Public Storage (PSA) 10-K 24 Feb 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Transition Report	false
Entity File Number	001-33519
Entity Registrant Name	PUBLIC STORAGE
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	95-3551121
Entity Address, Address Line One	701 Western Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91201-2349
City Area Code	818
Local Phone Number	244-8080
Entity 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
Entity Shell Company	false
Entity Public Float			$ 29,116,505,000
Entity Common Stock, Shares Outstanding		174,912,175
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 2021 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 Period Focus	FY
Entity Central Index Key	0001393311
Common Shares [Member]
Title of 12(b) Security	Common Shares, $0.10 par value
Trading Symbol	PSA
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 5.125% Cum Pref Share, Series C, $0.01 par value
Trading Symbol	PSAPrC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.950% Cum Pref Share, Series D, $0.01 par value
Trading Symbol	PSAPrD
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Title of 12(b) Security	Depositary Shares Each Representing 1/1,000 of a 4.900% Cum Pref Share, Series E, $0.01 par value
Trading Symbol	PSAPrE
Security Exchange Name	NYSE
Series F Preferred Stock [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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 [Member]
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
Notes Due 2032 [Member]
Title of 12(b) Security	0.875% Senior Notes due 2032
Trading Symbol	PSA32
Security Exchange Name	NYSE

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and equivalents	$ 257,560	$ 409,743
Real estate facilities, at cost:
Land	4,375,588	4,186,873
Buildings	12,997,039	12,102,273
Real estate facilities, gross	17,372,627	16,289,146
Accumulated depreciation	(7,152,135)	(6,623,475)
Real estate facilities, net	10,220,492	9,665,671
Construction in process	188,079	141,934
Total real estate facilities	10,408,571	9,807,605
Investments in unconsolidated real estate entities	773,046	767,816
Goodwill and other intangible assets, net	204,654	205,936
Other assets	172,715	174,344
Total assets	11,816,546	11,365,444
LIABILITIES AND EQUITY
Notes payable	2,544,992	1,902,493
Preferred shares called for redemption (Note 8)	300,000
Accrued and other liabilities	394,655	383,284
Total liabilities	3,239,647	2,285,777
Commitments and contingencies (Note 13)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 151,700 shares issued (in series) and outstanding, (162,600 at December 31, 2019), at liquidation preference	3,792,500	4,065,000
Common Shares, $0.10 par value, 650,000,000 shares authorized,174,581,742 shares issued and outstanding (174,418,615 shares at December 31, 2019)	17,458	17,442
Paid-in capital	5,707,101	5,710,934
Accumulated deficit	(914,791)	(665,575)
Accumulated other comprehensive loss	(43,401)	(64,890)
Total Public Storage shareholders’ equity	8,558,867	9,062,911
Noncontrolling interests	18,032	16,756
Total equity	8,576,899	9,079,667
Total liabilities and equity	$ 11,816,546	$ 11,365,444

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	151,700	162,600
Preferred stock, shares outstanding	151,700	162,600
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	174,581,742	174,418,615
Common stock, shares outstanding	174,581,742	174,418,615

Statements Of Income

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Revenues	$ 2,915,068	$ 2,855,108	$ 2,759,523
Expenses:
Self-storage cost of operations	807,543	762,416	709,739
Ancillary cost of operations	59,919	50,736	47,344
Depreciation and amortization	553,257	512,918	483,646
General and administrative	83,199	62,146	104,712
Interest expense	56,283	45,641	32,542
Operating expenses	1,560,201	1,433,857	1,377,983
Other increases (decreases) to net income:
Interest and other income	22,323	26,683	24,552
Equity in earnings of unconsolidated real estate entities	80,497	69,547	103,495
Foreign currency exchange (loss) gain	(97,953)	7,829	18,117
Gain on sale of real estate	1,493	341	37,903
Gain due to Shurgard public offering			151,616
Net income	1,361,227	1,525,651	1,717,223
Allocation to noncontrolling interests	(4,014)	(5,117)	(6,192)
Net income allocable to Public Storage shareholders	1,357,213	1,520,534	1,711,031
Allocation of net income to:
Preferred shareholders- distributions	(207,068)	(210,179)	(216,316)
Preferred shareholders - redemptions (Note 8)	(48,265)	(32,693)
Restricted share units	(3,545)	(4,895)	(5,815)
Net income allocable to common shareholders	$ 1,098,335	$ 1,272,767	$ 1,488,900
Net income per common share:
Basic	$ 6.29	$ 7.30	$ 8.56
Diluted	$ 6.29	$ 7.29	$ 8.54
Basic weighted average common shares outstanding	174,494	174,287	173,969
Diluted weighted average common shares outstanding	174,642	174,530	174,297
Self-Storage Operations [Member]
Revenues:
Revenues	$ 2,721,630	$ 2,684,552	$ 2,597,607
Ancillary Operations [Member]
Revenues:
Revenues	$ 193,438	$ 170,556	$ 161,916

Statements Of Comprehensive Inc

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements Of Comprehensive Income [Abstract]
Net income	$ 1,361,227	$ 1,525,651	$ 1,717,223
Adjust for foreign currency exchange loss reflected in gain on sale of real estate and gain on Shurgard public offering			27,207
Foreign currency exchange gain (loss) on investment in Shurgard	21,489	(830)	(16,203)
Total comprehensive income	1,382,716	1,524,821	1,728,227
Allocation to noncontrolling interests	(4,014)	(5,117)	(6,192)
Comprehensive income allocable to Public Storage shareholders	$ 1,378,702	$ 1,519,704	$ 1,722,035

Statements Of Equity

Statements Of Equity - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 2017	$ 4,025,000	$ 17,385	$ 5,648,399	$ (675,711)	$ (75,064)	$ 8,940,009	$ 24,360	$ 8,964,369
Issuance of common shares in connection with share-based compensation (Note 10)		28	12,497			12,525		12,525
Share-based compensation expense, net of cash paid in lieu of common shares			(57,589)			(57,589)		(57,589)
Contributions by noncontrolling interests							1,720	1,720
Net income				1,717,223		1,717,223		1,717,223
Net income allocated to noncontrolling interests				(6,192)		(6,192)	6,192	(6,192)
Distributions to:
Preferred shareholders (Note 8)				(216,316)		(216,316)		(216,316)
Noncontrolling interests							(7,022)	(7,022)
Common shareholders and restricted share unitholders				(1,396,364)		(1,396,364)		(1,396,364)
Other comprehensive income (Note 2)					11,004	11,004		11,004
Balances at Dec. 31, 2018	4,025,000	17,413	5,718,485	(577,360)	(64,060)	9,119,478	25,250	9,144,728
Issuance of preferred shares (Note 8)	1,090,000					1,059,156		1,059,156
Issuance of preferred shares (Note 8), adjustment to APIC			(30,844)
Redemption of preferred shares (Note 8)	(1,050,000)					(1,050,000)		(1,050,000)
Issuance of common shares in connection with share-based compensation (Note 10)		29	33,535			33,564		33,564
Share-based compensation expense, net of cash paid in lieu of common shares			13,671			13,671		13,671
Acquisition of noncontrolling interests			(23,913)			(23,913)	(11,087)	(35,000)
Contributions by noncontrolling interests							4,148	4,148
Net income				1,525,651		1,525,651		1,525,651
Net income allocated to noncontrolling interests				(5,117)		(5,117)	5,117	(5,117)
Distributions to:
Preferred shareholders (Note 8)				(210,179)		(210,179)		(210,179)
Noncontrolling interests							(6,672)	(6,672)
Common shareholders and restricted share unitholders				(1,398,570)		(1,398,570)		(1,398,570)
Other comprehensive income (Note 2)					(830)	(830)		(830)
Balances at Dec. 31, 2019	4,065,000	17,442	5,710,934	(665,575)	(64,890)	9,062,911	16,756	9,079,667
Issuance of preferred shares (Note 8)	1,247,500					1,208,206		1,208,206
Issuance of preferred shares (Note 8), adjustment to APIC			(39,294)
Redemption of preferred shares (Note 8)	(1,520,000)					(1,520,000)		(1,520,000)
Issuance of common shares in connection with share-based compensation (Note 10)		16	12,648			12,664		12,664
Share-based compensation expense, net of cash paid in lieu of common shares			(22,845)			(22,845)		(22,845)
Acquisition of noncontrolling interests			(32)			(32)	(1)	(33)
Contributions by noncontrolling interests							2,629	2,629
Net income				1,361,227		1,361,227		1,361,227
Net income allocated to noncontrolling interests				(4,014)		(4,014)	4,014	(4,014)
Distributions to:
Preferred shareholders (Note 8)				(207,068)		(207,068)		(207,068)
Noncontrolling interests							(5,366)	(5,366)
Common shareholders and restricted share unitholders				(1,399,361)		(1,399,361)		(1,399,361)
Other comprehensive income (Note 2)					21,489	21,489		21,489
Balances at Dec. 31, 2020	$ 3,792,500	$ 17,458	$ 5,707,101	$ (914,791)	$ (43,401)	$ 8,558,867	$ 18,032	$ 8,576,899

Statements Of Equity (Parenthet

Statements Of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	49,900	43,600
Redemption of preferred shares, shares	60,800	42,000
Issuance of common shares in connection with share-based compensation, shares	163,127	287,734
Common shareholders and restricted share unitholders, per share distribution	$ 8	$ 8

Statements Of Cash Flows

Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 1,361,227	$ 1,525,651	$ 1,717,223
Adjustments to reconcile net income to net cash flows from operating activities:
Gain due to Shurgard public offering			(151,616)
Gain on real estate investment sales	(1,493)	(341)	(37,903)
Depreciation and amortization	553,257	512,918	483,646
Equity in earnings of unconsolidated real estate entities	(80,497)	(69,547)	(103,495)
Distributions from cumulative equity in earnings of unconsolidated real estate entities	72,098	73,259	109,754
Foreign currency exchange loss (gain)	97,953	(7,829)	(18,117)
Share-based compensation expense	33,363	25,833	69,936
Other	6,994	7,690	(5,782)
Total adjustments	681,675	541,983	346,423
Net cash flows from operating activities	2,042,902	2,067,634	2,063,646
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(169,998)	(187,303)	(140,980)
Development and expansion of real estate facilities	(189,413)	(284,682)	(340,032)
Acquisition of real estate facilities and intangible assets	(792,266)	(437,758)	(181,020)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entities	24,658	11,630	91,927
Repayment of note receivable	7,509
Proceeds from sale of real estate investments	1,796	762	54,184
Net cash flows used in investing activities	(1,117,714)	(897,351)	(515,921)
Cash flows from financing activities:
Repayments on notes payable	(2,020)	(1,920)	(1,784)
Issuance of notes payable, net of issuance costs	545,151	496,900
Issuance of preferred shares	1,208,206	1,059,156
Issuance of common shares	12,664	33,564	12,525
Redemption of preferred shares	(1,220,000)	(1,050,000)
Cash paid upon vesting of restricted share units	(10,518)	(12,162)	(12,347)
Acquisition of noncontrolling interests	(33)	(35,000)
Contributions by noncontrolling interests	2,629	4,148	1,720
Distributions paid to preferred shareholders, common shareholders and restricted share unitholders	(1,606,429)	(1,608,749)	(1,612,680)
Distributions paid to noncontrolling interests	(5,366)	(6,672)	(7,022)
Net cash flows used in financing activities	(1,075,716)	(1,120,735)	(1,619,588)
Net cash flows (used in) from operating, investing, and financing activities	(150,528)	49,548	(71,863)
Net effect of foreign exchange impact on cash and equivalents, including restricted cash	(426)	(13)	(171)
(Decrease) increase in cash and equivalents, including restricted cash	(150,954)	49,535	(72,034)
Cash and equivalents, including restricted cash at beginning of the period:
Cash and equivalents	409,743	361,218	433,376
Restricted cash included in other assets	23,811	22,801	22,677
Cash, equivalents, and restricted cash	433,554	384,019	456,053
Cash and equivalents, including restricted cash at end of the period:
Cash and equivalents	257,560	409,743	361,218
Restricted cash included in other assets	25,040	23,811	22,801
Cash, equivalents, and restricted cash	282,600	433,554	384,019
Costs incurred during the period remaining unpaid at period end for:
Capital expenditures to maintain real estate facilities	(10,359)	(16,558)	(11,422)
Construction or expansion of real estate facilities	(32,349)	(32,356)	81,157
Accrued and other liabilities	42,708	48,914	92,579
Real estate acquired in exchange for assumption of a liability	(3,799)	(1,817)
Liability assumed in connection with acquisition of real estate	3,799
Notes payable assumed in connection with acquisition of real estate		1,817
Preferred shares called for redemption and reclassified to liabilities	300,000
Preferred shares called for redemption and reclassified from equity	(300,000)
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation			203
Investments in unconsolidated real estate entities	(21,489)	830	15,997
Notes payable		(7,842)	(18,285)
Accumulated other comprehensive gain	$ 21,489	$ 6,999	$ 1,914

Description Of The Business

Description Of The Business	12 Months Ended
	Dec. 31, 2020
Description Of The Business [Abstract]
Description Of The Business	1. Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as tenant reinsurance to the tenants at our self-storage facilities, merchandise sales and third party management, as well as the acquisition and development of additional self-storage space. At December 31, 2020, we have direct and indirect equity interests in 2,548 self-storage facilities (with approximately 175.1 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name, and 0.9 million net rentable square feet of commercial and retail space. We own 31.3 million common shares (an approximate 35 % interest) of Shurgard Self Storage SA (“Shurgard”), a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 241 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also own an approximate 42 % common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 27.7 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 13) 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 Accounti

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2019 and 2018 financial statements have been reclassified to conform to the December 31, 2020 presentation, including revenues from our third party management activities of $ 8.3 million and $ 5.2 million for the years ended December 31, 2019 and 2018, respectively, previously reported within interest and other income; and cost of operations from our third party management activities of $ 6.5 million and $ 3.4 million for the years ended December 31, 2019 and 2018, respectively, previously reported within interest and other income. This reclassification had no impact on the our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the year ended December 31, 2019 and for the year ended 2018. Additionally, we revised our prior period financial statements to correct the presentation of share-based compensation expense between general and administrative expense and self-storage cost of operations. As a result, we revised our statements of income for the years ended December 31, 2019 and 2018 with an increase in self-storage cost of operations of $ 9.8 million and $ 14.0 million, respectively, and a corresponding decrease to general and administrative expenses. This immaterial correction had no impact on our total expenses or net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the year ended December 31, 2019 and for the year ended 2018. 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. 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. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing 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 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.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at December 31, 2020, the Company and the Subsidiaries own 2,548 self-storage facilities and four commercial facilities in the U.S. At December 31, 2020, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We 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. Our tenant reinsurance, merchandise and third party management operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit 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, 2020, we had no tax benefits that were not recognized. Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. 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. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, restricted cash and right-to-use assets. At December 31, 2019, other assets included notes receivable which were amortized on the effective interest method with book value of $ 4.4 million at the time they were repaid during 2020, at their respective $ 7.5 million contractual note balance. The $ 3.1 million excess proceeds were recorded as interest and other income in 2020. Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. 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. Because our estimates of fair value involve considerable judgment, including determination of the factors that market participants would consider in negotiating exchange values, such estimates may be limited in their ability to reflect what would actually be realized in an actual market exchange. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities 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. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either 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. At December 31, 2020, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $ 174.6 million at December 31, 2020 and 2019. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at December 31, 2020 and 2019. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised 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 and (ii) property tax abatements amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At December 31, 2020, these intangibles had a net book value of $ 11.3 million ($ 12.5 million at December 31, 2019). Accumulated amortization totaled $ 27.3 million at December 31, 2020 ($ 27.5 million at December 31, 2019), and amortization expense of $ 16.1 million, $ 16.8 million and $ 16.6 million was recorded in 2020, 2019 and 2018, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2020 is approximately $ 11.9 million in 2021, $ 2.6 million in 2022 and $ 5.6 million thereafter. During 2020, 2019 and 2018, intangibles increased $ 14.9 million, $ 18.5 million and $ 11.6 million, respectively, in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. 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 fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. 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 the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized 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. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. 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. The Euro was translated at exchange rates of approximately 1.226 U.S. Dollars per Euro at December 31, 2020 ( 1.122 at December 31, 2019), and average exchange rates of 1.141 , 1.120 and 1.181 for the years ended December 31, 2020, 2019 and 2018, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period, which are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard. Recent Accounting Pronouncements and Guidance In November 2018, the FASB issued ASU 2018- 19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that credit losses with respect to receivables arising from operating leases are to be evaluated within the scope of the leasing standard (ASU 2016-02), rather than within the scope of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” We adopted this new standard on its effective date for us of January 1, 2020, which did not have a material impact on our consolidated financial statements. Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), with the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,494 174,287 173,969 Net effect of dilutive stock options - based on treasury stock method 148 243 328 Diluted weighted average common shares outstanding 174,642 174,530 174,297

