PS Business Parks (PSBXP) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
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		27,214,977

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 5,408	$ 128,629
Real estate facilities, at cost:
Land	789,227	789,227
Buildings and improvements	2,241,558	2,224,522
Gross real estate investment property	3,030,785	3,013,749
Accumulated depreciation	(1,198,020)	(1,158,054)
Net real estate investment property	1,832,765	1,855,695
Property held for disposition, net		909
Land and building held for development	28,616	27,028
Total real estate investments	1,861,381	1,883,632
Investment in and advances to unconsolidated joint venture	91,259	67,190
Rent receivable, net	2,014	1,945
Deferred rent receivable, net	31,385	29,770
Other assets	6,611	8,205
Total assets	1,998,058	2,119,371
LIABILITIES AND EQUITY
Accrued and other liabilities	77,643	78,657
Credit facility	101,000
Preferred stock called for redemption		230,000
Total liabilities	178,643	308,657
Commitments and contingencies
PS Business Parks, Inc.'s shareholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, 35,190 shares issued and outstanding at June 30, 2017 and December 31, 2016	879,750	879,750
Common stock, $0.01 par value, 100,000,000 shares authorized, 27,214,021 and 27,138,138 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	272	271
Paid-in capital	735,591	733,671
Cumulative net income	1,580,105	1,502,643
Cumulative distributions	(1,575,165)	(1,503,076)
Total PS Business Parks, Inc.'s shareholders' equity	1,620,553	1,613,259
Noncontrolling interests:
Common units	198,862	197,455
Total noncontrolling interests	198,862	197,455
Total equity	1,819,415	1,810,714
Total liabilities and equity	$ 1,998,058	$ 2,119,371

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	35,190	35,190
Preferred stock, shares outstanding	35,190	35,190
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	27,214,021	27,138,138
Common stock, shares outstanding	27,214,021	27,138,138

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income	$ 99,800	$ 96,087	$ 199,861	$ 191,932
Facility management fees	124	131	252	259
Total operating revenues	99,924	96,218	200,113	192,191
Expenses:
Cost of operations	30,250	29,750	61,283	61,644
Depreciation and amortization	23,628	25,214	46,706	50,255
General and administrative	2,443	5,377	5,274	9,012
Total operating expenses	56,321	60,341	113,263	120,911
Other income and (expenses):
Interest and other income	30	208	135	475
Interest and other expenses	(285)	(2,162)	(469)	(5,352)
Total other income and (expenses)	(255)	(1,954)	(334)	(4,877)
Equity in loss of unconsolidated joint venture	(382)		(382)
Gain on sale of real estate facility	1,209		1,209
Gain on sale of development rights			3,865
Net income	44,175	33,923	91,208	66,403
Net income allocable to noncontrolling interests:
Noncontrolling interests - common units	6,645	4,243	13,746	8,179
Total net income allocable to noncontrolling interests	6,645	4,243	13,746	8,179
Net income allocable to PS Business Parks, Inc.:
Preferred shareholders	12,591	13,832	25,882	27,665
Restricted stock unit holders	197	117	445	259
Common shareholders	24,742	15,731	51,135	30,300
Total net income allocable to PS Business Parks, Inc.	37,530	29,680	77,462	58,224
Net income	$ 44,175	$ 33,923	$ 91,208	$ 66,403
Net income per common share:
Basic	$ 0.91	$ 0.58	$ 1.88	$ 1.12
Diluted	$ 0.90	$ 0.58	$ 1.87	$ 1.12
Weighted average common shares outstanding:
Basic	27,200	27,082	27,174	27,063
Diluted	27,412	27,172	27,384	27,149
Dividends declared per common share	$ 0.85	$ 0.75	$ 1.70	$ 1.50

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 6 months ended Jun. 30, 2017 - 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, 2016	$ 879,750	$ 271	$ 733,671	$ 1,502,643	$ (1,503,076)	$ 1,613,259	$ 197,455	$ 1,810,714
Balances, shares at Dec. 31, 2016	35,190	27,138,138
Issuance of common stock in connection with stock-based compensation		$ 1	2,156			2,157		2,157
Issuance of common stock in connection with stock-based compensation, shares		75,883
Stock compensation, net			3,247			3,247		3,247
Cash paid for taxes in lieu of shares upon vesting of restricted stock units			(3,403)			(3,403)		(3,403)
Net income								91,208
Total net income allocable to PS Business Parks, Inc				77,462		77,462		77,462
Total net income allocable to noncontrolling interests							13,746	13,746
Distributions:
Preferred stock					(25,882)	(25,882)		(25,882)
Common stock					(46,207)	(46,207)		(46,207)
Noncontrolling interests							(12,419)	(12,419)
Adjustment to noncontrolling interests in underlying operating partnership			(80)			(80)	80
Balances, value at Jun. 30, 2017	$ 879,750	$ 272	$ 735,591	$ 1,580,105	$ (1,575,165)	$ 1,620,553	$ 198,862	$ 1,819,415
Balances, shares at Jun. 30, 2017	35,190	27,214,021

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 91,208	$ 66,403
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	46,706	50,255
In-place lease adjustment	(34)	(331)
Tenant improvement reimbursements, net of lease incentives	(856)	(846)
Equity in loss of unconsolidated joint venture	382
Gain on sale of real estate facility	(1,209)
Gain on sale of development rights	(3,865)
Stock compensation	3,646	7,083
Amortization of financing costs	226	263
Decrease (increase) in receivables and other assets	97	(2,130)
Increase (decrease) in accrued and other liabilities	1,213	(1,866)
Total adjustments	46,306	52,428
Net cash provided by operating activities	137,514	118,831
Cash flows from investing activities:
Capital expenditures to real estate facilities	(23,363)	(14,463)
Capital expenditures to land and building held for development	(1,588)
Investment in and advances to unconsolidated joint venture	(24,451)	(13,240)
Proceeds from sale of real estate facility	2,144
Proceeds from sale of development rights	2,400
Net cash used in investing activities	(44,858)	(27,703)
Cash flows from financing activities:
Borrowings on credit facility	168,000	64,000
Repayment of borrowings on credit facility	(67,000)	(10,000)
Repayment of mortgage note payable		(250,000)
Payments of financing costs	(724)
Proceeds from the exercise of stock options	2,157	900
Redemption of preferred stock	(230,000)
Cash paid for taxes in lieu of shares upon vesting of restricted stock units	(3,403)	(1,758)
Cash paid to restricted stock unit holders	(399)	(259)
Distributions paid to preferred shareholders	(25,882)	(27,665)
Distributions paid to common shareholders	(46,207)	(40,598)
Distributions paid to noncontrolling interests	(12,419)	(10,958)
Net cash used in financing activities	(215,877)	(276,338)
Net decrease in cash and cash equivalents	(123,221)	(185,210)
Cash and cash equivalents at the beginning of the period	128,629	188,912
Cash and cash equivalents at the end of the period	5,408	3,702
Adjustment to noncontrolling interests in underlying operating partnership:
Noncontrolling interests - common units	80	1,030
Paid-in capital	$ (80)	$ (1,030)

