, employee notifications, notification from external parties (e.g., our third-party information technology provider), and proactive threat hunting in conjunction with our external partners. Once a potential cybersecurity incident is identified, including a third-party cybersecurity event, the incident response team designated pursuant to the IRP follows the procedures set forth in the plan to investigate the potential incident, including determining the nature of the event. Containment, Eradication, Recovery, and Reporting Our IRP sets forth the procedures we follow in responding to a cybersecurity incidents. Once a cybersecurity incident is contained, our focus shifts to remediation and recovery. These activities depend on the nature of the cybersecurity incident and may include rebuilding systems and/or hosts, replacing compromised files with clean versions and validation of files or data that may have been affected. We also maintain cybersecurity insurance providing coverage for certain costs related to security failures and specified cybersecurity-related incidents that interrupt our network or networks of our vendors, in all cases up to specified limits and subject to certain exclusions. Our IRP provides clear communication protocols, including with respect to members of executive management, internal and external counsel, the Audit Committee and our Board. These protocols include a framework for assessing our SEC and other regulatory reporting obligations related to a cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Public Storage devotes significant resources to protecting and continuing to improve the security of its computer systems, software, networks, and other technology assets. Our security efforts are designed to preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company and protect against, among other things, cybersecurity attacks by unauthorized parties attempting to obtain access to confidential information, destroy data, disrupt or degrade service, sabotage systems, or cause other damage.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Role of Management [Text Block]	Our risk management processes include a comprehensive enterprise risk management framework focused on (i) evaluating the risks facing the Company and aligning the Company’s efforts to mitigate those risks with its strategy and risk appetite; (ii) communicating and improving the Company’s understanding of its key risks and responsive actions; and (iii) providing the Board with a defined, rated risk inventory and framework against which the Board can direct its responsibilities to oversee the Company’s risk assessment and risk management efforts. Our cybersecurity program is a key component of our overall enterprise risk management framework. A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team. In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (IRP). The IRP is overseen by our executive Incident Response Committee (IRC), which consists of our Chief Financial and Investment Officer, Chief Administrative Officer, Chief Legal Officer, and CTO. The IRP guides our internal response to cybersecurity incidents. Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. While the particular personnel assigned to an incident response team will depend on the particular facts and circumstances, the response team is generally led by the IRC with support from internal personnel and external counsel or other experts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We have prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
Consolidation and Equity Method of Accounting	Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2024. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to these entities, for the periods in which the reference applies, collectively as the “Unconsolidated Real Estate Entities,” and we eliminate intra-entity profits and losses and amortize any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions.
Cash Equivalents	Cash Equivalents Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks.
Fair Value	Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data. Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities. The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Our financial instruments consist of cash and cash equivalents, notes receivable, other assets, other liabilities, and notes payable. Cash equivalents, notes receivable, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity. We estimate and disclose the fair value of our notes payable using Level 2 inputs by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity.
Real Estate Facilities	Real Estate Facilities We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 40 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement, (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense on our income statement.
Notes Receivable	Notes Receivable We account for notes receivable from bridge loans we originate to third-party self-storage owners at amortized cost. The bridge loans, collateralized by operating self-storage properties, typically have a term of three years or four years with two one-year extensions, and have variable interest rates. We recognize interest income and other fee income related to the bridge loans using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. We recognize an allowance for expected credit losses for outstanding notes receivable and unfunded loan commitments. At December 31, 2024, we had a notes receivable balance of $10.0 million included in other assets and an unfunded loan commitment of $12.5 million expected to close in 2025 subject to the satisfaction of certain conditions. As of December 31, 2024, none of the notes receivable were in past-due or nonaccrual status and the allowance for expected credit losses was immaterial.
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investment in unconsolidated real estate entity for impairment quarterly. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary. We evaluate goodwill for impairment annually and whenever relevant events, circumstances, and other related factors indicate that it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value.
Revenue and Expense Recognition	Revenue and Expense Recognition We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues when earned.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (the Euro) is the functional currency for our equity interests in Shurgard. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, are included in equity as a component of accumulated other comprehensive income (loss). When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings.
Income Taxes	Income Taxes We and a subsidiary of PSOC have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, third party management operations and our equity investment in Shurgard are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future. We recognize tax benefits of uncertain income tax positions only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2024, we had no uncertain tax positions. We also incur income taxes in certain state and local jurisdictions, which are included in income tax expense in the Consolidated Statements of Income.
Share-Based Compensation	Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant 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. We estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of RSUs, DSUs, and LTIP units with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options and AO LTIP units with no market conditions at the grant date using the Black-Scholes option-pricing model. We value awards with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options and AO LTIP units, variables also include actual and projected stock option exercise and AO LTIP unit conversion behaviors. For awards with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The ASU’s amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Activities	For the Years Ended December 31, 2024 2023 2022 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 27,465,238 $ 24,219,126 $ 22,807,833 Capital expenditures to maintain real estate facilities 234,541 232,048 205,169 Capital expenditures for property enhancements 126,324 163,380 194,931 Capital expenditures for energy efficiencies (LED lighting, solar) 54,433 65,026 52,216 Acquisitions 254,940 2,442,118 733,442 Dispositions and other (106) (19,322) (1,704) Developed or expanded facilities opened for operation 343,368 362,862 227,239 Ending balance 28,478,738 27,465,238 24,219,126 Accumulated depreciation: Beginning balance (9,423,974) (8,554,155) (7,773,308) Depreciation expense (1,002,212) (881,255) (781,931) Dispositions and other — 11,436 1,084 Ending balance (10,426,186) (9,423,974) (8,554,155) Construction in process: Beginning balance 345,453 372,992 272,471 Costs incurred to develop and expand real estate facilities 307,650 356,788 336,948 Acquisitions — 2,922 — Write-off of cancelled projects and transfer to other assets (1,634) (24,387) (9,188) Developed or expanded facilities opened for operation (343,368) (362,862) (227,239) Ending balance 308,101 345,453 372,992 Total real estate facilities at December 31, $ 18,360,653 $ 18,386,717 $ 16,037,963

Investment in Unconsolidated _2

Investment in Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Real Estate Entities And Equity in Earnings of Real Estate Entities	The following table sets forth our equity in earnings of the Unconsolidated Real Estate Entities (amounts in thousands): Equity in Earnings of Unconsolidated Real Estate Entities for the Year Ended December 31, 2024 2023 2022 Shurgard $ 19,821 $ 27,897 $ 26,385 PSB — — 80,596 Total $ 19,821 $ 27,897 $ 106,981

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 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 December 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 1,008,111 (910,591) 97,520 995,578 (792,978) 202,600 Total goodwill and other intangible assets $ 1,192,778 $ (910,591) $ 282,187 $ 1,180,245 $ (792,978) $ 387,267
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Year Amount 2025 $ 69,121 2026 21,573 2027 2,956 2028 381 2029 212 Thereafter 3,277 Total $ 97,520

