Life Storage Inc - Registered Shares (LSI) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,364,912
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Entity File Number	1-13820
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	16-1194043
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,364,912
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-24071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1481551
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment in storage facilities:
Land	$ 1,224,576	$ 1,185,976
Building, equipment, and construction in progress	6,229,832	5,904,481
Real estate investment property, at cost, total	7,454,408	7,090,457
Less: accumulated depreciation	(1,048,299)	(1,007,650)
Investment in storage facilities, net	6,406,109	6,082,807
Cash and cash equivalents	50,206	171,865
Accounts receivable	18,209	17,784
Receivable from unconsolidated joint ventures	804	333
Investment in unconsolidated joint ventures	214,641	213,003
Prepaid expenses	12,462	9,918
Trade name	16,500	16,500
Other assets	40,560	44,387
Total Assets	6,759,491	6,556,597
Liabilities
Line of credit	135,000	0
Term notes, net	2,748,787	2,747,838
Accounts payable and accrued liabilities	112,136	131,778
Deferred revenue	29,495	27,277
Mortgages payable	36,837	37,030
Total Liabilities	3,062,255	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	90,761	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	131,780	142,892
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 200,000,000 shares authorized, 84,307,259 shares outstanding at March 31, 2022 (83,565,710 at December 31, 2021)	843	836
Additional paid-in capital	3,791,598	3,697,000
Dividends in excess of net income	(313,851)	(314,713)
Accumulated other comprehensive loss	(3,895)	(4,124)
Total Shareholders’ Equity	3,474,695	3,378,999
Total Liabilities and Shareholders' Equity/ Partners' Capital	6,759,491	6,556,597
Life Storage LP [Member]
Investment in storage facilities:
Land	1,224,576	1,185,976
Building, equipment, and construction in progress	6,229,832	5,904,481
Real estate investment property, at cost, total	7,454,408	7,090,457
Less: accumulated depreciation	(1,048,299)	(1,007,650)
Investment in storage facilities, net	6,406,109	6,082,807
Cash and cash equivalents	50,206	171,865
Accounts receivable	18,209	17,784
Receivable from unconsolidated joint ventures	804	333
Investment in unconsolidated joint ventures	214,641	213,003
Prepaid expenses	12,462	9,918
Trade name	16,500	16,500
Other assets	40,560	44,387
Total Assets	6,759,491	6,556,597
Liabilities
Line of credit	135,000	0
Term notes, net	2,748,787	2,747,838
Accounts payable and accrued liabilities	112,136	131,778
Deferred revenue	29,495	27,277
Mortgages payable	36,837	37,030
Total Liabilities	3,062,255	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	90,761	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	131,780	142,892
Shareholders' Equity/ Partners' Capital
General partner (888,493 and 881,030 units outstanding at March 31, 2022 and December 31, 2021, respectively)	36,986	36,131
Limited partners (83,418,766 and 82,684,680 units outstanding at March 31, 2022 and December 31, 2021, respectively)	3,441,604	3,346,992
Accumulated other comprehensive loss	(3,895)	(4,124)
Total Partners’ Capital	3,474,695	3,378,999
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 6,759,491	$ 6,556,597

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares outstanding	84,307,259	83,565,710
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	960,208	960,708
General partner, units outstanding	888,493	881,030
Limited partners, units outstanding	83,418,766	82,684,680
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Limited partners' redeemable capital interest, units outstanding	3,590,603	3,590,603
Life Storage LP [Member] | Redeemable Common Stock Member
Limited partners' redeemable capital interest, units outstanding	960,208	960,708

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental income	$ 205,509	$ 150,283
Total operating revenues	233,490	171,887
Expenses
Property operations and maintenance	42,368	33,740
Tenant reinsurance	6,847	4,780
Real estate taxes	24,523	19,887
General and administrative	15,826	14,183
Depreciation and amortization	46,401	33,359
Total operating expenses	135,965	105,949
Income from operations	97,525	65,938
Other income (expenses)
Interest expense	(24,240)	(20,346)
Interest and dividend income	15	779
Equity in income of joint ventures	2,118	1,221
Net income	75,418	47,592
Net income attributable to common shareholders/unitholders	$ 73,575	$ 47,383
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.88	$ 0.63
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.88	$ 0.63
Common shares/units used in basic earnings per share/unit calculation	83,644,426	75,387,332
Common shares/units used in diluted earnings per share/unit calculation	83,837,773	75,510,201
Dividends/distributions declared per common share/unit	$ 1	$ 0.74
Other operating income [Member]
Revenues
Other operating income	$ 10,714	$ 8,985
Tenant reinsurance [Member]
Revenues
Other operating income	17,267	12,619
Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(996)	0
Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(847)	(209)
Life Storage LP [Member]
Revenues
Rental income	205,509	150,283
Total operating revenues	233,490	171,887
Expenses
Property operations and maintenance	42,368	33,740
Tenant reinsurance	6,847	4,780
Real estate taxes	24,523	19,887
General and administrative	15,826	14,183
Depreciation and amortization	46,401	33,359
Total operating expenses	135,965	105,949
Income from operations	97,525	65,938
Other income (expenses)
Interest expense	(24,240)	(20,346)
Interest and dividend income	15	779
Equity in income of joint ventures	2,118	1,221
Net income	75,418	47,592
Net income attributable to common shareholders/unitholders	$ 73,575	$ 47,383
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.88	$ 0.63
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.88	$ 0.63
Common shares/units used in basic earnings per share/unit calculation	83,644,426	75,387,332
Common shares/units used in diluted earnings per share/unit calculation	83,837,773	75,510,201
Dividends/distributions declared per common share/unit	$ 1	$ 0.74
Net income attributable to general partner	$ 754	$ 476
Net income attributable to limited partners	72,821	46,907
Life Storage LP [Member] | Other operating income [Member]
Revenues
Other operating income	10,714	8,985
Life Storage LP [Member] | Tenant reinsurance [Member]
Revenues
Other operating income	17,267	12,619
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(996)	0
Life Storage LP [Member] | Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	$ 847	$ 209

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income	$ 75,418	$ 47,592
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	75,647	47,821
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,846)	(210)
Comprehensive income attributable to common shareholders/unitholders	73,801	47,611
Life Storage LP [Member]
Net income	75,418	47,592
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	75,647	47,821
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(1,846)	(210)
Comprehensive income attributable to common shareholders/unitholders	$ 73,801	$ 47,611

