PS Business Parks (PSBXP) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Registrant Name	PS BUSINESS PARKS INC/CA
Entity Central Index Key	866,368
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		26,971,885

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 200,194	$ 152,467
Real estate facilities, at cost:
Land	793,569	793,569
Buildings and improvements	2,200,094	2,182,993
Gross real estate investment property	2,993,663	2,976,562
Accumulated depreciation	(1,036,023)	(991,497)
Net real estate investment property	1,957,640	1,985,065
Properties held for disposition, net	14,267	25,937
Land and building held for development	26,288	24,442
Total real estate investments	1,998,195	2,035,444
Rent receivable, net	4,538	2,838
Deferred rent receivable, net	28,199	26,050
Other assets	8,493	10,315
Total assets	2,239,619	2,227,114
LIABILITIES AND EQUITY
Accrued and other liabilities	70,014	68,905
Mortgage note payable	250,000	250,000
Total liabilities	$ 320,014	$ 318,905
Commitments and contingencies
PS Business Parks, Inc.'s shareholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 39,800 shares issued and outstanding at June 30, 2015 and December 31, 2014	$ 995,000	$ 995,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 26,971,885 and 26,919,161 shares issued and outstanding at June 30, 2015 and December 31, 2014 respectively	268	268
Paid-in capital	714,182	709,008
Cumulative net income	1,306,231	1,244,946
Cumulative distributions	(1,293,133)	(1,235,941)
Total PS Business Parks, Inc.'s shareholders' equity	1,722,548	1,713,281
Noncontrolling interests:
Common units	197,057	194,928
Total noncontrolling interests	197,057	194,928
Total equity	1,919,605	1,908,209
Total liabilities and equity	$ 2,239,619	$ 2,227,114

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	39,800	39,800
Preferred stock, shares outstanding	39,800	39,800
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	26,971,885	26,919,161
Common stock, shares outstanding	26,971,885	26,919,161

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 92,948	$ 93,986	$ 185,263	$ 189,307
Facility management fees	133	165	280	331
Total operating revenues	93,081	94,151	185,543	189,638
Expenses:
Cost of operations	30,057	31,535	61,803	64,979
Depreciation and amortization	27,025	28,295	53,258	56,736
General and administrative	3,497	3,363	6,896	5,850
Total operating expenses	60,579	63,193	121,957	127,565
Other income and (expense):
Interest and other income	145	95	252	157
Interest and other expense	(3,338)	(3,403)	(6,661)	(6,779)
Total other income and (expense)	(3,193)	(3,308)	(6,409)	(6,622)
Gain on sale of real estate facilities			12,487
Net income	29,309	27,650	69,664	55,451
Net income allocable to noncontrolling interests:
Noncontrolling interests - common units	3,016	2,669	8,379	5,372
Total net income allocable to noncontrolling interests	3,016	2,669	8,379	5,372
Net income allocable to PS Business Parks, Inc.:
Preferred shareholders	15,122	15,122	30,244	30,244
Restricted stock unit holders	42	33	140	69
Common shareholders	11,129	9,826	30,901	19,766
Total net income allocable to PS Business Parks, Inc.	26,293	24,981	61,285	50,079
Net income	$ 29,309	$ 27,650	$ 69,664	$ 55,451
Net income per common share:
Basic	$ 0.41	$ 0.37	$ 1.15	$ 0.74
Diluted	$ 0.41	$ 0.36	$ 1.14	$ 0.73
Weighted average common shares outstanding:
Basic	26,956	26,899	26,941	26,881
Diluted	27,033	26,999	27,027	26,981
Dividends declared per common share	$ 0.50	$ 0.50	$ 1	$ 1

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Paid-In Capital [Member]	Cumulative Net Income [Member]	Cumulative Distributions [Member]	Total PS Business Parks, Inc.'s Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances, value at Dec. 31, 2014	$ 995,000	$ 268	$ 709,008	$ 1,244,946	$ (1,235,941)	$ 1,713,281	$ 194,928	$ 1,908,209
Balances, shares at Dec. 31, 2014	39,800	26,919,161
Exercise of stock options, value			2,000			2,000		$ 2,000
Exercise of stock options, shares		39,500						39,500
Stock compensation, net, value			4,229			4,229		$ 4,229
Stock compensation, net, shares		13,224
Net income				61,285		61,285	8,379	69,664
Distributions:
Preferred stock					(30,244)	(30,244)		(30,244)
Common stock					(26,948)	(26,948)		(26,948)
Noncontrolling interests							(7,305)	(7,305)
Adjustment to noncontrolling interests in underlying operating partnership			(1,055)			(1,055)	1,055
Balances, value at Jun. 30, 2015	$ 995,000	$ 268	$ 714,182	$ 1,306,231	$ (1,293,133)	$ 1,722,548	$ 197,057	$ 1,919,605
Balances, shares at Jun. 30, 2015	39,800	26,971,885

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 69,664,000	$ 55,451,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	53,258,000	56,736,000
In-place lease adjustment	(663,000)	(441,000)
Tenant improvement reimbursements net of lease incentives	(940,000)	(839,000)
Gain on sale of real estate facilities	(12,487,000)
Stock compensation	5,037,000	3,898,000
Decrease (increase) in receivables and other assets	(2,954,000)	4,664,000
Increase (decrease) in accrued and other liabilities	530,000	(2,959,000)
Total adjustments	41,781,000	61,059,000
Net cash provided by operating activities	111,445,000	116,510,000
Cash flows from investing activities:
Capital expenditures to real estate facilities	(23,865,000)	(22,250,000)
Capital expenditures to land and building held for development	(1,846,000)	(1,219,000)
Proceeds from sale of real estate facilities	24,490,000
Net cash used in investing activities	(1,221,000)	(23,469,000)
Cash flows from financing activities:
Proceeds from the exercise of stock options	2,000,000	2,443,000
Distributions paid to preferred shareholders	(30,244,000)	(30,244,000)
Distributions paid to noncontrolling interests — common units	(7,305,000)	(7,305,000)
Distributions paid to common shareholders	(26,948,000)	(26,893,000)
Net cash used in financing activities	(62,497,000)	(61,999,000)
Net increase in cash and cash equivalents	47,727,000	31,042,000
Cash and cash equivalents at the beginning of the period	152,467,000	31,481,000
Cash and cash equivalents at the end of the period	200,194,000	62,523,000
Adjustment to noncontrolling interests in underlying operating partnership:
Noncontrolling interests - common units	1,055,000	984,000
Paid-in capital	$ (1,055,000)	$ (984,000)

Organization And Description Of

Organization And Description Of Business	6 Months Ended
	Jun. 30, 2015
Organization And Description Of Business [Abstract]
Organization And Description Of Business	1. Organization and description of business PS Business Parks, Inc. (“PSB”) was incorporated in the state of California in 1990. As of June 30, 2015 , PSB owned 77.8 % of the common partnership units of PS Business Parks, L.P. (the “Operating Partnership”). The remaining common partnership units are owned by Public Storage (“PS”). PSB, as the sole general partner of the Operating Partnership, has full, exclusive and complete responsibility and discretion in managing and controlling the Operating Partnership. PSB and its subsidiaries, including the Operating Partnership are collectively referred to as the “Company.” Assuming issuance of the Company’s common stock upon redemption of its partnership units, PS would own 42.2 % (or 14.5 million shares) of the outstanding shares of the Company’s common stock. The Company is a fully-integrated, self-advised and self-managed real estate investment trust (“REIT”) that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial space. As of June 30, 2015 , the Company owned and operated 28.4 million rentable square feet of commercial space concentrated primarily in six states. The Company also manages 838,000 rentable square feet on behalf of PS. References to the number of properties or square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of the Company’s financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States) .