Organization And Description Of

Organization And Description Of Business	6 Months Ended
	Jun. 30, 2017
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, 2017 , PSB owned 78.0 % of the common partnership units (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 common partnership units, PS would own 41.9 % ( 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 o f June 30, 2017 , the Company owned and operated 28.0 million rentable square feet of commercial space in six states. The Company also manages 684,000 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, 2017
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 include the accounts of PSB and the Operating Partnership. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The financial statements are presented on an accrual basis 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, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. 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, 2016 .  Consolidation and Equity Method of Accounting  The Company accounts for its investment in a joint venture that it has significant influence over, but does not control, using the equity method of accounting eliminating intra-entity profits and losses as if the joint venture were a consolidated subsidiary.  The Company consolidates all variable interest entities (each a “VIE”) for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership may be considered a VIE if the limited partners do not participate in operating decisions. Under this criteria, the Operating Partnership is considered a VIE. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership.  The Company accounts for its investment in a joint venture that the Company does not consolidate but has significant influence over using the equity method of accounting. The joint venture is referred to as “Investment i n and a dvances to u nconsolidated j oint v enture”. At the end of each reporting period, the Company determines the amount of net income or loss based upon the Company’s ownership interest in the joint venture and presents the amount on its consolidated statements of income with a corresponding adjustment to its equity investment carrying amount.  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 net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as well 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 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, 2017 and December 31, 2016 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $ 839,000 and $ 916,000 at June 30, 2017 and December 31, 2016 , 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 Company’s unsecured Credit Facility (as defined on page 15 ) 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, of $1,000 or more 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, 2017 , the value of in-place leases resulted in net intangible assets of $ 889,000 , net of $ 9.4 million of accumulated amortization with a weighted average amortization period of 9.6 years, and net intangible liabilities of $ 525,000 , net of $ 10.3 million of accumulated amortization with a weighted average amortization period of 7.3 years. As of December 31, 2016 , the value of in-place leases resulted in net intangible assets of $ 1. 1 million, net of $ 9.2 million of accumulated amortization and net intangible liabilities of $ 784,000 , net of $ 10.0 million of accumulated amortization.  The Company recorded net increases in rental income of $9,000 and $ 138,000 for the three months ended June 30, 2017 and 2016 , respectively, and $34,000 and $331,000 for the six months ended June 30, 2017 and 2016 , 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, 2017 , 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 REIT 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 2016 and intends to continue to meet such requirements for 2017. 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, 2017 , the Company did no t 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 of its intent to redeem such shares.  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,  2017 2016 2017 2016  Net income allocable to common shareholders $ 24,742 $ 15,731 $ 51,135 $ 30,300  Weighted average common shares outstanding:  Basic weighted average common shares outstanding 27,200 27,082 27,174 27,063  Net effect of dilutive stock compensation—based on  treasury stock method using average market price 212 90 210 86  Diluted weighted average common shares outstanding 27,412 27,172 27,384 27,149  Net income per common share—Basic $ 0.91 $ 0.58 $ 1.88 $ 1.12  Net income per common share—Diluted $ 0.90 $ 0.58 $ 1.87 $ 1.12  No options were excluded from the computation of diluted net income per share for the three months ended June 30, 2017 and 2016 as no options were considered anti-dilutive. Options to purchase 16,000 and 14,000 shares for the six months ended June 30, 2017 and 2016, 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 2016 in order to conform to the 2017 presentation.  Recently issued accounting standards  In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers , which amended the existing accounting standards for revenue recognition. The core principle underlying this guidance is that entities will recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for such exchange. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. This guidance is currently effective for the Company’s fiscal year beginning January 1, 2018. Early adoption is permitted for the Company’s fiscal year beginning January 1, 2017. ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the Company’s facility management fees for property management services provided to PS or the recognition of gains and losses on the sale of real estate assets as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements are a substantial portion of the Company’s revenue and is specifically excluded from ASU 2014-09 and will be governed by the applicable lease codification (ASU 2016-02, Leases) . In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU 2014-09.  In February, 2016, the FASB issued ASU 2016-02, Leases , which amends the existing accounting standards for lease accounting. The guidance requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. The classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and related liability for most leases with a term of greater than 12 months, regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new guidance is expected to result in the recognition of a right-of-use asset and related liability to account for the Company’s future obligations under the ground lease arrangements for which the Company is the lessee. As of June 30, 2017 , the remaining contractual payments under the ground lease agreements aggregated $315,000 . F or leases in which the Company is the lessor, the lease contract will be separated into lease and non-lease components in accordance with the provisions outlined within ASU No. 2014-09. The lease component of the contract will be recognized on a straight-line basis in accordance with ASU 2016-02, while the non-lease component will be recognized under the provisions of ASU 2014-09. Additionally, the new guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.  In August, 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification of certain specific cash receipts and cash payments in the statement of cash flows, including, but not limited to, cash distributions received from equity method investees, including unconsolidated joint ventures. The new standard is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.  In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash , which requires the consolidated statements of cash flows to explain the change during the period in the total cash, cash equivalents, restricted cash and restricted cash equivalents. T he new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The guidance is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. The guidance must be adopted using a modified retrospective approach. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.  In January, 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business , which provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. Under the new guidance, a set of transferred assets and activities is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If a set of transferred assets and activities does not meet this threshold, then an entity must evaluate whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. Early adoption is permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted the guidance effective January 1, 2017 and expects the guidance will likely result in future acquisitions of operating properties being accounted for as asset acquisitions instead of business combinations with transaction costs of such acquisitions to be capitalized as part of the purchase price of the acquisition. Prior to the adoption of the new guidance, the Company accounted for acquisitions of operating properties as business combinations and expensed transaction costs as acquisition-related expenses .