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 75,418	$ 47,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,401	33,359
Amortization of debt issuance costs and bond discount	1,328	1,062
Equity in income of joint ventures	(2,118)	(1,221)
Distributions from unconsolidated joint ventures	4,024	2,547
Non-vested stock earned	1,661	1,453
Deferred income taxes	10	64
Other	(159)	(67)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(406)	705
Prepaid expenses	(2,396)	(3,862)
(Advances to) receipts from joint ventures	(471)	544
Accounts payable and other liabilities	(19,233)	(16,949)
Deferred revenue	1,284	1,865
Net cash provided by operating activities	105,343	67,092
Investing Activities
Acquisition of storage facilities, net of cash acquired	(350,662)	(265,197)
Improvements, equipment additions, and construction in progress	(15,985)	(10,228)
Return of investment in unconsolidated joint ventures	0	2,573
Investment in unconsolidated joint ventures	(3,450)	(1,330)
Property deposits	1,260	(519)
Net cash used in investing activities	(368,837)	(274,701)
Financing Activities
Net proceeds from sale of common stock/partnership units	92,943	180,529
Proceeds from line of credit	170,000	76,000
Repayments of line of credit	(35,000)	(33,000)
Dividends paid - common stock	(83,637)	(55,840)
Distributions to noncontrolling interest holders	(1,978)	(247)
Redemption of operating partnership units	(75)	(63)
Mortgage principal payments	(129)	(117)
Net cash provided by financing activities	142,124	167,262
Net decrease in cash and restricted cash	(121,370)	(40,347)
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	55,064	18,424
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	15,319	15,118
Cash (received) paid for income taxes, net of refunds	(172)	(312)
Life Storage LP [Member]
Operating Activities
Net income	75,418	47,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,401	33,359
Amortization of debt issuance costs and bond discount	1,328	1,062
Equity in income of joint ventures	(2,118)	(1,221)
Distributions from unconsolidated joint ventures	4,024	2,547
Non-vested stock earned	1,661	1,453
Deferred income taxes	10	64
Other	(159)	(67)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(406)	705
Prepaid expenses	(2,396)	(3,862)
(Advances to) receipts from joint ventures	(471)	544
Accounts payable and other liabilities	(19,233)	(16,949)
Deferred revenue	1,284	1,865
Net cash provided by operating activities	105,343	67,092
Investing Activities
Acquisition of storage facilities, net of cash acquired	(350,662)	(265,197)
Improvements, equipment additions, and construction in progress	(15,985)	(10,228)
Return of investment in unconsolidated joint ventures	0	2,573
Investment in unconsolidated joint ventures	(3,450)	(1,330)
Property deposits	1,260	(519)
Net cash used in investing activities	(368,837)	(274,701)
Financing Activities
Net proceeds from sale of common stock/partnership units	92,943	180,529
Proceeds from line of credit	170,000	76,000
Repayments of line of credit	(35,000)	(33,000)
Distributions to unitholders	(83,637)	(55,840)
Distributions to noncontrolling interest holders	(1,978)	(247)
Redemption of operating partnership units	(75)	(63)
Mortgage principal payments	(129)	(117)
Net cash provided by financing activities	142,124	167,262
Net decrease in cash and restricted cash	(121,370)	(40,347)
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	55,064	18,424
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	15,319	15,118
Cash (received) paid for income taxes, net of refunds	$ (172)	$ (312)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 . Share and per share amounts and unit and per unit amounts as of and for all periods presented have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	2. ORGANIZATION The Parent Company operates as a self-administered and self-managed real estate investment trust (a “REIT”) that owns and operates self-storage properties. All of the Parent Company’s assets are owned by, and all its operations are conducted through, the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership and, through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 98.1 % ownership interest therein as of March 31, 2022, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership. At March 31, 2022, we had an ownership interest in and/or managed 1,105 self-storage properties in 36 states. Among our 1,105 self-storage properties are 117 properties that we manage for unconsolidated joint ventures (see Note 10) and 261 properties that we manage and in which we have no ownership interest. We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but over which we have significant influence are accounted for using the equity method. Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interests at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. There were 960,208 and 960,708 common noncontrolling redeemable Operating Partnership Units outstanding at March 31, 2022 and December 31, 2021, respectively, and 3,590,603 preferred noncontrolling redeemable Operating Partnership Units outstanding at both March 31, 2022 and December 31, 2021. The preferred noncontrolling redeemable Operating Partnership Units rank senior to all other partnership interests with respect to distributions and liquidation. The common unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The preferred unitholders are entitled to receive a fixed priority return of 4.5 % and the preferred noncontrolling redeemable Operating Partnership Units are convertible at the option of the unitholders after the earlier of (i) the first anniversary of the date of issuance, (ii) the date of death of an initial holder who is a natural person or (iii) the sale, lease or conveyance of all or substantially all of the assets of the Operating Partnership, into common noncontrolling redeemable Operating Partnership Units. Upon any such conversion, each preferred noncontrolling redeemable Operating Partnership Unit being converted shall be convertible into a number of common Operating Partnership Units equal to the quotient of (i) the stated value of the preferred noncontrolling redeemable Operating Partnership Units being converted (such stated value being $ 25.00 per preferred noncontrolling redeemable Operating Partnership Unit) plus any accrued and unpaid distributions, divided by (ii) the average closing price of the Parent Company's common stock over the 90 consecutive trading days ending the trading day preceding the date of conversion. The Operating Partnership is obligated to redeem each of the common noncontrolling redeemable Operating Partnership Units at the request of the holder thereof for cash equal to the fair market value of a share of the Parent Company’s common stock based on a 10-day average of the daily market price, at the time of such redemption, provided that the Company, at its option, may elect to acquire any such Unit presented for redemption for one common share or cash . The Company accounts for the noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. The application of the ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount) for the common noncontrolling redeemable Operating Partnership Units. The offset to the adjustment to the carrying amount of the common noncontrolling redeemable Operating Partnership Units is reflected in the Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, common noncontrolling redeemable Operating Partnership Units are reflected at redemption value at March 31, 2022 and December 31, 2021, equal to the number of common noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates. ASC Topic 480-10-S99 requires the preferred noncontrolling redeemable Operating Partnership Units to be valued at fair value as of the date of issuance and to continue to be recorded at the value determined at initial measurement plus any accrued distributions. The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 142,892 Net income attributable to noncontrolling common 847 Redemption of units ( 75 ) Distributions ( 960 ) Adjustment to redemption value ( 10,924 ) Ending balance $ 131,780 The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 90,783 Net income attributable to noncontrolling preferred 996 Distributions ( 1,018 ) Ending balance $ 90,761 Subsequent to March 31, 2021, due to growth in the Company's tenant reinsurance program, tenant reinsurance revenues and expenses are presented separately on the consolidated statements of operations. The March 31, 2021 consolidated statements of operations have been revised accordingly to comply with this presentation. Prior to this change in presentation, such tenant reinsurance revenues and expenses were included in other income and expenses were included in other income and property operations and maintenance expense, respectively, in the Company's consolidated statements of operations. The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Rental income $ 205,509 $ 150,283 Revenues related to tenant reinsurance 17,267 12,619 Management and acquisition fee income 5,856 4,590 Other 4,858 4,395 Total operating revenues $ 233,490 $ 171,887 Management and acquisition fee income is included in other operating income in the consolidated statements of operations. During the three months ended March 31, 2022, approximately 16 % and 15 % of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	3. STOCK BASED COMPENSATION The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “ Compensation - Stock Compensation. ” The Company recognizes compensation cost in its financial statements for all share-based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period. For the three months ended March 31, 2022 and 2021, the Company recorded compensation expense of $ 1,661,000 and $ 1,453,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. During the three months ended March 31, 2022 , 5,250 options were exercised by directors of the Company at a weighted average exercise price of $ 32.95 per share. No stock options were exercised by employees or directors during the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company issued 9,574 shares of non-vested stock to employees which vest over five year periods from the respective grant dates. The per-share fair market value on the date of grant of the non-vested stock issued during the three months ended March 31, 2022 ranged from $ 134.69 to $ 149.73 , resulting in an aggregate fair value of $ 1.4 million. During the three months ended March 31, 2022 and 2021, 9,079 and 9,307 shares of non-vested stock, respectively, vested. During the three months ended March 31, 2022, the Company granted performance-based awards that entitle recipients to earn up to 10,148 shares of Company stock if certain performance criteria are achieved over a three-year period. The Company estimated the aggregate fair value of the awards on the grant date to be $ 0.8 million.

Cash and Restricted Cash

Cash and Restricted Cash	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and Restricted Cash	4. CASH AND RESTRICTED CASH Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, December 31, March 31, Cash $ 50,206 $ 171,865 $ 13,914 Restricted cash 4,858 4,569 4,510 Total cash and restricted cash $ 55,064 $ 176,434 $ 18,424

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Investment in Storage Facilities and Intangible Assets	5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the three months ended March 31, 2022: (dollars in thousands) Cost: Beginning balance $ 7,090,457 Acquisition of storage facilities 348,017 Improvements and equipment additions 10,693 Net increase in construction in progress 5,430 Dispositions ( 189 ) Ending balance $ 7,454,408 Accumulated Depreciation: Beginning balance $ 1,007,650 Additions during the period 40,800 Dispositions ( 151 ) Ending balance $ 1,048,299 The Company acquired 18 self-storage facilities during the three months ended March 31, 2022. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The operating results of the facilities acquired have been included in the Company's operations since the respective acquisition dates. The purchase prices of the facilities acquired in 2022 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number Date of Purchase Cash Net Other Land Building, In-Place CA 6 1/4/2022 $ 165,225 $ 165,160 $ 65 $ 20,321 $ 143,243 $ 1,661 GA, NC, SC 3 3/11/2022 48,586 48,446 140 3,926 44,300 360 IL, NC, TX 8 3/15/2022 116,048 115,410 638 12,292 102,439 1,317 MD 1 3/28/2022 21,651 21,646 5 1,640 19,856 155 Total acquired in 2022 18 $ 351,510 $ 350,662 $ 848 $ 38,179 $ 309,838 $ 3,493 Non-cash investing activities during the three months ended March 31, 2022 include the assumption of net other liabilities totaling $0.8 million. The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method. In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, December 31, In-place customer leases $ 111,279 $ 107,786 Accumulated amortization ( 99,425 ) ( 93,820 ) Net carrying value at the end of period $ 11,854 $ 13,966 Amortization expense related to in-place customer leases was $ 5.6 million and $ 2.1 million for the three months ended March 31, 2022 and 2021, respectively, and is included in depreciation and amortization expense on the consolidated statements of operations. Change in Useful Life Estimates As part of the Company’s capital improvement efforts, buildings at certain self-storage facilities were identified for replacement during 2020, 2021, and 2022. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in an increase in depreciation expense of approximately $ 0.1 million during the three months ended March 31, 2022 and approximately $ 1.4 million during the three months ended March 31, 2021. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of March 31, 2022 will have a minimal impact on depreciation expense during the remainder of 2022. The accelerated depreciation resulting from the events discussed above had minimal impact on earnings per share/unit for the three months ended March 31, 2022 and reduced both basic and diluted earnings per share/unit by $ 0.02 for the three months ended March 31, 2021 .