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The accompanying consolidated financial statements include the accounts of PSB and the Operating Partnership. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. Noncontrolling interests The Company’s noncontrolling interests are reported as a component of equity separate from the parent’s equity. Purchases or sales of equity interests that do not result in a change in control are accounted for as equity transactions. In addition, net income attributable to the noncontrolling interests is included in consolidated net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as we ll as any interests retained, are recorded at fair value with any gain or loss recognized in earnings. At the end of each reporting period, the Company determines the amount of equity (book value of net assets) which is allocable to the noncontrolling interests based upon the ownership interest, and an adjustment is made to the noncontrolling interests, with a corresponding adjustment to paid-in capital, to reflect the noncontrolling interests’ equity interest in the Company. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Allowance for doubtful accounts The Company monitors the collectability of its receivable balances including the deferred rent receivable on an ongoing basis. Based on these reviews, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the possible inability of tenants to make contractual rent payments to the Company. A provision for doubtful accounts is recorded during each period. The allowance for doubtful accounts, which represents the cumulative allowances less write-offs of uncollectible rent, is netted against tenant and other receivables on the consolidated balance sheets. Tenant receivables are net of an allowance for uncollectible accounts totaling $ 400,000 at June 30, 2015 and December 31, 2014 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $ 877,000 and $ 841,000 at June 30, 2015 and December 31, 2014 , respectively. Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy: · Level 1 —quoted prices for identical instruments in active markets; · Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from a large number of customers. Balances that the Company expects to become uncollectible are reserved for or written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. Carrying values of the C ompany’s mortgage note payable and unsecured credit facility approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs. Real estate facilities Real estate facilities are recorded at cost. Costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years and exceed $2,000 are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, in excess of $1,000 for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. Transaction costs less than $1,000 or for leases of one year or less are expensed as incurred. Land and building held for development Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Upon classification of an asset as held for development, depreciation of the asset is ceased. Properties held for disposition An asset is classified as an asset held for disposition when it meets certain requirements, which include, among other criteria, the approval of the sale of the asset, the marketing of the asset for sale and the expectation by the Company that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, depreciation of the asset is ceased, and the net book value of the asset is included on the balance sheet as properties held for disposition. Intangible assets/liabilities Intangible assets and liabilities include above-market and below-market in-place lease values of acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease values (included in other assets and accrued liabilities in the accompanying consolidated balance sheets) are amortized to rental income over the remaining non-cancelable terms of the respective leases. As of June 30, 2015 , the value of in-place leases resulted in net intangible assets of $ 2.0 million, net of $ 8.3 million of accumulated amortization with a weighted average amortization period of 8.4 years, and net intangible liabilities of $ 2.7 million, net of $ 8.1 million of accumulated amortization with a weighted average amortization period of 4.8 years. As of December 31, 2014 , the value of in-place leases resulted in net intangible assets of $ 2.5 million, net of $ 7.8 million of accumulated amortization and net intangible liabilities of $ 3.9 million, net of $ 6.9 million of accumulated amortization. The Company recorded net increase s in rental income of $352,000 and $244,000 for the three months ended June 30, 2015 and 2014 , respectively, and $663,000 and $441,000 for the six months ended June 30, 2015 and 2014 , respectively, due to the amortization of net intangible liabilities resulting from the above-market and below-market lease values. Evaluation of asset impairment The Company evaluates its assets used in operations for impairment by identifying indicators of impairment and by comparing the sum of the estimated undiscounted future cash flows for each asset to the asset’s carrying value. When indicators of impairment are present and the sum of the estimated undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its value based on discounting its estimated future cash flows. In addition, the Company evaluates its assets held for disposition for impairment. Assets held for disposition are reported at the lower of their carrying value or fair value, less cost of disposition. At June 30, 2015 , the Company did not consider any assets to be impaired. Stock compensation All share-based payments to employees, including grants of employee stock options, are recognized as stock compensation in the Company’s income statement based on their grant date fair values. See Note 11. Revenue and expense recognition The Company must meet four basic criteria before revenue can be recognized: persuasive evidence of an arrangement exists; the delivery has occurred or services have been rendered; the fee is fixed or determinable; and collectability is reasonably assured. All leases are classified as operating leases. Rental income is recognized on a straight-line basis over the terms of the leases. Straight-line rent is recognized for all tenants with contractual fixed increases in rent that are not included on the Company’s credit watch list. Deferred rent receivable represents rental revenue recognized on a straight-line basis in excess of billed rents. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as rental income in the period the applicable costs are incurred. Property management fees are recognized in the period earned. Costs incurred in connection with leasing (primarily tenant improvements and lease commissions) are capitalized and amortized over the lease period. Gains from sales of real estate facilities The Company recognizes gains from sales of real estate facilities at the time of sale using the full accrual method, provided that various criteria related to the terms of the transactions and any subsequent involvement by the Company with the properties sold are met. If the criteria are not met, the Company defers the gains and recognizes them when the criteria are met or uses the installment or cost recovery methods as appropriate under the circumstances. General and administrative expenses General and administrative expenses include executive and other compensation, office expenses, professional fees, acquisition transaction costs, state income taxes and other such administrative items. Income taxes The Company has qualified and intends to continue to qualify as a REIT, as defined in Section 856 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its REIT taxable income to its shareholders. A REIT must distribute at least 90% of its taxable income each year. In addition, REITs are subject to a number of organizational and operating requirements. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company believes it met all organization and operating requirements to maintain its REIT status during 2014 and intends to continue to meet such requirements for 2015 . Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. As of June 30, 2015 , the Company did not recognize any tax benefit for uncertain tax positions. Accounting for preferred equity issuance costs The Company records issuance costs as a reduction to paid-in capital on its balance sheet at the time the preferred securities are issued and reflects the carrying value of the preferred equity at the stated value. Such issuance costs are recorded as non-cash preferred equity distributions at the time the Company notifies the holders of preferred stock or units of its intent to redeem such shares or units. Net income per common share Per share amounts are computed using the number of weighted average common shares outstanding. “Diluted” weighted average common shares outstanding includes the dilutive effect of stock options and restricted stock units under the treasury stock method. “Basic” weighted average common shares outstanding excludes such effect. The Company's restricted stock units are participating securities and are included in the computation of basic and diluted weighted average common shares outstanding. The Company’s restricted stock unit holders are paid non-forfeitable dividends in excess of the expense recorded which results in a reduction in net income allocable to common shareholders and unit holders. Earnings per share has been calculated as follows ( in thousands, except per share amounts ): For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Net income allocable to common shareholders $ $ $ $ Weighted average common shares outstanding: Basic weighted average common shares outstanding Net effect of dilutive stock compensation — based on treasury stock method using average market price Diluted weighted average common shares outstanding Net income per common share — Basic $ $ $ $ Net income per common share — Diluted $ $ $ $ Options to purchase 46,000 and 16,000 shares for the three months ended June 30, 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive. Options to purchase 32,000 and 14,000 shares for the six months ended June 30, 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive. Segment reporting The Company views its operations as one segment. Reclassifications Certain reclassifications have been made to the consolidated financial statements for 2014 in order to conform to the 2015 presentation. Recently issued accounting s tandards In May, 2014, the FASB issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. This guidance is currently effective for the Company’s fisca l year beginning January 1, 2018 . Early adoption is permitted for the Company’s fisca l year beginning January 1, 2017 . The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2015
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real estate facilities The activity in real estate facilities for the six months ended June 30, 2015 is as f ollows (in thousands) : Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2014 $ $ $ $ Capital expenditures, net — — Disposals — — Depreciation and amortization — — Transfer to properties held for disposition — Balances at June 30, 2015 $ $ $ $ The purchase price of acquired properties is recorded to land, buildings and improvements (including tenant improvements, unamortized lease commissions, acquired in-place lease values, and tenant relationships, if any) and intangible assets and liabilities associated with the value of above-market and below-market leases based on their respective estimated fair values. Acquisition-related costs are expensed as incurred. In determining the fair value of the tangible assets of the acquired properties, management considers the value of the properties as if vacant as of the acquisition date. Management must make significant assumptions in determining the value of assets acquired and liabilities assumed. Using different assumptions in the recording of the purchase cost of the acquired properties would affect the timing of recognition of the related revenue and expenses. Amounts recorded to land are derived from comparable sales of land within the same region. Amounts recorded to buildings and improvements, tenant improvements and unamortized lease commissions are based on current market replacement costs and other market information. The amount recorded to acquired in-place leases is determined based on management’s assessment of current market conditions and the estimated lease-up periods for the respective spaces. On February 27, 2015 , as part of an eminent domain process with the Central Puget Sound Regional Transit Authority, the Company sold five buildings, aggregating 82,000 square feet, at the Company’s Overlake Business Park located in Redmond, Washington, for $13.9 million, which resulted in a net gain of $4.8 million. On February 13, 2015 , the Company completed the sale of Milwaukie Business Park located in Milwaukie, Oregon, for net proceeds of $10.6 million, which resulted in a net gain of $7.6 million. The park consists of six multi-tenant flex buildings aggregating 102,000 square feet. The five buildings at the Company’s Overlake Business Park, Milwaukie Business Park, as well as a 23,000 square foot building in Tempe, Arizona, and two business parks aggregating 367,000 square feet in Sacramento, California, have been classified as properties held for disposition as of December 31, 2014 , while the 23,000 square foot building in Tempe, Arizona and the two business parks aggregating 367,000 square feet in Sacramento, California, continued to be classified as property held for disposition as of June 30, 2015 . Subsequent to June 30, 2015, the Company completed the sale of the two business parks located in Sacramento, California, noted above, for net proceeds of $29. 3 million. T he Company has a 125,000 square foot building located in Northern Virginia classified as l and and building held for development . T he Company has entere d into a joint venture, in which it will maintain a 95.0% economic interest, with a real estate development company to pursue a ground-up multi - family development on the site . Prior to the property being contributed , all costs related to t he pre-development are split evenly between the Company and its joint venture partner. As of June 30 , 2015, the Company has received all required entitlements, allowing it to develop a multi-family building up to 450,000 square feet on the property. T he property will be contributed to the joint venture upon commencement of construction, which is anticipated to occur in late 2015 or early 2016 . The land and capitalized development costs were $ 20.2 million and $18.4 million at June 30, 2015 and December 31, 2014 , respectively. For the six months ended June 30, 2015 , the Company capitalized costs of $ 1.8 million related to this development, of which $ 531,000 were capitalized interest costs .