Real Estate Facilities

Real Estate Facilities	6 Months Ended
	Jun. 30, 2017
Real Estate Facilities [Abstract]
Real Estate Facilities	3. Real estate facilities  The activity in real estate facilities for the six months ended June 30, 2017 is as f ollows (in thousands) :     Buildings and Accumulated  Land Improvements Depreciation Total  Balances at December 31, 2016 $ 789,227 $ 2,224,522 $ (1,158,054) $ 1,855,695  Capital expenditures — 23,751 — 23,751  Disposals — (6,715) 6,715 —  Depreciation and amortization — — (46,706) (46,706)  Transfer to property held for disposition — — 25 25  Balances at June 30, 2017 $ 789,227 $ 2,241,558 $ (1,198,020) $ 1,832,765  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.  The Company did not acquire any assets or assume any liabilities during the six months ended June 30, 2017 and 2016 .  On May 1, 2017 , the Company disposed of Empire Commerce , a two -building single-story office park comprising 44,000 square feet , located in Dallas, Texas , for net proceeds of $2.1 million, which resulted in a net gain of $1.2 million.  On March 31, 2017, the Company sold development rights it held to build medical office buildings on land adjacent to its Westech Business Park in Silver Spring, Maryland for $6.5 million. The Company had acquired the development rights as part of its 2006 acquisition of the park. The Company has received $ 4.0 million of proceeds, of which $1.5 million was received in prior years and $2.5 million was received in March, 2017. The Company recorded a gain of $3.9 million related to the proceeds received through June 30, 2017 less transaction costs of $135,000 as these amounts are non-refundable. The Company will report an additional gain of $2.5 million when the final proceeds are received in the fourth quarter of 2017 and the remaining contingencies have lapsed.

Investment In And Advances To U

Investment In And Advances To Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2017
Investment In And Advances To Unconsolidated Joint Venture [Abstract]
Investment In And Advances To Unconsolidated Joint Venture	4. Investment in and advances to unconsolidated joint venture  In 2013, the Company entered into a joint venture known as Amher st JV LLC (the “Joint Venture”) with an unrelated real estate development company (the “JV Partner”) for the purpose of developing a 395 -unit multi-family building on a five -acre site (the “Project”) with in the Company’s 628,000 square foot office park located in Tysons, Virginia (known as “The Mile”) . PSB holds a 95.0% interest in the Joint Venture with the remaining 5.0% held by the JV Partner. The JV Partner is responsible for the development and construction of the Project and through an affiliate will oversee the leasing and management of the Project. The JV partner serves as the managing member, with mutual consent from both the Company and the managing member required for all significant decisions. As such, the Company accounts for its investment in the Joint Venture using the equity method.  O n October 5, 2015 (th e “C ontribution Date”), the Company contributed the site, along with capitalized improvements, to the Joint Venture. T he Company has agreed to provide the Joint Venture with a construction loan in the amount of $75.0 million. The Joint Venture will pay interest under the construction loan at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.25% . The loan will mature on April 5, 2019 with two one -year extension options.  The aggregate amount of development costs are estimated to be $105.6 million (excluding unrealized land appreciation). The Company is committed to funding $75.0 million through the construction loan in addition to its equity contribution of $28.5 million , which includes a land basis of $15.3 million. The Project delivered its first completed units in May, 2017, with final completion date expected during the fourth quarter of 2017 .  The Company has reflected the aggregate value of the contributed site, its’ equity contributions, capitalized interest and loan advances to date as investment in and advances to unconsolidated joint venture. The Company’s investment in and advances to unconsolidated joint venture was $91.3 million and $67.2 million as of June 30, 2017 and December 31, 2016 , respectively. For the six months ended June 30, 2017 , the Company made loan advances of $23.9 million and capitalized $506,000 of interest. For the six months ended June 30, 2016 , the Company made loan advances to the Joint Venture of $6.8 million , equity contributions of $5.7 million and capitalized $739,000 of interest.  The Joint Venture commenced its operations during the second quarter of 2017 as 233 of the 395 units were delivered. During the three and six months ended June 30, 2017, the Company recorded an equity loss in the unconsolidated joint venture of $382,000, comprised of a net operating loss of $278,000 and depreciation expense of $104,000 .

Leasing Activity

Leasing Activity	6 Months Ended
	Jun. 30, 2017
Leasing Activity [Abstract]
Leasing Activity	5 . 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, 2017 (in thousands ) :     Remainder of 2017 $ 146,944  2018 249,289  2019 177,053  2020 117,279  2021 80,550  Thereafter 136,783  Total $ 907,898  In addition to minimum rental payments, certain tenants reimburse the Company for their pro rata share of specified operating expenses. Such reimbursements amounted to $ 22.7 million and $20. 5 million for the three months ended June 30, 2017 and 2016 , respectively , and $45.9 milli on and $41.3 million for the six months ended June 30, 2017 and 2016, respectively . These amounts are included as rental income in the accompanying consolidated statements of income.  Leases accounting for 3.2% of total leased square footage are subject to termination options, of which 1.4% of total leased square footage have termination options exerc isable through December 31, 2017 . 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, 2017
Bank Loans [Abstract]
Bank Loans	6 . Bank loans  In January, 2017, the Company modified and extended the terms of its line of credit (the “Credit Facility”) and the Company’s related guaranty with Wells Fargo Bank, Nation al Association (“Wells Fargo”). The Credit Facility has a borrowing limit of $250.0 million and expires January 10, 20 22 . The rate of interest charged on borrowings is based on the LIBOR plus 0.80% to LIBOR plus 1.55% depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.825% . In addition, the Company is required to pay an annual facility fee ranging from 0.10% to 0.30% of the borrowing limit depending on the Company’s credit ratings (currently 0.125 %). In connection with the extension, the Company paid $613,000 of loan origination costs. As of June 30, 2017 , the Company had $101.0 million outstanding on the Credit Facility at an interest rate of 1.81% . Subsequent to June 30, 2017 , the Company repaid net $14.0 million on the Credit Facility. The Company had no balance outstanding on the Credit Facility at December 31, 2016 . The Company had $1.0 million a nd $ 539,000 of unamortized loan origination cost s as of June 30, 2017 and December 31, 2016 , respectively , which is included in other assets in the accompanying consolidated balance sheets . The Credit Facility requires the Company to meet certain covenants, all of which the Company was in compliance with as of June 30, 2017 . Interest on outstanding borrowings is payable monthly . 