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Unsecured Line of Credit and Term Notes	6. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, December 31, Revolving line of credit borrowings $ 135,000 $ — Term note due April 8, 2024 $ 175,000 $ 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Senior term note due October 15, 2031 600,000 600,000 Total term note principal balance outstanding 2,775,000 2,775,000 Less: unamortized debt issuance costs ( 15,427 ) ( 16,008 ) Less: unamortized senior term note discount ( 10,786 ) ( 11,154 ) Term notes payable $ 2,748,787 $ 2,747,838 The Company’s unsecured amended credit agreement includes a revolving credit facility with a limit of $ 500 million with a maturity date of March 10, 2023 , and initially included a term note in the principal amount of $ 100 million with a maturity date of June 4, 2020 . Such credit agreement provides for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2022 the margin is 0.95 %), interest on any term notes at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2022 the margin is 1.00 %), and requires an annual facility fee on the revolving credit facility which varies based upon the Company’s credit rating (at March 31, 2022 the facility fee is 0.15 %). The interest rate on the Company’s revolving credit facility at March 31, 2022 was approximately 1.40 % ( 1.05 % at December 31, 2021) and the interest rate on any term notes at March 31, 2022 was approximately 1.45 % ( 1.10 % at December 31, 2021). At March 31, 2022 there was $ 364.9 million available on the unsecured line of credit. The Company has the option under this credit facility to increase the total aggregate borrowing capacity of the facilities to $ 900 million. On October 7, 2021, the Operating Partnership issued $ 600 million in aggregate principal amount of 2.400 % unsecured senior notes due October 15, 2031 (the "2031 Senior Notes"). The 2031 Senior Notes were issued at 0.917 % discount to par value. Interest on the 2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2022. Proceeds received upon issuance, net of discount to par of $ 5.5 million, and underwriting discount and other offering expenses of $ 5.1 million, totaled $ 589.4 million. On September 23, 2020, the Operating Partnership issued $ 400 million in aggregate principal amount of 2.200 % unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476 % discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15. Proceeds received upon issuance, net of discount to par of $ 1.9 million and underwriting and other offering expenses of $ 3.5 million, totaled $ 394.6 million. On June 3, 2019, the Operating Partnership issued $ 350 million in aggregate principal amount of 4.000 % unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524 % discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $ 1.8 million and underwriting discount and other offering expenses of $ 3.1 million, totaled $ 345.1 million. On December 7, 2017, the Operating Partnership issued $ 450 million in aggregate principal amount of 3.875 % unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477 % discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $ 2.1 million and underwriting discount and other offering expenses of $ 4.0 million, totaled $ 443.9 million. On June 20, 2016, the Operating Partnership issued $ 600 million in aggregate principal amount of 3.50 % unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553 % discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $ 3.3 million and underwriting discount and other offering expenses of $ 5.5 million, totaled $ 591.2 million. The 2031 Senior Notes, the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the 2031 Senior Notes, the 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60 % and an interest coverage ratio of more than 1.5 :1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40 % after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150 % of the unsecured indebtedness of the Company and its consolidated subsidiaries. At March 31, 2022, the Company was in compliance with such covenants. On July 21, 2016, the Company entered into a $ 200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67 %. On April 8, 2014, the Company entered into a $ 175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533 %. The interest rate on the term note increases to 6.283 % if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At March 31, 2022, the Company was in compliance with such covenants. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at March 31, 2022, the entire availability on the line of credit could be drawn without violating our debt covenants. The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control. Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at March 31, 2022 and December 31, 2021. Amortization expense related to deferred debt issuance costs was $ 0.7 million and $ 0.6 million for the three months ended March 31, 2022 and 2021 , respectively, and is included in interest expense in the consolidated statements of operations.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2022 and December 31, 2021 consist of the following: (dollars in thousands) March 31, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.0 4.27 %) $ 3,701 $ 3,728 5.26 % mortgage note due November 1, 2023 , secured by one 7.6 5.52 %) 3,628 3,650 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 54.1 million, principal and interest paid monthly 3.16 %) 22,362 22,427 4.44 % mortgage note due July 6, 2025 , secured by one 13.3 million, principal and interest paid monthly 4.44 %) 6,198 6,228 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.3 6.51 %) 948 997 Total mortgages payable $ 36,837 $ 37,030 The table below summarizes the Company’s debt obligations at March 31, 2022 . The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2022 2023 2024 2025 2026 Thereafter Total Fair Line of credit - variable rate 0.95 % ( 1.40 % at $ — $ 135,000 $ — $ — $ — $ — $ 135,000 $ 135,000 Notes Payable: Term note - fixed rate 4.533 % — — 175,000 — — — 175,000 179,798 Term note - fixed rate 3.50 % — — — — 600,000 — 600,000 598,268 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 457,354 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 196,255 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 354,531 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 348,246 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 525,011 Mortgage note - fixed rate 4.065 % 81 3,620 — — — — 3,701 3,701 Mortgage note - fixed rate 5.26 % 62 3,566 — — — — 3,628 3,659 Mortgage notes - fixed rate 4.4625 % — — 22,362 — — — 22,362 21,542 Mortgage note - fixed rate 4.44 % 90 126 131 5,851 — — 6,198 6,148 Mortgage note - fixed rate 5.99 % 154 216 229 243 106 — 948 978 Total $ 387 $ 142,528 $ 197,722 $ 6,094 $ 600,106 $ 2,000,000 $ 2,946,837

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. DERIVATIVE FINANCIAL INSTRUMENTS In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for approximately $ 9.2 million. The $ 9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Such amortization is included in amortization of debt issuance costs and bond discount in the consolidated statements of cash flows. The changes in AOCL for the three months ended March 31, 2022 and 2021 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning $ ( 4,124 ) $ ( 5,041 ) Realized loss reclassified from accumulated other 229 229 Accumulated other comprehensive loss end of period $ ( 3,895 ) $ ( 4,812 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. FAIR VALUE MEASUREMENTS The Company applies the provisions of ASC Topic 820 “ Fair Value Measurements and Disclosures ” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of March 31, 2022 and December 31, 2021 .