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Payable [Abstract]
Schedule of Notes Payable	Amounts at December 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 5.818% $ — $ — $ — $ — $ 699,779 $ 700,031 Notes due July 25, 2025 SOFR 5.164% 400,000 (463) 399,537 400,714 398,722 400,295 Notes due February 15, 2026 0.875% 1.030% 500,000 (840) 499,160 479,639 498,419 462,362 Notes due November 9, 2026 1.500% 1.640% 650,000 (1,617) 648,383 614,981 647,513 597,131 Notes due April 16, 2027 SOFR 5.326% 700,000 (2,456) 697,544 706,119 — — Notes due September 15, 2027 3.094% 3.218% 500,000 (1,436) 498,564 480,904 498,036 476,394 Notes due May 1, 2028 1.850% 1.962% 650,000 (2,244) 647,756 592,876 647,078 584,520 Notes due November 9, 2028 1.950% 2.044% 550,000 (1,856) 548,144 494,867 547,663 490,758 Notes due January 15, 2029 5.125% 5.260% 500,000 (2,361) 497,639 506,074 497,053 516,899 Notes due May 1, 2029 3.385% 3.459% 500,000 (1,327) 498,673 472,031 498,363 477,692 Notes due May 1, 2031 2.300% 2.419% 650,000 (4,327) 645,673 555,387 644,988 562,240 Notes due November 9, 2031 2.250% 2.322% 550,000 (2,430) 547,570 459,682 547,218 469,845 Notes due August 1, 2033 5.100% 5.207% 700,000 (4,972) 695,028 695,171 694,448 725,753 Notes due August 1, 2053 5.350% 5.474% 900,000 (15,776) 884,224 856,992 592,017 628,413 7,750,000 (42,105) 7,707,895 7,315,437 7,411,297 7,092,333 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540% 1.540% — — — — 110,372 109,380 Notes due November 3, 2025 2.175% 2.175% 251,385 — 251,385 249,979 267,116 261,083 Notes due September 9, 2030 0.500% 0.640% 727,105 (6,370) 720,735 630,159 765,119 638,177 Notes due January 24, 2032 0.875% 0.978% 519,361 (3,786) 515,575 443,113 547,540 455,895 Notes due April 11, 2039 4.080% 4.080% 155,808 (72) 155,736 166,979 — — 1,653,659 (10,228) 1,643,431 1,490,230 1,690,147 1,464,535 Mortgage Debt , secured by 2 real estate facilities with a net book value of $11.2 million 4.328% 4.328% 1,708 — 1,708 1,591 1,833 1,733 $ 9,405,367 $ (52,333) $ 9,353,034 $ 8,807,258 $ 9,103,277 $ 8,558,601
Schedule of Maturities of Notes Payable	At December 31, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Debt Mortgage Debt Total 2025 $ 651,385 $ 131 $ 651,516 2026 1,150,000 138 1,150,138 2027 1,200,000 146 1,200,146 2028 1,200,000 129 1,200,129 2029 1,000,000 88 1,000,088 Thereafter 4,202,274 1,076 4,203,350 $ 9,403,659 $ 1,708 $ 9,405,367 Weighted average effective rate 3.1% 4.3% 3.1%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Preferred Shares	At December 31, 2024 and 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 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
Schedule of Issuance of Common Shares	During 2024, 2023, and 2022, activity with respect to our common shares was as follows (dollar amounts in thousands): 2024 2023 2022 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 11) 280,141 $ 47,411 405,059 $ 53,386 283,190 $ 35,405 Issuance of commons shares for cash 184,390 60,321 — — — — Repurchase of common shares (726,865) (200,000) — — — — (262,334) $ (92,268) 405,059 $ 53,386 283,190 $ 35,405
Schedule of Distribution Classification	2024 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Dividends 100.00 % 100.00 % 100.00 % 100.00 % Capital Gain Distributions 0.00 % 0.00 % 0.00 % 0.00 % Total 100.00 % 100.00 % 100.00 % 100.00 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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, $3.1 million, $2.4 million, and $4.1 million of share-based compensation cost was capitalized as real estate facilities for the year ended December 31, 2024, 2023, and 2022, respectively. For Years Ended December 31, 2024 2023 2022 (Amounts in thousands) Self-storage cost of operations $ 12,128 $ 13,636 $ 17,950 Ancillary cost of operations 1,161 1,289 888 Real estate acquisition and development expense 2,750 1,242 11,204 General and administrative 28,708 25,399 26,661 Total $ 44,747 $ 41,566 $ 56,703
Schedule of Restricted Share Units and LTIP Units Activity	Service-Based Performance-Based (a) Total Number of Awards Weighted-Average Grant-Date Fair Value Number of Awards Weighted-Average Grant-Date Fair Value Number of Awards Weighted-Average Grant-Date Fair Value Unvested awards outstanding January 1, 2022 524,572 $ 249.90 46,250 $ 275.12 570,822 $ 251.95 Granted 51,575 293.43 21,985 465.11 73,560 344.74 Vested (146,138) (240.71) — — (146,138) (240.71) Forfeited (22,197) (256.50) — — (22,197) (256.50) Unvested awards outstanding December 31, 2022 407,812 $ 258.34 68,235 $ 336.33 476,047 $ 269.52 Granted 77,974 296.19 37,211 295.61 115,185 296.01 Vested (132,909) (245.19) (9,250) (275.12) (142,159) (247.13) Forfeited (30,229) (266.60) (2,183) (300.86) (32,412) (268.91) Unvested awards outstanding December 31, 2023 322,648 $ 272.14 94,013 $ 327.06 416,661 $ 284.53 Granted (b) 83,651 308.24 44,914 228.68 128,565 280.45 Vested (130,321) (259.20) (10,004) (275.12) (140,325) (260.33) Forfeited (18,104) (286.93) (866) (300.86) (18,970) (287.57) Unvested awards outstanding December 31, 2024 257,874 $ 289.35 128,057 $ 296.79 385,931 $ 291.82
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	2024 2023 2022 Amounts for the year (in 000's, except number of shares): Fair value of vested shares and vested LTIP units on vesting date $ 41,848 $ 41,999 $ 47,244 Cash paid for taxes upon vesting in lieu of issuing common shares $ 12,667 $ 13,950 $ 16,827 Common shares issued upon vesting 63,840 96,657 99,009 Vested LTIP units issued upon vesting 40,396 — — Average assumptions used in valuing restricted share and LTIP units with market conditions with the Monte-Carlo simulation method: Time from the valuation date to the end of the performance period 3 3 3 Risk-free interest rate 4.2% 3.8% 1.6% Expected volatility, based upon historical volatility 23.8% 28.2% 26.5% Expected dividend yield 4.3% 4.1% 2.3% (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) Amount granted for performance-based awards includes 6,594 LTIP units for payout adjustments based on Total Shareholder Return modifier for awards granted in 2022. 2024 2023 2022 Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's) $ 85,833 $ 35,662 $ 27,210 Average assumptions used in valuing options and AO LTIP units with the Black-Scholes method: Expected life of options in years 6 6 6 Risk-free interest rate 4.2% 3.5% 2.9% Expected volatility, based upon historical volatility 24.4% 24.4% 22.9% Expected dividend yield 4.3% 4.2% 2.0% Average assumptions used in valuing options and AO LTIP units with market conditions with the Monte-Carlo simulation method: Expected life of options in years 7 7 7 Risk-free interest rate 4.1% 3.5% 1.8% Expected volatility, based upon historical volatility 24.1% 23.8% 22.6% Expected dividend yield 4.3% 4.1% 2.3% Average estimated value of options and AO LTIP units granted during the year $ 51.33 $ 56.86 $ 87.57
Schedule of Stock Options and AO LTIP Units Activity	Additional information with respect to stock options and AO LTIP units during 2024, 2023, and 2022 is as follows: Service-Based Performance-Based (a) Total Number of Awards Weighted Average Exercise or Conversion Price per Award Number of Awards Weighted Average Exercise or Conversion Price per Award Number of Awards Weighted Average Exercise or Conversion Price per Award Awards outstanding January 1, 2022 1,899,951 $ 208.16 1,140,000 $ 229.16 3,039,951 $ 216.04 Granted 65,000 398.97 138,933 299.88 203,933 331.46 Special dividend adjustment (b) 62,512 N/A 41,836 N/A 104,348 N/A Exercised (173,422) (189.95) (10,327) (221.68) (183,749) (191.74) Awards outstanding December 31, 2022 1,854,041 $ 209.53 1,310,442 $ 229.39 3,164,483 $ 217.75 Granted (c) 60,000 286.81 180,425 265.46 240,425 270.79 Exercised (272,250) (167.15) (34,401) (221.68) (306,651) (173.26) Cancelled (12,049) (293.81) (34,987) (229.34) (47,036) (245.86) Awards outstanding December 31, 2023 1,629,742 $ 218.83 1,421,479 $ 234.16 3,051,221 $ 225.97 Granted (d) 110,084 278.82 87,782 297.12 197,866 286.94 Exercised or converted (e) (381,850) (194.09) (301,498) (221.83) (683,348) (206.33) Cancelled (10,110) (320.69) (5,164) (221.68) (15,274) (287.21) Awards outstanding December 31, 2024 1,347,866 $ 229.98 1,202,599 $ 241.90 2,550,465 $ 235.60 Awards exercisable or convertible at December 31, 2024 1,187,232 $ 221.59 612,112 $ 221.97 1,799,344 $ 221.72 (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) On August 4, 2022, we paid a Special Dividend of $13.15 per common share to shareholders of record as of August 1, 2022. Stock options that were outstanding at the time of the Special Dividend were adjusted pursuant to the anti-dilution provisions of the Company’s applicable equity and performance-based incentive compensation plans that provide for equitable adjustments in the event of an extraordinary cash dividend. The anti-dilution adjustments proportionately increased the number of outstanding stock options and reduced the exercise prices of outstanding stock options by a conversion rate of 1.03275, resulting in an increase of 104,348 stock options outstanding. The adjustments did not result in incremental share-based compensation expense. (c) Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021. (d) Amount granted for performance-based awards includes 24,065 AO LTIP units for payout adjustments based on Total Shareholder Return for awards granted in 2022. (e) 214,996 common shares were issued upon the exercise of stock options. 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the year ended December 31, 2024.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2024, 2023, and 2022, respectively (in thousands, except per share amounts): For the Years Ended December 31, 2024 2023 2022 Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,872,685 $ 1,948,741 $ 4,142,288 Denominator for basic net income per share - weighted average common shares outstanding 175,351 175,472 175,257 Net effect of dilutive stock options and AO LTIP units - based on treasury stock method 687 671 1,023 Denominator for dilutive net income per share - weighted average common shares outstanding 176,038 176,143 176,280 Net income per common share: Basic $ 10.68 $ 11.11 $ 23.64 Dilutive $ 10.64 $ 11.06 $ 23.50

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 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: For the Years Ended December 31, 2024 2023 2022 (amounts in thousands) Self-Storage Operations Reportable Segment Revenue $ 4,395,993 $ 4,259,613 $ 3,946,028 Cost of operations: Property taxes (451,992) (411,323) (385,034) On-site property manager payroll (167,258) (164,405) (152,914) Repairs and maintenance (93,763) (83,429) (74,857) Utilities (63,611) (62,462) (61,510) Marketing (106,414) (90,717) (63,358) Other direct property costs (122,119) (114,879) (101,939) Supervisory payroll (51,616) (50,065) (50,895) Centralized management costs (67,820) (71,034) (71,752) Share-based compensation (12,127) (13,636) (17,950) Total cost of operations (1,136,720) (1,061,950) (980,209) Net operating income 3,259,273 3,197,663 2,965,819 Depreciation and amortization (1,129,766) (970,056) (888,146) Net income 2,129,507 2,227,607 2,077,673 Ancillary Operations Revenue 299,623 258,077 236,135 Cost of operations (121,281) (85,996) (72,698) Net operating income 178,342 172,081 163,437 Total net income allocated to segments 2,307,849 2,399,688 2,241,110 Other items not allocated to segments: Real estate acquisition and development expense (15,506) (26,451) (28,744) General and administrative (106,677) (80,632) (71,672) Interest and other income 67,212 85,590 40,567 Interest expense (287,401) (201,132) (136,319) Equity in earnings of unconsolidated real estate entities 19,821 27,897 106,981 Foreign currency exchange gain (loss) 102,244 (51,197) 98,314 Gain on sale of real estate 1,537 17,178 1,503 Gain on sale of equity investment in PS Business Parks, Inc. — — 2,128,860 Income tax expense (4,669) (10,821) (14,326) Net income $ 2,084,410 $ 2,160,120 $ 4,366,274

Description of the Business (De

Description of the Business (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2024 ft² storage_facility country state
Nature Of Business [Line Items]
Net rentable area (in square feet)	221,280
Shurgard
Nature Of Business [Line Items]
PSA number of self-storage facilities | storage_facility	318
Net rentable area (in square feet)	17,000
Ownership interest (as percent)	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	3,073
Net rentable area (in square feet)	221,300
Number of states with facilities | state	40
Number of third-party self-storage facilities managed | storage_facility	307
Public Storage | Commercial and Retail Space
Nature Of Business [Line Items]
Net rentable area (in square feet)	1,000
Public Storage | Facilities, Managed For Third Parties
Nature Of Business [Line Items]
Net rentable area (in square feet)	23,300
Public Storage Parent
Nature Of Business [Line Items]
Ownership interest	99.87%
Trustees and Officers
Nature Of Business [Line Items]
Ownership interest	0.13%

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Percentage of interest in real estate sold at fair value	100%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of buildings and improvements (in years)	40 years

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Notes Receivable) (Narrative) (Details) $ in Millions	Dec. 31, 2024 USD ($) extension
Unfunded Loan Commitment
Summary Of Significant Accounting Policies [Line Items]
Other commitment	$ 12.5
Notes Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of extensions | extension	2
Financing receivable, extension period	1 year
Financing receivable, after allowance for credit loss	$ 10
Notes Receivable | Minimum
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, term	3 years
Notes Receivable | Maximum
Summary Of Significant Accounting Policies [Line Items]
Financing receivable, term	4 years

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Goodwill and Intangible Asset Impairment	$ 0	$ 0	$ 0

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation (as percent)	1.039	1.104
Weighted Average
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate	1.082	1.081	1.054

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies (Income Taxes) (Narrative) (Details)	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating facilities, at cost:
Beginning balance (Operating facilities, at cost)	$ 27,465,238	$ 24,219,126	$ 22,807,833
Capital expenditures to maintain real estate facilities	234,541	232,048	205,169
Capital expenditures for property enhancements	126,324	163,380	194,931
Capital expenditures for energy efficiencies (LED lighting, solar)	54,433	65,026	52,216
Acquisitions	254,940	2,442,118	733,442
Dispositions and other	(106)	(19,322)	(1,704)
Developed or expanded facilities opened for operation	343,368	362,862	227,239
Ending balance (Operating facilities, at cost)	28,478,738	27,465,238	24,219,126
Accumulated depreciation:
Beginning balance (Accumulated depreciation)	(9,423,974)	(8,554,155)	(7,773,308)
Depreciation expense	(1,002,212)	(881,255)	(781,931)
Dispositions and other	0	11,436	1,084
Ending balance (Accumulated depreciation)	(10,426,186)	(9,423,974)	(8,554,155)
Construction in process:
Beginning balance (Construction in process)	345,453	372,992	272,471
Costs incurred to develop and expand real estate facilities	307,650	356,788	336,948
Acquisitions	0	2,922	0
Write-off of cancelled projects and transfer to other assets	(1,634)	(24,387)	(9,188)
Developed or expanded facilities opened for operation	(343,368)	(362,862)	(227,239)
Ending balance (Construction in process)	308,101	345,453	372,992
Total real estate facilities	$ 18,360,653	$ 18,386,717	$ 16,037,963