Real Estate Facilities

Real Estate Facilities	12 Months Ended
	Dec. 31, 2020
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real Estate Facilities Activity in real estate facilities during 2020, 2019 and 2018 is as follows: For the Years Ended 2020 2019 2018 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 16,289,146 $ 15,296,844 $ 14,665,989 Capital expenditures to maintain real estate facilities 163,834 192,539 139,397 Acquisitions 781,219 421,097 169,436 Dispositions ( 303 ) ( 426 ) ( 25,633 ) Developed or expanded facilities opened for operation 138,731 379,092 348,270 Impact of foreign exchange rate changes - - ( 615 ) Ending balance 17,372,627 16,289,146 15,296,844 Accumulated depreciation: Beginning balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Depreciation expense ( 528,660 ) ( 483,408 ) ( 457,029 ) Dispositions - 5 16,876 Impact of foreign exchange rate changes - - 412 Ending balance ( 7,152,135 ) ( 6,623,475 ) ( 6,140,072 ) Construction in process: Beginning balance 141,934 285,339 264,441 Costs incurred to develop and expand real estate facilities 188,102 235,687 362,397 Write-off of cancelled projects ( 3,226 ) - - Developed or expanded facilities opened for operation ( 138,731 ) ( 379,092 ) ( 348,270 ) Dispositions - - ( 2,698 ) Transfer from other assets - - 9,469 Ending balance 188,079 141,934 285,339 Total real estate facilities at December 31, $ 10,408,571 $ 9,807,605 $ 9,442,111 During 2020, we acquired 62 self-storage facilities ( 5.1 million net rentable square feet of storage space), for a total cost of $ 792.3 million which includes the assumption of a $ 3.8 million liability. Approximately $ 14.9 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 138.7 million during 2020, adding 1.1 million net rentable square feet of self-storage space. Included in general and administrative expense in 2020 is $ 3.2 million in development projects which were cancelled. Construction in process at December 31, 2020 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2020, our accrual for unpaid construction costs decreased $ 1.3 million (a $ 49.0 million decrease for the same period in 2019). During 2020, our accrual for capital expenditures to maintain real estate facilities decreased $ 6.2 million (a $ 5.2 million increase for the same period in 2019). During 2019, we acquired 44 self-storage facilities and one commercial facility ( 3.1 million net rentable square feet of storage space and 46,000 net rentable square feet of commercial space), for a total cost of $ 439.6 million, consisting of $ 437.8 million in cash and the assumption of $ 1.8 million in mortgage notes. Approximately $ 18.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $ 379.1 million during 2019, adding 3.7 million net rentable square feet of self-storage space. During 2019, our accrual for unpaid construction costs decreased $ 49.0 million (a $ 22.4 million increase for the same period in 2018). During 2019, our accrual for capital expenditures to maintain real estate facilities increased $ 5.2 million (a $ 1.6 million decrease for the same period in 2018). During 2018, we acquired 25 self-storage facilities ( 1.6 million net rentable square feet), for a total cost of $ 181.0 million in cash, of which $ 11.6 million was allocated to intangible assets. We completed development and redevelopment activities costing $ 348.3 million during 2018, adding 3.0 million net rentable square feet of self-storage space. Construction in process at December 31, 2018 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities. On October 18, 2018, we sold our property in West London to Shurgard for $ 42.1 million and recorded a related gain on sale of real estate of approximately $ 31.5 million. This gain was net of the recognition of a cumulative other comprehensive loss totaling $ 4.8 million with respect to foreign currency translation. On October 25, 2018, we sold a commercial facility for $ 8.7 million and recorded a related gain on sale of real estate of approximately $ 4.6 million. During 2018, we also sold portions of real estate facilities in connection with eminent domain proceedings for $ 3.4 million in cash proceeds and recorded a related gain on sale of real estate of approximately $ 1.8 million. During 2018, we also transferred $ 9.5 million of accumulated construction costs from other assets to construction in process. At December 31, 2020, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $ 11.2 billion (unaudited).

Investments In Unconsolidated R

Investments In Unconsolidated Real Estate Entities	12 Months Ended
	Dec. 31, 2020
Investments In Unconsolidated Real Estate Entities [Abstract]
Investments In Unconsolidated Real Estate Entities	4. Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands): Investments in Unconsolidated Real Estate Equity in Earnings of Unconsolidated Real Estate Entities at December 31, Entities for the Year Ended December 31, 2020 2019 2020 2019 2018 PSB $ 431,963 $ 427,875 $ 64,835 $ 54,090 $ 89,362 Shurgard 341,083 339,941 15,662 15,457 14,133 Total $ 773,046 $ 767,816 $ 80,497 $ 69,547 $ 103,495 Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an approximate 42 % common equity interest. The limited partnership units are convertible at our option, subject to certain conditions, on a one -for-one basis into PSB common stock. Based upon the closing price at December 31, 2020 ($ 132.87 per share of PSB common stock), the shares and units we owned had a market value of approximately $ 1.9 billion. Our equity in earnings of PSB is comprised of our equity share of PSB’s net income, less amortization of the PSB Basis Differential (defined below). During 2020, 2019, and 2018, we received cash distributions from PSB totaling $ 60.7 million, $ 60.7 million, and $ 55.0 million, respectively. At December 31, 2020, our pro-rata investment in PSB’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $ 3.4 million ($ 4.2 million at December 31, 2019). This differential (the “PSB Basis Differential”) is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $ 0.8 million, $ 3.2 million, and $ 1.8 million during 2020, 2019, and 2018, respectively. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly, 31,268,459 Shurgard common shares. On October 15, 2018, Shurgard completed an initial global offering (the “Offering”), issuing 25.0 million of its common shares to third parties at a price of € 23 per share, reducing our ownership interest to approximately 35 %. Following the Offering, Shurgard’s shares began to trade on Euronext Brussels under the “SHUR” symbol. We recorded a “Gain due to Shurgard public offering” of $ 151.6 million, as if we had sold a proportionate share of our investment in Shurgard. The gain resulted in a $ 174.0 million increase in our investment in Shurgard and a $ 22.4 million reduction in other comprehensive loss with respect to cumulative foreign currency translation losses for Shurgard. Based upon the closing price at December 31, 2020 ( € 35.50 per share of Shurgard common stock, at 1.226 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $ 1.4 billion. Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus $ 1.1 million, $ 1.0 million, and $ 1.3 million for 2020, 2019 and 2018, respectively, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the “Shurgard” trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. The dividends we receive from Shurgard, combined with our equity share of trademark license fees collected from Shurgard, are reflected on our statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” During 2020 and 2019, Shurgard paid € 0.99 and € 0.67 , respectively, per share in dividends to its shareholders, of which our share totaled $ 34.9 million and $ 23.1 million, respectively. During 2018, Shurgard paid a cash di vidend to its shareholders at the time, of which our equity share was $ 145.4 million. Changes in foreign currency exchange rates increased our investment in Shurgard by approximately $ 21.5 million in 2020 and decreased our investment in Shurgard by approximately $ 0.8 million and $ 16.0 million in 2019 and 2018, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”.