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2017
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 noncontr olling interests— common units in the consolidated financial statements. Net income allocabl e 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, 2017 , 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 41.9 % ( or 14.5 million shares) of the Company’s common equity.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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 $ 124,000 and $131,000 for the three months ended June 30, 2017 and 2016 , respectively, and $252,000 and $259,000 for the six months ended June 30, 2017 and 2016, 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 $ 23,000 and $21,000 for the three months ended June 30, 2017 and 2016 , respectively, and $45,000 and $42,000 for the six months ended June 30, 2017 and 2016, respectively .  Pursuant to a cost sharing and administrative services agreement, the Company shares costs with PS for certain administrative services and rental of corporate off ice space, which are allocated between the Company and PS in accordance with a methodology intended to fairly allocate those costs. Costs allocated to the Company totaled $ 132,000 and $ 123,000 for the three months ended June 30, 2017 and 2016 , respectively , and $265,000 and $247,000 for the six months ended June 30, 2017 and 2016, respectively . Costs allocated to PS totaled $8,000 and $15,000 for the three and six months ended June 30, 2017, respectively.  The Company had net amounts due to PS of $90,000 and due from PS of $295,000 at June 30, 2017 and December 31, 2016 , 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, 2017
Shareholders' Equity [Abstract]
Shareholders' Equity	 9 . Shareholders’ equity  Preferred stock  As of June 30, 2017 and December 31, 2016 , 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 T May, 2012 May, 2017 6.000% 14,000 $ 350,000  Series U September, 2012 September, 2017 5.750% 9,200 230,000  Series V March, 2013 March, 2018 5.700% 4,400 110,000  Series W October, 2016 October, 2021 5.200% 7,590 189,750  Total 35,190 $ 879,750  On December 7, 2016, the Company called for the redemption of its 6.45% Cumulative Preferred Stock, Series S, at its par value of $230.0 million and subsequently completed the redemption on January 18, 2017 . The Company reported non-cash distributions of $7.3 million, representing the original issuance costs, as a reduction of net income allocable to common shareholders and unit holders for the year ended December 31, 2016. As of December 31, 2016, the Company reclassified the 6.45% Cumulative Preferred Stock, Series S, of $230.0 million from equity to liabilities as preferred stock called for redemption.  The Company paid $12.6 million and $1 3.8 million in distributions to its preferred shareholders for the three months ended June 30, 2017 and 2016 , respectively, and $25.9 million and $27.7 million in distributions to its preferred shareholders for the six months ended June 30, 2017 and 2016 , 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 (the “Board”) until all events of default have been cured. At June 30, 2017 , 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 $28. 4 million of deferred costs in connection with the issuance of preferred stock as of June 30, 2017 and December 31, 2016 , which the Company will report as additional non-cash distributions upon notice of its intent to redeem such shares.  Common stock  During the three months ended March 31, 2017, the Board increased its quarterly dividends from $0.75 per common share to $0.85 per common share.  The Company paid $ 23.1 million ($ 0.8 5 per common share) and $20.3 million ( $0. 75 per common share) in distributions to its common shareholders for the three months ended June 30, 2017 and 2016 , respectively, and $46.2 million ( $1.70 per common share) and $40.6 million ( $1.50 per common share) in distributions to its common shareholders for the six months ended June 30, 2017 and 2016 , respectively .  No shares of common stock were repurchased under the board-approved common stock repurchase program during either of the six months ended June 30, 2017 and 2016 .  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 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, 2017
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, 2017
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, 2017 and 2016 was $14.42 per share and $8.41 per share, respectively. The Company has calculated the fair value to each option grant on the date of grand using the Black Scholes option-pricing model with the following weighted average assumptions used for grants during the six months ended June 30, 2017 and 2016, respectively: a dividend yield of 2.8% and 3.1% ; expected volatility of 17.5% and 15.2% ; expected life of five years; and risk-free interest rates of 1.9% and 1.4% .  The weighted average grant date fair value of restricted stock unit s granted during the six months ended June 30, 2017 and 2016 was $ 89.25 and $8 3.59 , respectively. The Company calculated the fair value of each restricted stock unit grant using the mar ket value on the date of grant.  At June 30, 2017 , there was a combined total of 1.0 million 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, 2016 229,655 $ 68.93  Granted 16,000 $ 121.57  Exercised (37,256) $ 57.90  Forfeited — $ —  Outstanding at June 30, 2017 208,399 $ 74.94 5.72 Years $ 11,973  Exercisable at June 30, 2017 135,659 $ 61.30 4.17 Years $ 9,644      Weighted  Number of Average Grant  Restricted Stock Units: Units Date Fair Value  Nonvested at December 31, 2016 144,693 $ 58.56  Granted 101,150 $ 89.25  Vested (68,914) $ 83.62  Forfeited (1,240) $ 89.56  Nonvested at June 30, 2017 175,689 $ 77.26  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 (“LTEIP”), with certain employees of the Company. Under the 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 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 restricted stock units allocated to be awarded for such year are added to the restricted stock unit s that may be received if the four-year target is achieved. All restricted stock unit awards under the LTEIP vest in four equal annual installments beginning from the date of award. Up to 100,150 restr icted stock units would be award ed for each of the four years assuming achievement was met and up to 91,800 restr icted stock units would be award ed for the cumulative four -year period assuming achievement was met. Compensation expense is recognized based on the restricted stock unit s expected to be awarded based on the target level that is expected to be achieved. Net compensation expense of $ 1.1 million and $4.1 million related to the LTEIP was recognized for the three months ended June 30, 2017 and 2016 , respectively, and $2.9 million and $6.6 million for the six months ended June 30, 2017 and 2016, respectively . Included in the 2016 amount, the Company recorded a net non-cash stock compensation charge of $2.0 million related to a change in senior management and the future issuance of restricted stock units our former Chief Executive Officer will receive under the Company’s LTEIP.  In connection with t he LTEIP , targets for 2016 were achieved at the highest threshold total return level . As such, 100,150 restricted stock units were granted during the six months ended June 30, 2017 at a weighted average grant date fair value of $88. 91 .  Included in the Company’s consolidated statements of income for the three months ended June 30, 2017 and 2016 , was $ 54,000 and $ 46,000 , respectively, in net compensation expense related to stock options. Net compensation expense of $103,000 and $178,000 related to stock options was recognized during the six months ended June 30, 2017 and 2016, respectively. N et compensation expense of $1.4 million and $4.1 million related to restricted stock units was recognized during the three months ended June 30, 2017 and 2016 , respectively . Net compensation expense of $3. 4 million and $6.7 million related to restricted stock units was recognized during the six months ended June 30, 2017 and 2016, respectively.  As of June 30, 2017 , there was $ 657,000 of unamortized compensation expense related to stock options expected to be recognized over a weighted average period of 3.8 years. As of June 30, 2017 , there was $ 10.3 million of unamortized compensation expense related to restricted stock units expected to be recognized over a weighted average period of 3.3 years.  Cash received from 37,256 stock options exercised during the six months ended June 30, 2017 was $2.2 million. Cash received from 16,823 stock options exercised during the six months ended June 30, 2016 was $900,000 . The aggregate intrinsic value of the stock options exercised was $2.4 million and $723,000 during the six months ended June 30, 2017 and 2016 , respectively.  During the six months ended June 30, 2017 , 68,914 restricted stock units vested; in settlement of these units , 38, 627 shares were issued , net of 30,287 shares applied to payroll taxes. The aggregate fair value of the shares vested for the six months ended June 30, 2017 was $ 7.7 million. During the six months ended June 30, 2016, 43,689 restricted stock units vested; in settlement of these units, 25,604 shares were issued, net of 18,085 shares applied to payroll taxes. The aggregate fair value of the shares vested for the six months ended June 30, 2016 was $ 4.2 million. In addition to the vesting of these shares, tax deposits totaling $3.4 million and $1.8 million were made during the six months ended June 30, 2017 and 2016, respectively, on behalf of employees in exchange for common shares withheld upon vesting.  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 $71,000 and $ 85,000 in compensation expense for the three months ended June 30, 2017 and 2016 , respectively, and $148,000 and $169,000 for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and 2016 , there was $ 739,000 and $ 1. 1 million , respectively, of unamortized compensation expense related to these shares. No shares were issued during the six months ended June 30, 2017. In April, 2016, the Company issued 8,000 shares to a director upon retirement with an aggregate fair value of $775,000 .