Leasing Activity

Leasing Activity	6 Months Ended
	Jun. 30, 2015
Leasing Activity [Abstract]
Leasing Activity	4. Leasing activity The Company leases space in its real estate facilities to tenants primarily under non-cancelable leases generally ranging from one to 10 years. Future minimum rental revenues, excluding recovery of operating expenses under these leases, are as follows as of June 30, 2015 (in thousands ) : 2015 $ 2016 2017 2018 2019 Thereafter Total $ In addition to minimum rental payments, certain tenants reimburse the Company for their pro rata share of specified operating expenses. Such reimbursements amounted to $ 19 .9 million and $ 19. 8 million for the three months ended June 30, 2015 and 2014 , respectively, and $40. 0 million and $40. 8 million for the six months ended June 30, 2015 and 2014 , respectively . These amounts are included as rental income in the accompanying consolidated statements of income. Leases accounting for 4.2% of total leased square footage are subject to termination options, of which 1.1% of total leased square footage have termination options exercisable through December 31, 2015 (unaudited ) . In general, these leases provide for termination payments should the termination options be exercised. The future minimum rental revenues in the above table assume such options are not exercised.

Bank Loans

Bank Loans	6 Months Ended
	Jun. 30, 2015
Bank Loans [Abstract]
Bank Loans	5. Bank loans The Company has a line of credit (the “Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Credit Facility has a borrowing limit of $250.0 million and expires May 1, 2019 . The rate of interest charged on borrowings is based on the London Interbank Offered Rate (“LIBOR”) plus 0.875% to LIBOR plus 1.70% depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.925% . In addition, the Company is required to pay an annual facility fee ranging from 0.125% to 0.30% of the borrowing limit depending on the Company’s credit ratings (currently 0.15 %). The Company had no balance outstanding on the Credit Facilit y at June 30, 2015 and December 31, 2014 . The Company had $ 885,000 and $ 1.0 million of unamortized commitment fees as of June 30, 2015 and December 31, 2014 , respectively. The Credit Facility requires the Company to meet certain covenants, all of which the Company was in compliance with as of June 30, 2015 . Interest on outstanding borrowings is payable monthly .

Mortgage Note Payable

Mortgage Note Payable	6 Months Ended
	Jun. 30, 2015
Mortgage Note Payable [Abstract]
Mortgage Note Payable	6. Mortgage note payable The Company has one mortgage note payable with a fixed interest rate of 5.45% , secured by 4.8 million square feet of commercial properties with a net book value of $ 423. 2 million. The interest is payable monthly , and the mortgage note payable has a maturity date of December, 2016 . The Company had $ 250.0 million outstanding on the mortgage note payable as of June 30, 2015 and December 31, 2014 .