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2020
Credit Facility [Abstract]
Credit Facility	5. Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $ 500 million borrowing limit, which matures on April 19, 2024 . Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7 % to LIBOR plus 1.350 % depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.7 % at December 31, 2020). We are also required to pay a quarterly facility fee ranging from 0.07 % per annum to 0.25 % per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value ( 0.07 % per annum at December 31, 2020). At December 31, 2020 and February 24, 2021, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $ 24.3 million at December 31, 2020 ($ 15.9 million at December 31, 2019). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2020.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2020
Notes Payable [Abstract]
Notes Payable	6. Notes Payable Our notes payable are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2020 and 2019 are set forth in the tables below: Amounts at December 31, 2020 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 891 ) $ 499,109 $ 517,419 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 3,548 ) 496,452 560,833 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,567 ) 497,433 574,833 1,500,000 ( 7,006 ) 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 122,646 - 122,646 129,192 Notes due November 3, 2025 2.175 % 2.175 % 296,821 - 296,821 323,552 Notes due January 24, 2032 0.875 % 0.978 % 613,232 ( 5,931 ) 607,301 634,389 1,032,699 ( 5,931 ) 1,026,768 1,087,133 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 102.1 million 3.962 % 3.947 % 25,230 - 25,230 26,958 $ 2,557,929 $ ( 12,937 ) $ 2,544,992 $ 2,767,176 Amounts at December 31, 2019 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,581 $ 505,639 Notes due September 15, 2027 495,924 520,694 Notes due May 1, 2029 497,124 531,911 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 112,156 115,932 Notes due November 3, 2025 271,433 298,398 Notes due January 24, 2032 - - 383,589 414,330 Mortgage Debt 27,275 28,506 $ 1,902,493 $ 2,001,080 U.S. Dollar Denominated Unsecured Notes On April 12, 2019 , we completed a public offering of $ 500 million in aggregate principal amount of senior notes bearing interest at an annual rate of 3.385 % maturing on May 1, 2029 . In connection with the offering, we incurred a total of $ 3.1 million in costs. The notes issued on April 12, 2019 along with notes previously issued in 2017 are referred to hereinafter as the “U.S. Dollar Denominated Notes.” The U.S. Dollar Denominated Notes have various financial covenants, all of which we were in compliance with at December 31, 2020. Included in these covenants are (a) a maximum Debt to Total Assets of 65 % (approximately 8 % at December 31, 2020) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5 x (approximately 38 x for the twelve months ended December 31, 2020) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of three tranches, (i) € 242.0 million issued to institutional investors on November 3, 2015 for $ 264.3 million in net proceeds upon converting the Euros to U.S. Dollars, (ii) € 100.0 million issued to institutional investors on April 12, 2016 for $ 113.6 million in net proceeds upon converting the Euros to U.S. Dollars and (iii) € 500.0 million issued in a public offering on January 24, 2020 for $ 545.2 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020. The Euro Notes have financial covenants similar to those of the U.S. Dollar Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange (loss) gain” on our income statement (a loss of $ 98.0 million for 2020, as compared to gains of $ 7.8 million and $ 18.1 million for 2019 and 2018, respectively). Mortgage Notes Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. During 2019 , we assumed a mortgage note with a contractual value of $ 1.8 million and an interest rate of 3.9 %, which approximated market rate, in connection with the acquisition of a real estate facility. At December 31, 2020, the related contractual interest rates are fixed, ranging between 3.2 % and 7.1 %, and mature between January 1, 20 22 and July 1, 20 30 . At December 31, 2020, approximate principal maturities of our Notes Payable are as follows (amounts in thousands): Unsecured Mortgage Debt Debt Total 2021 $ - $ 1,851 $ 1,851 2022 500,000 2,574 502,574 2023 - 19,219 19,219 2024 122,646 124 122,770 2025 296,821 131 296,952 Thereafter 1,613,232 1,331 1,614,563 $ 2,532,699 $ 25,230 $ 2,557,929 Weighted average effective rate 2.4 % 3.9 % 2.4 % Cash paid for interest totaled $ 52.7 million, $ 48.3 million and $ 36.3 million for 2020, 2019 and 2018, respectively. Interest capitalized as real estate totaled $ 3.4 million, $ 3.9 million and $ 4.8 million for 2020, 2019 and 2018, respectively.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling Interests At December 31, 2020, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 21 operating self-storage facilities and five self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2020, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2020, 2019 and 2018, we allocated a total of $ 4.0 million, $ 5.1 million and $ 6.2 million, respectively, of income to these interests; and we paid $ 5.4 million, $ 6.7 million and $ 7.0 million, respectively, in distributions to these interests. During 2019, we acquired noncontrolling interests for an aggregate of $ 35.0 million in cash, of which $ 11.1 million was allocated to Noncontrolling Interests, with the remainder allocated to Paid-in Capital. During 2020, 2019 and 2018, Noncontrolling Interests contributed $ 2.6 million, $ 4.1 million and $ 1.7 million, respectively, to our subsidiaries.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Shareholders’ Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Preferred Shares At December 31, 2020 and 2019, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding: At December 31, 2020 At December 31, 2019 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series V 9/20/2017 5.375 % - $ - 19,800 $ 495,000 Series W 1/16/2018 5.200 % - - 20,000 500,000 Series X 3/13/2018 5.200 % - - 9,000 225,000 Series B 1/20/2021 5.400 % - - 12,000 300,000 Series C 5/17/2021 5.125 % 8,000 200,000 8,000 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 14,000 350,000 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 - - Series M 8/14/2025 4.125 % 9,200 230,000 - - Series N 10/6/2025 3.875 % 11,300 282,500 - - Series O 11/17/2025 3.900 % 6,800 170,000 - - Total Preferred Shares 151,700 $ 3,792,500 162,600 $ 4,065,000 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, 2020, 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 balance sheet with any issuance costs recorded as a reduction to Paid-in capital. In 2020, we redeemed our Series V, Series W and Series X Preferred Shares, at par, for a total of $ 1.22 billion in cash, before payment of accrued dividends. On December 14, 2020, we called for redemption of, and on January 20, 2021, we redeemed our 5.40 % Series B Preferred Shares, at par. The liquidation value (at par) of $ 300.0 million was reclassified as a liability at December 31, 2020. We recorded a $ 9.9 million allocation of income from our common shareholders to the holders of our Preferred Shares in 2020 in connection with this redemption. In 2020, we issued an aggregate 49.9 million depositary shares, each representing 0.001 of a share of our Series L, Series M, Series N and Series O Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 1.25 billion in gross proceeds, and we incurred $ 39.3 million in issuance costs. In 2019, we redeemed our Series U, Series Y, Series Z and Series A Preferred Shares, at par, for a total of $ 1.05 billion in cash, before payment of accrued dividends. In 2019, we issued an aggregate 43.6 million depositary shares, each representing 0.001 of a share of our Series H, Series I, Series J and Series K Preferred Shares, at an issuance price of $ 25.00 per depositary share, for a total of $ 1.09 billion in gross proceeds, and we incurred $ 30.8 million in issuance costs. In 2020 and 2019, we recorded $ 48.3 million and $ 32.7 million, respectively, in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in connection with redemptions of Preferred Shares, including the redemption of our Series B Preferred Shares as noted above. Common Shares During 2020, 2019 and 2018, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands): 2020 2019 2018 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 163,127 $ 12,664 287,734 $ 33,564 277,511 $ 12,525 Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2020, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2020. At December 31, 2020 and 2019, we had 3,513,955 and 2,958,817 , respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests. 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. Common share dividends including amounts paid to our restricted share unitholders totaled $ 1.399 billion ($ 8.00 per share), $ 1.399 billion ($ 8.00 per share) and $ 1.396 billion ($ 8.00 per share) for the years ended December 31, 2020, 2019 and 2018, respectively. Preferred share dividends totaled $ 207.1 million, $ 210.2 million and $ 216.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the tax year ended December 31, 2020, distributions for the common shares and all the various series of preferred shares were classified as follows: 2020 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 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, 2020 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, 2020
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions B. Wayne Hughes, our former Chairman and his family, including his daughter Tamara Hughes Gustavson, a current member of the Board, and his son B. Wayne Hughes, Jr., a former member of the Board who retired effective December 31, 2020, collectively own approximately 13.0 % of our common shares outstanding at December 31, 2020. At December 31, 2020, Tamara Hughes Gustavson and her adult children owned and controlled 64 self-storage facilities in Canada. Ms. Gustavson’s direct ownership in these properties is less than 1.0 %. 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 approximately $ 1.6 million, $ 1.5 million and $ 1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-Based Compensation [Abstract]
Share-Based Compensation	10. Share-Based Compensation Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees. Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, and (iii) the recipient is affected by changes in the market price of our stock. We amortize the grant-date fair value of awards, including grants to nonemployee service providers, 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 performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). Modifications to the terms of awards that were probable of vesting before the modification (“Type I Modifications”) are recorded prospectively, with remaining unamortized grant-date fair value at the time of modification amortized over the remaining service period. Modifications of awards which were considered improbable of vesting before the modification (“Type III Modifications”) are accounted for as a cancellation of the original award and a new grant under the revised terms. In July 2020, our share-based compensation plans were modified to allow immediate vesting upon retirement (“Retirement Acceleration”), and to extend the exercisability of outstanding stock options up to a year after retirement, for currently outstanding and future grants. Prior to the modification, unvested awards were forfeited, and outstanding vested stock options were cancelled, upon retirement. Employees are eligible for Retirement Acceleration if they meet certain conditions including length of service, age, notice of intent to retire, and facilitation of succession for their role. This modification results in accelerating 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. As a result, the Company recorded $ 5.7 million in accelerated compensation expense during 2020, with such amounts included in the amounts disclosed below under “Stock Options” and “Restricted Share Units.” The Codification previously stipulated that grants to nonemployee service providers (other than to trustees, where equity method treatment was permitted) were accounted for on the liability method, with expenses adjusted each period based upon changes in fair value. Recent changes in the Codification allows such grants to be accounted for on the equity award method, with compensation expense based upon grant date fair value. While we have no such grants to any such individuals for any periods presented, we will account for any future grants to nonemployee service providers based upon the equity award method. In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. In February 2018, we announced that our Chief Executive Officer and Chief Financial Officer at the time were retiring from their executive roles at the end of 2018 and would then serve only as Trustees of the Company. Pursuant to our share-based compensation plans, their unvested grants will continue to vest over the original vesting periods during their service as Trustees. For financial reporting, the end of the service periods for previous stock option and RSU grants for these executives changed from (i) the various vesting dates to (ii) December 31, 2018 when they retired. Accordingly, all remaining share-based compensation expense for these two executives was amortized in the year ended December 31, 2018. See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders. Stock Options Stock options vest over 3 to 5 years, expire 10 years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. During 2020, 770,000 stock options were granted where vesting is dependent upon meeting certain performance targets with respect to 2020, 2021, and 2022. As of December 31, 2020, these targets are expected to be met at 100 % achievement. These options are included in the grants during 2020 and in options outstanding at December 31, 2020, and $ 3.0 million in related compensation expense was recorded during 2020. The stock options outstanding at December 31, 2020 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $ 63.2 million and remaining average contractual lives of approximately six years . The aggregate intrinsic value of exercisable stock options at December 31, 2020 amounted to approximately $ 52.3 million. Approximately 1,240,000 of the stock options outstanding at December 31, 2020, have an exercise price of more than $ 225 . Included in our stock options exercisable at December 31, 2020, are 16,667 stock options which expire through June 30, 20 21 , with an average exercise price per share of $ 115.96 . Additional information with respect to stock options during 2020, 2019 and 2018 is as follows: 2020 2019 2018 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Granted 840,000 226.58 120,000 221.12 200,000 194.29 Exercised ( 71,500 ) 175.16 ( 191,255 ) 174.55 ( 179,995 ) 69.53 Cancelled ( 147,000 ) 222.67 ( 10,000 ) 197.90 ( 8,000 ) 223.50 Options outstanding December 31, 2,961,167 $ 210.59 2,339,667 $ 204.53 2,420,922 $ 201.31 Options exercisable at December 31, 1,585,091 $ 199.54 1,501,667 $ 196.37 1,147,122 $ 178.31 2020 2019 2018 Stock option expense for the year (in 000's) (a) $ 7,613 $ 4,950 $ 17,162 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 3,433 $ 11,848 $ 25,117 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 0.43 % 2.3 % 2.7 % Expected volatility, based upon historical volatility 21.6 % 8.9 % 12.5 % Expected dividend yield 3.8 % 3.6 % 4.1 % Average estimated value of options granted during the year $ 17.79 $ 9.61 $ 13.09 (a) Amounts for 2020 include $ 0.3 million in connection with the Retirement Acceleration. Amounts for 2018 include $ 8.1 million, in connection with the acceleration of amortization on grants discussed above. Of the total expense recorded, $ 2.8 million, $ 2.2 million and $ 2.1 million for 2020, 2019 and 2018, respectively, was allocated to cost of operations, with the remainder allocated to general and administrative expense. Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. The fair value of our RSUs outstanding at December 31, 2020 was approximately $ 127.7 million. Remaining compensation expense related to RSUs outstanding at December 31, 2020 totals approximately $ 76.9 million and is expected to be recognized as compensation expense over the next 4 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands): 2020 2019 2018 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144 Granted 110,755 24,617 97,140 21,113 138,567 27,733 Vested ( 140,089 ) ( 28,141 ) ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) Forfeited ( 37,028 ) ( 7,964 ) ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) Restricted share units outstanding December 31, 552,788 $ 120,570 619,150 $ 132,058 717,696 $ 151,212 2020 2019 2018 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 31,076 $ 33,769 $ 32,317 Cash paid for taxes upon vesting in lieu of issuing common shares $ 10,518 $ 12,162 $ 12,347 Common shares issued upon vesting 91,627 96,479 97,516 Restricted share unit expense (a) $ 26,359 $ 21,662 $ 53,869 (a) Amounts for 2020, 2019 and 2018 include approximately $ 1.3 million, $ 1.2 million and $ 1.1 million, respectively, in employer taxes incurred upon vesting. Amounts for 2020 include $ 5.4 million, in connection with the Retirement Acceleration as discussed above. Amounts for 2018 include $ 22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Of the total expense recorded, $ 12.1 million, $ 9.9 million and $ 14.3 million for 2020, 2019 and 2018, respectively, was allocated to cost of operations, with the remainder allocated to general and administrative expense.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
Segment Information [Abstract]
Segment Information	11. Segment Information Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the table below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.” Following is a description of and basis for presentation for each of our reportable segments. Self-Storage Operations The Self-Storage Operations segment reflects the rental operations from all self-storage facilities we own. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. 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 segment. Ancillary Operations The Ancillary Operations segment reflects the operations of our tenant reinsurance, merchandise sales and third party management activities. Investment in PSB This segment represents our approximate 42 % equity interest in PSB, a publicly-traded REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team and board of directors that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard This segment represents our approximate 35 % equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard. Presentation of Segment Information The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Self-Storage Segment Revenue $ 2,721,630 $ 2,684,552 $ 2,597,607 Cost of operations ( 807,543 ) ( 762,416 ) ( 709,739 ) Net operating income 1,914,087 1,922,136 1,887,868 Depreciation and amortization ( 553,257 ) ( 512,918 ) ( 483,646 ) Net income 1,360,830 1,409,218 1,404,222 Ancillary Segment Revenue 193,438 170,556 161,916 Cost of operations ( 59,919 ) ( 50,736 ) ( 47,344 ) Net operating income 133,519 119,820 114,572 Investment in PSB Segment (a) - Equity in earnings of unconsolidated entities 64,835 54,090 89,362 Investment in Shurgard Segment (a) - Equity in earnings of unconsolidated entities 15,662 15,457 14,133 Gain due to Shurgard public offering - - 151,616 Net income from Investment in Shurgard Segment 15,662 15,457 165,749 Total net income allocated to segments 1,574,846 1,598,585 1,773,905 Other items not allocated to segments: General and administrative ( 83,199 ) ( 62,146 ) ( 104,712 ) Interest and other income 22,323 26,683 24,552 Interest expense ( 56,283 ) ( 45,641 ) ( 32,542 ) Foreign currency exchange (loss) gain ( 97,953 ) 7,829 18,117 Gain on sale of real estate 1,493 341 37,903 Net income $ 1,361,227 $ 1,525,651 $ 1,717,223 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements And Guidance	12 Months Ended
	Dec. 31, 2020
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	12. Recent Accounting Pronouncements and Guidance In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified-retrospective approach to adoption and became effective for interim and annual periods beginning on January 1, 2019. In July 2018, the FASB further amended this standard to allow for a new transition method that offers the option to use the effective date as the date of initial application and not adjust the comparative-period financial information. We adopted the new standard effective January 1, 2019, using the new transition method, recording a total of $ 38.7 million in right of use assets, reflected in other assets, and substantially the same amount in lease liabilities, reflected in accrued and other liabilities, for leases where we are the lessee (principally ground leases and office leases) . We also reclassified related intangible assets totaling $ 5.6 million to other assets. The lease liabilities are recognized based on the present value of the remaining lease payments for each operating lease using each respective remaining lease term and a corresponding estimated incremental borrowing rate. We estimated the incremental borrowing rate primarily by reference to average yield spread on debt issuances by companies of a similar credit rating as us, and the treasury yields as of January 1, 2019. We had no material amount of leases covered by the standard where we are the lessor (principally our storage leases) because substantially all of such leases are month to month. For leases where we are the lessee or the lessor, we applied (i) the package of practical expedients to not reassess prior conclusions related to contracts that are or that contain leases, lease classification and initial direct costs, (ii) the hindsight practical expedient to determine the lease term and in assessing impairment of the right of use assets, and (iii) the easement practical expedient to not assess whether existing or expired land easements that were not previously accounted for as leases under ASC 840 are or contain a lease under this new standard. In addition, for leases where we are the lessee, we also elected to (a) not apply the new standard to our leases with an original term of 12 months or less, and (b) not separate lease and associated non-lease components.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13. Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $ 2.0 million per occurrence. Our annual deductible for property loss is $ 25.0 million per occurrence. This deductible decreases to $ 5.0 million once we reach $ 35.0 million in aggregate losses for occurrences that exceed $ 5.0 million. Insurance carriers’ aggregate limits on these policies of $ 75.0 million for property losses and $ 102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $ 5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $ 15.0 million for losses in excess of $ 5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At December 31, 2020, there were approximately 990,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $ 3.9 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $ 105.0 million at December 31, 2020. We expect to pay approximately $ 95.2 million in 2021 and $ 9.8 million in 2022 for these construction commitments.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Subsequent to December 31, 2020, we acquired or were under contract to acquire 40 self-storage facilities across 18 states with 3.5 million net rentable square feet, for $ 580.1 million. On January 19, 2021, we completed a public offering of $ 500 million aggregate principal amount of senior notes bearing interest at an annual rate of 0.875 % and maturing on February 15, 2026 . Interest on the senior notes is payable semi-annually, commencing August 15, 2021. In connection with the offering, we incurred a total of $ 3.8 million in costs. On January 20, 2021, we redeemed our 5.4 % Series B Preferred Shares, at par, for a total of $ 300 million in cash before payment of accrued dividends.