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2017
Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation	Basis of presentation  The accompanying unaudited 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. The financial statements are presented on an accrual basis 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, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. 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, 2016 .
Consolidation And Equity Method Of Accounting	Consolidation and Equity Method of Accounting  The Company accounts for its investment in a joint venture that it has significant influence over, but does not control, using the equity method of accounting eliminating intra-entity profits and losses as if the joint venture were a consolidated subsidiary.  The Company consolidates all variable interest entities (each a “VIE”) for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership may be considered a VIE if the limited partners do not participate in operating decisions. Under this criteria, the Operating Partnership is considered a VIE. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership.  The Company accounts for its investment in a joint venture that the Company does not consolidate but has significant influence over using the equity method of accounting. The joint venture is referred to as “Investment i n and a dvances to u nconsolidated j oint v enture”. At the end of each reporting period, the Company determines the amount of net income or loss based upon the Company’s ownership interest in the joint venture and presents the amount on its consolidated statements of income with a corresponding adjustment to its equity investment carrying amount.
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 net income on the face of the income statement and, upon a gain or loss of control, the interests purchased or sold, as well 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 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, 2017 and December 31, 2016 . Deferred rent receivable is net of an allowance for uncollectible accounts totaling $ 839,000 and $ 916,000 at June 30, 2017 and December 31, 2016 , 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 Company’s unsecured Credit Facility (as defined on page 15 ) 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, of $1,000 or more 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, 2017 , the value of in-place leases resulted in net intangible assets of $ 889,000 , net of $ 9.4 million of accumulated amortization with a weighted average amortization period of 9.6 years, and net intangible liabilities of $ 525,000 , net of $ 10.3 million of accumulated amortization with a weighted average amortization period of 7.3 years. As of December 31, 2016 , the value of in-place leases resulted in net intangible assets of $ 1. 1 million, net of $ 9.2 million of accumulated amortization and net intangible liabilities of $ 784,000 , net of $ 10.0 million of accumulated amortization.  The Company recorded net increases in rental income of $9,000 and $ 138,000 for the three months ended June 30, 2017 and 2016 , respectively, and $34,000 and $331,000 for the six months ended June 30, 2017 and 2016 , 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, 2017 , 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 REIT 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 2016 and intends to continue to meet such requirements for 2017. 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, 2017 , the Company did no t 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 of its intent to redeem such shares.
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,  2017 2016 2017 2016  Net income allocable to common shareholders $ 24,742 $ 15,731 $ 51,135 $ 30,300  Weighted average common shares outstanding:  Basic weighted average common shares outstanding 27,200 27,082 27,174 27,063  Net effect of dilutive stock compensation—based on  treasury stock method using average market price 212 90 210 86  Diluted weighted average common shares outstanding 27,412 27,172 27,384 27,149  Net income per common share—Basic $ 0.91 $ 0.58 $ 1.88 $ 1.12  Net income per common share—Diluted $ 0.90 $ 0.58 $ 1.87 $ 1.12  No options were excluded from the computation of diluted net income per share for the three months ended June 30, 2017 and 2016 as no options were considered anti-dilutive. Options to purchase 16,000 and 14,000 shares for the six months ended June 30, 2017 and 2016, 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 2016 in order to conform to the 2017 presentation.
Recently Issued Accounting Standards	Recently issued accounting standards  In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers , which amended the existing accounting standards for revenue recognition. The core principle underlying this guidance is that entities will recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for such exchange. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. This guidance is currently effective for the Company’s fiscal year beginning January 1, 2018. Early adoption is permitted for the Company’s fiscal year beginning January 1, 2017. ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company intends to adopt the guidance using the modified retrospective approach for the fiscal year beginning January 1, 2018. The Company anticipates no impact upon adoption of the new accounting guidance on its consolidated financial statements relating to the Company’s facility management fees for property management services provided to PS or the recognition of gains and losses on the sale of real estate assets as the Company’s current accounting for such transactions is consistent with the new guidance’s core principle. Rental income from leasing arrangements are a substantial portion of the Company’s revenue and is specifically excluded from ASU 2014-09 and will be governed by the applicable lease codification (ASU 2016-02, Leases) . In conjunction with the adoption of the leasing guidance, the Company is currently in the process of evaluating certain variable payment terms included in these lease arrangements which are governed by ASU 2014-09.  In February, 2016, the FASB issued ASU 2016-02, Leases , which amends the existing accounting standards for lease accounting. The guidance requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. The classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and related liability for most leases with a term of greater than 12 months, regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new guidance is expected to result in the recognition of a right-of-use asset and related liability to account for the Company’s future obligations under the ground lease arrangements for which the Company is the lessee. As of June 30, 2017 , the remaining contractual payments under the ground lease agreements aggregated $315,000 . F or leases in which the Company is the lessor, the lease contract will be separated into lease and non-lease components in accordance with the provisions outlined within ASU No. 2014-09. The lease component of the contract will be recognized on a straight-line basis in accordance with ASU 2016-02, while the non-lease component will be recognized under the provisions of ASU 2014-09. Additionally, the new guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. This guidance is effective for annual periods beginning after December 15, 2018 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted. The guidance must be adopted using a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.  In August, 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification of certain specific cash receipts and cash payments in the statement of cash flows, including, but not limited to, cash distributions received from equity method investees, including unconsolidated joint ventures. The new standard is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company is currently in the process of evaluating the impact of adoption of the new accounting guidance on its consolidated financial statements.  In November, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash , which requires the consolidated statements of cash flows to explain the change during the period in the total cash, cash equivalents, restricted cash and restricted cash equivalents. T he new guidance also requires entities to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. The guidance is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. The guidance must be adopted using a modified retrospective approach. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.  In January, 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business , which provides guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. Under the new guidance, a set of transferred assets and activities is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If a set of transferred assets and activities does not meet this threshold, then an entity must evaluate whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. Early adoption is permitted. The guidance will be applied prospectively to any transactions occurring within the period of adoption. The Company adopted the guidance effective January 1, 2017 and expects the guidance will likely result in future acquisitions of operating properties being accounted for as asset acquisitions instead of business combinations with transaction costs of such acquisitions to be capitalized as part of the purchase price of the acquisition. Prior to the adoption of the new guidance, the Company accounted for acquisitions of operating properties as business combinations and expensed transaction costs as acquisition-related expenses