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	10. INVESTMENT IN JOINT VENTURES A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20 % $ 58.1 million $ 58.7 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15 % ($ 2.5 million) ($ 2.4 million) Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.7 million $ 13.9 million 191 V Life Storage Holdings LLC ("191 V") 3 17 20 % $ 27.6 million $ 27.4 million GII Life Storage Holdings LLC (“GII”) 4 13 35 % $ 50.6 million $ 51.5 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.3 million) ($ 2.4 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 14.2 million $ 14.5 million Life Storage 898 McDonald, LLC ("McDonald") 6 1 86 % $ 30.2 million $ 30.0 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 7 N/A 50 % $ 1.6 million $ 1.5 million Joint ventures with properties in development stage 8 4 Various $ 9.4 million $ 8.2 million Other unconsolidated joint ventures (9 joint ventures) 9 Various $ 9.2 million $ 7.4 million 1 As of March 31, 2022 , the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $ 1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. 2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $ 120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $ 35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $ 12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $ 69.1 million in existing nonrecourse mortgage debt and entered into $ 110 million of new nonrecourse mortgage debt which matures in 2029 . As a result of the net proceeds from these transactions, the Company received a distribution of $ 31.6 million from Sovran HHF II on April 1, 2021. 3 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $ 320 million, at which time 191 V entered into $ 184 million of nonrecourse mortgage debt which matures in 2026 . During 2021, the Company contributed $ 28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture. 4 In November 2021, the Company executed a joint venture agreement, GII Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In December 2021, GII acquired 13 self-storage facilities for a total of $ 290.6 million, at which time GII entered into $ 145.3 million of nonrecourse mortgage debt which matures in 2029 . During 2021, the Company contributed $ 52.0 million to GII as the Company's share of the initial capital investment in the joint venture. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 0.4 million during each of the three months ended March 31, 2022 and March 31, 2021. 6 In September 2021, the Company made an additional investment of $ 27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5 % to 86 %. In April 2022, the Company purchased the remaining equity interest in McDonald for total consideration of $ 5.2 million (see Note 17). 7 In October 2021, the Company executed a joint venture agreement, Life Storage ArrowMark Venture LLC, with the purpose of arranging and originating mortgage loans to owners of self-storage facilities throughout the United States. During 2021, the Company contributed $ 1.6 million to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021. 8 The Company has entered into four separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, two of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tucson, AZ, market. The Company has contributed an aggregate total of $ 9.4 million as its share of capital to these joint ventures. In addition to the joint venture activity in the preceding table, Life-Storage-SERS Storage LLC ("SERS") owned three self-storage facilities which the Company acquired in September 2021 for total consideration of $ 51.7 million which is net of the Company's share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. As SERS no longer operates any self-storage facilities, the Company received a distribution of $ 2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022. Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that none of the joint ventures at March 31, 2022 are a variable interest entity (“VIE”) in accordance with ASC 810, “ Consolidation .” The Company used the voting model under ASC 810 to determine whether or not to consolidate the joint ventures. Based upon each member’s substantive participation rights over the activities as stipulated in the joint venture agreements, none of the joint ventures evaluated under the voting model are consolidated by the Company. Due to the Company’s significant influence over the operations of each of the joint ventures, all above joint ventures are accounted for under the equity method of accounting. The carrying values of the Company’s investments in joint ventures are assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on any of the Company’s investments in joint ventures. As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $ 2.5 million and $ 1.8 million for the three months ended March 31, 2022 and 2021, respectively. The Company’s share of the unconsolidated joint ventures’ income is as follows: (dollars in thousands) Three Months Three Months Sovran HHF $ 960 $ 654 Sovran HHF II 475 332 Other unconsolidated joint ventures 683 235 $ 2,118 $ 1,221 The Company does not guarantee the debt of any of its equity method investees. We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital for the origination of nonrecourse loans by the ArrowMark Venture joint venture, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company recorded federal and state income tax expense of $ 0.4 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At March 31, 2022 and 2021 , there were no material unrecognized tax benefits, and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of March 31, 2022, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $ 0.6 million and a deferred tax liability of $ 2.0 million. As of December 31, 2021 , the Company’s taxable REIT subsidiaries had deferred tax assets of $ 0.4 million and a deferred tax liability of $ 1.8 million. The tax years 2018 - 2021 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35 % to a flat 21 % rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	12. EARNINGS PER SHARE AND EARNINGS PER UNIT The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “ Earnings Per Share .” Under ASC Topic 260-10, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of earnings-per-share pursuant to the two-class method. The Parent Company and the Operating Partnership have calculated their basic and diluted earnings per share/unit using the two-class method. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 73,575 $ 47,383 Denominator: Denominator for basic earnings per share – weighted 83,644 75,387 Effect of Dilutive Securities: Stock options and non-vested stock 194 123 Denominator for diluted earnings per share – adjusted 83,838 75,510 Basic earnings per common share attributable to $ 0.88 $ 0.63 Diluted earnings per common share attributable to $ 0.88 $ 0.63 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 73,575 $ 47,383 Denominator: Denominator for basic earnings per unit – weighted 83,644 75,387 Effect of Dilutive Securities: Stock options and non-vested stock 194 123 Denominator for diluted earnings per unit – adjusted 83,838 75,510 Basic earnings per common unit attributable to $ 0.88 $ 0.63 Diluted earnings per common unit attributable to $ 0.88 $ 0.63 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 123,436 unvested restricted shares for the three months ended March 31, 2022, and 149,227 unvested restricted shares for the three months ended March 31, 2021, because their effect would be antidilutive. Additionally, not included in the effect of dilutive securities above for both earnings per share and earnings per unit for the three months ended March 31, 2022 is the effect of 3,590,603 preferred noncontrolling redeemable Operating Partnership Units as such Units are not redeemable at March 31, 2022 .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Shareholders' Equity	13. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2022: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2021 $ 836 $ 3,697,000 $ ( 314,713 ) $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of common stock 7 92,764 — — 92,771 Exercise of stock options — 173 — — 173 Earned portion of non-vested stock — 1,661 — — 1,661 Adjustment to redemption value on — — 10,924 — 10,924 Net income attributable to common — — 73,575 — 73,575 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 83,637 ) — ( 83,637 ) Balance March 31, 2022 $ 843 $ 3,791,598 $ ( 313,851 ) $ ( 3,895 ) $ 3,474,695 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2021: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2020 $ 495 $ 2,671,311 $ ( 288,667 ) $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 ( 252 ) — — — Carrying value less than redemption value on redeemed — ( 4 ) — — ( 4 ) Adjustment to redemption value on — — ( 2,358 ) — ( 2,358 ) Net income attributable to common shareholders — — 47,383 — 47,383 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 55,840 ) — ( 55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ ( 299,482 ) $ ( 4,812 ) $ 2,549,490 O n December 29, 2020, the Company entered into a continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $ 500 million in aggregate offering price of shares of the Company’s common stock. The 2020 Equity Program was replaced on June 15, 2021 when the Company entered into a new continuous equity offering program ("2021 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $ 500 million in aggregate offering price of shares of the Company's stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. During the three-month period ended March 31, 2022, the Company issued 686,712 shares of common stock under the 2021 Equity Program at a weighted average issue price of $ 136.48 per share, generating net proceeds of $ 92.8 million after deducting $ 0.9 million of sales commissions paid to the sales agents (all other related expenses were minor during the period). The Company used such proceeds primarily to fund a portion of the 18 storage facilities acquired during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company issued 2,220,559 shares of common stock under the 2020 Equity Program at a weighted average issue price of $ 82.23 per share, generating net proceeds of $ 180.5 million after deducting $ 1.8 million of sales commissions paid to the sales agents, as well as other expenses of $ 0.3 million. The Company used such proceeds to fund a portion of the 16 storage facilities acquired during the three months ended March 31, 2021. On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $ 200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did no t repurchase any outstanding common shares under the Buyback Program during the three months ended March 31, 2022 or during the three months ended March 31, 2021. In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did no t issue any shares under the Dividend Reinvestment Plan during the three months ended March 31, 2022 and 2021. On January 4, 2021, the Company announced a three-for-two stock split of the Company’s common stock, to be made in the form of a 50 % stock dividend. Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned. These additional shares were distributed on January 27, 2021, with cash distributed in lieu of fractional shares based on the closing price on the record date.

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2022: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2021 $ 36,131 $ 3,346,992 $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of Operating Partnership 927 91,844 — 92,771 Exercise of stock options 2 171 — 173 Earned portion of non-vested stock 17 1,644 — 1,661 Carrying value less than redemption value on redeemed ( 1 ) 1 — — Adjustment to redemption value on noncontrolling — 10,924 — 10,924 Net income attributable to common unitholders 754 72,821 — 73,575 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 846 ) ( 82,791 ) — ( 83,637 ) Balance March 31, 2022 $ 36,986 $ 3,441,604 $ ( 3,895 ) $ 3,474,695 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2021: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2020 $ 24,045 $ 2,359,094 $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed ( 1 ) ( 3 ) — ( 4 ) Adjustment to redemption value on noncontrolling — ( 2,358 ) — ( 2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 561 ) ( 55,279 ) — ( 55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ ( 4,812 ) $ 2,549,490

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management has evaluated the impact of the adoption of ASU 2020-06 on the Company, including, but not limited to, the accounting for the Company's noncontrolling redeemable Operating Partnership Units, and has concluded that the adoption of ASU 2020-06 did not have a material impact on the Company.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	16. COMMITMENT AND CONTINGENCIES The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of warehousing and corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of March 31, 2022. At March 31, 2022 and December 31, 2021 , the Company’s aggregate right-of-use assets total $ 18.9 million and $ 19.5 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at March 31, 2022 and December 31, 2021 total $ 18.7 million and $ 19.2 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet. Expenses related to operating leases totaled $ 0.7 million and $ 0.6 million for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022 , the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 10.1 years and 4.59 %, respectively. At March 31, 2022 , the Company has approximately $ 24.0 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2022 $ 2,141 2023 2,663 2024 2,584 2025 2,402 2026 2,484 Thereafter 11,697 Total $ 23,971 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at March 31, 2022 is the result of the impact of the discount rate on future minimum lease payments. At March 31, 2022 , the Company was under contract to acquire 15 self-storage facilities for an aggregate purchase price of $ 279.1 million. During April 2022, the Company completed the acquisition of five of these self-storage facilities for an aggregate purchase price of $ 88.5 million. The purchases of the remaining 10 self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At March 31, 2022, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $ 56.9 million under these contracts in 2022 and 2023.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On April 1, 2022 , the Company declared a quarterly dividend of $ 1.00 per common share. The dividend was paid on April 26, 2022 to shareholders of record on April 14, 2022 . The total dividend paid amounted to $ 84.4 million. During April 2022, the Company issued 55,736 shares of common stock under its continuous equity offering program at a weighted average issuance price of $ 142.83 per share, generating net proceeds of $ 7.9 million. As discussed in note 16, subsequent to March 31, 2022 , the Company acquired five self-storage facilities for an aggregate purchase price of $ 88.5 million. In addition to the self-storage facilities under contract at March 31, 2022, subsequent to March 31, 2022 , the Company entered into contracts to acquire three additional self-storage facilities for an aggregate purchase price of $ 54.8 million. The purchases of these self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. As discussed in Note 10, the Company acquired the remaining ownership interest in the McDonald joint venture on April 4, 2022 for cash consideration of $ 5.2 million. McDonald had historically been accounted for by the Company using the equity method of accounting. As a result of this transaction, the Company now owns 100 % of McDonald and will consolidate McDonald in accordance with ASC 810, " Consolidation " from the date of acquisition. The allocated purchase price of McDonald also includes the carrying value of the Company's investment in McDonald at the date of acquisition which totaled $ 30.2 million.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ,” which reduced the number of accounting models for convertible debt instruments and convertible preferred stock, thus simplifying the accounting for convertible instruments. ASU 2020-06 is effective for annual periods beginning after December 31, 2021, and interim periods within those annual periods, and is therefore effective for the Company as of January 1, 2022. Management has evaluated the impact of the adoption of ASU 2020-06 on the Company, including, but not limited to, the accounting for the Company's noncontrolling redeemable Operating Partnership Units, and has concluded that the adoption of ASU 2020-06 did not have a material impact on the Company.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Reconciliation of Noncontrolling Interests	The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 142,892 Net income attributable to noncontrolling common 847 Redemption of units ( 75 ) Distributions ( 960 ) Adjustment to redemption value ( 10,924 ) Ending balance $ 131,780
Summary of Preferred NonControlling redeemable preferred capital operating partenership	The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 90,783 Net income attributable to noncontrolling preferred 996 Distributions ( 1,018 ) Ending balance $ 90,761
Summary of Disaggregated Revenues	The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Rental income $ 205,509 $ 150,283 Revenues related to tenant reinsurance 17,267 12,619 Management and acquisition fee income 5,856 4,590 Other 4,858 4,395 Total operating revenues $ 233,490 $ 171,887