Schedule III - Real Estate And

Schedule III - Real Estate And Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
Schedule III - Real Estate And Accumulated Depreciation [Abstract]
Schedule III - Real Estate And Accumulated Depreciation	Self-storage facilities by market: Los Angeles 225 16,265 455 519,547 942,206 372,709 517,161 1,317,301 1,834,462 798,302 Houston 128 10,665 - 186,526 469,132 237,738 185,847 707,549 893,396 315,349 San Francisco 138 8,980 - 241,791 527,127 223,936 254,541 738,313 992,854 488,482 Dallas/Ft. Worth 124 8,969 - 176,962 437,884 132,768 178,562 569,052 747,614 306,815 Chicago 134 8,581 - 141,683 408,749 132,059 144,520 537,971 682,491 382,269 New York 96 7,011 - 277,121 586,592 205,542 283,458 785,797 1,069,255 455,571 Atlanta 106 7,138 1,713 135,099 361,503 90,812 135,461 451,953 587,414 279,284 Seattle/Tacoma 97 6,790 - 198,063 531,742 110,562 198,710 641,657 840,367 349,944 Miami 96 7,126 - 243,988 522,557 139,116 245,881 659,780 905,661 335,520 Washington DC 91 5,645 - 233,905 406,769 121,226 239,059 522,841 761,900 327,341 Orlando/Daytona 72 4,551 11,589 140,411 253,375 59,516 145,892 307,410 453,302 166,849 Denver 64 4,740 8,925 99,547 247,641 98,240 100,268 345,160 445,428 156,803 Charlotte 56 4,360 - 80,253 205,370 79,349 88,116 276,856 364,972 131,456 Minneapolis/St. Paul 61 4,721 2,174 115,112 266,840 93,719 115,277 360,394 475,671 131,684 Tampa 57 3,878 - 93,022 204,543 49,349 95,784 251,130 346,914 132,562 Philadelphia 61 4,004 - 56,991 224,104 58,839 56,012 283,922 339,934 167,192 West Palm Beach 46 3,545 - 156,788 221,479 67,459 157,496 288,230 445,726 133,996 Detroit 47 3,350 - 66,861 213,857 39,152 67,711 252,159 319,870 120,220 Phoenix 42 2,871 - 68,515 213,718 28,224 68,506 241,951 310,457 112,212 Austin 35 2,762 - 65,542 149,481 44,821 67,564 192,280 259,844 91,292 Portland 45 2,426 - 54,370 150,634 28,158 55,028 178,134 233,162 107,422 Sacramento 34 1,959 - 25,141 69,409 31,275 25,625 100,200 125,825 80,386 Raleigh 28 1,975 - 50,348 99,583 38,677 51,337 137,271 188,608 66,430 San Diego 22 2,037 - 73,713 137,796 42,682 76,223 177,968 254,191 93,801 San Antonio 28 1,791 - 27,566 76,028 27,655 27,524 103,725 131,249 70,033 Norfolk 36 2,215 - 47,728 128,986 25,014 46,843 154,885 201,728 70,288 Boston 28 1,964 - 80,843 209,495 29,287 81,409 238,216 319,625 101,407 Columbus 27 2,015 - 44,983 92,001 28,437 45,090 120,331 165,421 48,804 Oklahoma City 23 1,645 - 38,265 73,968 13,775 38,265 87,743 126,008 27,343 Baltimore 24 1,588 - 28,396 92,861 20,559 28,520 113,296 141,816 75,042 Indianapolis 26 1,697 - 31,636 74,206 17,657 32,636 90,863 123,499 48,772 St. Louis 28 1,786 - 22,463 79,356 38,025 23,106 116,738 139,844 66,546 Kansas City 25 1,647 - 14,567 56,147 35,619 14,767 91,566 106,333 62,368 Columbia 23 1,345 - 20,169 57,131 22,005 20,928 78,377 99,305 38,966 Las Vegas 21 1,355 - 25,038 68,513 11,362 24,287 80,626 104,913 50,563 Milwaukee 15 964 374 13,189 32,071 10,281 13,158 42,383 55,541 34,617 Cincinnati 18 1,051 - 17,135 46,739 23,150 17,053 69,971 87,024 32,167 Louisville 15 916 - 23,563 46,108 7,935 23,562 54,044 77,606 16,253 Jacksonville 14 841 - 11,252 27,714 12,056 11,301 39,721 51,022 33,917 Nashville/Bowling Green 17 1,108 - 18,787 35,425 30,785 18,785 66,212 84,997 31,221 Honolulu 11 807 - 54,184 106,299 14,098 55,101 119,480 174,581 68,300 Greensboro 14 845 - 13,413 35,326 13,992 15,502 47,229 62,731 27,695 Colorado Springs 14 992 - 10,588 38,237 22,564 10,585 60,804 71,389 30,357 Chattanooga 10 697 - 6,569 26,045 7,651 6,371 33,894 40,265 16,037 Hartford/New Haven 11 693 - 6,778 19,959 22,327 8,443 40,621 49,064 33,355 Savannah 12 700 - 33,094 42,465 4,118 31,766 47,911 79,677 18,038 Charleston 14 950 - 16,947 56,793 17,984 17,923 73,801 91,724 26,832 Fort Myers/Naples 11 861 - 23,298 56,012 5,537 23,533 61,314 84,847 19,964 New Orleans 9 627 - 9,205 30,832 6,667 9,373 37,331 46,704 26,365 Greensville/Spartanburg/Asheville 11 622 - 9,036 20,767 10,334 9,965 30,172 40,137 21,772 Reno 7 559 - 5,487 18,704 4,163 5,487 22,867 28,354 12,925 Birmingham 15 606 - 6,316 25,567 13,578 6,204 39,257 45,461 28,113 Salt Lake City 9 566 - 10,316 19,515 4,977 9,965 24,843 34,808 15,204 Memphis 11 645 - 19,581 29,852 9,551 20,934 38,050 58,984 21,854 Buffalo/Rochester 9 462 - 6,785 17,954 3,980 6,783 21,936 28,719 14,492 Richmond 13 650 - 18,092 40,160 5,948 17,897 46,303 64,200 20,124 Tucson 7 439 - 9,403 25,491 5,868 9,884 30,878 40,762 20,371 Cleveland/Akron 7 434 - 4,070 16,139 5,538 4,463 21,284 25,747 12,947 Wichita 7 433 - 2,017 6,691 7,350 2,130 13,928 16,058 12,067 Mobile 11 529 - 8,915 25,223 5,077 8,742 30,473 39,215 14,061 Omaha 5 430 - 8,261 23,709 3,456 8,261 27,165 35,426 4,505 Monterey/Salinas 7 329 - 8,465 24,151 4,307 8,455 28,468 36,923 22,179 Palm Springs 3 242 - 8,309 18,065 1,387 8,309 19,452 27,761 11,193 Evansville 5 326 - 2,340 14,316 1,333 2,312 15,677 17,989 4,248 Dayton 5 284 - 1,074 8,975 4,850 1,073 13,826 14,899 7,522 Augusta 7 392 - 6,213 15,979 4,081 6,213 20,060 26,273 6,765 Fort Wayne 3 168 - 349 3,594 3,194 349 6,788 7,137 5,882 Providence 3 155 - 995 11,206 3,008 995 14,214 15,209 6,866 Huntsville/Decatur 5 298 - 9,161 13,481 3,051 9,108 16,585 25,693 6,089 Shreveport 2 150 - 817 3,030 2,301 741 5,407 6,148 4,851 Springfield/Holyoke 2 144 - 1,428 3,380 1,910 1,427 5,291 6,718 4,913 Rochester 2 99 - 1,047 2,246 2,107 980 4,420 5,400 4,098 Santa Barbara 2 98 - 5,733 9,106 468 5,733 9,574 15,307 5,797 Topeka 2 94 - 225 1,419 2,090 225 3,509 3,734 3,081 Lansing 2 88 - 556 2,882 936 556 3,818 4,374 2,428 Roanoke 3 159 - 2,147 13,801 908 2,147 14,709 16,856 3,141 Flint 1 56 - 543 3,068 260 542 3,329 3,871 1,967 Joplin 1 56 - 264 904 1,014 264 1,918 2,182 1,626 Syracuse 1 55 - 545 1,279 846 545 2,125 2,670 2,032 Modesto/Fresno/Stockton 1 33 - 44 206 983 193 1,040 1,233 862 Commercial and non-operating real estate - 13,796 21,761 42,591 14,836 63,312 78,148 41,728 2,548 175,050 $ 25,230 $ 4,313,285 $ 9,903,429 $ 3,155,913 $ 4,375,588 $ 12,997,039 $ 17,372,627 $ 7,152,135 Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”). Certain amounts previously reported in our December 31, 2019 and 2018 financial statements have been reclassified to conform to the December 31, 2020 presentation, including revenues from our third party management activities of $ 8.3 million and $ 5.2 million for the years ended December 31, 2019 and 2018, respectively, previously reported within interest and other income; and cost of operations from our third party management activities of $ 6.5 million and $ 3.4 million for the years ended December 31, 2019 and 2018, respectively, previously reported within interest and other income. This reclassification had no impact on the our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the year ended December 31, 2019 and for the year ended 2018. Additionally, we revised our prior period financial statements to correct the presentation of share-based compensation expense between general and administrative expense and self-storage cost of operations. As a result, we revised our statements of income for the years ended December 31, 2019 and 2018 with an increase in self-storage cost of operations of $ 9.8 million and $ 14.0 million, respectively, and a corresponding decrease to general and administrative expenses. This immaterial correction had no impact on our total expenses or net income. The correction also had no impact on our balance sheet, statements of comprehensive income, statements of equity, or cash flows as of and for the year ended December 31, 2019 and for the year ended 2018.
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. 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. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing 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 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.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at December 31, 2020, the Company and the Subsidiaries own 2,548 self-storage facilities and four commercial facilities in the U.S. At December 31, 2020, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard.
Use of Estimates	Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.
Income Taxes	Income Taxes We 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. Our tenant reinsurance, merchandise and third party management operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit 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, 2020, we had no tax benefits that were not recognized.
Real Estate Facilities	Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. 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. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100 % of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value.
Other Assets	Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, restricted cash and right-to-use assets. At December 31, 2019, other assets included notes receivable which were amortized on the effective interest method with book value of $ 4.4 million at the time they were repaid during 2020, at their respective $ 7.5 million contractual note balance. The $ 3.1 million excess proceeds were recorded as interest and other income in 2020.
Accrued and Other Liabilities	Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.
Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments	Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity.
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. Because our estimates of fair value involve considerable judgment, including determination of the factors that market participants would consider in negotiating exchange values, such estimates may be limited in their ability to reflect what would actually be realized in an actual market exchange. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities 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. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs.
Currency and Credit Risk	Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either 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. At December 31, 2020, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $ 174.6 million at December 31, 2020 and 2019. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $ 18.8 million at December 31, 2020 and 2019. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised 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 and (ii) property tax abatements amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At December 31, 2020, these intangibles had a net book value of $ 11.3 million ($ 12.5 million at December 31, 2019). Accumulated amortization totaled $ 27.3 million at December 31, 2020 ($ 27.5 million at December 31, 2019), and amortization expense of $ 16.1 million, $ 16.8 million and $ 16.6 million was recorded in 2020, 2019 and 2018, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2020 is approximately $ 11.9 million in 2021, $ 2.6 million in 2022 and $ 5.6 million thereafter. During 2020, 2019 and 2018, intangibles increased $ 14.9 million, $ 18.5 million and $ 11.6 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).
Evaluation of Asset Impairment	Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. 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 fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. 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 the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein.
Revenue and Expense Recognition	Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized 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. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred.
Foreign Currency Exchange Translation	Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. 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. The Euro was translated at exchange rates of approximately 1.226 U.S. Dollars per Euro at December 31, 2020 ( 1.122 at December 31, 2019), and average exchange rates of 1.141 , 1.120 and 1.181 for the years ended December 31, 2020, 2019 and 2018, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).
Comprehensive Income	Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period, which are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard.
Recent Accounting Pronouncements And Guidance	Recent Accounting Pronouncements and Guidance In November 2018, the FASB issued ASU 2018- 19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that credit losses with respect to receivables arising from operating leases are to be evaluated within the scope of the leasing standard (ASU 2016-02), rather than within the scope of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” We adopted this new standard on its effective date for us of January 1, 2020, which did not have a material impact on our consolidated financial statements.
Net Income Per Common Share	Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries and (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), with the remaining net income allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands): For the Years Ended December 31, 2020 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,494 174,287 173,969 Net effect of dilutive stock options - based on treasury stock method 148 243 328 Diluted weighted average common shares outstanding 174,642 174,530 174,297

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Net Income Per Common Share	For the Years Ended December 31, 2020 2019 2018 Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding 174,494 174,287 173,969 Net effect of dilutive stock options - based on treasury stock method 148 243 328 Diluted weighted average common shares outstanding 174,642 174,530 174,297

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate Facilities [Abstract]
Schedule Of Real Estate Activities	For the Years Ended 2020 2019 2018 (Amounts in thousands) Operating facilities, at cost: Beginning balance $ 16,289,146 $ 15,296,844 $ 14,665,989 Capital expenditures to maintain real estate facilities 163,834 192,539 139,397 Acquisitions 781,219 421,097 169,436 Dispositions ( 303 ) ( 426 ) ( 25,633 ) Developed or expanded facilities opened for operation 138,731 379,092 348,270 Impact of foreign exchange rate changes - - ( 615 ) Ending balance 17,372,627 16,289,146 15,296,844 Accumulated depreciation: Beginning balance ( 6,623,475 ) ( 6,140,072 ) ( 5,700,331 ) Depreciation expense ( 528,660 ) ( 483,408 ) ( 457,029 ) Dispositions - 5 16,876 Impact of foreign exchange rate changes - - 412 Ending balance ( 7,152,135 ) ( 6,623,475 ) ( 6,140,072 ) Construction in process: Beginning balance 141,934 285,339 264,441 Costs incurred to develop and expand real estate facilities 188,102 235,687 362,397 Write-off of cancelled projects ( 3,226 ) - - Developed or expanded facilities opened for operation ( 138,731 ) ( 379,092 ) ( 348,270 ) Dispositions - - ( 2,698 ) Transfer from other assets - - 9,469 Ending balance 188,079 141,934 285,339 Total real estate facilities at December 31, $ 10,408,571 $ 9,807,605 $ 9,442,111

Investments In Unconsolidated_2

Investments In Unconsolidated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments In Unconsolidated Real Estate Entities [Abstract]
Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities	Investments in Unconsolidated Real Estate Equity in Earnings of Unconsolidated Real Estate Entities at December 31, Entities for the Year Ended December 31, 2020 2019 2020 2019 2018 PSB $ 431,963 $ 427,875 $ 64,835 $ 54,090 $ 89,362 Shurgard 341,083 339,941 15,662 15,457 14,133 Total $ 773,046 $ 767,816 $ 80,497 $ 69,547 $ 103,495