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands, ft² in Millions		12 Months Ended
	Jul. 08, 2022 USD ($) property site	Dec. 31, 2024 USD ($) ft² storage_facility	Dec. 31, 2023 USD ($) ft² storage_facility	Dec. 31, 2022 USD ($) ft² storage_facility
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand		$ 343,400	$ 362,900	$ 227,200
Net rentable area developed or expanded | ft²		1.5	1.7	1.4
Payments to acquire real estate		$ 267,473	$ 473,176	$ 757,944
Write off development cost			11,700	7,000
Land cost transferred			12,700	2,200
Payment for acquisition, land, held-for-use			13,500
Gain on sale of real estate		1,537	17,178	1,503
Proceeds from sale of real estate investments		8,388	39,986	1,543
Adjusted basis of real estate		$ 18,600,000
Disposal of Real Estate Facilities
Schedule Of Real Estate Facilities [Line Items]
Net book value of real estate transaction			7,100
Gross proceeds from sale of real estate			40,000
Proceeds allocated to the sale of the property			24,300
Gain on sale of real estate			17,100
Amount of excess cash proceeds from sale			15,700
Land Parcel
Schedule Of Real Estate Facilities [Line Items]
Gain on sale of real estate			100	1,500
Proceeds from sale of real estate investments			$ 100	$ 1,500
Acquisition of Self-Storage Facilities Other Investments
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities acquired | storage_facility		22	37	74
Net rentable area acquired (in Sq.ft) | ft²		1.7	2.7	4.7
Total cost of acquisition		$ 267,500	$ 473,200	$ 730,500
Payments to acquire intangible assets		$ 12,500	$ 23,200	24,100
Payments to acquire real estate				710,600
Issuance of partnership units				$ 19,900
Simply Acquisition
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities acquired | storage_facility			127
Net rentable area acquired (in Sq.ft) | ft²			9.4
Total cost of acquisition			$ 2,200,000
Payments to acquire intangible assets			$ 214,300
Number of self-storage facilities to manage for third parties | storage_facility			25
Payments to acquire real estate			$ 2,000,000
Commercial Interests
Schedule Of Real Estate Facilities [Line Items]
Total cost of acquisition	$ 47,300
Number of properties acquired | property	5
Number of sites in commercial interest acquisition | site	3
Real estate investments, net	$ 27,000
Intangible assets, gross (excluding goodwill)	700
Increase of equity investment	$ 19,600

Investment in Unconsolidated _3

Investment in Unconsolidated Real Estate Entities (Schedule of Investments in Real Estate Entities and Equity in Earnings of Real Estate Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 19,821	$ 27,897	$ 106,981
Shurgard
Schedule of Equity Method Investments [Line Items]
Total	19,821	27,897	26,385
PSB
Schedule of Equity Method Investments [Line Items]
Total	$ 0	$ 0	$ 80,596

Investment in Unconsolidated _4

Investment in Unconsolidated Real Estate Entities (Investment in Shurgard) (Narrative) (Details) $ in Thousands			12 Months Ended
	Sep. 26, 2024 shares	Nov. 14, 2023 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 € / shares
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated real estate entity			$ 0	$ 112,554	$ 0
Number of common shares received (in shares) | shares	487,600
Exchange rate translation (as percent)			1.039	1.104
Cash distribution received			$ 11,039	$ 29,333	134,769
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities			13,285	10,975	13,670
Foreign currency translation (loss) gain on investment in Shurgard			$ (4,739)	13,078	(26,730)
Shurgard
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)			35%
Issuance of shares (in shares) | shares	1,114,194	8,163,265
Number of shares acquired on pro-rata (in shares) | shares		2,863,674
Contributions to unconsolidated real estate entity		$ 112,600
Common stock owned of Shurgard (in shares) | shares			34,619,733
Share price (in euro per share) | € / shares						€ 35.85
Market value			$ 1,300,000
License fees received			4,300	3,800	3,500
Cash distribution received			22,800	39,000	37,800
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities			13,300	11,000	13,700
Basis differential			62,600	63,700
Increase of equity investment			3,400
Amortization of basis differential			4,500	4,100	6,900
Shurgard | Trademark License
Schedule of Equity Method Investments [Line Items]
Cash distribution received			$ 1,500	$ 1,300	$ 1,200

Investment in Unconsolidated _5

Investment in Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 20, 2022	Sep. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.			$ 0	$ 0	$ 2,636,011
Gain on sale of equity investment in PS Business Parks, Inc.			0	0	2,128,860
Cash distribution received			$ 11,039	$ 29,333	134,769
PSB
Schedule of Equity Method Investments [Line Items]
Ownership interest (as percent)	41%
Cash distribution received					$ 109,500
PSB | Blackstone Real Estate
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment in PS Business Parks, Inc.	$ 2,700,000
Gain on sale of equity investment in PS Business Parks, Inc.		$ 2,100,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Dec. 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	1,008,111	995,578
Accumulated Amortization	(910,591)	(792,978)
Total	97,520	202,600
Gross Book Value	1,192,778	1,180,245
Net Book Value	282,187	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 117.6	$ 82.7	$ 95.2
Increase in finite-lived intangible assets	$ 12.5	$ 237.5	$ 24.8
Finite-lived intangible assets, weighted average useful life (in years)	1 year 2 months 12 days

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 69,121
2026	21,573
2027	2,956
2028	381
2029	212
Thereafter	3,277
Total	$ 97,520	$ 202,600

Credit Facility (Details)

Credit Facility (Details) - USD ($)	Sep. 30, 2024	Jun. 12, 2023	Feb. 24, 2025	Dec. 31, 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%
Debt instrument, variable interest rate, type [extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Interest rate spread (as percent)	0.70%
Facility fee percentage	0.10%
Outstanding borrowings				$ 0
Credit Facility | Subsequent Event
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0
Credit Facility | Minimum
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		0.65%
Facility fee percentage	0.10%
Credit Facility | Maximum
Schedule Of Debt [Line Items]
Interest rate spread (as percent)		1.40%
Facility fee percentage	0.30%
Standby Letters of Credit
Schedule Of Debt [Line Items]
Undrawn standby letters of credit				$ 19,400,000	$ 14,600,000
Standby Letters of Credit | Subsequent Event
Schedule Of Debt [Line Items]
Undrawn standby letters of credit			$ 19,600,000

Notes Payable (Schedule of Note

Notes Payable (Schedule of Notes Payable) (Details) $ in Thousands		12 Months Ended
	Jul. 26, 2023 USD ($)	Dec. 31, 2024 USD ($) real_estate_facility	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal		$ 9,405,367
Unamortized Costs		(52,333)
Book Value		9,353,034	$ 9,103,277
Fair Value		8,807,258	8,558,601
Notes due July 25, 2025
Debt Instrument [Line Items]
Interest rate spread (as percent)	0.60%
Principal	$ 400,000
Notes due January 15, 2029
Debt Instrument [Line Items]
Coupon Rate	5.125%
Principal	$ 500,000
Notes due August 1, 2033
Debt Instrument [Line Items]
Coupon Rate	5.10%
Principal	$ 700,000
Notes due August 1, 2053
Debt Instrument [Line Items]
Coupon Rate	5.35%
Principal	$ 600,000
U.S. Dollar Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal		7,750,000
Unamortized Costs		(42,105)
Book Value		7,707,895	7,411,297
Fair Value		$ 7,315,437	7,092,333
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Interest rate spread (as percent)		0.47%
Effective Rate		5.818%
Principal		$ 0
Unamortized Costs		0
Book Value		0	699,779
Fair Value		$ 0	700,031
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Interest rate spread (as percent)		0.60%
Effective Rate		5.164%
Principal		$ 400,000
Unamortized Costs		(463)
Book Value		399,537	398,722
Fair Value		$ 400,714	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		(840)
Book Value		499,160	498,419
Fair Value		$ 479,639	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		(1,617)
Book Value		648,383	647,513
Fair Value		$ 614,981	597,131
U.S. Dollar Denominated Unsecured Debt | Notes due April 16, 2027
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [extensible enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Interest rate spread (as percent)		0.70%
Effective Rate		5.326%
Principal		$ 700,000
Unamortized Costs		(2,456)
Book Value		697,544	0
Fair Value		$ 706,119	0
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		(1,436)
Book Value		498,564	498,036
Fair Value		$ 480,904	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		(2,244)
Book Value		647,756	647,078
Fair Value		$ 592,876	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		(1,856)
Book Value		548,144	547,663
Fair Value		$ 494,867	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		(2,361)
Book Value		497,639	497,053
Fair Value		$ 506,074	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		(1,327)
Book Value		498,673	498,363
Fair Value		$ 472,031	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		(4,327)
Book Value		645,673	644,988
Fair Value		$ 555,387	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		(2,430)
Book Value		547,570	547,218
Fair Value		$ 459,682	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		(4,972)
Book Value		695,028	694,448
Fair Value		$ 695,171	725,753
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2053
Debt Instrument [Line Items]
Coupon Rate		5.35%
Effective Rate		5.474%
Principal		$ 900,000
Unamortized Costs		(15,776)
Book Value		884,224	592,017
Fair Value		856,992	628,413
Euro Denominated Unsecured Debt
Debt Instrument [Line Items]
Principal		1,653,659
Unamortized Costs		(10,228)
Book Value		1,643,431	1,690,147
Fair Value		$ 1,490,230	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		$ 0
Unamortized Costs		0
Book Value		0	110,372
Fair Value		$ 0	109,380
Euro Denominated Unsecured Debt | Notes due November 3, 2025
Debt Instrument [Line Items]
Coupon Rate		2.175%
Effective Rate		2.175%
Principal		$ 251,385
Unamortized Costs		0
Book Value		251,385	267,116
Fair Value		$ 249,979	261,083
Euro Denominated Unsecured Debt | Notes due September 9, 2030
Debt Instrument [Line Items]
Coupon Rate		0.50%
Effective Rate		0.64%
Principal		$ 727,105
Unamortized Costs		(6,370)
Book Value		720,735	765,119
Fair Value		$ 630,159	638,177
Euro Denominated Unsecured Debt | Notes due January 24, 2032
Debt Instrument [Line Items]
Coupon Rate		0.875%
Effective Rate		0.978%
Principal		$ 519,361
Unamortized Costs		(3,786)
Book Value		515,575	547,540
Fair Value		$ 443,113	455,895
Euro Denominated Unsecured Debt | Notes due April 11, 2039
Debt Instrument [Line Items]
Coupon Rate		4.08%
Effective Rate		4.08%
Principal		$ 155,808
Unamortized Costs		(72)
Book Value		155,736	0
Fair Value		$ 166,979	0
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		$ 11,200
Coupon Rate		4.328%
Effective Rate		4.328%
Principal		$ 1,708
Unamortized Costs		0
Book Value		1,708	1,833
Fair Value		$ 1,591	$ 1,733

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands

12 Months Ended

Apr. 23, 2024 USD ($)

Apr. 16, 2024 USD ($)

Apr. 11, 2024 USD ($)

Jul. 26, 2023 USD ($)

Dec. 31, 2024 USD ($) tranche

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Apr. 11, 2024 EUR (€)

Aug. 15, 2022 USD ($)

Sep. 09, 2021 EUR (€)

Jan. 24, 2020 EUR (€)

Nov. 03, 2015 EUR (€)

Debt Instrument [Line Items]

Total debt

$ 9,405,367

Foreign currency exchange gain (loss)

102,244

$ (51,197)

$ 98,314

Interest capitalized as real estate

10,500

9,300

6,000

Senior Notes

Debt Instrument [Line Items]

Debt issuance amount

$ 1,000,000

Net proceeds from conversion of currency

988,500

U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 7,750,000

Debt to total assets ratio

17%

Adjusted EBTIDA to interest expense ratio

12

U.S. Dollar Denominated Unsecured Debt | Minimum

Debt Instrument [Line Items]