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Restricted Cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, December 31, March 31, Cash $ 50,206 $ 171,865 $ 13,914 Restricted cash 4,858 4,569 4,510 Total cash and restricted cash $ 55,064 $ 176,434 $ 18,424

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the three months ended March 31, 2022: (dollars in thousands) Cost: Beginning balance $ 7,090,457 Acquisition of storage facilities 348,017 Improvements and equipment additions 10,693 Net increase in construction in progress 5,430 Dispositions ( 189 ) Ending balance $ 7,454,408 Accumulated Depreciation: Beginning balance $ 1,007,650 Additions during the period 40,800 Dispositions ( 151 ) Ending balance $ 1,048,299
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2022 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number Date of Purchase Cash Net Other Land Building, In-Place CA 6 1/4/2022 $ 165,225 $ 165,160 $ 65 $ 20,321 $ 143,243 $ 1,661 GA, NC, SC 3 3/11/2022 48,586 48,446 140 3,926 44,300 360 IL, NC, TX 8 3/15/2022 116,048 115,410 638 12,292 102,439 1,317 MD 1 3/28/2022 21,651 21,646 5 1,640 19,856 155 Total acquired in 2022 18 $ 351,510 $ 350,662 $ 848 $ 38,179 $ 309,838 $ 3,493
Schedule of In-place Customer Leases	In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, December 31, In-place customer leases $ 111,279 $ 107,786 Accumulated amortization ( 99,425 ) ( 93,820 ) Net carrying value at the end of period $ 11,854 $ 13,966

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings Outstanding on Unsecured Line of Credit and Term Notes	Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, December 31, Revolving line of credit borrowings $ 135,000 $ — Term note due April 8, 2024 $ 175,000 $ 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Senior term note due October 15, 2031 600,000 600,000 Total term note principal balance outstanding 2,775,000 2,775,000 Less: unamortized debt issuance costs ( 15,427 ) ( 16,008 ) Less: unamortized senior term note discount ( 10,786 ) ( 11,154 ) Term notes payable $ 2,748,787 $ 2,747,838

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at March 31, 2022 and December 31, 2021 consist of the following: (dollars in thousands) March 31, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.0 4.27 %) $ 3,701 $ 3,728 5.26 % mortgage note due November 1, 2023 , secured by one 7.6 5.52 %) 3,628 3,650 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 54.1 million, principal and interest paid monthly 3.16 %) 22,362 22,427 4.44 % mortgage note due July 6, 2025 , secured by one 13.3 million, principal and interest paid monthly 4.44 %) 6,198 6,228 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.3 6.51 %) 948 997 Total mortgages payable $ 36,837 $ 37,030
Summary of Debt Obligations and Interest Rate Derivatives	Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2022 2023 2024 2025 2026 Thereafter Total Fair Line of credit - variable rate 0.95 % ( 1.40 % at $ — $ 135,000 $ — $ — $ — $ — $ 135,000 $ 135,000 Notes Payable: Term note - fixed rate 4.533 % — — 175,000 — — — 175,000 179,798 Term note - fixed rate 3.50 % — — — — 600,000 — 600,000 598,268 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 457,354 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 196,255 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 354,531 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 348,246 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 525,011 Mortgage note - fixed rate 4.065 % 81 3,620 — — — — 3,701 3,701 Mortgage note - fixed rate 5.26 % 62 3,566 — — — — 3,628 3,659 Mortgage notes - fixed rate 4.4625 % — — 22,362 — — — 22,362 21,542 Mortgage note - fixed rate 4.44 % 90 126 131 5,851 — — 6,198 6,148 Mortgage note - fixed rate 5.99 % 154 216 229 243 106 — 948 978 Total $ 387 $ 142,528 $ 197,722 $ 6,094 $ 600,106 $ 2,000,000 $ 2,946,837

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three months ended March 31, 2022 and 2021 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning $ ( 4,124 ) $ ( 5,041 ) Realized loss reclassified from accumulated other 229 229 Accumulated other comprehensive loss end of period $ ( 3,895 ) $ ( 4,812 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summary of Company's Unconsolidated Joint Ventures	A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20 % $ 58.1 million $ 58.7 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15 % ($ 2.5 million) ($ 2.4 million) Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.7 million $ 13.9 million 191 V Life Storage Holdings LLC ("191 V") 3 17 20 % $ 27.6 million $ 27.4 million GII Life Storage Holdings LLC (“GII”) 4 13 35 % $ 50.6 million $ 51.5 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.3 million) ($ 2.4 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 14.2 million $ 14.5 million Life Storage 898 McDonald, LLC ("McDonald") 6 1 86 % $ 30.2 million $ 30.0 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 7 N/A 50 % $ 1.6 million $ 1.5 million Joint ventures with properties in development stage 8 4 Various $ 9.4 million $ 8.2 million Other unconsolidated joint ventures (9 joint ventures) 9 Various $ 9.2 million $ 7.4 million 1 As of March 31, 2022 , the carrying value of the Company’s investment in Sovran HHF exceeds its share of the underlying equity in net assets of Sovran HHF by approximately $ 1.7 million as a result of the capitalization of certain acquisition related costs in 2008. This difference is included in the carrying value of the investment. 2 In September 2020, the Company acquired eight self-storage facilities and related assets from Sovran HHF II for total consideration of $ 120.2 million, which is net of the Company’s share of Sovran HHF II’s gain resulting from the transaction. In connection with this transaction, $ 35.8 million of non-recourse loans related to these properties were settled in April 2021. Also in connection with this transaction, the Company made a $ 12.7 million contribution to Sovran HHF II. On April 1, 2021, Sovran HHF II paid off $ 69.1 million in existing nonrecourse mortgage debt and entered into $ 110 million of new nonrecourse mortgage debt which matures in 2029 . As a result of the net proceeds from these transactions, the Company received a distribution of $ 31.6 million from Sovran HHF II on April 1, 2021. 3 In May 2021, the Company executed a joint venture agreement, 191 V Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In June 2021, 191 V acquired 17 self-storage facilities for a total of $ 320 million, at which time 191 V entered into $ 184 million of nonrecourse mortgage debt which matures in 2026 . During 2021, the Company contributed $ 28.7 million to 191 V as the Company's share of the initial capital investment in the joint venture. 4 In November 2021, the Company executed a joint venture agreement, GII Life Storage Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In December 2021, GII acquired 13 self-storage facilities for a total of $ 290.6 million, at which time GII entered into $ 145.3 million of nonrecourse mortgage debt which matures in 2029 . During 2021, the Company contributed $ 52.0 million to GII as the Company's share of the initial capital investment in the joint venture. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 0.4 million during each of the three months ended March 31, 2022 and March 31, 2021. 6 In September 2021, the Company made an additional investment of $ 27.3 million in McDonald which increased the Company's ownership interest in McDonald from 5 % to 86 %. In April 2022, the Company purchased the remaining equity interest in McDonald for total consideration of $ 5.2 million (see Note 17). 7 In October 2021, the Company executed a joint venture agreement, Life Storage ArrowMark Venture LLC, with the purpose of arranging and originating mortgage loans to owners of self-storage facilities throughout the United States. During 2021, the Company contributed $ 1.6 million to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021. 8 The Company has entered into four separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, two of which are developing self-storage facilities in the New York City market, and one of which is developing a self-storage facility in the Tucson, AZ, market. The Company has contributed an aggregate total of $ 9.4 million as its share of capital to these joint ventures. In addition to the joint venture activity in the preceding table, Life-Storage-SERS Storage LLC ("SERS") owned three self-storage facilities which the Company acquired in September 2021 for total consideration of $ 51.7 million which is net of the Company's share of SERS's gain resulting from the transaction. In connection with this transaction, all non-recourse loans held by SERS were settled. As SERS no longer operates any self-storage facilities, the Company received a distribution of $ 2.8 million in September 2021 as the Company's return of its remaining investment in SERS. SERS is expected to be dissolved in 2022.
Company's Share of Unconsolidated Joint Ventures' Income (Loss)	The Company’s share of the unconsolidated joint ventures’ income is as follows: (dollars in thousands) Three Months Three Months Sovran HHF $ 960 $ 654 Sovran HHF II 475 332 Other unconsolidated joint ventures 683 235 $ 2,118 $ 1,221