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Payable [Abstract]
Notes Payable	Amounts at December 31, 2020 Coupon Effective Unamortized Book Fair Rate Rate Principal Costs Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 2.370 % 2.483 % $ 500,000 $ ( 891 ) $ 499,109 $ 517,419 Notes due September 15, 2027 3.094 % 3.218 % 500,000 ( 3,548 ) 496,452 560,833 Notes due May 1, 2029 3.385 % 3.459 % 500,000 ( 2,567 ) 497,433 574,833 1,500,000 ( 7,006 ) 1,492,994 1,653,085 Euro Denominated Unsecured Debt Notes due April 12, 2024 1.540 % 1.540 % 122,646 - 122,646 129,192 Notes due November 3, 2025 2.175 % 2.175 % 296,821 - 296,821 323,552 Notes due January 24, 2032 0.875 % 0.978 % 613,232 ( 5,931 ) 607,301 634,389 1,032,699 ( 5,931 ) 1,026,768 1,087,133 Mortgage Debt , secured by 27 real estate facilities with a net book value of $ 102.1 million 3.962 % 3.947 % 25,230 - 25,230 26,958 $ 2,557,929 $ ( 12,937 ) $ 2,544,992 $ 2,767,176 Amounts at December 31, 2019 Book Fair Value Value ($ amounts in thousands) U.S. Dollar Denominated Unsecured Debt Notes due September 15, 2022 $ 498,581 $ 505,639 Notes due September 15, 2027 495,924 520,694 Notes due May 1, 2029 497,124 531,911 1,491,629 1,558,244 Euro Denominated Unsecured Debt Notes due April 12, 2024 112,156 115,932 Notes due November 3, 2025 271,433 298,398 Notes due January 24, 2032 - - 383,589 414,330 Mortgage Debt 27,275 28,506 $ 1,902,493 $ 2,001,080
Maturities Of Notes Payable	Unsecured Mortgage Debt Debt Total 2021 $ - $ 1,851 $ 1,851 2022 500,000 2,574 502,574 2023 - 19,219 19,219 2024 122,646 124 122,770 2025 296,821 131 296,952 Thereafter 1,613,232 1,331 1,614,563 $ 2,532,699 $ 25,230 $ 2,557,929 Weighted average effective rate 2.4 % 3.9 % 2.4 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Shareholders’ Equity [Abstract]
Preferred Shares Outstanding	At December 31, 2020 At December 31, 2019 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference (Dollar amounts in thousands) Series V 9/20/2017 5.375 % - $ - 19,800 $ 495,000 Series W 1/16/2018 5.200 % - - 20,000 500,000 Series X 3/13/2018 5.200 % - - 9,000 225,000 Series B 1/20/2021 5.400 % - - 12,000 300,000 Series C 5/17/2021 5.125 % 8,000 200,000 8,000 200,000 Series D 7/20/2021 4.950 % 13,000 325,000 13,000 325,000 Series E 10/14/2021 4.900 % 14,000 350,000 14,000 350,000 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 - - Series M 8/14/2025 4.125 % 9,200 230,000 - - Series N 10/6/2025 3.875 % 11,300 282,500 - - Series O 11/17/2025 3.900 % 6,800 170,000 - - Total Preferred Shares 151,700 $ 3,792,500 162,600 $ 4,065,000
Schedule Of Issuance And Repurchases Of Common Shares	2020 2019 2018 Shares Amount Shares Amount Shares Amount Employee stock-based compensation and exercise of stock options (Note 10) 163,127 $ 12,664 287,734 $ 33,564 277,511 $ 12,525
Schedule Of Distribution Classification	2020 (unaudited) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Ordinary Income 100.00 % 100.00 % 100.00 % 100.00 % Long-Term Capital Gain 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, 2020
Share-Based Compensation [Abstract]
Share-Based Compensation Options Outstanding Rollforward	2020 2019 2018 Weighted Weighted Weighted Average Average Average Number Exercise Number Exercise Number Exercise of Price of Price of Price Options per Share Options per Share Options per Share Options outstanding January 1, 2,339,667 $ 204.53 2,420,922 $ 201.31 2,408,917 $ 192.12 Granted 840,000 226.58 120,000 221.12 200,000 194.29 Exercised ( 71,500 ) 175.16 ( 191,255 ) 174.55 ( 179,995 ) 69.53 Cancelled ( 147,000 ) 222.67 ( 10,000 ) 197.90 ( 8,000 ) 223.50 Options outstanding December 31, 2,961,167 $ 210.59 2,339,667 $ 204.53 2,420,922 $ 201.31 Options exercisable at December 31, 1,585,091 $ 199.54 1,501,667 $ 196.37 1,147,122 $ 178.31
Share-Based Compensation Valuation Assumptions	2020 2019 2018 Stock option expense for the year (in 000's) (a) $ 7,613 $ 4,950 $ 17,162 Aggregate exercise date intrinsic value of options exercised during the year (in 000's) $ 3,433 $ 11,848 $ 25,117 Average assumptions used in valuing options with the Black-Scholes method: Expected life of options in years, based upon historical experience 5 5 5 Risk-free interest rate 0.43 % 2.3 % 2.7 % Expected volatility, based upon historical volatility 21.6 % 8.9 % 12.5 % Expected dividend yield 3.8 % 3.6 % 4.1 % Average estimated value of options granted during the year $ 17.79 $ 9.61 $ 13.09 (a) Amounts for 2020 include $ 0.3 million in connection with the Retirement Acceleration. Amounts for 2018 include $ 8.1 million, in connection with the acceleration of amortization on grants discussed above. Of the total expense recorded, $ 2.8 million, $ 2.2 million and $ 2.1 million for 2020, 2019 and 2018, respectively, was allocated to cost of operations, with the remainder allocated to general and administrative expense.
Share-Based Compensation Restricted Units Outstanding And Vesting	2020 2019 2018 Number of Grant Date Number of Grant Date Number of Grant Date Restricted Aggregate Restricted Aggregate Restricted Aggregate Share Units Fair Value Share Units Fair Value Share Units Fair Value Restricted share units outstanding January 1, 619,150 $ 132,058 717,696 $ 151,212 799,129 $ 166,144 Granted 110,755 24,617 97,140 21,113 138,567 27,733 Vested ( 140,089 ) ( 28,141 ) ( 160,329 ) ( 32,714 ) ( 164,104 ) ( 30,717 ) Forfeited ( 37,028 ) ( 7,964 ) ( 35,357 ) ( 7,553 ) ( 55,896 ) ( 11,948 ) Restricted share units outstanding December 31, 552,788 $ 120,570 619,150 $ 132,058 717,696 $ 151,212
Share-Based Compensation Shares Vesting During Year	2020 2019 2018 Amounts for the year (in 000's, except number of shares): Fair value of vested shares on vesting date $ 31,076 $ 33,769 $ 32,317 Cash paid for taxes upon vesting in lieu of issuing common shares $ 10,518 $ 12,162 $ 12,347 Common shares issued upon vesting 91,627 96,479 97,516 Restricted share unit expense (a) $ 26,359 $ 21,662 $ 53,869 (a) Amounts for 2020, 2019 and 2018 include approximately $ 1.3 million, $ 1.2 million and $ 1.1 million, respectively, in employer taxes incurred upon vesting. Amounts for 2020 include $ 5.4 million, in connection with the Retirement Acceleration as discussed above. Amounts for 2018 include $ 22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Of the total expense recorded, $ 12.1 million, $ 9.9 million and $ 14.3 million for 2020, 2019 and 2018, respectively, was allocated to cost of operations, with the remainder allocated to general and administrative expense.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Information [Abstract]
Summary Of Segment Information	For the Years Ended December 31, 2020 2019 2018 Self-Storage Segment Revenue $ 2,721,630 $ 2,684,552 $ 2,597,607 Cost of operations ( 807,543 ) ( 762,416 ) ( 709,739 ) Net operating income 1,914,087 1,922,136 1,887,868 Depreciation and amortization ( 553,257 ) ( 512,918 ) ( 483,646 ) Net income 1,360,830 1,409,218 1,404,222 Ancillary Segment Revenue 193,438 170,556 161,916 Cost of operations ( 59,919 ) ( 50,736 ) ( 47,344 ) Net operating income 133,519 119,820 114,572 Investment in PSB Segment (a) - Equity in earnings of unconsolidated entities 64,835 54,090 89,362 Investment in Shurgard Segment (a) - Equity in earnings of unconsolidated entities 15,662 15,457 14,133 Gain due to Shurgard public offering - - 151,616 Net income from Investment in Shurgard Segment 15,662 15,457 165,749 Total net income allocated to segments 1,574,846 1,598,585 1,773,905 Other items not allocated to segments: General and administrative ( 83,199 ) ( 62,146 ) ( 104,712 ) Interest and other income 22,323 26,683 24,552 Interest expense ( 56,283 ) ( 45,641 ) ( 32,542 ) Foreign currency exchange (loss) gain ( 97,953 ) 7,829 18,117 Gain on sale of real estate 1,493 341 37,903 Net income $ 1,361,227 $ 1,525,651 $ 1,717,223 (a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements.

Description Of The Business (Na

Description Of The Business (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020ft²countryitemstateshares	Dec. 31, 2019shares	Dec. 31, 2018shares	Oct. 15, 2018
Nature Of Business [Line Items]
Net rentable area (in square feet)	175,050
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities | item	2,548
Net rentable area (in square feet)	175,100,000
Number of states with facilities | state	38
Public Storage [Member] | Commercial and Retail Space [Member]
Nature Of Business [Line Items]
Net rentable area (in square feet)	900,000
Shurgard [Member]
Nature Of Business [Line Items]
Net rentable area (in square feet)	13,000,000
Shares owned | shares	31,268,459	31,268,459	31,268,459
Ownership interest, percentage	35.00%			35.00%
Number of facilities owned by Shurgard | item	241
Number of countries in which entity operates | country	7
PSB [Member]
Nature Of Business [Line Items]
Net rentable area (in square feet)	27,700,000
Number of states with facilities | state	6
Ownership interest, percentage	42.00%

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Basis Of Presentation) (Narrative) (Details) - Reclassification Adjustment [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Increased self storage revenue and decrease interest and other income	$ 8.3	$ 5.2
Increased self storage cost of operations and increased interest and other income	6.5	3.4
Increased self storage cost of operations and decrease general and administrative expense	$ 9.8	$ 14

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member]	Dec. 31, 2020item
Summary Of Significant Accounting Policies [Line Items]
Number of self-storage facilities owned	2,548
Commercial facilities in U.S.	4

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Abstract]
Unrecognized tax benefits	$ 0

Summary Of Significant Accoun_7

Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Percentage of interest in real estate sold at fair value	100.00%
Maximum [Member]
Estimated useful lives of buildings and improvements	25 years
Minimum [Member]
Estimated useful lives of buildings and improvements	5 years

Summary Of Significant Accoun_8

Summary Of Significant Accounting Policies (Other Assets) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Abstract]
Note receivable, book value		$ 4,400
Note receivable, contractual balance		$ 7,500
Repayment of note receivable	$ 7,509
Interest and other income	$ 3,100

Summary Of Significant Accoun_9

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Abstract]
Goodwill balance	$ 174.6	$ 174.6
Shurgard trade name, book value	18.8	18.8
In-place and leasehold interests in land, net book value	11.3	12.5
In-place and leasehold interests in land, accumulated amortization	27.3	27.5
In-place and leasehold interests in land, amortization expense	16.1	16.8	$ 16.6
Estimated future amortization expense, 2021	11.9
Estimated future amortization expense, 2022	2.6
Estimated future amortization expense, thereafter	5.6
Increase in in-place and leasehold interests in land	$ 14.9	$ 18.5	$ 11.6

Summary Of Significant Accou_10

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Abstract]
Impairments	$ 0

Summary Of Significant Accou_11

Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) - $ / €	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation	1.226	1.122
Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate translation	1.141	1.120	1.181

Summary Of Significant Accou_12

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	174,494	174,287	173,969
Net effect of dilutive stock options - based on treasury stock method	148	243	328
Diluted weighted average common shares outstanding	174,642	174,530	174,297

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details) $ in Thousands	Oct. 25, 2018USD ($)	Oct. 18, 2018USD ($)	Dec. 31, 2020USD ($)ft²item	Dec. 31, 2019USD ($)ft²item	Dec. 31, 2018USD ($)ft²item
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet | ft²			175,050
Cash to acquire self-storage facilities			$ 792,266	$ 437,758	$ 181,020
Write-off of cancelled projects			3,226
Gain on real estate sales			1,493	341	37,903
Increase (decrease) in accrued unpaid construction costs			(1,300)	(49,000)	22,400
Increase (decrease) in accrued capital expenditures to maintain real estate facilities			(6,200)	$ 5,200	(1,600)
Real estate facilities for federal tax purposes			$ 11,200,000
Transfer from other assets					9,469
Disposal of Real Estate Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities					3,400
Gain on real estate sales					1,800
Disposal of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities	$ 8,700
Gain on real estate sales	$ 4,600
West London [Member] | Disposal of Real Estate [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities		$ 42,100
Gain on real estate sales		31,500
Cumulative other comprehensive loss, foreign currency translation		$ (4,800)
Development and Redevelopment [Member]
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand					$ 348,300
Addtional net rentable square feet | ft²					3,000,000
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item			62	44	25
Net rentable square feet | ft²			5,100,000	3,100,000	1,600,000
Total cost of acquisition			$ 792,300	$ 439,600
Liability assumed			3,800
Allocated to intangible assets			14,900	18,500	$ 11,600
Cash to acquire self-storage facilities				437,800	$ 181,000
Mortgage debt assumed				$ 1,800
Acquisition Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities | item				1
Net rentable square feet | ft²				46,000
Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member]
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand			$ 138,700	$ 379,100
Addtional net rentable square feet | ft²			1,100,000	3,700,000

Real Estate Facilities (Schedul

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 16,289,146	$ 15,296,844	$ 14,665,989
Capital expenditures to maintain real estate facilities	163,834	192,539	139,397
Acquisitions	781,219	421,097	169,436
Dispositions	(303)	(426)	(25,633)
Developed or expanded facilities opened for operation	138,731	379,092	348,270
Impact of foreign exchange rate changes			(615)
Ending balance (Operating facilities, at cost)	17,372,627	16,289,146	15,296,844
Beginning balance (Accumulated depreciation)	(6,623,475)	(6,140,072)	(5,700,331)
Depreciation expense	(528,660)	(483,408)	(457,029)
Dispositions		5	16,876
Impact of foreign exchange rate changes			412
Ending balance (Accumulated depreciation)	(7,152,135)	(6,623,475)	(6,140,072)
Beginning balance (Construction in process)	141,934	285,339	264,441
Costs incurred to develop and expand real estate facilities	188,102	235,687	362,397
Write-off of cancelled projects	(3,226)
Developed or expanded facilities opened for operation	(138,731)	(379,092)	(348,270)
Dispositions			(2,698)
Transfer from other assets			9,469
Ending balance (Construction in process)	188,079	141,934	285,339
Total real estate facilities at December 31	$ 10,408,571	$ 9,807,605	$ 9,442,111

Investments In Unconsolidated_3

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common stock owned of PSB	7,158,354	7,158,354	7,158,354
Limited partnership units in PSB	7,305,355	7,305,355	7,305,355
Ownership interest, percentage	42.00%
Limited partnership units option to convert to common stock, conversion basis.	1
Closing price per share	$ 132.87
Market value	$ 1,900
Cash distribution received	60.7	$ 60.7	$ 55
Basis differential	3.4	4.2
Amortization of basis differential	$ 0.8	$ 3.2	$ 1.8

Investments In Unconsolidated_4

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / €shares	Dec. 31, 2020USD ($)€ / shares$ / €shares	Dec. 31, 2019USD ($)$ / €shares	Dec. 31, 2019€ / shares$ / €shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2020€ / shares	Oct. 15, 2018€ / sharesshares
Schedule of Equity Method Investments [Line Items]
Gain due to Shurgard Europe public offering					$ 151,616
Exchange rate translation | $ / €	1.226	1.226	1.122	1.122
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Shares owned | shares	31,268,459	31,268,459	31,268,459	31,268,459	31,268,459
Ownership interest, percentage	35.00%	35.00%					35.00%
Gain due to Shurgard Europe public offering					$ 151,600
Increase in investment					174,000
Reduction to other comprehensive loss, foreign currency translation					(22,400)
Closing price per share | € / shares						€ 35.50
Exchange rate translation | $ / €	1.226	1.226
Market value	$ 1,400,000	$ 1,400,000
Cash distribution received	34,900		$ 23,100		145,400
Change in investment from foreign currency exchange rates	21,500		(800)		16,000
Common stock dividends paid per share | € / shares		$ 0.99		€ 0.67
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Shares issued | shares							25,000,000
Price per share | € / shares							€ 23
Trademark License [Member] | Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Cash distribution received	$ 1,100		$ 1,000		$ 1,300

Investments In Unconsolidated_5

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 773,046	$ 767,816
Equity in Earnings of Unconsolidated Real Estate Entities	80,497	69,547	$ 103,495
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	431,963	427,875
Equity in Earnings of Unconsolidated Real Estate Entities	64,835	54,090	89,362
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	341,083	339,941
Equity in Earnings of Unconsolidated Real Estate Entities	$ 15,662	$ 15,457	$ 14,133