Adjusted EBTIDA to interest expense ratio

1.5

Euro Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 1,653,659

Number of tranches | tranche

4

Foreign currency exchange gain (loss)

$ 103,000

$ (51,600)

$ 99,200

Notes due April 16, 2027 | Senior Notes

Debt Instrument [Line Items]

Total debt

$ 700,000

Debt instrument, variable interest rate, type [extensible enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Interest rate spread (as percent)

0.70%

Notes due April 16, 2027 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 700,000

Debt instrument, variable interest rate, type [extensible enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Interest rate spread (as percent)

0.70%

Notes due August 1, 2053

Debt Instrument [Line Items]

Total debt

$ 600,000

Interest rate (as percent)

5.35%

Notes due August 1, 2053 | Senior Notes

Debt Instrument [Line Items]

Total debt

$ 300,000

$ 600,000

Interest rate (as percent)

5.35%

Debt instrument issued at discount

$ 5,300

Notes due August 1, 2053 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 900,000

Interest rate (as percent)

5.35%

Notes due April 23, 2024 | Senior Notes

Debt Instrument [Line Items]

Debt instrument, variable interest rate, type [extensible enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Interest rate spread (as percent)

0.47%

Repayments of outstanding amount

$ 700,000

Notes due April 23, 2024 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 0

Debt instrument, variable interest rate, type [extensible enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Interest rate spread (as percent)

0.47%

Notes due July 25, 2025

Debt Instrument [Line Items]

Total debt

$ 400,000

Interest rate spread (as percent)

0.60%

Notes due July 25, 2025 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 400,000

Debt instrument, variable interest rate, type [extensible enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Interest rate spread (as percent)

0.60%

Notes due January 15, 2029

Debt Instrument [Line Items]

Total debt

$ 500,000

Interest rate (as percent)

5.125%

Notes due January 15, 2029 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 500,000

Interest rate (as percent)

5.125%

Notes due August 1, 2033

Debt Instrument [Line Items]

Total debt

$ 700,000

Interest rate (as percent)

5.10%

Notes due August 1, 2033 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 700,000

Interest rate (as percent)

5.10%

Notes due on 2025, 2029, 2033, and 2053 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Debt issuance costs

$ 18,700

Notes Due September 15, 2022 | U.S. Dollar Denominated Unsecured Debt

Debt Instrument [Line Items]

Total debt

$ 500,000

Interest rate (as percent)

2.37%

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

Total debt

$ 251,385

Interest rate (as percent)

2.175%

Notes due January 24, 2032 | Euro Denominated Unsecured Debt

Debt Instrument [Line Items]

Debt issuance amount | €

€ 500,000,000

Total debt

$ 519,361

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

Total debt

$ 727,105

Interest rate (as percent)

0.50%

Notes due April 11, 2039 | Senior Notes

Debt Instrument [Line Items]

Interest rate (as percent)

4.08%

Net proceeds from conversion of currency

$ 162,500

Notes due April 11, 2039 | Euro Denominated Unsecured Debt

Debt Instrument [Line Items]

Debt issuance amount | €

€ 150,000,000

Total debt

$ 155,808

Interest rate (as percent)

4.08%

Notes due April 12, 2024 | Senior Notes

Debt Instrument [Line Items]

Interest rate (as percent)

1.54%

Repayments of senior notes

$ 108,400

Notes due April 12, 2024 | Euro Denominated Unsecured Debt

Debt Instrument [Line Items]

Debt issuance amount | €

€ 100,000,000

Total debt

$ 0

Interest rate (as percent)

1.54%

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	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 651,516
2026	1,150,138
2027	1,200,146
2028	1,200,129
2029	1,000,088
Thereafter	4,203,350
Total debt	$ 9,405,367
Weighted average effective rate	3.10%
Unsecured Debt
Debt Instrument [Line Items]
2025	$ 651,385
2026	1,150,000
2027	1,200,000
2028	1,200,000
2029	1,000,000
Thereafter	4,202,274
Total debt	$ 9,403,659
Weighted average effective rate	3.10%
Mortgage Debt
Debt Instrument [Line Items]
2025	$ 131
2026	138
2027	146
2028	129
2029	88
Thereafter	1,076
Total debt	$ 1,708
Weighted average effective rate	4.30%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Dec. 31, 2024 shares
LTIP Units
Noncontrolling Interest [Line Items]
Partnership units conversion ratio	1
Vested LTIP units outstanding (in shares)	227,340
Trustees and Officers
Noncontrolling Interest [Line Items]
Ownership interest of noncontrolling owners	0.13%
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		12 Months Ended
	Jan. 13, 2022	Dec. 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
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
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
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
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
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
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
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
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
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
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
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
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
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
Class of Stock [Line Items]
Earliest Redemption Date		Jan. 13, 2027
Dividend Rate	4.10%	4.10%
Preferred stock, shares outstanding (in shares)		10,000	10,000
Liquidation Preference	$ 250,000	$ 250,000	$ 250,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)						12 Months Ended
	Aug. 04, 2024 $ / shares	Feb. 04, 2023 $ / shares	Feb. 03, 2023 $ / shares	Aug. 04, 2022 $ / shares	Jan. 13, 2022 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) dividend board_member $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend						6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | board_member						2
Amount of preferred dividends in arrears						$ 0
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series, percent						66.67%
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares, percent						66.67%
Redemption price per share (in USD per share) | $ / shares						$ 25
Liquidation Preference						$ 4,350,000,000	$ 4,350,000,000
Maximum aggregate sales price of the "at the market" offering program						$ 2,000,000,000
Issuance of commons shares for cash (in shares) | shares						184,390	0	0
Issuance of commons shares for cash						$ 60,321,000	$ 0	$ 0
Number of shares authorized for repurchase (in shares) | shares						35,000,000
Shares repurchased (in shares) | shares						726,865
Repurchase of common shares						$ 200,000,000	0	0
Share repurchase program, remaining authorized, number of shares (in shares) | shares						10,551,219
Increase in regular common dividend (as percent)		0.50
Common stock, annual dividends (in USD per share) | $ / shares		$ 3	$ 2
Common Stock, Per Share, Annual Dividends | $ / shares		$ 12	$ 8
Common stock dividends paid in aggregate						$ 2,107,000,000	$ 2,111,000,000	$ 3,714,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares						$ 12	$ 12	$ 21.15
Special cash dividend								$ 2,300,000,000
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15			$ 13.15
Preferred share dividends						$ 194,700,000	$ 194,700,000	$ 194,400,000
Series S Preferred Stock
Class of Stock [Line Items]
Stock issued during period (in shares) | shares					10,000,000
Preferred shares per depositary share (in shares) | shares					0.001
Dividend Rate					4.10%	4.10%
Shares issued (in USD per share) | $ / shares					$ 25
Liquidation Preference					$ 250,000,000	$ 250,000,000	$ 250,000,000
Original issuance costs on preferred shares issued during the period					$ 7,200,000

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule of Activity of Issuance of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Employee stock-based compensation and exercise of stock options (in shares)	280,141	405,059	283,190
Employee stock-based compensation and exercise of stock options	$ 47,411	$ 53,386	$ 35,405
Issuance of commons shares for cash (in shares)	184,390	0	0
Issuance of commons shares for cash	$ 60,321	$ 0	$ 0
Repurchase of common shares (in shares)	(726,865)	0	0
Repurchase of common shares	$ (200,000)	$ 0	$ 0
Issuance (repurchase) of shares (in shares)	(262,334)	405,059	283,190
Issuance (repurchase) of shares	$ (92,268)	$ 53,386	$ 35,405

Shareholders' Equity (Schedul_3

Shareholders' Equity (Schedule of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Ordinary Dividends	100%	100%	100%	100%
Capital Gain Distributions	0%	0%	0%	0%
Total	100%	100%	100%	100%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) storage_facility adult_children	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 2.2	$ 2.1	$ 2.2
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 (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 44,747	$ 41,566	$ 56,703
Self-storage cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	12,128	13,636	17,950
Ancillary cost of operations
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	1,161	1,289	888
Real estate acquisition and development expense
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	2,750	1,242	11,204
General and administrative
Share-based Payment Arrangement, Expensed, Amount [Line Items]
Share-based compensation expense	$ 28,708	$ 25,399	$ 26,661

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation cost capitalized	$ 3.1	$ 2.4	$ 4.1
RSUs substituted by LTIP Units (in shares)	156,632
Stock options substituted by AO LTIP Units (in shares)	2,238,874

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units and LTIP Units) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 44,747	$ 41,566	$ 56,703
Unrecognized compensation cost | $	$ 68,600
Compensation recognition period (in years)	3 years
Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 34,400	$ 28,200	$ 39,900
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership units conversion ratio	1
Granted (in shares)			6,594
PSA OP Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership units conversion ratio	1
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	128,565	115,185	73,560
Performance target (as percent)		200%
Award performance period (in years)		3 years	3 years
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	34,550
Performance target (as percent)	100%
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,770
Minimum | Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Minimum | Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, grantees earnings (in shares)	0
Maximum | Restricted Share Units and LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	8 years
Maximum | Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, grantees earnings (in shares)	69,100

Share-Based Compensation (Res_2

Share-Based Compensation (Restricted Share Units and LTIP Units Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Service-Based
Number of Awards
Unvested awards outstanding, beginning balance (in shares)	322,648	407,812	524,572
Granted (in shares)	83,651	77,974	51,575
Vested (in shares)	(130,321)	(132,909)	(146,138)
Forfeited (in shares)	(18,104)	(30,229)	(22,197)
Unvested awards outstanding, ending balance (in shares)	257,874	322,648	407,812
Unvested awards outstanding, beginning balance (in USD per share)	$ 272.14	$ 258.34	$ 249.90
Granted (in USD per share)	308.24	296.19	293.43
Vested (in USD per share)	(259.20)	(245.19)	(240.71)
Forfeited (in USD per share)	(286.93)	(266.60)	(256.50)
Unvested awards outstanding, ending balance (in USD per share)	$ 289.35	$ 272.14	$ 258.34
Performance-Based (a)
Number of Awards
Unvested awards outstanding, beginning balance (in shares)	94,013	68,235	46,250
Granted (in shares)	44,914	37,211	21,985
Vested (in shares)	(10,004)	(9,250)	0
Forfeited (in shares)	(866)	(2,183)	0
Unvested awards outstanding, ending balance (in shares)	128,057	94,013	68,235
Unvested awards outstanding, beginning balance (in USD per share)	$ 327.06	$ 336.33	$ 275.12
Granted (in USD per share)	228.68	295.61	465.11
Vested (in USD per share)	(275.12)	(275.12)	0
Forfeited (in USD per share)	(300.86)	(300.86)	0
Unvested awards outstanding, ending balance (in USD per share)	$ 296.79	$ 327.06	$ 336.33
Restricted Share Units
Number of Awards
Unvested awards outstanding, beginning balance (in shares)	416,661	476,047	570,822
Granted (in shares)	128,565	115,185	73,560
Vested (in shares)	(140,325)	(142,159)	(146,138)
Forfeited (in shares)	(18,970)	(32,412)	(22,197)
Unvested awards outstanding, ending balance (in shares)	385,931	416,661	476,047
Unvested awards outstanding, beginning balance (in USD per share)	$ 284.53	$ 269.52	$ 251.95
Granted (in USD per share)	280.45	296.01	344.74
Vested (in USD per share)	(260.33)	(247.13)	(240.71)
Forfeited (in USD per share)	(287.57)	(268.91)	(256.50)
Unvested awards outstanding, ending balance (in USD per share)	$ 291.82	$ 284.53	$ 269.52