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 73,575 $ 47,383 Denominator: Denominator for basic earnings per share – weighted 83,644 75,387 Effect of Dilutive Securities: Stock options and non-vested stock 194 123 Denominator for diluted earnings per share – adjusted 83,838 75,510 Basic earnings per common share attributable to $ 0.88 $ 0.63 Diluted earnings per common share attributable to $ 0.88 $ 0.63 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 73,575 $ 47,383 Denominator: Denominator for basic earnings per unit – weighted 83,644 75,387 Effect of Dilutive Securities: Stock options and non-vested stock 194 123 Denominator for diluted earnings per unit – adjusted 83,838 75,510 Basic earnings per common unit attributable to $ 0.88 $ 0.63 Diluted earnings per common unit attributable to $ 0.88 $ 0.63

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Reconciliation of Changes in Parent Company's Total Shareholders' Equity	The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2022: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2021 $ 836 $ 3,697,000 $ ( 314,713 ) $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of common stock 7 92,764 — — 92,771 Exercise of stock options — 173 — — 173 Earned portion of non-vested stock — 1,661 — — 1,661 Adjustment to redemption value on — — 10,924 — 10,924 Net income attributable to common — — 73,575 — 73,575 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 83,637 ) — ( 83,637 ) Balance March 31, 2022 $ 843 $ 3,791,598 $ ( 313,851 ) $ ( 3,895 ) $ 3,474,695 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2021: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2020 $ 495 $ 2,671,311 $ ( 288,667 ) $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 ( 252 ) — — — Carrying value less than redemption value on redeemed — ( 4 ) — — ( 4 ) Adjustment to redemption value on — — ( 2,358 ) — ( 2,358 ) Net income attributable to common shareholders — — 47,383 — 47,383 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 55,840 ) — ( 55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ ( 299,482 ) $ ( 4,812 ) $ 2,549,490 O

Partners' Capital (Tables)

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2022: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2021 $ 36,131 $ 3,346,992 $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of Operating Partnership 927 91,844 — 92,771 Exercise of stock options 2 171 — 173 Earned portion of non-vested stock 17 1,644 — 1,661 Carrying value less than redemption value on redeemed ( 1 ) 1 — — Adjustment to redemption value on noncontrolling — 10,924 — 10,924 Net income attributable to common unitholders 754 72,821 — 73,575 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 846 ) ( 82,791 ) — ( 83,637 ) Balance March 31, 2022 $ 36,986 $ 3,441,604 $ ( 3,895 ) $ 3,474,695 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2021: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2020 $ 24,045 $ 2,359,094 $ ( 5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed ( 1 ) ( 3 ) — ( 4 ) Adjustment to redemption value on noncontrolling — ( 2,358 ) — ( 2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 561 ) ( 55,279 ) — ( 55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ ( 4,812 ) $ 2,549,490

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Undiscounted Future Minimum Lease Payments	The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2022 $ 2,141 2023 2,663 2024 2,584 2025 2,402 2026 2,484 Thereafter 11,697 Total $ 23,971

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022
Life Storage LP [Member]
Schedule Of Significant Accounting Policies [Line Items]
Stock distribution terms	Share and per share amounts and unit and per unit amounts as of and for all periods presented have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022PropertyState$ / sharesshares	Dec. 31, 2021shares
Organization [Line Items]
Number of self-storage properties owned and managed	1,105
Number of states in which self-storage properties owned and managed | State	36
Number of properties managed under joint ventures	117
Number of properties managed with no ownership	261
Fixed priority return on Preferred unitholders, Percentage	4.50%
Noncontrolling limited partnership unit redemption value	one common share or cash
Revenue [Member]
Organization [Line Items]
Number of self-storage properties owned and managed	1,105
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	16.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	15.00%
Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	960,208	960,708
Redeemable Preferred Stock [Member]
Organization [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 25
Redeemable Preferred Stock [Member] | Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	3,590,603	3,590,603
Life Storage LP [Member]
Organization [Line Items]
Ownership interest	98.10%

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Adjustment to redemption value	$ (10,924)	$ 2,358
Ending balance	131,780
Redeemable Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, beginning balance	142,892
Net income attributable to noncontrolling interest in the Operating Partnership	847	$ 209
Redemption of units	(75)
Distributions	(960)
Adjustment to redemption value	(10,924)
Ending balance	$ 131,780

Organization - Summary of Rec_2

Organization - Summary of Reconciliation of Preferred Noncontrolling Redeemable Operating Units (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	$ 90,783
Ending balance	90,761
Redeemable Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance	90,783
Net income attributable to noncontrolling interest in the Operating Partnership	996	$ 0
Distributions	(1,018)
Ending balance	$ 90,761

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Rental income	$ 205,509	$ 150,283
Total operating revenues	233,490	171,887
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	5,856	4,590
Tenant reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	17,267	12,619
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,858	$ 4,395

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price	$ 32.95
Stock options exercised by employees and directors	5,250	0
Number of shares of non-vested stock that vested	9,079	9,307
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,661,000	$ 1,453,000
Stock option plan, share based compensation, vesting period (in years)	3 years
Aggregate fair value	$ 800
Shares granted under performance plan	10,148
Employees and Directors [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	5 years
Shares of non-vested stock issued	9,574
Aggregate fair value	$ 1,400
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value	$ 134.69
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value	$ 149.73

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash	$ 50,206	$ 171,865	$ 13,914
Restricted cash	4,858	4,569	4,510
Total cash and restricted cash	$ 55,064	$ 176,434	$ 18,424	$ 58,771

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Cost:
Beginning balance	$ 7,090,457
Acquisition of storage facilities	348,017
Improvements and equipment additions	10,693
Net increase in construction in progress	5,430
Dispositions	(189)
Ending balance	7,454,408
Accumulated Depreciation:
Beginning balance	1,007,650
Additions during the period	40,800
Dispositions	(151)
Ending balance	$ 1,048,299

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)Property$ / shares
Investment Holdings [Line Items]
Number of storage facilities acquired | Property	18	16
Cash payment for property acquisition	$ 350,662
Amortization period for in-place customer leases on a straight-line basis	12 months
Increase in depreciation expense due to facility replacement	$ 100	$ 1,400
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares		$ 0.02
Depreciation and Amortization Expense [Member]
Investment Holdings [Line Items]
Amortization expense related to in-place customer leases	$ 5,600	$ 2,100

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)Property	Mar. 31, 2021Property
Investment Holdings [Line Items]
Number of Properties | Property	18	16
Purchase Price	$ 351,510
Consideration paid, Cash Paid	350,662
Consideration paid, Net Other Liabilities (Assets) Assumed	848
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	38,179
Acquisition Date Fair Value, In-Place Customer Leases	3,493
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 309,838
CA [Member] | Asset Acquired on 1/4/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	6
Date of Acquisition	Jan. 4, 2022
Purchase Price	$ 165,225
Consideration paid, Cash Paid	165,160
Consideration paid, Net Other Liabilities (Assets) Assumed	65
Acquisition Date Fair Value, Fixed Assets	20,321
CA [Member] | Asset Acquired on 1/4/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	143,243
CA [Member] | Asset Acquired on 1/4/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 1,661
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Mar. 11, 2022
Purchase Price	$ 48,586
Consideration paid, Cash Paid	48,446
Consideration paid, Net Other Liabilities (Assets) Assumed	140
Acquisition Date Fair Value, Fixed Assets	3,926
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	44,300
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 360
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	8
Date of Acquisition	Mar. 15, 2022
Purchase Price	$ 116,048
Consideration paid, Cash Paid	115,410
Consideration paid, Net Other Liabilities (Assets) Assumed	638
Acquisition Date Fair Value, Fixed Assets	12,292
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	102,439
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 1,317
MD [Member] | Asset Acquired on 3/28/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 28, 2022
Purchase Price	$ 21,651
Consideration paid, Cash Paid	21,646
Consideration paid, Net Other Liabilities (Assets) Assumed	5
Acquisition Date Fair Value, Fixed Assets	1,640
MD [Member] | Asset Acquired on 3/28/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	19,856
MD [Member] | Asset Acquired on 3/28/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 155

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
In-place customer leases	$ 111,279	$ 107,786
Accumulated amortization	(99,425)	(93,820)
Net carrying value at the end of period	$ 11,854	$ 13,966