Credit Facility (Narrative) (De

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Feb. 24, 2021
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500,000,000
Expiration of Credit Facility	Apr. 19, 2024
Interest rate spread (LIBOR)	0.70%
Frequency of commitment fee	quarterly
Commitment fee percentage	0.07%
Outstanding borrowings	$ 0
Reduction in borrowing capacity to amount of letters of credit	$ 24,300,000	$ 15,900,000
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	0.70%
Commitment fee percentage	0.07%
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	1.35%
Commitment fee percentage	0.25%
Subsequent Event [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details)	Jan. 24, 2020USD ($)	Apr. 12, 2016USD ($)	Nov. 03, 2015USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 24, 2020EUR (€)	Apr. 12, 2019USD ($)	Apr. 12, 2016EUR (€)	Nov. 03, 2015EUR (€)
Debt Instrument [Line Items]
Proceeds from Issuance of Debt				$ 545,151,000	$ 496,900,000
Foreign currency exchange (loss) gain				(97,953,000)	7,829,000	$ 18,117,000
Cash paid for interest expense				52,700,000	48,300,000	36,300,000
Interest capitalized as real estate				$ 3,400,000	$ 3,900,000	$ 4,800,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Interest rate					3.90%
Mortgage debt assumed					$ 1,800,000
Mortgage Notes [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate				3.20%
Maturity date				Jan. 1, 2022
Mortgage Notes [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate				7.10%
Maturity date				Jul. 1, 2030
U.S. Dollar Denominated Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt to Total Assets ratio				8.00%
Adjusted EBTIDA to interest Expense ratio				38
U.S. Dollar Denominated Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Adjusted EBTIDA to interest Expense ratio				1.5
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member]
Debt Instrument [Line Items]
Issuance date				Apr. 12, 2019
Debt issuance amount								$ 500,000,000
Debt issuance costs								$ 3,100,000
Interest rate				3.385%				3.385%
Maturity date				May 1, 2029	May 1, 2029
U.S. Dollar Denominated Unsecured Debt [Member] | Maximum Covenant [Member]
Debt Instrument [Line Items]
Debt to Total Assets ratio				65.00%
Euro Denominated Unsecured Debt [Member]
Debt Instrument [Line Items]
Number of tranches | item				3
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member]
Debt Instrument [Line Items]
Issuance date				Nov. 3, 2015
Debt issuance amount | €										€ 242,000,000
Interest rate				2.175%
Maturity date				Nov. 3, 2025	Nov. 3, 2025
Proceeds from Issuance of Debt			$ 264,300,000
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member]
Debt Instrument [Line Items]
Issuance date				Apr. 12, 2016
Debt issuance amount | €									€ 100,000,000
Interest rate				1.54%
Maturity date				Apr. 12, 2024	Apr. 12, 2024
Proceeds from Issuance of Debt		$ 113,600,000
Euro Denominated Unsecured Debt [Member] | Notes Due January 24, 2032 [Member]
Debt Instrument [Line Items]
Debt issuance amount | €							€ 500,000,000
Interest rate				0.875%
Maturity date				Jan. 24, 2032
Proceeds from Issuance of Debt	$ 545,200,000

Notes Payable (Notes Payable) (

Notes Payable (Notes Payable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Apr. 12, 2019
Principal	$ 2,557,929
Unamortized Costs	(12,937)
Book Value	2,544,992	$ 1,902,493
Fair Value	2,767,176	2,001,080
U.S. Dollar Denominated Unsecured Debt [Member]
Principal	1,500,000
Unamortized Costs	(7,006)
Book Value	1,492,994	1,491,629
Fair Value	$ 1,653,085	1,558,244
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2022 [Member]
Coupon Rate	2.37%
Effective Rate	2.483%
Principal	$ 500,000
Unamortized Costs	(891)
Book Value	499,109	498,581
Fair Value	$ 517,419	$ 505,639
Maturity date	Sep. 15, 2022	Sep. 15, 2022
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due September 15, 2027 [Member]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000
Unamortized Costs	(3,548)
Book Value	496,452	$ 495,924
Fair Value	$ 560,833	$ 520,694
Maturity date	Sep. 15, 2027	Sep. 15, 2027
U.S. Dollar Denominated Unsecured Debt [Member] | Notes Due May 1, 2029 [Member]
Coupon Rate	3.385%		3.385%
Effective Rate	3.459%
Principal	$ 500,000
Unamortized Costs	(2,567)
Book Value	497,433	$ 497,124
Fair Value	$ 574,833	$ 531,911
Maturity date	May 1, 2029	May 1, 2029
Euro Denominated Unsecured Debt [Member]
Principal	$ 1,032,699
Unamortized Costs	(5,931)
Book Value	1,026,768	$ 383,589
Fair Value	$ 1,087,133	414,330
Euro Denominated Unsecured Debt [Member] | Notes Due April 12, 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 122,646
Book Value	122,646	112,156
Fair Value	$ 129,192	$ 115,932
Maturity date	Apr. 12, 2024	Apr. 12, 2024
Euro Denominated Unsecured Debt [Member] | Notes Due November 3, 2025 [Member]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 296,821
Book Value	296,821	$ 271,433
Fair Value	$ 323,552	$ 298,398
Maturity date	Nov. 3, 2025	Nov. 3, 2025
Euro Denominated Unsecured Debt [Member] | Notes Due January 24, 2032 [Member]
Coupon Rate	0.875%
Effective Rate	0.978%
Principal	$ 613,232
Unamortized Costs	(5,931)
Book Value	607,301
Fair Value	$ 634,389
Maturity date	Jan. 24, 2032
Mortgage Debt [Member]
Coupon Rate	3.962%
Effective Rate	3.947%
Principal	$ 25,230
Book Value	25,230	27,275
Fair Value	$ 26,958	$ 28,506
Mortgage Debt [Member] | Secured By Real Estate Facilities [Member]
Real estate facilities securing debt | item	27
Net book value of real estate facilities securing notes payable	$ 102,100

Notes Payable (Maturities Of No

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Total debt	$ 2,557,929
Unsecured Debt [Member]
Debt Instrument [Line Items]
2022	500,000
2024	122,646
2025	296,821
Thereafter	1,613,232
Total debt	$ 2,532,699
Weighted average effective rate	2.40%
Mortgage Debt [Member]
Debt Instrument [Line Items]
2021	$ 1,851
2022	2,574
2023	19,219
2024	124
2025	131
Thereafter	1,331
Total debt	$ 25,230
Weighted average effective rate	3.90%
Total [Member]
Debt Instrument [Line Items]
2021	$ 1,851
2022	502,574
2023	19,219
2024	122,770
2025	296,952
Thereafter	1,614,563
Total debt	$ 2,557,929
Weighted average effective rate	2.40%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)itemshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 5,366	$ 6,672	$ 7,022
Acquisition of noncontrolling interests	33	35,000
Contributions by noncontrolling interests	$ 2,629	4,148	1,720
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item	21
Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item	5
Convertible partnership units | shares	231,978
Income allocated to other permanent noncontrolling interest in subsidiaries	$ 4,000	5,100	6,200
Distributions paid	5,366	6,672	7,022
Acquisition of noncontrolling interests	1	11,087
Contributions by noncontrolling interests	2,629	4,148	$ 1,720
Paid-In Capital [Member]
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests	$ 32	$ 23,913

Shareholders' Equity (Preferred

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands	Dec. 14, 2020USD ($)	Dec. 31, 2020USD ($)item$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Class of Stock [Line Items]
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | item		6
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | item		2
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 | $ / shares		$ 25
Gross proceeds from issuance of preferred stock		$ 1,208,206	$ 1,059,156
EITF D-42 allocations		48,265	32,693
Liquidation value (at par)		3,792,500	4,065,000
Series V, Series W and Series X Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount		$ 1,220,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Dividend rate percentage	5.40%	5.40%
EITF D-42 allocations	$ 9,900
Liquidation value (at par)	$ 300,000		300,000
Series L, Series M, Series N and Series O Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued | shares		49,900,000
Preferred shares per depositary share | shares		0.001
Shares issued, price per share | $ / shares		$ 25
Gross proceeds from issuance of preferred stock		$ 1,250,000
Original issuance costs on preferred shares redeemed during the period		$ 39,300
Series U, Series Y, Series Z and Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount			$ 1,050,000
Series H, Series I, Series J and Series K Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued | shares			43,600,000
Preferred shares per depositary share | shares			0.001
Shares issued, price per share | $ / shares			$ 25
Gross proceeds from issuance of preferred stock			$ 1,090,000
Original issuance costs on preferred shares redeemed during the period			$ 30,800,000

Shareholders' Equity (Common Sh

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shareholders’ Equity [Abstract]
Number of shares authorized for repurchase	35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000
Shares repurchased pursuant to authorization	0	0	0
Common shares reserved in connection with share-based incentive plan	3,513,955	2,958,817
Common shares reserved for conversion of Convertable Partnership Units	231,978	231,978
Common shares and restricted shares, dividends	$ 1,399,361	$ 1,398,570	$ 1,396,364
Common shares and restricted shares, dividends per share	$ 8	$ 8	$ 8
Preferred shares, dividends	$ 207,068	$ 210,179	$ 216,316

Shareholders' Equity (Preferr_2

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	Dec. 14, 2020	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock, shares outstanding		151,700	162,600
Liquidation Preference		$ 3,792,500	$ 4,065,000
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Sep. 20, 2017
Dividend Rate %		5.375%
Preferred stock, shares outstanding			19,800
Liquidation Preference			$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Jan. 16, 2018
Dividend Rate %		5.20%
Preferred stock, shares outstanding			20,000
Liquidation Preference			$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Mar. 13, 2018
Dividend Rate %		5.20%
Preferred stock, shares outstanding			9,000
Liquidation Preference			$ 225,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Jan. 20, 2021
Dividend Rate %	5.40%	5.40%
Preferred stock, shares outstanding			12,000
Liquidation Preference	$ 300,000		$ 300,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		May 17, 2021
Dividend Rate %		5.125%
Preferred stock, shares outstanding		8,000	8,000
Liquidation Preference		$ 200,000	$ 200,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Jul. 20, 2021
Dividend Rate %		4.95%
Preferred stock, shares outstanding		13,000	13,000
Liquidation Preference		$ 325,000	$ 325,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Oct. 14, 2021
Dividend Rate %		4.90%
Preferred stock, shares outstanding		14,000	14,000
Liquidation Preference		$ 350,000	$ 350,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Jun. 2, 2022
Dividend Rate %		5.15%
Preferred stock, shares outstanding		11,200	11,200
Liquidation Preference		$ 280,000	$ 280,000
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Aug. 9, 2022
Dividend Rate %		5.05%
Preferred stock, shares outstanding		12,000	12,000
Liquidation Preference		$ 300,000	$ 300,000
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Mar. 11, 2024
Dividend Rate %		5.60%
Preferred stock, shares outstanding		11,400	11,400
Liquidation Preference		$ 285,000	$ 285,000
Series I Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Sep. 12, 2024
Dividend Rate %		4.875%
Preferred stock, shares outstanding		12,650	12,650
Liquidation Preference		$ 316,250	$ 316,250
Series J Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Nov. 15, 2024
Dividend Rate %		4.70%
Preferred stock, shares outstanding		10,350	10,350
Liquidation Preference		$ 258,750	$ 258,750
Series K Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Dec. 20, 2024
Dividend Rate %		4.75%
Preferred stock, shares outstanding		9,200	9,200
Liquidation Preference		$ 230,000	$ 230,000
Series L Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Jun. 17, 2025
Dividend Rate %		4.625%
Preferred stock, shares outstanding		22,600
Liquidation Preference		$ 565,000
Series M Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Aug. 14, 2025
Dividend Rate %		4.125%
Preferred stock, shares outstanding		9,200
Liquidation Preference		$ 230,000
Series N Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Oct. 6, 2025
Dividend Rate %		3.875%
Preferred stock, shares outstanding		11,300
Liquidation Preference		$ 282,500
Series O Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date		Nov. 17, 2025
Dividend Rate %		3.90%
Preferred stock, shares outstanding		6,800
Liquidation Preference		$ 170,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee stock-based compensation and exercise of stock options (Note 10), Shares	163,127	287,734	277,511
Employee stock-based compensation and exercise of stock options (Note 10), Amount	$ 12,664	$ 33,564	$ 12,525
Common Shares [Member]
Employee stock-based compensation and exercise of stock options (Note 10), Amount	16	29	28
Paid-In Capital [Member]
Employee stock-based compensation and exercise of stock options (Note 10), Amount	12,648	33,535	12,497
Total Public Storage Shareholders' Equity [Member]
Employee stock-based compensation and exercise of stock options (Note 10), Amount	$ 12,664	$ 33,564	$ 12,525

Shareholders' Equity (Schedul_2

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Shareholders’ Equity [Abstract]
Ordinary Income	100.00%	100.00%	100.00%	100.00%
Long-Term Capital Gain	0.00%	0.00%	0.00%	0.00%
Total	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries | $	$ 1.6	$ 1.5	$ 1.3
Hughes Family [Member]
Related Party Transaction [Line Items]
Percentage ownership of common shares outstanding	13.00%
Canada [Member] | Hughes Family [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities | item	64
Ownership interest	0.00%
Maximum [Member] | Canada [Member] | Hughes Family [Member]
Related Party Transaction [Line Items]
Percentage ownership of common shares outstanding	1.00%

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)employee$ / sharesshares	Dec. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense | $	$ 5.7
Granted, Number of Options	840,000	120,000	200,000
Stock options outstanding	2,961,167	2,339,667	2,420,922	2,408,917
Stock options exercisable	1,585,091	1,501,667	1,147,122
Exercisable, average exercise price per share | $ / shares	$ 199.54	$ 196.37	$ 178.31
Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives retiring | employee			2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period, number of years	10 years
Compensation expense | $	$ 2.8	$ 2.2	$ 2.1
Stock options outstanding, aggregate intrinsic value | $	$ 63.2
Average remaining contractual lives	6 years
Aggregate intrinsic value for stock options exercisable | $	$ 52.3
Stock options exercisable	16,667
Expiration date	Jun. 30, 2021
Exercisable, average exercise price per share | $ / shares	$ 115.96
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $	$ 3
Granted, Number of Options	770,000
Performance target	100.00%
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Exercise Price Above $225 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	1,240,000
Range of exercise prices, upper | $ / shares	$ 225

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 12.1	$ 9.9	$ 14.3
Taxes incurred upon vesting of restricted share units	1.3	$ 1.2	$ 1.1
Fair value of restricted stock units outstanding	127.7
Restricted stock, compensation expense not yet recognized	$ 76.9
Compensation recognition period	4 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	8 years

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	2,339,667	2,420,922	2,408,917
Granted, Number of Options	840,000	120,000	200,000
Exercised, Number of Options	(71,500)	(191,255)	(179,995)
Cancelled, Number of Options	(147,000)	(10,000)	(8,000)
Options outstanding December 31, Number of Options	2,961,167	2,339,667	2,420,922
Options exercisable at December 31, Number of Options	1,585,091	1,501,667	1,147,122
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 204.53	$ 201.31	$ 192.12
Granted, Weighted Average Exercise Price Per Share	226.58	221.12	194.29
Exercised. Weighted Average Exercise Price Per Share	175.16	174.55	69.53
Cancelled, Weighted Average Exercise Price Per Share	222.67	197.90	223.50
Options outstanding December 31, Weighted Average Exercise Price Per Share	210.59	204.53	201.31
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 199.54	$ 196.37	$ 178.31

Share-Based Compensation (Sha_2

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 7,613	$ 4,950	$ 17,162
Aggregate exercise date intrinsic value of options exercised during the year	$ 3,433	$ 11,848	$ 25,117
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	0.43%	2.30%	2.70%
Expected volatility, based upon historical volatility	21.60%	8.90%	12.50%
Expected dividend yield	3.80%	3.60%	4.10%
Average estimated value of options granted during the year	$ 17.79	$ 9.61	$ 13.09
Acceleration of amortization on grants	$ 300		$ 8,100