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7. Noncontrolling interests As described in Note 2, the Company reports noncontrolling interests within equity in the consolidated financial statements, but separate from the Company’s shareholders’ equity. In addition, net income allocable to noncontrolling interests is shown as a reduction from net income in calculating net income allocable to common shareholders. Common partnership units The Company presents the accounts of PSB and the Operating Partnership on a consolidated basis. Ownership interests in the Operating Partnership that can be redeemed for common stock, other than PSB’s interest, are classified as noncontrolling interests — common units in the consolidated financial statements. Net income allocable to noncontrolling interests — common units consists of the common units’ share of the consolidated operating results after allocation to preferred units and shares. Beginning one year from the date of admission as a limited partner (common units) and subject to certain limitations described below, each limited partner other than PSB has the right to require the redemption of its partnership interest. A limited partner (common units) that exercises its redemption right will receive cash from the Operating Partnership in an amount equal to the market value (as defined in the Operating Partnership Agreement) of the partnership interests redeemed. In lieu of the Operating Partnership redeeming the common units for cash, PSB, as general partner, has the right to elect to acquire the partnership interest directly from a limited partner exercising its redemption right, in exchange for cash in the amount specified above or by issuance of one share of PSB common stock for each unit of limited partnership interest redeemed. A limited partner (common units) cannot exercise its redemption right if delivery of shares of PSB common stock would be prohibited under the applicable articles of incorporation, or if the general partner believes that there is a risk that delivery of shares of common stock would cause the general partner to no longer qualify as a REIT, would cause a violation of the applicable securities laws, or would result in the Operating Partnership no longer being treated as a partnership for federal income tax purposes. At June 30, 2015 , there were 7,305,355 common units owned by PS, which are accounted for as noncontrolling interests. Combined with PS’s existing common stock ownership, on a fully converted basis, PS has a combined ownership of 42.2 % (or 14.5 million shares) of the Company’s common equity.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	8. Related party transactions The Operating Partnership manages industrial, office and retail facilities for PS. These facilities, all located in the United States, operate under the “Public Storage” or “PS Business Parks” names. The PS Business Parks name and logo are owned by PS and licensed to the Company under a non-exclusive, royalty-free license agreement. The license can be terminated by either party for any reason with six months written notice. Under the property management contract with PS, the Operating Partnership is compensated based on a percentage of the gross revenues of the facilities managed. Under the supervision of the property owners, the Operating Partnership coordinates rental policies, rent collections, marketing activities, the purchase of equipment and supplies, maintenance activities, and the selection and engagement of vendors, suppliers and independent contractors. In addition, the Operating Partnership assists and advises the property owners in establishing policies for the hire, discharge and supervision of employees for the operation of these facilities, including property managers and leasing, billing and maintenance personnel. The property management contract with PS is for a seven -year term with the agreement automatically extending for an additional one -year period upon each one-year anniversary of its commencement (unless cancelled by either party). Either party can give notice of its intent to cancel the agreement upon expiration of its current term. Management fee revenues under this contract were $ 133,000 and $ 165,000 for the three months ended June 30, 2015 and 2014 , respectively and $280,000 and $331,000 for the six months ended June 30, 2015 and 2014 , respectively. PS also provides property management services for the self-storage component of two assets owned by the Company. These self-storage facilities, located in Palm Beach County, Florida, operate under the “Public Storage” name. Under the property management contract, PS is compensated based on a percentage of the gross revenues of the facilities managed. Under the supervision of the Company, PS coordinates rental policies, rent collections, marketing activities, the purchase of equipment and supplies, maintenance activities, and the selection and engagement of vendors, suppliers and independent contractors. In addition, PS is responsible for establishing the policies for the hire, discharge and supervision of employees for the operation of these facilities, including on-site managers, assistant managers and associate managers. Either the Company or PS can cancel the property management contract upon 60 days’ notice. Management fee expenses under the contract were $ 19,000 and $ 17,000 for the three months ended June 30, 2015 and 2014 , respectively , and $38,000 and $33,000 for the six months ended June 30, 2015 and 2014 , respectively . Pursuant to a cost sharing and administrative services agreement, the Company shares costs with PS for certain administrative services and rental of corporate office space, which are allocated to PS in accordance with a methodology intended to fairly allocate those costs. These costs totaled $ 117,000 and $ 118,000 for the three months ended June 30, 2015 and 2014 , respectively, and $235,000 and $226,000 for the six months ended June 30, 2015 and 2014 , respectively. The Company had net amounts due to PS of $ 101,000 at June 30, 2015 and due from PS of $ 166,000 December 31, 2014 , respectively, for these contracts, as well as for certain operating expenses paid by the Company on behalf of PS.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity [Abstract]
Shareholders' Equity	9. Shareholders’ equity Preferred stock As of June 30, 2015 and December 31, 2014 , the Company had the following series of preferred stock outstanding: Earliest Potential Dividend Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Series R October, 2010 October, 2015 $ Series S January, 2012 January, 2017 Series T May, 2012 May, 2017 Series U September, 2012 September, 2017 Series V March, 2013 March, 2018 Total $ The Company paid $ 15.1 million and $30.2 million in distributions to its preferred shareholders for each of the three and six months ended June 30, 2015 and 2014 , respectively. Holders of the Company’s preferred stock will not be entitled to vote on most matters, except under certain conditions. In the event of a cumulative arrearage equal to six quarterly dividends, the holders of the preferred stock will have the right to elect two additional members to serve on the Company’s Board of Directors until all events of default have been cured. At June 30, 2015 , there were no dividends in arrears. Except under certain conditions relating to the Company’s qualification as a REIT, the preferred stock is not redeemable prior to the previously noted redemption dates. On or after the respective redemption dates, the respective series of preferred stock will be redeemable, at the option of the Company, in whole or in part, at $ 25.00 per depositary share, plus any accrued and unpaid dividends. The Company had $ 31. 8 million of deferred costs in connection with the issuance of preferred stock as of June 30, 2015 and December 31, 2014 , which the Company will report as additional non-cash distributions upon notice of its intent to redeem such shares. Common stock No shares of common stock were repurchased under the board approved common stock repurchase program during either of the six months ended June 30, 2015 and 2014 . The Company paid $ 13.5 million ($ 0.5 0 per common share) and $26.9 million ($1. 00 per common share) in distributions to its common shareholders for each of the three and six months ended June 30, 2015 and 2014 , respectively. Equity stock In addition to common and preferred stock, the Company is authorized to issue 100.0 million shares of Equity Stock. The Articles of Incorporation provide that Equity Stock may be issued from time to time in one or more series and give the Board of Directors broad authority to fix the dividend and distribution rights, conversion and voting rights, redemption provisions and liquidation rights of each series of Equity Stock.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	10. Commitments and contingencies The Company currently is neither subject to any other material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company other than routine litigation and administrative proceedings arising in the ordinary course of business.