Unsecured Line of Credit and _3

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 135,000	$ 0
Total term note principal balance outstanding	2,775,000	2,775,000
Less: unamortized debt issuance costs	(15,427)	(16,008)
Less: unamortized senior term note discount	(10,786)	(11,154)
Term notes payable	2,748,787	2,747,838
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	600,000	600,000
Senior Term Note Due December 15, 2027 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	450,000	450,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	200,000	200,000
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	350,000	350,000
Senior Term Note Due October 15, 2030 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	400,000	400,000
Senior Term Note Due October 15, 2031 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 600,000	$ 600,000

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Oct. 07, 2021	Sep. 23, 2020	Jun. 03, 2019	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Amount available on unsecured revolving line of credit								$ 364,900,000
Unamortized senior term note discount								10,786,000		$ 11,154,000
Amortization expense related to deferred debt issuance costs								$ 1,328,000	$ 1,062,000
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage								60.00%
Indenture covenant percentage on unencumbered assets								150.00%
Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio on debt								1.5
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage								40.00%
Term Note [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate								1.45%		1.10%
Senior Term Note Due October 15, 2031 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 600,000,000
Debt instrument,maturity date	Oct. 15, 2031
Debt instrument stated interest rate	2.40%
Debt instrument percentage discount to par	0.917%
Debt instrument, interest payable description								Interest on the 2031 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2022.
Unamortized senior term note discount	$ 5,500,000
Underwriting discount and other offering expenses	5,100,000
Proceeds from senior notes, net	$ 589,400,000
Senior Term Note Due October 15, 2030 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 400,000,000
Debt instrument,maturity date		Oct. 15, 2030
Debt instrument stated interest rate		2.20%
Debt instrument percentage discount to par		0.476%
Debt instrument, interest payable description								Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15.
Unamortized senior term note discount		$ 1,900,000
Underwriting discount and other offering expenses		3,500,000
Proceeds from senior notes, net		$ 394,600,000
Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount			$ 350,000,000
Debt instrument,maturity date			Jun. 15, 2029
Debt instrument stated interest rate			4.00%
Debt instrument percentage discount to par			0.524%
Debt instrument, interest payable description								Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount			$ 1,800,000
Underwriting discount and other offering expenses			3,100,000
Proceeds from senior notes, net			$ 345,100,000
Senior Term Note Due December 15, 2027 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount				$ 450,000,000
Debt instrument,maturity date				Dec. 15, 2027
Debt instrument stated interest rate				3.875%
Debt instrument percentage discount to par				0.477%
Debt instrument, interest payable description								Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount				$ 2,100,000
Underwriting discount and other offering expenses				4,000,000
Proceeds from senior notes, net				$ 443,900,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount						$ 600,000,000
Debt instrument,maturity date						Jul. 1, 2026
Debt instrument stated interest rate						3.50%
Debt instrument percentage discount to par						0.553%
Debt instrument, interest payable description								Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1.
Unamortized senior term note discount						$ 3,300,000
Underwriting discount and other offering expenses						5,500,000
Proceeds from senior notes, net						$ 591,200,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date					Jul. 21, 2028
Debt instrument stated interest rate					3.67%
Additional secured term note					$ 200,000,000
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date							Apr. 8, 2024
Debt instrument stated interest rate							4.533%
Additional secured term note							$ 175,000,000
Term Note Due April 8, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate							6.283%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs								$ 700,000	$ 600,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit limit								$ 500,000,000
Line of credit facility, expiration date								Mar. 10, 2023
Facility fee								0.15%
Interest rate, line of credit facility								1.40%		1.05%
Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread over LIBOR								0.95%
Revolving Credit Facility [Member] | Term Note [Member]
Debt Instrument [Line Items]
Revolving credit limit								$ 900,000,000
Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount								$ 100,000,000
Debt instrument,maturity date								Jun. 4, 2020
Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread over LIBOR								1.00%

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgages payable	$ 36,837	$ 37,030
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,701	3,728
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,628	3,650
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,362	22,427
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Mortgages payable	6,198	6,228
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 948	$ 997

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Facility
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7
Effective interest rate	4.27%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.6
Effective interest rate	5.52%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 6, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 54.1
Effective interest rate	3.16%
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage note due date	Jul. 6, 2025
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 13.3
Effective interest rate	4.44%
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 1, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.3
Effective interest rate	6.51%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Payables due 2022	$ 387
Payables due 2023	142,528
Payables due 2024	197,722
Payables due 2025	6,094
Payables due 2026	600,106
Payables due Thereafter	2,000,000
Debt obligations	2,946,837
Line of credit - variable rate LIBOR + 0.95% (1.00% at September 30, 2021) [Member]
Debt Instrument [Line Items]
Payables due 2023	135,000
Debt obligations	135,000
Debt instrument, fair value	135,000
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	179,798
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due 2026	600,000
Debt obligations	600,000
Term note, fair value	598,268
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	457,354
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	196,255
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	354,531
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	348,246
Term note - fixed rate 2.40% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	525,011
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2022	81
Payables due 2023	3,620
Debt obligations	3,701
Term note, fair value	3,701
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2022	62
Payables due 2023	3,566
Debt obligations	3,628
Term note, fair value	3,659
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,362
Debt obligations	22,362
Term note, fair value	21,542
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Payables due 2022	90
Payables due 2023	126
Payables due 2024	131
Payables due 2025	5,851
Debt obligations	6,198
Term note, fair value	6,148
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2022	154
Payables due 2023	216
Payables due 2024	229
Payables due 2025	243
Payables due 2026	106
Debt obligations	948
Term note, fair value	$ 978

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2022
Line of credit - variable rate LIBOR + 0.95% (1.00% at September 30, 2021) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.40%
Basis spread over LIBOR	0.95%
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Interest rate	4.533%
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Interest rate	3.875%
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Interest rate	2.20%
Term note - fixed rate 2.40% [Member]
Debt Instrument [Line Items]
Interest rate	2.40%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9.2
Amortized period on interest expense	10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 229	$ 229
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	(4,124)	(5,041)
Accumulated other comprehensive loss end of period	$ (3,895)	$ (4,812)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Investment in Joint Ventures -

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Property	Dec. 31, 2021USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	36
Company common ownership interest	20.00%
Carrying value of investment	$ 58.1	$ 58.7
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15.00%
Carrying value of investment	$ (2.5)	(2.4)
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 13.7	13.9
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 27.6	27.4
GII Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	13
Company common ownership interest	35.00%
Carrying value of investment	$ 50.6	51.5
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (2.3)	(2.4)
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40.00%
Carrying value of investment	$ 14.2	14.5
Life Storage 898 McDonald, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	86.00%
Carrying value of investment	$ 30.2	30
Life Storage ArrowMark Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	50.00%
Carrying value of investment	$ 1.6	1.5
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	4
Company common ownership interest	Various
Carrying value of investment	$ 9.4	8.2
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	9
Company common ownership interest	Various
Carrying value of investment	$ 9.2	$ 7.4

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands	Apr. 01, 2021USD ($)	Apr. 30, 2022USD ($)	Dec. 31, 2021USD ($)Property	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)Property	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)Property	Apr. 30, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property								18	16
Total consideration acquired								$ 51,700
Distributions from unconsolidated joint ventures					$ 2,800			4,024	$ 2,547
Rent paid during the period								400
Mortgages payable			$ 37,030					36,837
Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property			13			17
Total consideration acquired			$ 290,600			$ 320,000
Contribution of company to joint venture as share in capital			$ 52,000			$ 28,700
Mortgage debt maturity year			2029			2026
Mortgages payable			$ 145,300			$ 184,000
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs								$ 1,700
Company common ownership interest								20.00%
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired							$ 120,200
Cash has been placed into escrow until non-recourse loans										$ 35,800
Contribution of company to joint venture as share in capital							$ 12,700
Company common ownership interest								15.00%
Mortgage debt paid off	$ 69,100
Mortgage debt maturity year	2029
Distributions from unconsolidated joint ventures	$ 31,600
Mortgages payable	$ 110,000
Sovran HHF Storage Holdings II LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property							8
Life Storage ArrowMark Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired				$ 1,600
Company common ownership interest								50.00%
SNL Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital					$ 27,300
Asset Acquisition, Consideration Transferred		$ 5,200
SNL Orix 1200 McDonald Ave., LLC [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest					5.00%
SNL Orix 1200 McDonald Ave., LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest					86.00%
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property								4
Joint Ventures with Properties in Development Stage [Member] | Ontario, Canada [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property								1
Joint Ventures with Properties in Development Stage [Member] | Tucson, AZ [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property								1
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired								$ 9,400

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total consideration acquired		$ 51,700
Distributions from unconsolidated joint ventures	$ 2,800	4,024	$ 2,547
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned		$ 2,500	$ 1,800

Investment in Joint Ventures _4

Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 2,118	$ 1,221
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	960	654
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	475	332
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 683	$ 235

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2017	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0
Deferred tax assets	600			$ 400
Deferred tax liability	$ 2,000			$ 1,800
Corporate income tax rate	21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2018
Tax Year 2019 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2021
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	$ 400	$ 600