Share-Based Compensation (Sha_3

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	619,150	717,696	799,129
Granted, Number Of Restricted Share Units	110,755	97,140	138,567
Vested, Number Of Restricted Share Units	(140,089)	(160,329)	(164,104)
Forfeited, Number Of Restricted Share Units	(37,028)	(35,357)	(55,896)
Restricted share units outstanding December 31, Number Of Restricted Share Units	552,788	619,150	717,696
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 132,058	$ 151,212	$ 166,144
Granted, Grant Date Aggregate Fair Value	24,617	21,113	27,733
Vested, Grant Date Aggregate Fair Value	(28,141)	(32,714)	(30,717)
Forfeited, Grant Date Aggregate Fair Value	(7,964)	(7,553)	(11,948)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 120,570	$ 132,058	$ 151,212

Share-Based Compensation (Sha_4

Share-Based Compensation (Share-Based CompensationShares Vesting During Year) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of vested shares on vesting date	$ 31,076	$ 33,769	$ 32,317
Cash paid for taxes upon vesting in lieu of issuing common shares	$ 10,518	$ 12,162	$ 12,347
Common shares issued upon vesting	91,627	96,479	97,516
Restricted share unit expense	$ 26,359	$ 21,662	$ 53,869
Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Taxes incurred upon vesting of restricted share units	1,300	$ 1,200	1,100
Chief Executive Officer and Chief Financial Officer [Member] | Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of amortization on grants	$ 5,400		$ 22,600

Segment Information (Narrative)

Segment Information (Narrative) (Details) - country	Dec. 31, 2020	Oct. 15, 2018
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%
Shurgard [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	35.00%	35.00%
Number of countries in which entity operates	7

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenue	$ 2,915,068	$ 2,855,108	$ 2,759,523
Cost of operations	(807,543)	(762,416)	(709,739)
Cost of operations	(59,919)	(50,736)	(47,344)
Depreciation and amortization	(553,257)	(512,918)	(483,646)
Equity in earnings of unconsolidated real estate entities	80,497	69,547	103,495
Gain due to Shurgard public offering			151,616
General and administrative	(83,199)	(62,146)	(104,712)
Interest and other income	22,323	26,683	24,552
Interest expense	(56,283)	(45,641)	(32,542)
Foreign currency exchange (loss) gain	(97,953)	7,829	18,117
Gain on sale of real estate	1,493	341	37,903
Net income	1,361,227	1,525,651	1,717,223
Self-Storage Operations [Member]
Segment Reporting Information [Line Items]
Revenue	2,721,630	2,684,552	2,597,607
Cost of operations	(807,543)	(762,416)	(709,739)
Net operating income	1,914,087	1,922,136	1,887,868
Depreciation and amortization	(553,257)	(512,918)	(483,646)
Net income	1,360,830	1,409,218	1,404,222
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Revenue	193,438	170,556	161,916
Cost of operations	(59,919)	(50,736)	(47,344)
Net operating income	133,519	119,820	114,572
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	64,835	54,090	89,362
Investment In Shurgard [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities	15,662	15,457	14,133
Gain due to Shurgard public offering			151,616
Net income	15,662	15,457	165,749
Allocated to Segments [Member]
Segment Reporting Information [Line Items]
Net income	1,574,846	1,598,585	1,773,905
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative	(83,199)	(62,146)	(104,712)
Interest and other income	22,323	26,683	24,552
Interest expense	(56,283)	(45,641)	(32,542)
Foreign currency exchange (loss) gain	(97,953)	7,829	18,117
Gain on sale of real estate	$ 1,493	$ 341	$ 37,903

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements And Guidance (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Right of use assets		$ 38,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Other assets
Lease liabilities		$ 38,700
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accrued Liabilities Current And Noncurrent
Other assets	$ 172,715	$ 174,344
Accounting Standards Update 2016-02 [Member]
Other assets			$ 5,600

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020USD ($)item
Commitments And Contingencies [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property	25,000,000
Reduced deductible for property	5,000,000
Aggregate maximum losses for property	35,000,000
Aggregate per occurance property coverage	5,000,000
Aggregate limit for property coverage	75,000,000
Aggregate limit for general liability coverage	102,000,000
Tenant insurance program against claims, maximum amount	5,000
Third-party insurance coverage for claims paid exceeding amount for individual event	15,000,000
Third-party limit for insurance coverage claims paid for individual event	$ 5,000,000
Tenant certificate holders participating in insurance program, approximate | item	990,000
Aggregate coverage of tenants participating in insurance program	$ 3,900,000,000
Construction commitments	105,000,000
Construction commitments 2021	95,200,000
Construction commitments 2022	$ 9,800,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	Jan. 20, 2021USD ($)	Jan. 19, 2021USD ($)	Dec. 14, 2020	Feb. 24, 2021USD ($)ft²itemstate	Dec. 31, 2020ft²
Subsequent Event [Line Items]
Net rentable area (in square feet) | ft²					175,050
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired | item				40
Number of states self-storage facilities acquired or under contracts to be acquired | state				18
Net rentable area (in square feet) | ft²				3,500,000
Total cost of acquisition				$ 580,100,000
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend rate percentage			5.40%		5.40%
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend rate percentage	5.40%
Preferred stock, redemption amount	$ 300,000,000
Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt issuance amount		$ 500,000,000
Interest rate		0.875%
Maturity date		Feb. 15, 2026
Debt issuance costs		$ 3,800,000