Summary Of Significant Accoun19

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
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,  2017 2016 2017 2016  Net income allocable to common shareholders $ 24,742 $ 15,731 $ 51,135 $ 30,300  Weighted average common shares outstanding:  Basic weighted average common shares outstanding 27,200 27,082 27,174 27,063  Net effect of dilutive stock compensation—based on  treasury stock method using average market price 212 90 210 86  Diluted weighted average common shares outstanding 27,412 27,172 27,384 27,149  Net income per common share—Basic $ 0.91 $ 0.58 $ 1.88 $ 1.12  Net income per common share—Diluted $ 0.90 $ 0.58 $ 1.87 $ 1.12 

Real Estate Facilities (Tables)

Real Estate Facilities (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate Facilities [Abstract]
Activity In Real Estate Facilities	   Buildings and Accumulated  Land Improvements Depreciation Total  Balances at December 31, 2016 $ 789,227 $ 2,224,522 $ (1,158,054) $ 1,855,695  Capital expenditures — 23,751 — 23,751  Disposals — (6,715) 6,715 —  Depreciation and amortization — — (46,706) (46,706)  Transfer to property held for disposition — — 25 25  Balances at June 30, 2017 $ 789,227 $ 2,241,558 $ (1,198,020) $ 1,832,765 

Leasing Activity (Tables)

Leasing Activity (Tables)	6 Months Ended
	Jun. 30, 2017
Leasing Activity [Abstract]
Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses	   Remainder of 2017 $ 146,944  2018 249,289  2019 177,053  2020 117,279  2021 80,550  Thereafter 136,783  Total $ 907,898 

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Shareholders' Equity [Abstract]
Schedule Of Preferred Stock Outstanding	   Earliest Potential Dividend Shares Amount  Series Issuance Date Redemption Date Rate Outstanding (in thousands)  Series T May, 2012 May, 2017 6.000% 14,000 $ 350,000  Series U September, 2012 September, 2017 5.750% 9,200 230,000  Series V March, 2013 March, 2018 5.700% 4,400 110,000  Series W October, 2016 October, 2021 5.200% 7,590 189,750  Total 35,190 $ 879,750 

Stock Compensation (Tables)

Stock Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 229,655 $ 68.93  Granted 16,000 $ 121.57  Exercised (37,256) $ 57.90  Forfeited — $ —  Outstanding at June 30, 2017 208,399 $ 74.94 5.72 Years $ 11,973  Exercisable at June 30, 2017 135,659 $ 61.30 4.17 Years $ 9,644 
Nonvested Restricted Stock Units	   Weighted  Number of Average Grant  Restricted Stock Units: Units Date Fair Value  Nonvested at December 31, 2016 144,693 $ 58.56  Granted 101,150 $ 89.25  Vested (68,914) $ 83.62  Forfeited (1,240) $ 89.56  Nonvested at June 30, 2017 175,689 $ 77.26 

Organization And Description 24

Organization And Description Of Business (Narrative) (Details) shares in Millions	Jun. 30, 2017ft²stateshares
Organization And Description Of Business [Line Items]
The Company's ownership percentage of the limited partnership	78.00%
Owned and operated properties (in rentable square feet)	28,000,000
Number of states with rentable commercial space | state	6
Managed properties (in rentable square feet)	684,000
PS [Member]
Organization And Description Of Business [Line Items]
Affiliate's percent ownership of the Company's common equity	41.90%
Shares owned by Public Storage | shares	14.5