Stock Compensation

Stock Compensation	6 Months Ended
	Jun. 30, 2015
Stock Compensation [Abstract]
Stock Compensation	11. Stock compensation PSB has a 2003 Stock Option and Incentive Plan (the “2003 Plan”) and a 2012 Equity and Performance-Based Incentive Compensation Plan (the “2012 Plan”) covering 1.5 million and 1.0 million shares of PSB’s common stock , respectively . Under the 2003 Plan and 2012 Plan, PSB has granted non-qualified options to certain directors, officers and key employees to purchase shares of PSB’s common stock at a price not less than the fair market value of the common stock at the date of grant. Additionally, under the 2003 Plan and 2012 Plan, PSB has granted restricted shares of common stock to certain directors and restricted stock units to officers and key employees. The weighted average grant date fair value of options granted during the six months ended June 30, 2015 and 2014 was $8.49 per share and $10.95 per share, respectively. The Company has calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for grants during the six months ended June 30, 2015 and 2014 , respectively: a dividend yield of 2.5% and 2.3% expected volatility of 16.1% and 17.7% ; expected life of five years; and risk-free interest rates of 1. 4 % and 1.7% . The weighted average grant date fair value of restricted stock unit s granted during the six months ended June 30, 2015 was $ 83.47 . The Company calculated the fair value of each restricted stock unit grant using the market value on the date of grant. No restricted stock units were granted for the six months ended June 30, 2014 . At June 30, 2015 , there was a combined total of 842,000 options and restricted stock units authorized to be granted. Information with respect to outstanding options and nonvested restricted stock units granted under the 2003 Plan and 2012 Plan is as follows: Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2014 $ Granted $ Exercised $ Forfeited — $ — Outstanding at June 30, 2015 $ 5.30 Years $ Exercisable at June 30, 2015 $ 4.55 Years $ Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2014 $ Granted $ Vested $ Forfeited $ Nonvested at June 30, 2015 $ Effective March, 2014, the Company entered into a performance-based restricted stock unit program, the Senior Management Long-Term Equity Incentive Program for 2014-2017 (“2014 LTEIP”), with certain employees of the Company. Under the 2014 LTEIP, the Company established three levels of targeted restricted stock unit awards for certain employees, which would be earned only if the Company achieved one of three defined targets during 2014 to 2017. Under the 2014 LTEIP there is an annual award following the end of each of the four years in the program, with the award subject to and based on the achievement of total return t argets during the previous year , as well as an award based on achieving total return targets during the cumulative four -year period 2014-2017. In the event the minimum defined target is not achieved for an annual award, the shares allocated to be awarded for such year are added to the shares that may be received if the four-year target is achieved. All restricted stock unit awards under the 2014 LTEIP vest in four equal annual installments beginning from the date of award. Up to 98,600 restricted stock units would be granted for each of the four years assuming achievement was met and up to 84,514 restricted stock units would be granted for the cumulative four -year period assuming achievement was met. Compensation expense is recognized based on the shares expected to be awarded based on the target level that is expected to be achieved. Net compensation expense of $ 2.4 million related to the 2014 LTEIP was recognized during each of the three months ended June 30, 2015 and 2014 and $4.5 million and $3.2 million for the six months ended June 30, 2015 and 2014 , respectively . The 2014 LTEIP targets for 2014 were achieved at the threshold total return level . As such, 6 6,506 restricted stock units were granted during the six months ended June 30, 2015 at a weighted average grant date fair value of $83.47 . Included in the Company’s consolidated statements of income for the three months ended June 30, 2015 and 2014 , was $ 49,000 and $ 108,000 , respectively, in net compensation expense related to stock options. Net compensation expense of $177,000 and $230,000 related to stock options was recognized during the six months ended June 30, 2015 and 2014 , respectively. Excluding the 2014 LTEIP amortization of $2.4 million for each period , net compensation expense of $ 84,000 and $108,000 related to restricted stock units was recognized during the three months ended June 30, 2015 and 2014 , respectively. Excluding the 2014 LTEIP amortization of $4.5 million and $3.2 million, respectively, net compensation expense of $192,000 and $284,000 related to restricted stock units was recognized during the six months ended June 30, 2015 and 2014 , respectively. As of June 30, 2015 , there was $ 496,000 of unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 3.4 years. As of June 30, 2015 , there was $ 24.3 million (includes $ 23.0 million from the 2014 LTEIP) of unamortized compensation expense related to restricted stock units expected to be recognized over a weighted average period of 4.7 years. Cash received from 39,500 stock options exercised during the six months ended June 30, 2015 was $2.0 million. Cash received from 49,273 stock options exercised during the six months ended June 30, 2014 was $ 2.4 million. The aggregate intrinsic value of the stock options exercised was $ 1.0 million and $1.7 million during the six months ended June 30, 2015 and 2014 , respectively. During the six months ended June 30, 2015 , 21,184 restricted stock units vested ( 16,634 related to the 2014 LTEIP); in settlement of these units, 13,224 shares were issued ( 10,495 related to the 2014 LTEIP), net of shares applied to payroll taxes. The aggregate fair value of the shares vested for the six months ended June 30, 2015 was $ 1. 7 million ($ 1.3 million related to the 2014 LTEIP). During the six months ended June 30, 2014 , 8,430 restricted stock units vested; in settlement of these units, 5,341 shares were issued, net of shares applied to payroll taxes. The aggregate fair value of the shares vested for the six months ended June 30, 2014 was $ 708,000 . In April , 2015, the shareholders of the Company approved the issuance of up to 130,000 shares of common stock under the Retirement Plan for Non-Employee Directors (the “Director Plan”). Under the Director Plan, the Company grants 1,000 shares of common stock for each year served as a director up to a maximum of 8,000 shares issued upon retirement. T he Company recognizes compensation expense over the requisite service period . As a result, included in the Company’s consolidated statements of income was $79,000 and $ 77,000 in compensation expense for the three months ended June 30, 2015 and 2014 , respectively and $158,000 and $153,000 for the six months ended June 30, 2015 and 2014 , respectively. As of June 30, 2015 and 2014 , there was $ 1.4 million and $ 1. 3 million , respectively, of unamortized compensation expense related to these shares. No shares were issued during the six months ended June 30, 2015 and 2014 .