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's)	$ 85,833	$ 35,662	$ 27,210
Average estimated value of options and AO LTIP units granted during the year	$ 51.33	$ 56.86	$ 87.57
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares and vested LTIP units on vesting date	$ 41,848	$ 41,999	$ 47,244
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 12,667	$ 13,950	$ 16,827
Common shares issued upon vesting (in shares)	63,840	96,657	99,009
Vested LTIP units issued upon vesting (in shares)	40,396	0	0
Time from the valuation date to the end of the performance period	3 years	3 years	3 years
Risk-free interest rate	4.20%	3.80%	1.60%
Expected volatility, based upon historical volatility	23.80%	28.20%	26.50%
Expected dividend yield	4.30%	4.10%	2.30%
Granted (in shares)	128,565	115,185	73,560
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			6,594
Share-Based Payment Arrangement, Option, Valued With Black-Scholes Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time from the valuation date to the end of the performance period	6 years	6 years	6 years
Risk-free interest rate	4.20%	3.50%	2.90%
Expected volatility, based upon historical volatility	24.40%	24.40%	22.90%
Expected dividend yield	4.30%	4.20%	2%
Share-Based Payment Arrangement, Option, Valued With Monte-Carlo Simulation Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time from the valuation date to the end of the performance period	7 years	7 years	7 years
Risk-free interest rate	4.10%	3.50%	1.80%
Expected volatility, based upon historical volatility	24.10%	23.80%	22.60%
Expected dividend yield	4.30%	4.10%	2.30%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options and AO LTIP Units) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 44,747	$ 41,566	$ 56,703
Compensation cost not yet recognized	$ 10,200
Compensation recognition period (in years)	3 years
Average remaining contractual lives (in years)	4 years
Non-Management Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		60,000
Stock Options 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	$ 12,700	$ 14,900	$ 19,900
Service-Based AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	106,484
Performance-Based AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	63,717
Service-Based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,600
Performance Target, Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		117,168	77,683
Award performance period (in years)		3 years	3 years
Percentage of target options originally granted (as percent)		200%
Performance target (as percent)	130%
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance target (as percent)	100%
Service-Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding, aggregate intrinsic value	$ 172,500
Average remaining contractual lives (in years)	5 years
Compensation recognition period (in years)	2 years
Aggregate intrinsic value for stock options exercisable	$ 143,400
Minimum | Stock Options and AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
Minimum | Performance-Based AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, grantees earnings (in shares)	0
Maximum | Stock Options and AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Maximum | Performance-Based AO LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units, grantees earnings (in shares)	127,434

Share-Based Compensation (Sto_2

Share-Based Compensation (Stock Options and AO LTIP Units Activity) (Details)			12 Months Ended
	Aug. 04, 2024 $ / shares shares	Aug. 04, 2022 $ / shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Number of Awards
Number of Awards, beginning balance (in shares)			3,051,221	3,164,483	3,039,951
Granted (in shares)			197,866	240,425	203,933
Special dividend adjustments (in shares)					104,348
Exercised or converted (in shares)			(683,348)	(306,651)	(183,749)
Cancelled (in shares)			(15,274)	(47,036)
Number of Awards, ending balance (in shares)			2,550,465	3,051,221	3,164,483	3,039,951
Awards exercisable or convertible (in shares)			1,799,344
Weighted Average Exercise or Conversion Price per Award
Number of options outstanding, beginning balance (in USD per share) | $ / shares			$ 225.97	$ 217.75	$ 216.04
Granted (in USD per share) | $ / shares			286.94	270.79	331.46
Exercised or converted (in USD per share) | $ / shares			(206.33)	(173.26)	(191.74)
Cancelled (in USD per share) | $ / shares			(287.21)	(245.86)
Number of options outstanding, ending balance (in USD per share) | $ / shares			235.60	$ 225.97	$ 217.75	$ 216.04
Awards exercisable or convertible (in USD per share) | $ / shares			$ 221.72
Common stock, dividends, per share, cash paid (in USD per share) | $ / shares	$ 13.15	$ 13.15
Anti-dilution adjustments of outstanding stock options, conversion ratio	1.03275
Special dividend adjustment (in shares)	104,348
Employee stock-based compensation and exercise of stock options (in shares)			280,141	405,059	283,190
Service-Based Stock Options And AO LTIP Units
Number of Awards
Number of Awards, beginning balance (in shares)			1,629,742	1,854,041	1,899,951
Granted (in shares)			110,084	60,000	65,000
Special dividend adjustments (in shares)					62,512
Exercised or converted (in shares)			(381,850)	(272,250)	(173,422)
Cancelled (in shares)			(10,110)	(12,049)
Number of Awards, ending balance (in shares)			1,347,866	1,629,742	1,854,041	1,899,951
Awards exercisable or convertible (in shares)			1,187,232
Weighted Average Exercise or Conversion Price per Award
Number of options outstanding, beginning balance (in USD per share) | $ / shares			$ 218.83	$ 209.53	$ 208.16
Granted (in USD per share) | $ / shares			278.82	286.81	398.97
Exercised or converted (in USD per share) | $ / shares			(194.09)	(167.15)	(189.95)
Cancelled (in USD per share) | $ / shares			(320.69)	(293.81)
Number of options outstanding, ending balance (in USD per share) | $ / shares			229.98	$ 218.83	$ 209.53	$ 208.16
Awards exercisable or convertible (in USD per share) | $ / shares			$ 221.59
Performance-Based
Number of Awards
Number of Awards, beginning balance (in shares)			1,421,479	1,310,442	1,140,000
Granted (in shares)			87,782	180,425	138,933
Special dividend adjustments (in shares)					41,836
Exercised or converted (in shares)			(301,498)	(34,401)	(10,327)
Cancelled (in shares)			(5,164)	(34,987)
Number of Awards, ending balance (in shares)			1,202,599	1,421,479	1,310,442	1,140,000
Awards exercisable or convertible (in shares)			612,112
Weighted Average Exercise or Conversion Price per Award
Number of options outstanding, beginning balance (in USD per share) | $ / shares			$ 234.16	$ 229.39	$ 229.16
Granted (in USD per share) | $ / shares			297.12	265.46	299.88
Exercised or converted (in USD per share) | $ / shares			(221.83)	(221.68)	(221.68)
Cancelled (in USD per share) | $ / shares			(221.68)	(229.34)
Number of options outstanding, ending balance (in USD per share) | $ / shares			241.90	$ 234.16	$ 229.39	$ 229.16
Awards exercisable or convertible (in USD per share) | $ / shares			$ 221.97
Performance-Based (a)
Weighted Average Exercise or Conversion Price per Award
Stock option granted for payout adjustments (in shares)						63,257
LTIP Units
Weighted Average Exercise or Conversion Price per Award
Conversion of partnership units (in shares)			186,944
AO LTIP Units
Weighted Average Exercise or Conversion Price per Award
Stock option granted for payout adjustments (in shares)					24,065
Conversion of partnership units (in shares)			468,352
Common Shares
Weighted Average Exercise or Conversion Price per Award
Employee stock-based compensation and exercise of stock options (in shares)			214,996

Share-Based Compensation (Trust

Share-Based Compensation (Trustee Deferral Program) (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,836
Granted DSUs (in shares)	871
Restricted share units outstanding (in shares)	11,734	10,769
Unrestricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	434

Net Income Per Common share (Na

Net Income Per Common share (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	138,739	375,577

Net Income per Common Share (Sc

Net Income per Common Share (Schedule of Net Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders	$ 1,872,685	$ 1,948,741	$ 4,142,288
Denominator for basic net income per share - weighted average common shares outstanding (in shares)	175,351	175,472	175,257
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method (in shares)	687	671	1,023
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares)	176,038	176,143	176,280
Basic (in USD per share)	$ 10.68	$ 11.11	$ 23.64
Diluted (in USD per share)	$ 10.64	$ 11.06	$ 23.50

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 4,695,616	$ 4,517,690	$ 4,182,163
Depreciation and amortization	(1,129,766)	(970,056)	(888,146)
Real estate acquisition and development expense	(15,506)	(26,451)	(28,744)
General and administrative	(106,677)	(80,632)	(71,672)
Interest and other income	67,212	85,590	40,567
Interest expense	(287,401)	(201,132)	(136,319)
Equity in earnings of unconsolidated real estate entities	19,821	27,897	106,981
Foreign currency exchange gain (loss)	102,244	(51,197)	98,314
Gain on sale of real estate	1,537	17,178	1,503
Gain on sale of equity investment in PS Business Parks, Inc.	0	0	2,128,860
Income tax expense	(4,669)	(10,821)	(14,326)
Net income	2,084,410	2,160,120	4,366,274
Operating Segments
Segment Reporting Information [Line Items]
Net income	2,307,849	2,399,688	2,241,110
Segment Reconciling Items
Segment Reporting Information [Line Items]
Real estate acquisition and development expense	(15,506)	(26,451)	(28,744)
General and administrative	(106,677)	(80,632)	(71,672)
Interest and other income	67,212	85,590	40,567
Interest expense	(287,401)	(201,132)	(136,319)
Equity in earnings of unconsolidated real estate entities	19,821	27,897	106,981
Foreign currency exchange gain (loss)	102,244	(51,197)	98,314
Gain on sale of real estate	1,537	17,178	1,503
Gain on sale of equity investment in PS Business Parks, Inc.	0	0	2,128,860
Income tax expense	(4,669)	(10,821)	(14,326)
Self-Storage Operations Reportable Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue	4,395,993	4,259,613	3,946,028
Cost of operations:	(1,136,720)	(1,061,950)	(980,209)
Net operating income	3,259,273	3,197,663	2,965,819
Depreciation and amortization	(1,129,766)	(970,056)	(888,146)
Net income	2,129,507	2,227,607	2,077,673
Self-Storage Operations Reportable Segment | Operating Segments | Property taxes
Segment Reporting Information [Line Items]
Cost of operations:	(451,992)	(411,323)	(385,034)
Self-Storage Operations Reportable Segment | Operating Segments | On-site property manager payroll
Segment Reporting Information [Line Items]
Cost of operations:	(167,258)	(164,405)	(152,914)
Self-Storage Operations Reportable Segment | Operating Segments | Repairs and maintenance
Segment Reporting Information [Line Items]
Cost of operations:	(93,763)	(83,429)	(74,857)
Self-Storage Operations Reportable Segment | Operating Segments | Utilities
Segment Reporting Information [Line Items]
Cost of operations:	(63,611)	(62,462)	(61,510)
Self-Storage Operations Reportable Segment | Operating Segments | Marketing
Segment Reporting Information [Line Items]
Cost of operations:	(106,414)	(90,717)	(63,358)
Self-Storage Operations Reportable Segment | Operating Segments | Other direct property costs
Segment Reporting Information [Line Items]
Cost of operations:	(122,119)	(114,879)	(101,939)
Self-Storage Operations Reportable Segment | Operating Segments | Supervisory payroll
Segment Reporting Information [Line Items]
Cost of operations:	(51,616)	(50,065)	(50,895)
Self-Storage Operations Reportable Segment | Operating Segments | Centralized management costs
Segment Reporting Information [Line Items]
Cost of operations:	(67,820)	(71,034)	(71,752)
Self-Storage Operations Reportable Segment | Operating Segments | Share-based compensation
Segment Reporting Information [Line Items]
Cost of operations:	(12,127)	(13,636)	(17,950)
Ancillary Operations | Operating Segments
Segment Reporting Information [Line Items]
Revenue	299,623	258,077	236,135
Net operating income	178,342	172,081	163,437
Cost of operations	$ (121,281)	$ (85,996)	$ (72,698)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands, certificate in Millions	Dec. 31, 2024 USD ($) certificate
Other Commitments [Line Items]
Deductible for general liability	$ 2,000
Deductible for property loss	25,000
Reduced deductible for property loss	5,000
Aggregate loss threshold for reduced deductible for property loss	35,000
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property loss	5,000
Aggregate limit for property loss coverage	75,000
Aggregate limit for general liability coverage	102,000
Tenant insurance program against claims, maximum amount	5
Third-party insurance coverage for claims paid exceeding amount for individual event	15,000
Third-party limit for insurance coverage claims paid for individual event	$ 10,000
Number of tenant certificate holders participating in insurance program, approximate | certificate	1.4
Aggregate coverage of tenants participating in insurance program	$ 6,800,000
Construction commitments	194,900
Construction commitments 2025	166,100
Construction commitments 2026	28,800
Various lease commitments	61,800
Various lease commitments 2025	4,100
Various lease commitments 2026	4,100
Various lease commitments 2027	2,700
Various lease commitments 2028	2,500
Various lease commitments 2029	2,500
Various lease commitments thereafter	45,900
Unfunded Loan Commitment
Other Commitments [Line Items]
Other Commitment	$ 12,500