Schedule III - Real Estate An_2

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²item
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2,548
Net Rentable Area | ft²	175,050
2020 Encumbrances	$ 25,230
Initial Cost, Land	4,313,285
Initial Cost, Buildings & Improvements	9,903,429
Costs Subsequent to Acquisition	3,155,913
Gross Carrying Amount, Land	4,375,588
Gross Carrying Amount, Buildings	12,997,039
Gross Carrying Amount, Total	17,372,627
Accumulated Depreciation	7,152,135
Commercial and Non-Operating Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land	13,796
Initial Cost, Buildings & Improvements	21,761
Costs Subsequent to Acquisition	42,591
Gross Carrying Amount, Land	14,836
Gross Carrying Amount, Buildings	63,312
Gross Carrying Amount, Total	78,148
Accumulated Depreciation	$ 41,728
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	5 years
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Depreciable life of buildings (years)	25 years
Los Angeles [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	225
Net Rentable Area | ft²	16,265
2020 Encumbrances	$ 455
Initial Cost, Land	519,547
Initial Cost, Buildings & Improvements	942,206
Costs Subsequent to Acquisition	372,709
Gross Carrying Amount, Land	517,161
Gross Carrying Amount, Buildings	1,317,301
Gross Carrying Amount, Total	1,834,462
Accumulated Depreciation	$ 798,302
Houston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	128
Net Rentable Area | ft²	10,665
Initial Cost, Land	$ 186,526
Initial Cost, Buildings & Improvements	469,132
Costs Subsequent to Acquisition	237,738
Gross Carrying Amount, Land	185,847
Gross Carrying Amount, Buildings	707,549
Gross Carrying Amount, Total	893,396
Accumulated Depreciation	$ 315,349
San Francisco [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	138
Net Rentable Area | ft²	8,980
Initial Cost, Land	$ 241,791
Initial Cost, Buildings & Improvements	527,127
Costs Subsequent to Acquisition	223,936
Gross Carrying Amount, Land	254,541
Gross Carrying Amount, Buildings	738,313
Gross Carrying Amount, Total	992,854
Accumulated Depreciation	$ 488,482
Dallas/Ft. Worth [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	124
Net Rentable Area | ft²	8,969
Initial Cost, Land	$ 176,962
Initial Cost, Buildings & Improvements	437,884
Costs Subsequent to Acquisition	132,768
Gross Carrying Amount, Land	178,562
Gross Carrying Amount, Buildings	569,052
Gross Carrying Amount, Total	747,614
Accumulated Depreciation	$ 306,815
Chicago [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	134
Net Rentable Area | ft²	8,581
Initial Cost, Land	$ 141,683
Initial Cost, Buildings & Improvements	408,749
Costs Subsequent to Acquisition	132,059
Gross Carrying Amount, Land	144,520
Gross Carrying Amount, Buildings	537,971
Gross Carrying Amount, Total	682,491
Accumulated Depreciation	$ 382,269
New York [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	96
Net Rentable Area | ft²	7,011
Initial Cost, Land	$ 277,121
Initial Cost, Buildings & Improvements	586,592
Costs Subsequent to Acquisition	205,542
Gross Carrying Amount, Land	283,458
Gross Carrying Amount, Buildings	785,797
Gross Carrying Amount, Total	1,069,255
Accumulated Depreciation	$ 455,571
Atlanta [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	106
Net Rentable Area | ft²	7,138
2020 Encumbrances	$ 1,713
Initial Cost, Land	135,099
Initial Cost, Buildings & Improvements	361,503
Costs Subsequent to Acquisition	90,812
Gross Carrying Amount, Land	135,461
Gross Carrying Amount, Buildings	451,953
Gross Carrying Amount, Total	587,414
Accumulated Depreciation	$ 279,284
Seattle/Tacoma [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	97
Net Rentable Area | ft²	6,790
Initial Cost, Land	$ 198,063
Initial Cost, Buildings & Improvements	531,742
Costs Subsequent to Acquisition	110,562
Gross Carrying Amount, Land	198,710
Gross Carrying Amount, Buildings	641,657
Gross Carrying Amount, Total	840,367
Accumulated Depreciation	$ 349,944
Miami [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	96
Net Rentable Area | ft²	7,126
Initial Cost, Land	$ 243,988
Initial Cost, Buildings & Improvements	522,557
Costs Subsequent to Acquisition	139,116
Gross Carrying Amount, Land	245,881
Gross Carrying Amount, Buildings	659,780
Gross Carrying Amount, Total	905,661
Accumulated Depreciation	$ 335,520
Washington DC [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	91
Net Rentable Area | ft²	5,645
Initial Cost, Land	$ 233,905
Initial Cost, Buildings & Improvements	406,769
Costs Subsequent to Acquisition	121,226
Gross Carrying Amount, Land	239,059
Gross Carrying Amount, Buildings	522,841
Gross Carrying Amount, Total	761,900
Accumulated Depreciation	$ 327,341
Orlando/Daytona [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	72
Net Rentable Area | ft²	4,551
2020 Encumbrances	$ 11,589
Initial Cost, Land	140,411
Initial Cost, Buildings & Improvements	253,375
Costs Subsequent to Acquisition	59,516
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	307,410
Gross Carrying Amount, Total	453,302
Accumulated Depreciation	$ 166,849
Denver [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	64
Net Rentable Area | ft²	4,740
2020 Encumbrances	$ 8,925
Initial Cost, Land	99,547
Initial Cost, Buildings & Improvements	247,641
Costs Subsequent to Acquisition	98,240
Gross Carrying Amount, Land	100,268
Gross Carrying Amount, Buildings	345,160
Gross Carrying Amount, Total	445,428
Accumulated Depreciation	$ 156,803
Charlotte [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	56
Net Rentable Area | ft²	4,360
Initial Cost, Land	$ 80,253
Initial Cost, Buildings & Improvements	205,370
Costs Subsequent to Acquisition	79,349
Gross Carrying Amount, Land	88,116
Gross Carrying Amount, Buildings	276,856
Gross Carrying Amount, Total	364,972
Accumulated Depreciation	$ 131,456
Minneapolis/St. Paul [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	61
Net Rentable Area | ft²	4,721
2020 Encumbrances	$ 2,174
Initial Cost, Land	115,112
Initial Cost, Buildings & Improvements	266,840
Costs Subsequent to Acquisition	93,719
Gross Carrying Amount, Land	115,277
Gross Carrying Amount, Buildings	360,394
Gross Carrying Amount, Total	475,671
Accumulated Depreciation	$ 131,684
Tampa [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	57
Net Rentable Area | ft²	3,878
Initial Cost, Land	$ 93,022
Initial Cost, Buildings & Improvements	204,543
Costs Subsequent to Acquisition	49,349
Gross Carrying Amount, Land	95,784
Gross Carrying Amount, Buildings	251,130
Gross Carrying Amount, Total	346,914
Accumulated Depreciation	$ 132,562
Philadelphia [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	61
Net Rentable Area | ft²	4,004
Initial Cost, Land	$ 56,991
Initial Cost, Buildings & Improvements	224,104
Costs Subsequent to Acquisition	58,839
Gross Carrying Amount, Land	56,012
Gross Carrying Amount, Buildings	283,922
Gross Carrying Amount, Total	339,934
Accumulated Depreciation	$ 167,192
West Palm Beach [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	46
Net Rentable Area | ft²	3,545
Initial Cost, Land	$ 156,788
Initial Cost, Buildings & Improvements	221,479
Costs Subsequent to Acquisition	67,459
Gross Carrying Amount, Land	157,496
Gross Carrying Amount, Buildings	288,230
Gross Carrying Amount, Total	445,726
Accumulated Depreciation	$ 133,996
Detroit [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	47
Net Rentable Area | ft²	3,350
Initial Cost, Land	$ 66,861
Initial Cost, Buildings & Improvements	213,857
Costs Subsequent to Acquisition	39,152
Gross Carrying Amount, Land	67,711
Gross Carrying Amount, Buildings	252,159
Gross Carrying Amount, Total	319,870
Accumulated Depreciation	$ 120,220
Phoenix [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	42
Net Rentable Area | ft²	2,871
Initial Cost, Land	$ 68,515
Initial Cost, Buildings & Improvements	213,718
Costs Subsequent to Acquisition	28,224
Gross Carrying Amount, Land	68,506
Gross Carrying Amount, Buildings	241,951
Gross Carrying Amount, Total	310,457
Accumulated Depreciation	$ 112,212
Austin [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	35
Net Rentable Area | ft²	2,762
Initial Cost, Land	$ 65,542
Initial Cost, Buildings & Improvements	149,481
Costs Subsequent to Acquisition	44,821
Gross Carrying Amount, Land	67,564
Gross Carrying Amount, Buildings	192,280
Gross Carrying Amount, Total	259,844
Accumulated Depreciation	$ 91,292
Portland [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	45
Net Rentable Area | ft²	2,426
Initial Cost, Land	$ 54,370
Initial Cost, Buildings & Improvements	150,634
Costs Subsequent to Acquisition	28,158
Gross Carrying Amount, Land	55,028
Gross Carrying Amount, Buildings	178,134
Gross Carrying Amount, Total	233,162
Accumulated Depreciation	$ 107,422
Sacramento [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	34
Net Rentable Area | ft²	1,959
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	31,275
Gross Carrying Amount, Land	25,625
Gross Carrying Amount, Buildings	100,200
Gross Carrying Amount, Total	125,825
Accumulated Depreciation	$ 80,386
Raleigh [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Area | ft²	1,975
Initial Cost, Land	$ 50,348
Initial Cost, Buildings & Improvements	99,583
Costs Subsequent to Acquisition	38,677
Gross Carrying Amount, Land	51,337
Gross Carrying Amount, Buildings	137,271
Gross Carrying Amount, Total	188,608
Accumulated Depreciation	$ 66,430
San Diego [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	22
Net Rentable Area | ft²	2,037
Initial Cost, Land	$ 73,713
Initial Cost, Buildings & Improvements	137,796
Costs Subsequent to Acquisition	42,682
Gross Carrying Amount, Land	76,223
Gross Carrying Amount, Buildings	177,968
Gross Carrying Amount, Total	254,191
Accumulated Depreciation	$ 93,801
San Antonio [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Area | ft²	1,791
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	27,655
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	103,725
Gross Carrying Amount, Total	131,249
Accumulated Depreciation	$ 70,033
Norfolk [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	36
Net Rentable Area | ft²	2,215
Initial Cost, Land	$ 47,728
Initial Cost, Buildings & Improvements	128,986
Costs Subsequent to Acquisition	25,014
Gross Carrying Amount, Land	46,843
Gross Carrying Amount, Buildings	154,885
Gross Carrying Amount, Total	201,728
Accumulated Depreciation	$ 70,288
Boston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Area | ft²	1,964
Initial Cost, Land	$ 80,843
Initial Cost, Buildings & Improvements	209,495
Costs Subsequent to Acquisition	29,287
Gross Carrying Amount, Land	81,409
Gross Carrying Amount, Buildings	238,216
Gross Carrying Amount, Total	319,625
Accumulated Depreciation	$ 101,407
Columbus [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	27
Net Rentable Area | ft²	2,015
Initial Cost, Land	$ 44,983
Initial Cost, Buildings & Improvements	92,001
Costs Subsequent to Acquisition	28,437
Gross Carrying Amount, Land	45,090
Gross Carrying Amount, Buildings	120,331
Gross Carrying Amount, Total	165,421
Accumulated Depreciation	$ 48,804
Oklahoma City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	23
Net Rentable Area | ft²	1,645
Initial Cost, Land	$ 38,265
Initial Cost, Buildings & Improvements	73,968
Costs Subsequent to Acquisition	13,775
Gross Carrying Amount, Land	38,265
Gross Carrying Amount, Buildings	87,743
Gross Carrying Amount, Total	126,008
Accumulated Depreciation	$ 27,343
Baltimore [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	24
Net Rentable Area | ft²	1,588
Initial Cost, Land	$ 28,396
Initial Cost, Buildings & Improvements	92,861
Costs Subsequent to Acquisition	20,559
Gross Carrying Amount, Land	28,520
Gross Carrying Amount, Buildings	113,296
Gross Carrying Amount, Total	141,816
Accumulated Depreciation	$ 75,042
Indianapolis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	26
Net Rentable Area | ft²	1,697
Initial Cost, Land	$ 31,636
Initial Cost, Buildings & Improvements	74,206
Costs Subsequent to Acquisition	17,657
Gross Carrying Amount, Land	32,636
Gross Carrying Amount, Buildings	90,863
Gross Carrying Amount, Total	123,499
Accumulated Depreciation	$ 48,772
St. Louis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	28
Net Rentable Area | ft²	1,786
Initial Cost, Land	$ 22,463
Initial Cost, Buildings & Improvements	79,356
Costs Subsequent to Acquisition	38,025
Gross Carrying Amount, Land	23,106
Gross Carrying Amount, Buildings	116,738
Gross Carrying Amount, Total	139,844
Accumulated Depreciation	$ 66,546
Kansas City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	25
Net Rentable Area | ft²	1,647
Initial Cost, Land	$ 14,567
Initial Cost, Buildings & Improvements	56,147
Costs Subsequent to Acquisition	35,619
Gross Carrying Amount, Land	14,767
Gross Carrying Amount, Buildings	91,566
Gross Carrying Amount, Total	106,333
Accumulated Depreciation	$ 62,368
Columbia [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	23
Net Rentable Area | ft²	1,345
Initial Cost, Land	$ 20,169
Initial Cost, Buildings & Improvements	57,131
Costs Subsequent to Acquisition	22,005
Gross Carrying Amount, Land	20,928
Gross Carrying Amount, Buildings	78,377
Gross Carrying Amount, Total	99,305
Accumulated Depreciation	$ 38,966
Las Vegas [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	21
Net Rentable Area | ft²	1,355
Initial Cost, Land	$ 25,038
Initial Cost, Buildings & Improvements	68,513
Costs Subsequent to Acquisition	11,362
Gross Carrying Amount, Land	24,287
Gross Carrying Amount, Buildings	80,626
Gross Carrying Amount, Total	104,913
Accumulated Depreciation	$ 50,563
Milwaukee [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	15
Net Rentable Area | ft²	964
2020 Encumbrances	$ 374
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	10,281
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	42,383
Gross Carrying Amount, Total	55,541
Accumulated Depreciation	$ 34,617
Cincinnati [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	18
Net Rentable Area | ft²	1,051
Initial Cost, Land	$ 17,135
Initial Cost, Buildings & Improvements	46,739
Costs Subsequent to Acquisition	23,150
Gross Carrying Amount, Land	17,053
Gross Carrying Amount, Buildings	69,971
Gross Carrying Amount, Total	87,024
Accumulated Depreciation	$ 32,167
Louisville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	15
Net Rentable Area | ft²	916
Initial Cost, Land	$ 23,563
Initial Cost, Buildings & Improvements	46,108
Costs Subsequent to Acquisition	7,935
Gross Carrying Amount, Land	23,562
Gross Carrying Amount, Buildings	54,044
Gross Carrying Amount, Total	77,606
Accumulated Depreciation	$ 16,253
Jacksonville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Area | ft²	841
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	12,056
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	39,721
Gross Carrying Amount, Total	51,022
Accumulated Depreciation	$ 33,917
Nashville/Bowling Green [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	17
Net Rentable Area | ft²	1,108
Initial Cost, Land	$ 18,787
Initial Cost, Buildings & Improvements	35,425
Costs Subsequent to Acquisition	30,785
Gross Carrying Amount, Land	18,785
Gross Carrying Amount, Buildings	66,212
Gross Carrying Amount, Total	84,997
Accumulated Depreciation	$ 31,221
Honolulu [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	807
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	14,098
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	119,480
Gross Carrying Amount, Total	174,581
Accumulated Depreciation	$ 68,300
Greensboro [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Area | ft²	845
Initial Cost, Land	$ 13,413
Initial Cost, Buildings & Improvements	35,326
Costs Subsequent to Acquisition	13,992
Gross Carrying Amount, Land	15,502
Gross Carrying Amount, Buildings	47,229
Gross Carrying Amount, Total	62,731
Accumulated Depreciation	$ 27,695
Colorado Springs [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Area | ft²	992
Initial Cost, Land	$ 10,588
Initial Cost, Buildings & Improvements	38,237
Costs Subsequent to Acquisition	22,564
Gross Carrying Amount, Land	10,585
Gross Carrying Amount, Buildings	60,804
Gross Carrying Amount, Total	71,389
Accumulated Depreciation	$ 30,357
Chattanooga [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	10
Net Rentable Area | ft²	697
Initial Cost, Land	$ 6,569
Initial Cost, Buildings & Improvements	26,045
Costs Subsequent to Acquisition	7,651
Gross Carrying Amount, Land	6,371
Gross Carrying Amount, Buildings	33,894
Gross Carrying Amount, Total	40,265
Accumulated Depreciation	$ 16,037
Hartford/New Haven [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	693
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	22,327
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	40,621
Gross Carrying Amount, Total	49,064
Accumulated Depreciation	$ 33,355
Savannah [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	12
Net Rentable Area | ft²	700
Initial Cost, Land	$ 33,094
Initial Cost, Buildings & Improvements	42,465
Costs Subsequent to Acquisition	4,118
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	47,911
Gross Carrying Amount, Total	79,677
Accumulated Depreciation	$ 18,038
Charleston [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	14
Net Rentable Area | ft²	950
Initial Cost, Land	$ 16,947
Initial Cost, Buildings & Improvements	56,793
Costs Subsequent to Acquisition	17,984
Gross Carrying Amount, Land	17,923
Gross Carrying Amount, Buildings	73,801
Gross Carrying Amount, Total	91,724
Accumulated Depreciation	$ 26,832
Fort Myers/Naples [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	861
Initial Cost, Land	$ 23,298
Initial Cost, Buildings & Improvements	56,012
Costs Subsequent to Acquisition	5,537
Gross Carrying Amount, Land	23,533
Gross Carrying Amount, Buildings	61,314
Gross Carrying Amount, Total	84,847
Accumulated Depreciation	$ 19,964
New Orleans [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Area | ft²	627
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	6,667
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	37,331
Gross Carrying Amount, Total	46,704
Accumulated Depreciation	$ 26,365
Greensville/Spartanburg/Asheville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	622
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	10,334
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	30,172
Gross Carrying Amount, Total	40,137
Accumulated Depreciation	$ 21,772
Reno [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	559
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	4,163
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,867
Gross Carrying Amount, Total	28,354
Accumulated Depreciation	$ 12,925
Birmingham [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	15
Net Rentable Area | ft²	606
Initial Cost, Land	$ 6,316
Initial Cost, Buildings & Improvements	25,567
Costs Subsequent to Acquisition	13,578
Gross Carrying Amount, Land	6,204
Gross Carrying Amount, Buildings	39,257
Gross Carrying Amount, Total	45,461
Accumulated Depreciation	$ 28,113
Salt Lake City [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Area | ft²	566
Initial Cost, Land	$ 10,316
Initial Cost, Buildings & Improvements	19,515
Costs Subsequent to Acquisition	4,977
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	24,843
Gross Carrying Amount, Total	34,808
Accumulated Depreciation	$ 15,204
Memphis [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	645
Initial Cost, Land	$ 19,581
Initial Cost, Buildings & Improvements	29,852
Costs Subsequent to Acquisition	9,551
Gross Carrying Amount, Land	20,934
Gross Carrying Amount, Buildings	38,050
Gross Carrying Amount, Total	58,984
Accumulated Depreciation	$ 21,854
Buffalo/Rochester [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	9
Net Rentable Area | ft²	462
Initial Cost, Land	$ 6,785
Initial Cost, Buildings & Improvements	17,954
Costs Subsequent to Acquisition	3,980
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	21,936
Gross Carrying Amount, Total	28,719
Accumulated Depreciation	$ 14,492
Richmond [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	13
Net Rentable Area | ft²	650
Initial Cost, Land	$ 18,092
Initial Cost, Buildings & Improvements	40,160
Costs Subsequent to Acquisition	5,948
Gross Carrying Amount, Land	17,897
Gross Carrying Amount, Buildings	46,303
Gross Carrying Amount, Total	64,200
Accumulated Depreciation	$ 20,124
Tucson [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	439
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	5,868
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	30,878
Gross Carrying Amount, Total	40,762
Accumulated Depreciation	$ 20,371
Cleveland/Akron [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	434
Initial Cost, Land	$ 4,070
Initial Cost, Buildings & Improvements	16,139
Costs Subsequent to Acquisition	5,538
Gross Carrying Amount, Land	4,463
Gross Carrying Amount, Buildings	21,284
Gross Carrying Amount, Total	25,747
Accumulated Depreciation	$ 12,947
Wichita [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	433
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	7,350
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	13,928
Gross Carrying Amount, Total	16,058
Accumulated Depreciation	$ 12,067
Mobile [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	11
Net Rentable Area | ft²	529
Initial Cost, Land	$ 8,915
Initial Cost, Buildings & Improvements	25,223
Costs Subsequent to Acquisition	5,077
Gross Carrying Amount, Land	8,742
Gross Carrying Amount, Buildings	30,473
Gross Carrying Amount, Total	39,215
Accumulated Depreciation	$ 14,061
Omaha [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Area | ft²	430
Initial Cost, Land	$ 8,261
Initial Cost, Buildings & Improvements	23,709
Costs Subsequent to Acquisition	3,456
Gross Carrying Amount, Land	8,261
Gross Carrying Amount, Buildings	27,165
Gross Carrying Amount, Total	35,426
Accumulated Depreciation	$ 4,505
Monterey/Salinas [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	329
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	4,307
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	28,468
Gross Carrying Amount, Total	36,923
Accumulated Depreciation	$ 22,179
Palm Springs [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Area | ft²	242
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	1,387
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	19,452
Gross Carrying Amount, Total	27,761
Accumulated Depreciation	$ 11,193
Evansville [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Area | ft²	326
Initial Cost, Land	$ 2,340
Initial Cost, Buildings & Improvements	14,316
Costs Subsequent to Acquisition	1,333
Gross Carrying Amount, Land	2,312
Gross Carrying Amount, Buildings	15,677
Gross Carrying Amount, Total	17,989
Accumulated Depreciation	$ 4,248
Dayton [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Area | ft²	284
Initial Cost, Land	$ 1,074
Initial Cost, Buildings & Improvements	8,975
Costs Subsequent to Acquisition	4,850
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,826
Gross Carrying Amount, Total	14,899
Accumulated Depreciation	$ 7,522
Augusta [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	7
Net Rentable Area | ft²	392
Initial Cost, Land	$ 6,213
Initial Cost, Buildings & Improvements	15,979
Costs Subsequent to Acquisition	4,081
Gross Carrying Amount, Land	6,213
Gross Carrying Amount, Buildings	20,060
Gross Carrying Amount, Total	26,273
Accumulated Depreciation	$ 6,765
Fort Wayne [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Area | ft²	168
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	3,194
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,788
Gross Carrying Amount, Total	7,137
Accumulated Depreciation	$ 5,882
Providence [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Area | ft²	155
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	3,008
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	14,214
Gross Carrying Amount, Total	15,209
Accumulated Depreciation	$ 6,866
Huntsville/Decatur [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	5
Net Rentable Area | ft²	298
Initial Cost, Land	$ 9,161
Initial Cost, Buildings & Improvements	13,481
Costs Subsequent to Acquisition	3,051
Gross Carrying Amount, Land	9,108
Gross Carrying Amount, Buildings	16,585
Gross Carrying Amount, Total	25,693
Accumulated Depreciation	$ 6,089
Shreveport [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	150
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	2,301
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,407
Gross Carrying Amount, Total	6,148
Accumulated Depreciation	$ 4,851
Springfield/Holyoke [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	144
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,910
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,291
Gross Carrying Amount, Total	6,718
Accumulated Depreciation	$ 4,913
Rochester [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	99
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	2,107
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,420
Gross Carrying Amount, Total	5,400
Accumulated Depreciation	$ 4,098
Santa Barbara [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	98
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	468
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,574
Gross Carrying Amount, Total	15,307
Accumulated Depreciation	$ 5,797
Topeka [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	94
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	2,090
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,509
Gross Carrying Amount, Total	3,734
Accumulated Depreciation	$ 3,081
Lansing [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	2
Net Rentable Area | ft²	88
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	936
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,818
Gross Carrying Amount, Total	4,374
Accumulated Depreciation	$ 2,428
Roanoke [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	3
Net Rentable Area | ft²	159
Initial Cost, Land	$ 2,147
Initial Cost, Buildings & Improvements	13,801
Costs Subsequent to Acquisition	908
Gross Carrying Amount, Land	2,147
Gross Carrying Amount, Buildings	14,709
Gross Carrying Amount, Total	16,856
Accumulated Depreciation	$ 3,141
Flint [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Area | ft²	56
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	260
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,329
Gross Carrying Amount, Total	3,871
Accumulated Depreciation	$ 1,967
Joplin [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Area | ft²	56
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	1,014
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,918
Gross Carrying Amount, Total	2,182
Accumulated Depreciation	$ 1,626
Syracuse [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Area | ft²	55
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	846
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,125
Gross Carrying Amount, Total	2,670
Accumulated Depreciation	$ 2,032
Modesto/Fresno/Stockton [Member] | Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities | item	1
Net Rentable Area | ft²	33
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	983
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,040
Gross Carrying Amount, Total	1,233
Accumulated Depreciation	$ 862