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation	Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The accompanying consolidated financial statements include the accounts of PSB and the Operating Partnership. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.
Noncontrolling Interests	Noncontrolling interests The Company’s noncontrolling interests are reported as a component of equity separate from the parent’s equity. Purchases or sales of equity interests that do not result in a change in control are accounted for as equity transactions. In addition, net income attributable to the noncontrolling interests is included in consolidated net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as we ll as any interests retained, are recorded at fair value with any gain or loss recognized in earnings. At the end of each reporting period, the Company determines the amount of equity (book value of net assets) which is allocable to the noncontrolling interests based upon the ownership interest, and an adjustment is made to the noncontrolling interests, with a corresponding adjustment to paid-in capital, to reflect the noncontrolling interests’ equity interest in the Company.
Use Of Estimates	Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates.
Allowance For Doubtful Accounts	Allowance for doubtful accounts The Company monitors the collectability of its receivable balances including the deferred rent receivable on an ongoing basis. Based on these reviews, the Company maintains an allowance for doubtful accounts for estimated losses resulting from the possible inability of tenants to make contractual rent payments to the Company. A provision for doubtful accounts is recorded during each period. The allowance for doubtful accounts, which represents the cumulative allowances less write-offs of uncollectible rent, is netted against tenant and other receivables on the consolidated balance sheets. Tenant receivables are net of an allowance for uncollectible accounts totaling $ 400,000 at June 30, 2015 and December 31, 2014 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $ 877,000 and $ 841,000 at June 30, 2015 and December 31, 2014 , respectively.
Financial Instruments	Financial instruments The methods and assumptions used to estimate the fair value of financial instruments are described below. The Company has estimated the fair value of financial instruments using available market information and appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop estimates of market value. Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges. The Company determines the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. This hierarchy requires the use of observable market data when available. The following is the fair value hierarchy: · Level 1 —quoted prices for identical instruments in active markets; · Level 2 —quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and · Level 3 —fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and receivables. The Company considers all highly liquid investments with a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents, which consist primarily of money market investments, are only invested in entities with an investment grade rating. Receivables are comprised of balances due from a large number of customers. Balances that the Company expects to become uncollectible are reserved for or written off. Due to the short period to maturity of the Company’s cash and cash equivalents, accounts receivable, other assets and accrued and other liabilities, the carrying values as presented on the consolidated balance sheets are reasonable estimates of fair value. Carrying values of the C ompany’s mortgage note payable and unsecured credit facility approximate fair value. The characteristics of these financial instruments, market data and other comparative metrics utilized in determining these fair values are “Level 2” inputs.
Real Estate Facilities	Real estate facilities Real estate facilities are recorded at cost. Costs related to the renovation or improvement of the properties are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Expenditures that are expected to benefit a period greater than two years and exceed $2,000 are capitalized and depreciated over their estimated useful life. Buildings and improvements are depreciated using the straight-line method over their estimated useful lives, which generally range from five to 30 years. Transaction costs, which include tenant improvements and lease commissions, in excess of $1,000 for leases with terms greater than one year are capitalized and depreciated over their estimated useful lives. Transaction costs less than $1,000 or for leases of one year or less are expensed as incurred.
Land And Building Held For Development	Land and building held for development Property taxes, insurance, interest and costs essential to the development of property for its intended use are capitalized during the period of development. Upon classification of an asset as held for development, depreciation of the asset is ceased.
Properties Held For Disposition	Properties held for disposition An asset is classified as an asset held for disposition when it meets certain requirements, which include, among other criteria, the approval of the sale of the asset, the marketing of the asset for sale and the expectation by the Company that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, depreciation of the asset is ceased, and the net book value of the asset is included on the balance sheet as properties held for disposition.
Intangible Assets/Liabilities	Intangible assets/liabilities Intangible assets and liabilities include above-market and below-market in-place lease values of acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease values (included in other assets and accrued liabilities in the accompanying consolidated balance sheets) are amortized to rental income over the remaining non-cancelable terms of the respective leases. As of June 30, 2015 , the value of in-place leases resulted in net intangible assets of $ 2.0 million, net of $ 8.3 million of accumulated amortization with a weighted average amortization period of 8.4 years, and net intangible liabilities of $ 2.7 million, net of $ 8.1 million of accumulated amortization with a weighted average amortization period of 4.8 years. As of December 31, 2014 , the value of in-place leases resulted in net intangible assets of $ 2.5 million, net of $ 7.8 million of accumulated amortization and net intangible liabilities of $ 3.9 million, net of $ 6.9 million of accumulated amortization. The Company recorded net increase s in rental income of $352,000 and $244,000 for the three months ended June 30, 2015 and 2014 , respectively, and $663,000 and $441,000 for the six months ended June 30, 2015 and 2014 , respectively, due to the amortization of net intangible liabilities resulting from the above-market and below-market lease values.
Evaluation Of Asset Impairment	Evaluation of asset impairment The Company evaluates its assets used in operations for impairment by identifying indicators of impairment and by comparing the sum of the estimated undiscounted future cash flows for each asset to the asset’s carrying value. When indicators of impairment are present and the sum of the estimated undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its value based on discounting its estimated future cash flows. In addition, the Company evaluates its assets held for disposition for impairment. Assets held for disposition are reported at the lower of their carrying value or fair value, less cost of disposition. At June 30, 2015 , the Company did not consider any assets to be impaired.
Stock Compensation	Stock compensation All share-based payments to employees, including grants of employee stock options, are recognized as stock compensation in the Company’s income statement based on their grant date fair values. See Note 11.
Revenue And Expense Recognition	Revenue and expense recognition The Company must meet four basic criteria before revenue can be recognized: persuasive evidence of an arrangement exists; the delivery has occurred or services have been rendered; the fee is fixed or determinable; and collectability is reasonably assured. All leases are classified as operating leases. Rental income is recognized on a straight-line basis over the terms of the leases. Straight-line rent is recognized for all tenants with contractual fixed increases in rent that are not included on the Company’s credit watch list. Deferred rent receivable represents rental revenue recognized on a straight-line basis in excess of billed rents. Reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as rental income in the period the applicable costs are incurred. Property management fees are recognized in the period earned. Costs incurred in connection with leasing (primarily tenant improvements and lease commissions) are capitalized and amortized over the lease period.
Gains From Sales Of Real Estate Facilities	Gains from sales of real estate facilities The Company recognizes gains from sales of real estate facilities at the time of sale using the full accrual method, provided that various criteria related to the terms of the transactions and any subsequent involvement by the Company with the properties sold are met. If the criteria are not met, the Company defers the gains and recognizes them when the criteria are met or uses the installment or cost recovery methods as appropriate under the circumstances.
General And Administrative Expenses	General and administrative expenses General and administrative expenses include executive and other compensation, office expenses, professional fees, acquisition transaction costs, state income taxes and other such administrative items.
Income Taxes	Income taxes The Company has qualified and intends to continue to qualify as a REIT, as defined in Section 856 of the Internal Revenue Code of 1986, as amended. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its REIT taxable income to its shareholders. A REIT must distribute at least 90% of its taxable income each year. In addition, REITs are subject to a number of organizational and operating requirements. The Company may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. The Company believes it met all organization and operating requirements to maintain its REIT status during 2014 and intends to continue to meet such requirements for 2015 . Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements. The Company can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. As of June 30, 2015 , the Company did not recognize any tax benefit for uncertain tax positions.
Accounting For Preferred Equity Issuance Costs	Accounting for preferred equity issuance costs The Company records issuance costs as a reduction to paid-in capital on its balance sheet at the time the preferred securities are issued and reflects the carrying value of the preferred equity at the stated value. Such issuance costs are recorded as non-cash preferred equity distributions at the time the Company notifies the holders of preferred stock or units of its intent to redeem such shares or units.
Net Income Per Common Share	Net income per common share Per share amounts are computed using the number of weighted average common shares outstanding. “Diluted” weighted average common shares outstanding includes the dilutive effect of stock options and restricted stock units under the treasury stock method. “Basic” weighted average common shares outstanding excludes such effect. The Company's restricted stock units are participating securities and are included in the computation of basic and diluted weighted average common shares outstanding. The Company’s restricted stock unit holders are paid non-forfeitable dividends in excess of the expense recorded which results in a reduction in net income allocable to common shareholders and unit holders. Earnings per share has been calculated as follows ( in thousands, except per share amounts ): For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Net income allocable to common shareholders $ $ $ $ Weighted average common shares outstanding: Basic weighted average common shares outstanding Net effect of dilutive stock compensation — based on treasury stock method using average market price Diluted weighted average common shares outstanding Net income per common share — Basic $ $ $ $ Net income per common share — Diluted $ $ $ $ Options to purchase 46,000 and 16,000 shares for the three months ended June 30, 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive. Options to purchase 32,000 and 14,000 shares for the six months ended June 30, 2015 and 2014 , respectively, were not included in the computation of diluted net income per share because such options were considered anti-dilutive.
Segment Reporting	Segment reporting The Company views its operations as one segment.
Reclassifications	Reclassifications Certain reclassifications have been made to the consolidated financial statements for 2014 in order to conform to the 2015 presentation.
Recently Issued Accounting Standards	Recently issued accounting s tandards In May, 2014, the FASB issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. This guidance is currently effective for the Company’s fisca l year beginning January 1, 2018 . Early adoption is permitted for the Company’s fisca l year beginning January 1, 2017 . The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Calculation Of Earnings Per Share	For The Three Months For The Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Net income allocable to common shareholders $ $ $ $ Weighted average common shares outstanding: Basic weighted average common shares outstanding Net effect of dilutive stock compensation — based on treasury stock method using average market price Diluted weighted average common shares outstanding Net income per common share — Basic $ $ $ $ Net income per common share — Diluted $ $ $ $

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Facilities [Abstract]
Activity In Real Estate Facilities	Buildings and Accumulated Land Improvements Depreciation Total Balances at December 31, 2014 $ $ $ $ Capital expenditures, net — — Disposals — — Depreciation and amortization — — Transfer to properties held for disposition — Balances at June 30, 2015 $ $ $ $

Leasing Activity (Tables)

Leasing Activity (Tables)	6 Months Ended
	Jun. 30, 2015
Leasing Activity [Abstract]
Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses	2015 $ 2016 2017 2018 2019 Thereafter Total $

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity [Abstract]
Schedule Of Preferred Stock Outstanding	Earliest Potential Dividend Shares Amount Series Issuance Date Redemption Date Rate Outstanding (in thousands) Series R October, 2010 October, 2015 $ Series S January, 2012 January, 2017 Series T May, 2012 May, 2017 Series U September, 2012 September, 2017 Series V March, 2013 March, 2018 Total $

Stock Compensation (Tables)

Stock Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Stock Compensation [Abstract]
Summary Of Stock Options Activity	Weighted Aggregate Weighted Average Intrinsic Number of Average Remaining Value Options: Options Exercise Price Contract Life (in thousands) Outstanding at December 31, 2014 $ Granted $ Exercised $ Forfeited — $ — Outstanding at June 30, 2015 $ 5.30 Years $ Exercisable at June 30, 2015 $ 4.55 Years $
Nonvested Restricted Stock Units	Weighted Number of Average Grant Restricted Stock Units: Units Date Fair Value Nonvested at December 31, 2014 $ Granted $ Vested $ Forfeited $ Nonvested at June 30, 2015 $

Organization And Description 24

Organization And Description Of Business (Details) - Jun. 30, 2015 shares in Millions	ft²stateshares
Organization And Description Of Business [Abstract]
The Company's ownership percentage of the limited partnership	77.80%
Affiliate's percent ownership of the Company's common equity	42.20%
Shares owned by Public Storage | shares	14.5
Owned and operated properties (in rentable square feet)	28,400,000
Number of states with rentable commercial space | state	6
Managed properties (in rentable square feet)	838,000