Summary Of Significant Accoun25

Summary Of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Jun. 30, 2017USD ($)segmentshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)
Property, Plant and Equipment [Line Items]
Allowance for uncollectible accounts	$ 400,000		$ 400,000		$ 400,000
Allowance for uncollectable deferred rent receivables	839,000		$ 839,000		916,000
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	9,000	$ 138,000	$ 34,000	$ 331,000
Value of in-place leases resulting in a net intangible asset	889,000		889,000		1,100,000
Accumulated amortization - intangible assets	9,400,000		$ 9,400,000		9,200,000
Intangible assets, weighted average amortization period (in years)			9 years 7 months 6 days
Value of in-place leases resulting in a net intangible liability	525,000		$ 525,000		784,000
Accumulated amortization - intangible liabilities	$ 10,300,000		$ 10,300,000		$ 10,000,000
Intangible liability, weighted average amortization period (in years)			7 years 3 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%
Tax benefit for uncertain tax positions			$ 0
Anti-dilutive share options to purchase | shares	0	0	16,000	14,000
Number of operating segments | segment			1
Minimum lease term requirement			12 months
Ground Lease Agreements [Member]
Property, Plant and Equipment [Line Items]
Aggregate amount of contractual payments remaining under ground lease agreements			$ 315,000
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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies [Abstract]
Net income allocable to common shareholders	$ 24,742	$ 15,731	$ 51,135	$ 30,300
Basic weighted average common shares outstanding	27,200	27,082	27,174	27,063
Net effect of dilutive stock compensation - based on treasury stock method using average market price	212	90	210	86
Diluted weighted average common shares outstanding	27,412	27,172	27,384	27,149
Net income per common share - Basic	$ 0.91	$ 0.58	$ 1.88	$ 1.12
Net income per common share - Diluted	$ 0.90	$ 0.58	$ 1.87	$ 1.12

Real Estate Facilities (Narrati

Real Estate Facilities (Narrative) (Details)	May 01, 2017ft²item	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate Facilities [Line Items]
Total purchase price of development rights sold		$ 6,500,000
Payments received for sale of development rights		$ 2,500,000			$ 4,000,000	$ 1,500,000
Gain on sale of development rights					3,865,000
Transaction costs on sale of development rights					135,000
Proceeds from sale of real estate facility					2,144,000
Gain on sale of real estate facility				$ 1,209,000	$ 1,209,000
Scenario, Forecast [Member]
Real Estate Facilities [Line Items]
Last installment of payments for sale of development rights			$ 2,500,000
Empire Commerce, Dallas Texas [Member]
Real Estate Facilities [Line Items]
Number of buildings disposed | item	2
Disposal date of real estate					May 1, 2017
Square Footage of Real Estate Property | ft²	44,000

Real Estate Facilities (Activit

Real Estate Facilities (Activity In Real Estate Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Balances			$ 1,855,695
Accumulated Depreciation, Balances			(1,158,054)
Capital expenditures			23,751
Disposals
Accumulated Depreciation, Disposals			6,715
Depreciation and amortization	$ (23,628)	$ (25,214)	(46,706)	$ (50,255)
Transfer to property held for disposition			25
Accumulated Depreciation, Balances	(1,198,020)		(1,198,020)
Balances	1,832,765		1,832,765
Land [Member]
Property, Plant and Equipment [Line Items]
Balances			789,227
Capital expenditures
Disposals
Depreciation and amortization
Transfer to property held for disposition
Balances	789,227		789,227
Buildings And Improvements [Member]
Property, Plant and Equipment [Line Items]
Balances			2,224,522
Capital expenditures			23,751
Disposals			(6,715)
Depreciation and amortization
Transfer to property held for disposition
Balances	$ 2,241,558		$ 2,241,558

Investment In And Advances To29

Investment In And Advances To Unconsolidated Joint Venture (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)a	Jun. 30, 2017USD ($)aft²propertyitem	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in and advances to unconsolidated joint venture	$ 91,259	$ 91,259		$ 67,190
Land	789,227	789,227		$ 789,227
Equity in loss of unconsolidated joint venture	$ (382)	$ (382)
Investment in Unconsolidated Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Economic interest in joint venture, percentage	95.00%	95.00%
Number of units to be developed | property		395
Area of land | a	5	5
Square footage | ft²		628,000
Contribution date		Oct. 5, 2015
Number of extension options | item		2
Extension option period		1 year
Construction Loan Capacity	$ 75,000	$ 75,000
Construction loan maturity date		Apr. 5, 2019
Equity and capital contributions			$ 5,700
Cumulative equity and capital contributions		$ 28,500
Loan advances	23,900	23,900	6,800
Capitalized interest		506	$ 739
Estimated total development costs		105,600
Land	15,300	$ 15,300
Number of units delivered | item		233
Pro-rata share, net loss from equity method investments	278	$ 278
Pro-rata share, depreciation expense	$ 104	$ 104
Investment in Unconsolidated Joint Venture [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule of Equity Method Investments [Line Items]
Spread over LIBOR		2.25%
JV Partner [Member] | Investment in Unconsolidated Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Economic interest in joint venture, percentage	5.00%	5.00%

Leasing Activity (Narrative) (D

Leasing Activity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Leased Assets [Line Items]
Tenant reimbursements	$ 22.7	$ 20.5	$ 45.9	$ 41.3
Percentage of leased asset subjected to termination options	3.20%		3.20%
Percentage of leased asset exercisable in period	1.40%		1.40%
Maximum [Member]
Operating Leased Assets [Line Items]
Non-cancelable leases term (in years)			10 years
Minimum [Member]
Operating Leased Assets [Line Items]
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, 2017USD ($)
Leasing Activity [Abstract]
Remainder of 2017	$ 146,944
2,018	249,289
2,019	177,053
2,020	117,279
2,021	80,550
Thereafter	136,783
Total	$ 907,898

Bank Loans (Details)

Bank Loans (Details) - USD ($)	1 Months Ended		6 Months Ended
	Jul. 28, 2017	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Line of Credit Facility [Line Items]
Credit Facility - repaid amount			$ 67,000,000	$ 10,000,000
Credit Facility, amount outstanding			$ 101,000,000
Wells Fargo Credit Facility [Member]
Line of Credit Facility [Line Items]
loan origination fees		$ 613,000
Line of credit, expiration date			Jan. 10, 2022
Credit Facility, borrowing limit			$ 250,000,000
Credit Facility, frequency of interest payment			monthly
Spread over LIBOR			0.825%
Credit Facility, percentage of commitment fees			0.125%
Credit Facility, amount outstanding					0
Credit Facility, interest rate			1.81%
Unamortized commitment fees			$ 1,000,000		$ 539,000
Wells Fargo Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Credit Facility - repaid amount	$ 14,000,000
Wells Fargo Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR			1.55%
Credit Facility, percentage of commitment fees			0.30%
Wells Fargo Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR			0.80%
Credit Facility, percentage of commitment fees			0.10%