Subsequent Events (Details)

Subsequent Events (Details) ft² in Millions, $ in Millions	2 Months Ended	12 Months Ended
	Feb. 24, 2025 USD ($) ft² storage_facility state	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($) ft²
Subsequent Event [Line Items]
Percentage of same store revenue		0.10
Acquisition of Self-Storage Facilities Other Investments
Subsequent Event [Line Items]
Net rentable area acquired (in Sq.ft) | ft²		1.7	2.7	4.7
Total cost of acquisition | $		$ 267.5	$ 473.2	$ 730.5
Acquisition of Self-Storage Facilities Other Investments | Subsequent Event
Subsequent Event [Line Items]
Number of self-storage facilities acquired | storage_facility	9
Number of states self-storage facilities acquired or under contracts to be acquired | state	6
Net rentable area acquired (in Sq.ft) | ft²	0.7
Total cost of acquisition | $	$ 140.7

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2024 USD ($) ft² storage_facility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3,073
Net Rentable Square Feet | ft²	221,280
Encumbrances	$ 1,708
Initial Cost, Land	5,620,692
Initial Cost, Building & Improvements	17,476,960
Costs Subsequent to Acquisition	5,381,086
Gross Carrying Amount, Land	5,711,685
Gross Carrying Amount, Buildings	22,767,053
Gross Carrying Amount, Total	28,478,738
Accumulated Depreciation	$ 10,426,186
Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	5 years
Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Estimated useful lives of buildings and improvements (in years)	40 years
Commercial and non-operating real estate
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost, Land	12,307
Initial Cost, Building & Improvements	19,892
Costs Subsequent to Acquisition	154,431
Gross Carrying Amount, Land	13,352
Gross Carrying Amount, Buildings	173,278
Gross Carrying Amount, Total	186,630
Accumulated Depreciation	$ 95,045
Los Angeles | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	232
Net Rentable Square Feet | ft²	17,467
Encumbrances	$ 248
Initial Cost, Land	574,307
Initial Cost, Building & Improvements	1,111,245
Costs Subsequent to Acquisition	549,871
Gross Carrying Amount, Land	579,775
Gross Carrying Amount, Buildings	1,655,648
Gross Carrying Amount, Total	2,235,423
Accumulated Depreciation	$ 1,062,270
Dallas/Ft. Worth | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	218
Net Rentable Square Feet | ft²	19,443
Encumbrances	$ 0
Initial Cost, Land	378,140
Initial Cost, Building & Improvements	2,255,401
Costs Subsequent to Acquisition	274,810
Gross Carrying Amount, Land	380,571
Gross Carrying Amount, Buildings	2,527,780
Gross Carrying Amount, Total	2,908,351
Accumulated Depreciation	$ 632,547
Houston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	166
Net Rentable Square Feet | ft²	13,963
Encumbrances	$ 0
Initial Cost, Land	273,784
Initial Cost, Building & Improvements	912,051
Costs Subsequent to Acquisition	336,695
Gross Carrying Amount, Land	273,106
Gross Carrying Amount, Buildings	1,249,424
Gross Carrying Amount, Total	1,522,530
Accumulated Depreciation	$ 476,974
Chicago | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	143
Net Rentable Square Feet | ft²	9,309
Encumbrances	$ 0
Initial Cost, Land	156,554
Initial Cost, Building & Improvements	519,539
Costs Subsequent to Acquisition	207,680
Gross Carrying Amount, Land	159,391
Gross Carrying Amount, Buildings	724,382
Gross Carrying Amount, Total	883,773
Accumulated Depreciation	$ 476,306
San Francisco | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	141
Net Rentable Square Feet | ft²	9,422
Encumbrances	$ 0
Initial Cost, Land	245,623
Initial Cost, Building & Improvements	557,398
Costs Subsequent to Acquisition	361,192
Gross Carrying Amount, Land	258,374
Gross Carrying Amount, Buildings	905,839
Gross Carrying Amount, Total	1,164,213
Accumulated Depreciation	$ 627,244
Washington DC | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	119
Net Rentable Square Feet | ft²	8,470
Encumbrances	$ 0
Initial Cost, Land	423,176
Initial Cost, Building & Improvements	1,329,933
Costs Subsequent to Acquisition	227,094
Gross Carrying Amount, Land	438,682
Gross Carrying Amount, Buildings	1,541,521
Gross Carrying Amount, Total	1,980,203
Accumulated Depreciation	$ 567,893
Atlanta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	115
Net Rentable Square Feet | ft²	7,697
Encumbrances	$ 1,460
Initial Cost, Land	143,692
Initial Cost, Building & Improvements	434,433
Costs Subsequent to Acquisition	141,734
Gross Carrying Amount, Land	144,055
Gross Carrying Amount, Buildings	575,804
Gross Carrying Amount, Total	719,859
Accumulated Depreciation	$ 355,586
Orlando/Daytona | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	111
Net Rentable Square Feet | ft²	6,529
Encumbrances	$ 0
Initial Cost, Land	177,574
Initial Cost, Building & Improvements	590,015
Costs Subsequent to Acquisition	108,423
Gross Carrying Amount, Land	183,055
Gross Carrying Amount, Buildings	692,957
Gross Carrying Amount, Total	876,012
Accumulated Depreciation	$ 244,461
New York | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	106
Net Rentable Square Feet | ft²	8,034
Encumbrances	$ 0
Initial Cost, Land	314,288
Initial Cost, Building & Improvements	736,217
Costs Subsequent to Acquisition	392,123
Gross Carrying Amount, Land	320,926
Gross Carrying Amount, Buildings	1,121,702
Gross Carrying Amount, Total	1,442,628
Accumulated Depreciation	$ 636,153
Seattle/Tacoma | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	102
Net Rentable Square Feet | ft²	7,333
Encumbrances	$ 0
Initial Cost, Land	246,108
Initial Cost, Building & Improvements	634,810
Costs Subsequent to Acquisition	225,107
Gross Carrying Amount, Land	248,368
Gross Carrying Amount, Buildings	857,657
Gross Carrying Amount, Total	1,106,025
Accumulated Depreciation	$ 488,989
Miami | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	100
Net Rentable Square Feet | ft²	7,545
Encumbrances	$ 0
Initial Cost, Land	259,200
Initial Cost, Building & Improvements	563,334
Costs Subsequent to Acquisition	205,780
Gross Carrying Amount, Land	261,093
Gross Carrying Amount, Buildings	767,221
Gross Carrying Amount, Total	1,028,314
Accumulated Depreciation	$ 465,690
Denver | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	71
Net Rentable Square Feet | ft²	5,313
Encumbrances	$ 0
Initial Cost, Land	120,585
Initial Cost, Building & Improvements	328,245
Costs Subsequent to Acquisition	129,745
Gross Carrying Amount, Land	121,305
Gross Carrying Amount, Buildings	457,270
Gross Carrying Amount, Total	578,575
Accumulated Depreciation	$ 223,070
Minneapolis/St. Paul | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	68
Net Rentable Square Feet | ft²	5,505
Encumbrances	$ 0
Initial Cost, Land	128,142
Initial Cost, Building & Improvements	332,631
Costs Subsequent to Acquisition	154,639
Gross Carrying Amount, Land	131,695
Gross Carrying Amount, Buildings	483,717
Gross Carrying Amount, Total	615,412
Accumulated Depreciation	$ 210,948
Tampa | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	68
Net Rentable Square Feet | ft²	4,734
Encumbrances	$ 0
Initial Cost, Land	107,321
Initial Cost, Building & Improvements	371,573
Costs Subsequent to Acquisition	101,191
Gross Carrying Amount, Land	110,635
Gross Carrying Amount, Buildings	469,450
Gross Carrying Amount, Total	580,085
Accumulated Depreciation	$ 194,524
Philadelphia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	67
Net Rentable Square Feet | ft²	4,470
Encumbrances	$ 0
Initial Cost, Land	66,271
Initial Cost, Building & Improvements	297,576
Costs Subsequent to Acquisition	99,517
Gross Carrying Amount, Land	65,292
Gross Carrying Amount, Buildings	398,072
Gross Carrying Amount, Total	463,364
Accumulated Depreciation	$ 219,646
Charlotte | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	62
Net Rentable Square Feet | ft²	4,752
Encumbrances	$ 0
Initial Cost, Land	89,937
Initial Cost, Building & Improvements	250,135
Costs Subsequent to Acquisition	109,993
Gross Carrying Amount, Land	97,800
Gross Carrying Amount, Buildings	352,265
Gross Carrying Amount, Total	450,065
Accumulated Depreciation	$ 190,588
Detroit | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	54
Net Rentable Square Feet | ft²	3,963
Encumbrances	$ 0
Initial Cost, Land	77,077
Initial Cost, Building & Improvements	289,354
Costs Subsequent to Acquisition	83,259
Gross Carrying Amount, Land	78,484
Gross Carrying Amount, Buildings	371,206
Gross Carrying Amount, Total	449,690
Accumulated Depreciation	$ 171,808
Phoenix | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	53
Net Rentable Square Feet | ft²	3,920
Encumbrances	$ 0
Initial Cost, Land	108,051
Initial Cost, Building & Improvements	367,874
Costs Subsequent to Acquisition	67,421
Gross Carrying Amount, Land	108,042
Gross Carrying Amount, Buildings	435,304
Gross Carrying Amount, Total	543,346
Accumulated Depreciation	$ 175,570
Baltimore | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	51
Net Rentable Square Feet | ft²	4,160
Encumbrances	$ 0
Initial Cost, Land	141,077
Initial Cost, Building & Improvements	787,692
Costs Subsequent to Acquisition	81,603
Gross Carrying Amount, Land	142,301
Gross Carrying Amount, Buildings	868,071
Gross Carrying Amount, Total	1,010,372
Accumulated Depreciation	$ 203,133
Portland | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	50
Net Rentable Square Feet | ft²	2,929
Encumbrances	$ 0
Initial Cost, Land	65,013
Initial Cost, Building & Improvements	225,043
Costs Subsequent to Acquisition	56,624
Gross Carrying Amount, Land	65,671
Gross Carrying Amount, Buildings	281,009
Gross Carrying Amount, Total	346,680
Accumulated Depreciation	$ 151,739
Oklahoma City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	48
Net Rentable Square Feet | ft²	3,527
Encumbrances	$ 0
Initial Cost, Land	69,100
Initial Cost, Building & Improvements	310,648
Costs Subsequent to Acquisition	35,229
Gross Carrying Amount, Land	69,100
Gross Carrying Amount, Buildings	345,877
Gross Carrying Amount, Total	414,977
Accumulated Depreciation	$ 65,848
West Palm Beach | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	46
Net Rentable Square Feet | ft²	3,850
Encumbrances	$ 0
Initial Cost, Land	156,788
Initial Cost, Building & Improvements	221,479
Costs Subsequent to Acquisition	129,817
Gross Carrying Amount, Land	157,736
Gross Carrying Amount, Buildings	350,348
Gross Carrying Amount, Total	508,084
Accumulated Depreciation	$ 193,751
San Antonio | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	41
Net Rentable Square Feet | ft²	2,936
Encumbrances	$ 0
Initial Cost, Land	56,453
Initial Cost, Building & Improvements	237,783