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)segmentshares	Jun. 30, 2014USD ($)shares	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Line Items]
Allowance for uncollectible accounts	$ 400,000		$ 400,000		$ 400,000
Allowance for uncollectable deferred rent receivables	877,000		$ 877,000		841,000
Cash and cash equivalents maximum benchmark (in months)			3 months
Minimum expenditure costs subject to capitalization and depreciation			$ 2,000
Minimum expected future benefit period on expenditures cost to be capitalized and depreciated (in years)			2 years
Minimum transaction cost subject to capitalization and depreciation			$ 1,000
Minimum expected future benefit period on transaction cost to be capitalized and depreciated (in years)			1 year
Maximum transaction costs subject to being expensed as incurred			$ 1,000
Maximum length of lease period for transaction costs to be expensed as incurred			1 year
Length of time criteria for expected sale of assets to be classified as properties held for disposition			12 months
Increase (decrease) in rental income due to amortization of net intangible assets or liabilities	352,000	$ 244,000	$ 663,000	$ 441,000
Value of in-place leases resulting in a net intangible asset	2,000,000		2,000,000		2,500,000
Accumulated amortization - intangible assets	8,300,000		$ 8,300,000		7,800,000
Intangible assets, weighted average amortization period (in years)			8 years 4 months 24 days
Value of in-place leases resulting in a net intangible liability	2,700,000		$ 2,700,000		3,900,000
Accumulated amortization - intangible liabilities	$ 8,100,000		$ 8,100,000		$ 6,900,000
Intangible liability, weighted average amortization period (in years)			4 years 9 months 18 days
Distribution of taxable income requirement			90.00%
Income tax provision			$ 0
Odds of a particular tax position will be sustained upon examination or audit			50.00%
Anti-dilutive share options to purchase | shares	46,000	16,000	32,000	14,000
Number of operating segments | segment			1
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)			30 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)			5 years

Summary Of Significant Accoun26

Summary Of Significant Accounting Policies (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary Of Significant Accounting Policies [Abstract]
Net income allocable to common shareholders	$ 11,129	$ 9,826	$ 30,901	$ 19,766
Basic weighted average common shares outstanding	26,956	26,899	26,941	26,881
Net effect of dilutive stock compensation - based on treasury stock method using average market price	77	100	86	100
Diluted weighted average common shares outstanding	27,033	26,999	27,027	26,981
Net income per common share - Basic	$ 0.41	$ 0.37	$ 1.15	$ 0.74
Net income per common share - Diluted	$ 0.41	$ 0.36	$ 1.14	$ 0.73

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details)	Feb. 27, 2015USD ($)ft²item	Feb. 13, 2015USD ($)ft²item	Jun. 30, 2015USD ($)ft²item	Dec. 31, 2014USD ($)ft²item
Real Estate Facilities [Line Items]
Land and building held for development			$ 26,288,000	$ 24,442,000
Northern Virginia Redeveloped Land [Member]
Real Estate Facilities [Line Items]
Area of redevelopment of real estate property | ft²			125,000
Economic interest in joint venture, percentage			95.00%
Land and building held for development			$ 20,200,000	$ 18,400,000
Capitalized cost			1,800,000
Capitalized interest expense			$ 531,000
Overlake [Member]
Real Estate Facilities [Line Items]
Disposal date of real estate			Feb. 27, 2015
Leasable space (in square feet) | ft²	82,000
Proceeds from the sale of real estate facility	$ 13,900,000
Number of buildings sold | item	5
Number of buildings held for disposition | item				5
Gain on sale of real estate facilities	$ 4,800,000
Milwaukie Business Park [Member]
Real Estate Facilities [Line Items]
Disposal date of real estate			Feb. 13, 2015
Leasable space (in square feet) | ft²		102,000
Proceeds from the sale of real estate facility		$ 10,600,000
Number of buildings sold | item		6
Gain on sale of real estate facilities		$ 7,600,000
Sacramento Business Parks [Member]
Real Estate Facilities [Line Items]
Leasable space (in square feet) | ft²			367,000	367,000
Number of business parks held for disposition | item			2	2
Sacramento Business Parks [Member] | Subsequent Event [Member]
Real Estate Facilities [Line Items]
Number of business parks sold | item			2
Proceeds from the sale of real estate facility			$ 29,300,000
Tempe Business Park [Member]
Real Estate Facilities [Line Items]
Leasable space (in square feet) | ft²			23,000	23,000
Number of properties held for disposition | item			1	1
Maximum [Member] | Northern Virginia Redeveloped Land [Member]
Real Estate Facilities [Line Items]
Leasable space (in square feet) | ft²			450,000

Real Estate Facilities (Activit

Real Estate Facilities (Activity In Real Estate Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Balances			$ 1,985,065
Capital expenditures, net			25,685
Depreciation and amortization	$ (27,025)	$ (28,295)	(53,258)	$ (56,736)
Transfer to properties held for disposition			148
Balances	1,957,640		1,957,640
Land [Member]
Property, Plant and Equipment [Line Items]
Balances			793,569
Balances	793,569		793,569
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Balances			2,182,993
Capital expenditures, net			25,685
Disposals			(8,254)
Transfer to properties held for disposition			(330)
Balances	2,200,094		2,200,094
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Balances			(991,497)
Disposals			8,254
Depreciation and amortization			(53,258)
Transfer to properties held for disposition			478
Balances	$ (1,036,023)		$ (1,036,023)

Leasing Activity (Narrative) (D

Leasing Activity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Tenant reimbursements	$ 19.9	$ 19.8	$ 40	$ 40.8
Percentage of leased asset subjected to termination options	4.20%		4.20%
Percentage of leased asset exercisable in period	1.10%		1.10%
Maximum [Member]
Non-cancelable leases term (in years)			10 years
Minimum [Member]
Non-cancelable leases term (in years)			1 year

Leasing Activity (Summary Of Fu

Leasing Activity (Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Leasing Activity [Abstract]
2,015	$ 136,970
2,016	228,471
2,017	168,971
2,018	119,817
2,019	80,736
Thereafter	137,622
Total	$ 872,587

Bank Loans (Details)

Bank Loans (Details) - Wells Fargo Credit Facility [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Line of credit, expiration date	May 1, 2019
Credit Facility, borrowing limit	$ 250,000,000
Credit Facility, frequency of interest payment	monthly
Spread over LIBOR	0.925%
Credit Facility, percentage of commitment fees	0.15%
Credit Facility, amount outstanding	$ 0	$ 0
Unamortized commitments fees	$ 885,000	$ 1,000,000
Maximum [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR	1.70%
Credit Facility, percentage of commitment fees	0.30%
Minimum [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR	0.875%
Credit Facility, percentage of commitment fees	0.125%

Mortgage Note Payable (Details)

Mortgage Note Payable (Details) $ in Thousands, ft² in Millions	6 Months Ended
	Jun. 30, 2015USD ($)ft²item	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Mortgage notes payable, carrying amount	$ 250,000	$ 250,000
5.45% Mortgage Note [Member]
Debt Instrument [Line Items]
Number of mortgage notes payable | item	1
Interest rate	5.45%
Secured by square feet of real estate facilities | ft²	4.8
Net book value of secured property	$ 423,200
Mortgage note, frequency of interest payment	monthly
Mortgage note due date	Dec. 1, 2016