Noncontrolling Interests (Narra

Noncontrolling Interests (Narrative) (Details)	6 Months Ended
	Jun. 30, 2017shares
Noncontrolling Interests [Line Items]
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
PS [Member]
Noncontrolling Interests [Line Items]
Common units owned by affiliate	7,305,355
Affiliate's percent ownership of the Company's common equity	41.90%
Shares owned by Public Storage	14,500,000

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
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	$ 124,000	$ 131,000	$ 252,000	$ 259,000
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	$ 23,000	21,000	$ 45,000	42,000
Administrative services costs	132,000	$ 123,000	265,000	$ 247,000
Due to related parties	90,000		90,000
Due from related parties					$ 295,000
PS [Member]
Related Party Transaction [Line Items]
Costs allocated to PS	$ 8,000		$ 15,000

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)	Dec. 07, 2016USD ($)	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Shares issued value		$ 879,750,000		$ 879,750,000		$ 879,750,000
Distributions paid to preferred shareholders		$ 12,600,000	$ 13,800,000	$ 25,882,000	$ 27,665,000
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				$ 28,400,000		28,400,000
Series S [Member]
Class of Stock [Line Items]
Shares issued value	$ 230,000,000
Cumulative preferred stock, dividend rate	6.45%
Non-cash distributions related to the redemption of preferred stock						$ 7,300,000
Redemption date				Jan. 18, 2017

Shareholders' Equity (Common An

Shareholders' Equity (Common And Equity Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Shareholders' Equity [Abstract]
Aggregate number of common stock repurchased in the period				0	0
Distributions paid to common shareholders	$ 23,100		$ 20,300	$ 46,207	$ 40,598
Dividends paid per common share	$ 0.85	$ 0.85	$ 0.75	$ 1.70	$ 1.50	$ 0.75
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, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Shares Outstanding	35,190	35,190
Amount	$ 879,750	$ 879,750
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
Series W [Member]
Class of Stock [Line Items]
Issuance Date	Oct. 1, 2016	Oct. 1, 2016
Earliest Potential Redemption Date	Oct. 1, 2021	Oct. 1, 2021
Dividend Rate	5.20%	5.20%
Shares Outstanding	7,590	7,590
Amount	$ 189,750	$ 189,750

Stock Compensation (Narrative)

Stock Compensation (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2016USD ($)shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock units authorized to grant		1,000,000		1,000,000
Proceeds from the exercise of stock options | $				$ 2,157,000	$ 900,000
Tax deposits on behalf of employees in exchange for common shares withheld upon vesting | $				$ 3,403,000	$ 1,758,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted | $ / shares				$ 14.42	$ 8.41
Dividend yield				2.80%	3.10%
Expected volatility				17.50%	15.20%
Expected life (in years)				5 years	5 years
Risk-free interest rate				1.90%	1.40%
Stock options expense | $		$ 54,000	$ 46,000	$ 103,000	$ 178,000
Unamortized compensation expense | $		657,000		$ 657,000
Weighted average recognized period of unamortized compensation expenses (in years)				3 years 9 months 18 days
Aggregate intrinsic value of the stock options exercised | $				$ 2,400,000	$ 723,000
Number of Options, Exercised				37,256	16,823
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted				101,150
Weighted average grant date fair value of stock granted | $ / shares				$ 89.25	$ 83.59
Restricted stock units expense | $		1,400,000	4,100,000	$ 3,400,000	$ 6,700,000
Unamortized compensation expense | $		$ 10,300,000		$ 10,300,000
Weighted average recognized period of unamortized compensation expenses (in years)				3 years 3 months 18 days
Number of units issued				38,627	25,604
Number of units vested				68,914	43,689
Aggregate fair value of the shares vested | $				$ 7,700,000	$ 4,200,000
Shares applied to payroll taxes				30,287	18,085
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]
Restricted stock units granted				100,150
Weighted average grant date fair value of stock granted | $ / shares				$ 88.91
Number of defined targets to achieve for restricted stock unit awards, maximum | item				3
Number of defined targets to achieve for restricted stock unit awards, minimum | item				1
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				100,150
Maximum shares for cumulative four-year period				91,800
Compensation expense | $		$ 1,100,000	4,100,000	$ 2,900,000	$ 6,600,000
2014 Performance-Based Restricted Stock Unit Program [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $					2,000,000
Retirement Plan For Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense | $		71,000	85,000	148,000	169,000
Unamortized compensation expense | $		$ 739,000	$ 1,100,000	$ 739,000	$ 1,100,000
Number of units issued	8,000			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
Aggregate fair value of shares issued | $	$ 775,000

Stock Compensation (Summary Of

Stock Compensation (Summary Of Stock Options Activity) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding December 31, 2016	229,655
Number of Options, Granted	16,000
Number of Options, Exercised	(37,256)	(16,823)
Number of Options, Forfeited
Number of Options, Outstanding at June 30, 2017	208,399
Number of Options, Exercisable at June 30, 2017	135,659
Weighted Average Exercise Price, Outstanding at December 31, 2016	$ 68.93
Weighted Average Exercise Price, Granted	121.57
Weighted Average Exercise Price, Exercised	57.90
Weighted Average Exercise Price, Forfeited
Weighted Average Exercise Price, Outstanding at June 30, 2017	74.94
Weighted Average Exercise Price, Exercisable at June 30, 2017	$ 61.30
Weighted Average Remaining Contract Life, Outstanding at June 30, 2017	5 years 8 months 19 days
Weighted Average Remaining Contract Life, Exercisable at June 30, 2017	4 years 2 months 1 day
Aggregate Intrinsic Value, Outstanding at June 30, 2017	$ 11,973
Aggregate Intrinsic Value, Exercisable at June 30, 2017	$ 9,644

Stock Compensation (Nonvested R

Stock Compensation (Nonvested Restricted Stock Units) (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units, Nonvested December 31, 2016	144,693
Number of Units, Granted	101,150
Number of Units, Vested	(68,914)	(43,689)
Number of Units, Forfeited	(1,240)
Number of Units, Nonvested at June 30, 2017	175,689
Weighted Average Grant Date Fair Value, Nonvested December 31, 2016	$ 58.56
Weighted Average Grant Date Fair Value, Granted	89.25	$ 83.59
Weighted Average Grant Date Fair Value, Vested	83.62
Weighted Average Grant Date Fair Value, Forfeited	89.56
Weighted Average Grant Date Fair Value, Nonvested at June 30, 2017	$ 77.26