Costs Subsequent to Acquisition	46,153
Gross Carrying Amount, Land	56,411
Gross Carrying Amount, Buildings	283,978
Gross Carrying Amount, Total	340,389
Accumulated Depreciation	$ 107,429
Raleigh | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	40
Net Rentable Square Feet | ft²	2,899
Encumbrances	$ 0
Initial Cost, Land	92,421
Initial Cost, Building & Improvements	233,949
Costs Subsequent to Acquisition	56,297
Gross Carrying Amount, Land	93,390
Gross Carrying Amount, Buildings	289,277
Gross Carrying Amount, Total	382,667
Accumulated Depreciation	$ 107,472
Austin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	39
Net Rentable Square Feet | ft²	3,103
Encumbrances	$ 0
Initial Cost, Land	72,382
Initial Cost, Building & Improvements	212,110
Costs Subsequent to Acquisition	62,590
Gross Carrying Amount, Land	74,904
Gross Carrying Amount, Buildings	272,178
Gross Carrying Amount, Total	347,082
Accumulated Depreciation	$ 131,590
Indianapolis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	37
Net Rentable Square Feet | ft²	2,450
Encumbrances	$ 0
Initial Cost, Land	46,160
Initial Cost, Building & Improvements	171,251
Costs Subsequent to Acquisition	32,612
Gross Carrying Amount, Land	47,160
Gross Carrying Amount, Buildings	202,863
Gross Carrying Amount, Total	250,023
Accumulated Depreciation	$ 74,840
Norfolk | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	36
Net Rentable Square Feet | ft²	2,197
Encumbrances	$ 0
Initial Cost, Land	47,939
Initial Cost, Building & Improvements	125,410
Costs Subsequent to Acquisition	38,406
Gross Carrying Amount, Land	47,378
Gross Carrying Amount, Buildings	164,377
Gross Carrying Amount, Total	211,755
Accumulated Depreciation	$ 97,324
Sacramento | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	36
Net Rentable Square Feet | ft²	2,120
Encumbrances	$ 0
Initial Cost, Land	32,023
Initial Cost, Building & Improvements	92,323
Costs Subsequent to Acquisition	45,327
Gross Carrying Amount, Land	32,507
Gross Carrying Amount, Buildings	137,166
Gross Carrying Amount, Total	169,673
Accumulated Depreciation	$ 102,237
Columbia | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	35
Net Rentable Square Feet | ft²	2,237
Encumbrances	$ 0
Initial Cost, Land	39,521
Initial Cost, Building & Improvements	165,797
Costs Subsequent to Acquisition	34,641
Gross Carrying Amount, Land	40,280
Gross Carrying Amount, Buildings	199,679
Gross Carrying Amount, Total	239,959
Accumulated Depreciation	$ 62,235
Columbus | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	32
Net Rentable Square Feet | ft²	2,432
Encumbrances	$ 0
Initial Cost, Land	55,843
Initial Cost, Building & Improvements	143,208
Costs Subsequent to Acquisition	42,154
Gross Carrying Amount, Land	55,950
Gross Carrying Amount, Buildings	185,255
Gross Carrying Amount, Total	241,205
Accumulated Depreciation	$ 69,078
Kansas City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	31
Net Rentable Square Feet | ft²	2,119
Encumbrances	$ 0
Initial Cost, Land	20,212
Initial Cost, Building & Improvements	114,080
Costs Subsequent to Acquisition	62,257
Gross Carrying Amount, Land	20,412
Gross Carrying Amount, Buildings	176,137
Gross Carrying Amount, Total	196,549
Accumulated Depreciation	$ 82,289
Boston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	29
Net Rentable Square Feet | ft²	2,038
Encumbrances	$ 0
Initial Cost, Land	85,717
Initial Cost, Building & Improvements	223,625
Costs Subsequent to Acquisition	43,838
Gross Carrying Amount, Land	86,283
Gross Carrying Amount, Buildings	266,897
Gross Carrying Amount, Total	353,180
Accumulated Depreciation	$ 148,893
Las Vegas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	27
Net Rentable Square Feet | ft²	1,857
Encumbrances	$ 0
Initial Cost, Land	35,047
Initial Cost, Building & Improvements	148,111
Costs Subsequent to Acquisition	27,347
Gross Carrying Amount, Land	34,295
Gross Carrying Amount, Buildings	176,210
Gross Carrying Amount, Total	210,505
Accumulated Depreciation	$ 71,762
St. Louis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	27
Net Rentable Square Feet | ft²	1,749
Encumbrances	$ 0
Initial Cost, Land	22,546
Initial Cost, Building & Improvements	85,838
Costs Subsequent to Acquisition	48,397
Gross Carrying Amount, Land	24,295
Gross Carrying Amount, Buildings	132,486
Gross Carrying Amount, Total	156,781
Accumulated Depreciation	$ 81,773
Nashville/Bowling Green | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	25
Net Rentable Square Feet | ft²	1,651
Encumbrances	$ 0
Initial Cost, Land	46,669
Initial Cost, Building & Improvements	134,144
Costs Subsequent to Acquisition	38,632
Gross Carrying Amount, Land	46,667
Gross Carrying Amount, Buildings	172,778
Gross Carrying Amount, Total	219,445
Accumulated Depreciation	$ 46,574
San Diego | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	24
Net Rentable Square Feet | ft²	2,340
Encumbrances	$ 0
Initial Cost, Land	89,782
Initial Cost, Building & Improvements	162,043
Costs Subsequent to Acquisition	78,791
Gross Carrying Amount, Land	92,292
Gross Carrying Amount, Buildings	238,324
Gross Carrying Amount, Total	330,616
Accumulated Depreciation	$ 132,474
Memphis | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	22
Net Rentable Square Feet | ft²	1,418
Encumbrances	$ 0
Initial Cost, Land	27,627
Initial Cost, Building & Improvements	167,899
Costs Subsequent to Acquisition	17,992
Gross Carrying Amount, Land	28,980
Gross Carrying Amount, Buildings	184,538
Gross Carrying Amount, Total	213,518
Accumulated Depreciation	$ 37,310
Cincinnati | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	22
Net Rentable Square Feet | ft²	1,338
Encumbrances	$ 0
Initial Cost, Land	21,126
Initial Cost, Building & Improvements	79,210
Costs Subsequent to Acquisition	32,176
Gross Carrying Amount, Land	21,044
Gross Carrying Amount, Buildings	111,468
Gross Carrying Amount, Total	132,512
Accumulated Depreciation	$ 45,948
Mobile | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	20
Net Rentable Square Feet | ft²	1,168
Encumbrances	$ 0
Initial Cost, Land	26,313
Initial Cost, Building & Improvements	99,387
Costs Subsequent to Acquisition	13,595
Gross Carrying Amount, Land	26,140
Gross Carrying Amount, Buildings	113,155
Gross Carrying Amount, Total	139,295
Accumulated Depreciation	$ 25,324
Fort Myers/Naples | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	17
Net Rentable Square Feet | ft²	1,346
Encumbrances	$ 0
Initial Cost, Land	36,676
Initial Cost, Building & Improvements	121,930
Costs Subsequent to Acquisition	26,861
Gross Carrying Amount, Land	36,910
Gross Carrying Amount, Buildings	148,557
Gross Carrying Amount, Total	185,467
Accumulated Depreciation	$ 37,930
Colorado Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	17
Net Rentable Square Feet | ft²	1,169
Encumbrances	$ 0
Initial Cost, Land	13,667
Initial Cost, Building & Improvements	64,569
Costs Subsequent to Acquisition	29,288
Gross Carrying Amount, Land	13,664
Gross Carrying Amount, Buildings	93,860
Gross Carrying Amount, Total	107,524
Accumulated Depreciation	$ 42,074
Greensville/Spartanburg/Asheville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	17
Net Rentable Square Feet | ft²	1,051
Encumbrances	$ 0
Initial Cost, Land	13,415
Initial Cost, Building & Improvements	73,643
Costs Subsequent to Acquisition	17,783
Gross Carrying Amount, Land	14,331
Gross Carrying Amount, Buildings	90,510
Gross Carrying Amount, Total	104,841
Accumulated Depreciation	$ 32,180
Louisville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	16
Net Rentable Square Feet | ft²	982
Encumbrances	$ 0
Initial Cost, Land	24,868
Initial Cost, Building & Improvements	50,185
Costs Subsequent to Acquisition	13,271
Gross Carrying Amount, Land	24,867
Gross Carrying Amount, Buildings	63,457
Gross Carrying Amount, Total	88,324
Accumulated Depreciation	$ 26,745
Richmond | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	16
Net Rentable Square Feet | ft²	789
Encumbrances	$ 0
Initial Cost, Land	21,121
Initial Cost, Building & Improvements	56,202
Costs Subsequent to Acquisition	11,382
Gross Carrying Amount, Land	20,926
Gross Carrying Amount, Buildings	67,779
Gross Carrying Amount, Total	88,705
Accumulated Depreciation	$ 30,745
Charleston | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	1,056
Encumbrances	$ 0
Initial Cost, Land	19,490
Initial Cost, Building & Improvements	69,158
Costs Subsequent to Acquisition	27,340
Gross Carrying Amount, Land	20,466
Gross Carrying Amount, Buildings	95,522
Gross Carrying Amount, Total	115,988
Accumulated Depreciation	$ 40,459
Milwaukee | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	964
Encumbrances	$ 0
Initial Cost, Land	13,189
Initial Cost, Building & Improvements	32,071
Costs Subsequent to Acquisition	16,008
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	48,110
Gross Carrying Amount, Total	61,268
Accumulated Depreciation	$ 39,900
Jacksonville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	922
Encumbrances	$ 0
Initial Cost, Land	14,454
Initial Cost, Building & Improvements	47,415
Costs Subsequent to Acquisition	18,660
Gross Carrying Amount, Land	14,503
Gross Carrying Amount, Buildings	66,026
Gross Carrying Amount, Total	80,529
Accumulated Depreciation	$ 43,028
Greensboro | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	911
Encumbrances	$ 0
Initial Cost, Land	15,590
Initial Cost, Building & Improvements	43,181
Costs Subsequent to Acquisition	21,084
Gross Carrying Amount, Land	17,679
Gross Carrying Amount, Buildings	62,176
Gross Carrying Amount, Total	79,855
Accumulated Depreciation	$ 36,395
Birmingham | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	15
Net Rentable Square Feet | ft²	606
Encumbrances	$ 0
Initial Cost, Land	6,316
Initial Cost, Building & Improvements	25,567
Costs Subsequent to Acquisition	21,603
Gross Carrying Amount, Land	6,204
Gross Carrying Amount, Buildings	47,282
Gross Carrying Amount, Total	53,486
Accumulated Depreciation	$ 33,526
Chattanooga | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	13
Net Rentable Square Feet | ft²	857
Encumbrances	$ 0
Initial Cost, Land	10,030
Initial Cost, Building & Improvements	45,578
Costs Subsequent to Acquisition	12,357
Gross Carrying Amount, Land	9,832
Gross Carrying Amount, Buildings	58,133
Gross Carrying Amount, Total	67,965
Accumulated Depreciation	$ 23,983
Salt Lake City | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	13
Net Rentable Square Feet | ft²	800
Encumbrances	$ 0
Initial Cost, Land	20,454
Initial Cost, Building & Improvements	41,607
Costs Subsequent to Acquisition	9,197
Gross Carrying Amount, Land	20,103
Gross Carrying Amount, Buildings	51,155