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details) - Jun. 30, 2015 - shares	Total
Noncontrolling Interests [Abstract]
Number of years from date of admission as a limited partner for redemption of partnership interest	1 year
Number of common stock per unit of limited partnership interest redeemed	1
Common units owned by affiliate	7,305,355
Affiliate's percent ownership of the Company's common equity	42.20%
Shares owned by Public Storage	14,500,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transactions [Abstract]
Royalty-free license agreement written notice of termination period minimum (in months)			6 months
Property management contract term (in years)			7 years
Extended property management contract period (in years)			1 year
Management fee revenues	$ 133,000	$ 165,000	$ 280,000	$ 331,000
Number of assets owned that are maintained by Public Storage | item	2		2
Property management contract written notice of termination period minimum (in days)			60 days
Management fee expenses	$ 19,000	17,000	$ 38,000	33,000
Administrative services costs	117,000	$ 118,000	235,000	$ 226,000
Due from related parties					$ 166,000
Due to related parties	$ 101,000		$ 101,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item$ / shares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Shareholders' Equity [Abstract]
Distributions recorded to preferred shareholders	$ 15,100,000	$ 15,100,000	$ 30,244,000	$ 30,244,000
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
Dividends in arrears			$ 0
Redeemable preferred stock, redemption price per share | $ / shares	$ 25		$ 25
Preferred stock, aggregate deferred issuance costs outstanding			$ 31,800,000		$ 31,800,000

Shareholders' Equity (Common An

Shareholders' Equity (Common And Equity Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Shareholders' Equity [Abstract]
Aggregate number of common stock repurchased in the period			0	0
Distributions paid to common shareholders	$ 13,500	$ 13,500	$ 26,948	$ 26,893
Dividends declared per common share	$ 0.50	$ 0.50	$ 1	$ 1
Equity stock, shares authorized	100,000,000		100,000,000

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule Of Preferred Stock Outstanding) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Shares Outstanding	39,800	39,800
Amount	$ 995,000	$ 995,000
Series R [Member]
Class of Stock [Line Items]
Issuance Date	Oct. 1, 2010	Oct. 1, 2010
Earliest Potential Redemption Date	Oct. 1, 2015	Oct. 1, 2015
Dividend Rate	6.875%	6.875%
Shares Outstanding	3,000	3,000
Amount	$ 75,000	$ 75,000
Series S [Member]
Class of Stock [Line Items]
Issuance Date	Jan. 1, 2012	Jan. 1, 2012
Earliest Potential Redemption Date	Jan. 1, 2017	Jan. 1, 2017
Dividend Rate	6.45%	6.45%
Shares Outstanding	9,200	9,200
Amount	$ 230,000	$ 230,000
Series T [Member]
Class of Stock [Line Items]
Issuance Date	May 1, 2012	May 1, 2012
Earliest Potential Redemption Date	May 1, 2017	May 1, 2017
Dividend Rate	6.00%	6.00%
Shares Outstanding	14,000	14,000
Amount	$ 350,000	$ 350,000
Series U [Member]
Class of Stock [Line Items]
Issuance Date	Sep. 1, 2012	Sep. 1, 2012
Earliest Potential Redemption Date	Sep. 1, 2017	Sep. 1, 2017
Dividend Rate	5.75%	5.75%
Shares Outstanding	9,200	9,200
Amount	$ 230,000	$ 230,000
Series V [Member]
Class of Stock [Line Items]
Issuance Date	Mar. 1, 2013	Mar. 1, 2013
Earliest Potential Redemption Date	Mar. 1, 2018	Mar. 1, 2018
Dividend Rate	5.70%	5.70%
Shares Outstanding	4,400	4,400
Amount	$ 110,000	$ 110,000

Stock Compensation (Narrative)

Stock Compensation (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of stock granted | $ / shares			$ 83.47
Restricted stock units granted			66,506	0
Options and restricted stock units authorized to grant	842,000		842,000
Exercise of stock options, shares			39,500
Proceeds from the exercise of stock options | $			$ 2,000,000	$ 2,443,000
Number of units vested			21,184
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted | $ / shares			$ 8.49	$ 10.95
Dividend yield			2.50%	2.30%
Expected volatility			16.10%	17.70%
Expected life (in years)			5 years	5 years
Risk-free interest rate			1.40%	1.70%
Stock options expense | $	$ 49,000	$ 108,000	$ 177,000	$ 230,000
Unamortized compensation expense | $	496,000		$ 496,000
Weighted average recognized period of unamortized compensation expenses (in years)			3 years 4 months 24 days
Exercise of stock options, shares			39,500	49,273
Aggregate intrinsic value of the stock options exercised | $			$ 1,000,000	$ 1,700,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units expense | $	84,000	108,000	192,000	$ 284,000
Unamortized compensation expense | $	$ 24,300,000		$ 24,300,000
Weighted average recognized period of unamortized compensation expenses (in years)			4 years 8 months 12 days
Number of units vested			21,184	8,430
Number of units issued			13,224	5,341
Aggregate fair value of the shares vested | $			$ 1,700,000	$ 708,000
2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares covered under Stock Option and Incentive Plan	1,500,000		1,500,000
2012 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares covered under Stock Option and Incentive Plan	1,000,000		1,000,000
2014 Performance-Based Restricted Stock Unit Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of defined targets to achieve for restricted stock unit awards, maximum | item			3
Length of Restricted Stock Unit program (in years)			4 years
Number of annual vesting installments | item			4
Approximate number of restricted stock units granted per year, maximum			98,600
Maximum shares for cumulative four-year period			84,514
Compensation expense | $	$ 2,400,000	2,400,000	$ 4,500,000	3,200,000
Unamortized compensation expense | $	23,000,000		$ 23,000,000
Number of units vested			16,634
Number of units issued			10,495
Aggregate fair value of the shares vested | $			$ 1,300,000
Retirement Plan For Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $	79,000	77,000	158,000	153,000
Unamortized compensation expense | $	$ 1,400,000	$ 1,300,000	$ 1,400,000	$ 1,300,000
Number of units issued			0	0
Shares approved for issuance			130,000
Number of shares granted for each year served			1,000
Maximum number of shares issued upon retirement			8,000

Stock Compensation (Summary Of

Stock Compensation (Summary Of Stock Options Activity) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Stock Compensation [Abstract]
Number of Options, Outstanding	341,852
Number of Options, Granted	16,000
Number of Options, Exercised	(39,500)
Number of Options, Outstanding	318,352
Number of Options, Exercisable at June 30, 2015	252,606
Weighted Average Exercise Price, Outstanding	$ 57.11
Weighted Average Exercise Price, Granted	80.13
Weighted Average Exercise Price, Exercised	50.63
Weighted Average Exercise Price, Outstanding	59.07
Weighted Average Exercise Price, Exercisable at June 30, 2015	$ 55.04
Weighted Average Remaining Contract Life, Outstanding at June 30, 2015	5 years 3 months 18 days
Weighted Average Remaining Contract Life, Exercisable at June 30, 2015	4 years 6 months 18 days
Aggregate Intrinsic Value, Outstanding at June 30, 2015	$ 4,564
Aggregate Intrinsic Value, Exercisable at June 30, 2015	$ 4,396

Stock Compensation (Nonvested R

Stock Compensation (Nonvested Restricted Stock Units) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock Compensation [Abstract]
Number of Units, Nonvested	35,170
Number of Units, Granted	66,506	0
Number of Units, Vested	(21,184)
Number of Units, Forfeited	(4,120)
Number of Units, Nonvested	76,372
Weighted Average Grant Date Fair Value, Nonvested	$ 65.62
Weighted Average Grant Date Fair Value, Granted	83.47
Weighted Average Grant Date Fair Value, Vested	76.73
Weighted Average Grant Date Fair Value, Forfeited	74.25
Weighted Average Grant Date Fair Value, Nonvested	$ 77.61