Gross Carrying Amount, Total	71,258
Accumulated Depreciation	$ 20,838
Savannah | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	13
Net Rentable Square Feet | ft²	766
Encumbrances	$ 0
Initial Cost, Land	36,503
Initial Cost, Building & Improvements	52,174
Costs Subsequent to Acquisition	9,443
Gross Carrying Amount, Land	35,175
Gross Carrying Amount, Buildings	62,945
Gross Carrying Amount, Total	98,120
Accumulated Depreciation	$ 27,963
Honolulu | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	12
Net Rentable Square Feet | ft²	896
Encumbrances	$ 0
Initial Cost, Land	69,611
Initial Cost, Building & Improvements	127,041
Costs Subsequent to Acquisition	24,917
Gross Carrying Amount, Land	70,528
Gross Carrying Amount, Buildings	151,041
Gross Carrying Amount, Total	221,569
Accumulated Depreciation	$ 92,010
New Orleans | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	12
Net Rentable Square Feet | ft²	863
Encumbrances	$ 0
Initial Cost, Land	14,096
Initial Cost, Building & Improvements	72,425
Costs Subsequent to Acquisition	15,022
Gross Carrying Amount, Land	14,264
Gross Carrying Amount, Buildings	87,279
Gross Carrying Amount, Total	101,543
Accumulated Depreciation	$ 38,687
Omaha | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	938
Encumbrances	$ 0
Initial Cost, Land	17,965
Initial Cost, Building & Improvements	69,085
Costs Subsequent to Acquisition	6,836
Gross Carrying Amount, Land	17,965
Gross Carrying Amount, Buildings	75,921
Gross Carrying Amount, Total	93,886
Accumulated Depreciation	$ 17,172
Hartford/New Haven | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	11
Net Rentable Square Feet | ft²	693
Encumbrances	$ 0
Initial Cost, Land	6,778
Initial Cost, Building & Improvements	19,959
Costs Subsequent to Acquisition	28,640
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	46,934
Gross Carrying Amount, Total	55,377
Accumulated Depreciation	$ 38,998
Cleveland/Akron | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	10
Net Rentable Square Feet | ft²	631
Encumbrances	$ 0
Initial Cost, Land	5,916
Initial Cost, Building & Improvements	30,775
Costs Subsequent to Acquisition	10,568
Gross Carrying Amount, Land	6,309
Gross Carrying Amount, Buildings	40,950
Gross Carrying Amount, Total	47,259
Accumulated Depreciation	$ 18,181
Augusta | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	10
Net Rentable Square Feet | ft²	584
Encumbrances	$ 0
Initial Cost, Land	9,833
Initial Cost, Building & Improvements	35,451
Costs Subsequent to Acquisition	6,567
Gross Carrying Amount, Land	9,833
Gross Carrying Amount, Buildings	42,018
Gross Carrying Amount, Total	51,851
Accumulated Depreciation	$ 12,832
Buffalo/Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	9
Net Rentable Square Feet | ft²	462
Encumbrances	$ 0
Initial Cost, Land	6,785
Initial Cost, Building & Improvements	17,954
Costs Subsequent to Acquisition	8,612
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	26,568
Gross Carrying Amount, Total	33,351
Accumulated Depreciation	$ 18,780
Boise | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	671
Encumbrances	$ 0
Initial Cost, Land	16,756
Initial Cost, Building & Improvements	71,912
Costs Subsequent to Acquisition	2,284
Gross Carrying Amount, Land	16,756
Gross Carrying Amount, Buildings	74,196
Gross Carrying Amount, Total	90,952
Accumulated Depreciation	$ 10,162
Reno | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	559
Encumbrances	$ 0
Initial Cost, Land	5,487
Initial Cost, Building & Improvements	18,704
Costs Subsequent to Acquisition	7,969
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	26,673
Gross Carrying Amount, Total	32,160
Accumulated Depreciation	$ 16,796
Tucson | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	439
Encumbrances	$ 0
Initial Cost, Land	9,403
Initial Cost, Building & Improvements	25,491
Costs Subsequent to Acquisition	9,538
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	34,548
Gross Carrying Amount, Total	44,432
Accumulated Depreciation	$ 26,539
Wichita | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	433
Encumbrances	$ 0
Initial Cost, Land	2,017
Initial Cost, Building & Improvements	6,691
Costs Subsequent to Acquisition	11,032
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	17,610
Gross Carrying Amount, Total	19,740
Accumulated Depreciation	$ 13,483
Monterey/Salinas | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	7
Net Rentable Square Feet | ft²	329
Encumbrances	$ 0
Initial Cost, Land	8,465
Initial Cost, Building & Improvements	24,151
Costs Subsequent to Acquisition	8,076
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	32,237
Gross Carrying Amount, Total	40,692
Accumulated Depreciation	$ 27,888
Evansville | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	326
Encumbrances	$ 0
Initial Cost, Land	2,340
Initial Cost, Building & Improvements	14,316
Costs Subsequent to Acquisition	2,720
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	17,064
Gross Carrying Amount, Total	19,376
Accumulated Depreciation	$ 6,831
Huntsville/Decatur | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	298
Encumbrances	$ 0
Initial Cost, Land	9,161
Initial Cost, Building & Improvements	13,481
Costs Subsequent to Acquisition	5,098
Gross Carrying Amount, Land	9,108
Gross Carrying Amount, Buildings	18,632
Gross Carrying Amount, Total	27,740
Accumulated Depreciation	$ 8,473
Roanoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	298
Encumbrances	$ 0
Initial Cost, Land	6,916
Initial Cost, Building & Improvements	27,161
Costs Subsequent to Acquisition	1,922
Gross Carrying Amount, Land	6,916
Gross Carrying Amount, Buildings	29,083
Gross Carrying Amount, Total	35,999
Accumulated Depreciation	$ 6,602
Dayton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	5
Net Rentable Square Feet | ft²	284
Encumbrances	$ 0
Initial Cost, Land	1,074
Initial Cost, Building & Improvements	8,975
Costs Subsequent to Acquisition	6,498
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	15,474
Gross Carrying Amount, Total	16,547
Accumulated Depreciation	$ 9,063
Fort Wayne | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	4
Net Rentable Square Feet | ft²	271
Encumbrances	$ 0
Initial Cost, Land	3,487
Initial Cost, Building & Improvements	11,003
Costs Subsequent to Acquisition	4,736
Gross Carrying Amount, Land	3,487
Gross Carrying Amount, Buildings	15,739
Gross Carrying Amount, Total	19,226
Accumulated Depreciation	$ 7,531
Providence | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	4
Net Rentable Square Feet | ft²	248
Encumbrances	$ 0
Initial Cost, Land	2,644
Initial Cost, Building & Improvements	26,118
Costs Subsequent to Acquisition	4,707
Gross Carrying Amount, Land	2,644
Gross Carrying Amount, Buildings	30,825
Gross Carrying Amount, Total	33,469
Accumulated Depreciation	$ 9,803
Lansing | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	4
Net Rentable Square Feet | ft²	233
Encumbrances	$ 0
Initial Cost, Land	2,048
Initial Cost, Building & Improvements	22,897
Costs Subsequent to Acquisition	2,235
Gross Carrying Amount, Land	2,048
Gross Carrying Amount, Buildings	25,132
Gross Carrying Amount, Total	27,180
Accumulated Depreciation	$ 4,352
Palm Springs | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3
Net Rentable Square Feet | ft²	242
Encumbrances	$ 0
Initial Cost, Land	8,309
Initial Cost, Building & Improvements	18,065
Costs Subsequent to Acquisition	3,544
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	21,609
Gross Carrying Amount, Total	29,918
Accumulated Depreciation	$ 15,348
Flint | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3
Net Rentable Square Feet | ft²	191
Encumbrances	$ 0
Initial Cost, Land	2,734
Initial Cost, Building & Improvements	19,228
Costs Subsequent to Acquisition	1,044
Gross Carrying Amount, Land	2,733
Gross Carrying Amount, Buildings	20,273
Gross Carrying Amount, Total	23,006
Accumulated Depreciation	$ 3,492
Rochester | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	3
Net Rentable Square Feet | ft²	155
Encumbrances	$ 0
Initial Cost, Land	2,142
Initial Cost, Building & Improvements	10,787
Costs Subsequent to Acquisition	4,201
Gross Carrying Amount, Land	2,075
Gross Carrying Amount, Buildings	15,055
Gross Carrying Amount, Total	17,130
Accumulated Depreciation	$ 5,475
Shreveport | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	150
Encumbrances	$ 0
Initial Cost, Land	817
Initial Cost, Building & Improvements	3,030
Costs Subsequent to Acquisition	3,522
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	6,628
Gross Carrying Amount, Total	7,369
Accumulated Depreciation	$ 5,578
Springfield/Holyoke | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	144
Encumbrances	$ 0
Initial Cost, Land	1,428
Initial Cost, Building & Improvements	3,380
Costs Subsequent to Acquisition	2,752
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	6,133
Gross Carrying Amount, Total	7,560
Accumulated Depreciation	$ 5,508
Santa Barbara | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	98
Encumbrances	$ 0
Initial Cost, Land	5,733
Initial Cost, Building & Improvements	9,106
Costs Subsequent to Acquisition	1,227
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	10,333
Gross Carrying Amount, Total	16,066
Accumulated Depreciation	$ 7,708
Topeka | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	2
Net Rentable Square Feet | ft²	94
Encumbrances	$ 0
Initial Cost, Land	225
Initial Cost, Building & Improvements	1,419
Costs Subsequent to Acquisition	2,896
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	4,315
Gross Carrying Amount, Total	4,540
Accumulated Depreciation	$ 3,423
Joplin | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	56
Encumbrances	$ 0
Initial Cost, Land	264
Initial Cost, Building & Improvements	904
Costs Subsequent to Acquisition	1,454
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	2,358
Gross Carrying Amount, Total	2,622
Accumulated Depreciation	$ 1,804
Syracuse | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	55
Encumbrances	$ 0
Initial Cost, Land	545
Initial Cost, Building & Improvements	1,279
Costs Subsequent to Acquisition	1,544
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,823
Gross Carrying Amount, Total	3,368
Accumulated Depreciation	$ 2,295
Modesto/Fresno/Stockton | Self-storage facilities
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | storage_facility	1
Net Rentable Square Feet | ft²	33
Encumbrances	$ 0
Initial Cost, Land	44
Initial Cost, Building & Improvements	206
Costs Subsequent to Acquisition	1,465
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,522
Gross Carrying Amount, Total	1,715
Accumulated Depreciation	$ 1,271