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income attributable to common shareholders/unitholders	$ 73,575	$ 47,383
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	83,644,426	75,387,332
Effect of Dilutive Securities:
Stock options and non-vested stock	194,000	123,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	83,837,773	75,510,201
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.88	$ 0.63
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.88	$ 0.63
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 73,575	$ 47,383
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	83,644,426	75,387,332
Effect of Dilutive Securities:
Stock options and non-vested stock	194,000	123,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	83,837,773	75,510,201
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.88	$ 0.63
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.88	$ 0.63

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable Preferred Stock [Member] | Subsidiary Issuer [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units of redeemable noncontrolling interest in operating partnership	3,590,603
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	123,436	149,227

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Beginning Balance	$ 3,378,999	$ 2,378,098
Net proceeds from issuance of common stock	92,771	180,529
Exercise of stock options	173
Earned portion of non-vested stock	1,661	1,453
Stock dividend		0
Carrying value less than redemption value on redeemed noncontrolling interest		(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	10,924	(2,358)
Net income attributable to common shareholders	73,575	47,383
Amortization of terminated hedge included in AOCL	229	229
Dividends	(83,637)	(55,840)
Ending Balance	3,474,695	2,549,490
Common Stock Shares [Member]
Beginning Balance	836	495
Net proceeds from issuance of common stock	7	18
Exercise of stock options	0
Earned portion of non-vested stock	0	0
Stock dividend		252
Carrying value less than redemption value on redeemed noncontrolling interest		0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders	0	0
Amortization of terminated hedge included in AOCL	0	0
Dividends	0	0
Ending Balance	843	765
Additional Paid-in Capital [Member]
Beginning Balance	3,697,000	2,671,311
Net proceeds from issuance of common stock	92,764	180,511
Exercise of stock options	173
Earned portion of non-vested stock	1,661	1,453
Stock dividend		(252)
Carrying value less than redemption value on redeemed noncontrolling interest		(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders	0	0
Amortization of terminated hedge included in AOCL	0	0
Dividends	0	0
Ending Balance	3,791,598	2,853,019
Dividends in Excess of Net Income [Member]
Beginning Balance	(314,713)	(288,667)
Net proceeds from issuance of common stock	0	0
Exercise of stock options	0
Earned portion of non-vested stock	0	0
Stock dividend		0
Carrying value less than redemption value on redeemed noncontrolling interest		0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	10,924	(2,358)
Net income attributable to common shareholders	73,575	47,383
Amortization of terminated hedge included in AOCL	0	0
Dividends	(83,637)	(55,840)
Ending Balance	(313,851)	(299,482)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(4,124)	(5,041)
Net proceeds from issuance of common stock	0	0
Exercise of stock options	0
Earned portion of non-vested stock	0	0
Stock dividend		0
Carrying value less than redemption value on redeemed noncontrolling interest		0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders	0	0
Amortization of terminated hedge included in AOCL	229	229
Dividends	0	0
Ending Balance	$ (3,895)	$ (4,812)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Jan. 15, 2021	Jan. 04, 2021	Mar. 31, 2022USD ($)Property$ / sharesshares	Mar. 31, 2021USD ($)Property$ / sharesshares	Dec. 31, 2021$ / shares	Jun. 15, 2021USD ($)	Jun. 14, 2018USD ($)	Aug. 02, 2017USD ($)
Stockholders Equity [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.01		$ 0.01
Number of storage facilities acquired | Property			18	16
Buyback Program, authorized repurchase amount								$ 200,000,000
Stock repurchased during period, shares | shares			0	0
Shares issued under dividend reinvestment plan | shares			0	0
Description of stock split of common stock		three-for-two
Stock dividend payable percentage of common stock		50.00%
Description of additional share received	Shareholders of record at the close of business on January 15, 2021 received one additional share of Company stock for every two shares owned.
2020 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program							$ 500,000,000
Common stock shares issued under equity offering program | shares				2,220,559
Weighted average issue price | $ / shares			$ 136.48	$ 82.23
Proceeds from issuance of common stock			$ 92,800,000	$ 180,500,000
Sales commissions paid			$ 900,000	1,800,000
Other expenses				$ 300,000
2021 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program						$ 500,000,000
Common stock shares issued under equity offering program | shares			686,712

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Partners Capital [Line Items]
Exercise of stock options	$ 173
Earned portion of non-vested stock	1,661	$ 1,453
Carrying value less than redemption value on redeemed noncontrolling interest		(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	10,924	(2,358)
Net income attributable to common shareholders/unitholders	73,575	47,383
Amortization of terminated hedge included in AOCL	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,378,999	2,378,098
Net proceeds from issuance of Operating Partnership Units	92,771	180,529
Exercise of stock options	173
Earned portion of non-vested stock	1,661	1,453
Carrying value less than redemption value on redeemed noncontrolling interest	0	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	10,924	(2,358)
Net income attributable to common shareholders/unitholders	73,575	47,383
Amortization of terminated hedge included in AOCL	229	229
Distributions	(83,637)	(55,840)
Ending balance of total controlling partners’ capital	3,474,695	2,549,490
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	36,131	24,045
Net proceeds from issuance of Operating Partnership Units	927	1,807
Exercise of stock options	2
Earned portion of non-vested stock	17	14
Carrying value less than redemption value on redeemed noncontrolling interest	(1)	(1)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders/unitholders	754	476
Amortization of terminated hedge included in AOCL	2	2
Distributions	(846)	(561)
Ending balance of total controlling partners’ capital	36,986	25,782
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,346,992	2,359,094
Net proceeds from issuance of Operating Partnership Units	91,844	178,722
Exercise of stock options	171
Earned portion of non-vested stock	1,644	1,439
Carrying value less than redemption value on redeemed noncontrolling interest	1	(3)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	10,924	(2,358)
Net income attributable to common shareholders/unitholders	72,821	46,907
Amortization of terminated hedge included in AOCL	(2)	(2)
Distributions	(82,791)	(55,279)
Ending balance of total controlling partners’ capital	3,441,604	2,528,520
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Exercise of stock options	0
Earned portion of non-vested stock	0	0
Carrying value less than redemption value on redeemed noncontrolling interest		0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders/unitholders	0	0
Amortization of terminated hedge included in AOCL	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(4,124)	(5,041)
Net proceeds from issuance of Operating Partnership Units	0	0
Exercise of stock options	0
Earned portion of non-vested stock	0	0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	0	0
Net income attributable to common shareholders/unitholders	0	0
Amortization of terminated hedge included in AOCL	229	229
Distributions	0	0
Ending balance of total controlling partners’ capital	$ (3,895)	$ (4,812)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands	Apr. 01, 2022USD ($)Property	Apr. 30, 2022USD ($)Property	Mar. 31, 2022USD ($)Property	Mar. 31, 2021USD ($)Property	Dec. 31, 2021USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets			$ 18,900		$ 19,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Other assets		Other assets
Operating lease liabilities			$ 18,700		$ 19,200
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses			$ 700	$ 600
Weighted average remaining lease term			10 years 1 month 6 days
Weighted average discount rate			4.59%
Operating lease commitments			$ 23,971
Number of storage facilities acquired | Property			18	16
Purchase Price			$ 351,510
Expansion and enhancement contracts			56,900
Unamortized senior term note discount			10,786		$ 11,154
Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Purchase Price	$ 54,800
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired			$ 279,100
Number of storage facilities acquired | Property			15
Number of storage facilities to be acquired | Property			10
Self-storage Facilities [Member] | Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired		$ 88,500
Number of storage facilities acquired | Property	5	5

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 2,141
2023	2,663
2024	2,584
2025	2,402
2026	2,484
Thereafter	11,697
Total	$ 23,971

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 26, 2022USD ($)	Apr. 04, 2022USD ($)	Apr. 01, 2022USD ($)Property$ / shares	Apr. 30, 2022USD ($)Propertyshares	Mar. 31, 2022USD ($)Property	Mar. 31, 2021Property
Subsequent Event [Line Items]
Number of storage facilities acquired | Property					18	16
Purchase Price					$ 351,510
Total consideration acquired					$ 51,700
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property					15
Purchase price of business to be acquired					$ 279,100
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date			Apr. 1, 2022
Dividend per common share | $ / shares			$ 1
Dividend paid, date			Apr. 26, 2022
Dividend record, date			Apr. 14, 2022
Dividend paid	$ 84,400
Purchase Price			$ 54,800
Subsequent Event [Member] | Mcdonald [Member]
Subsequent Event [Line Items]
Asset aquired		$ 30,200
Subsequent Event [Member] | McDonald Joint Venture [Member]
Subsequent Event [Line Items]
Fair value of common noncontrolling redeemable units		$ 5,200
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		100.00%
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property			5	5
Purchase price of business to be acquired				$ 88,500
Total consideration acquired			$ 88,500
Subsequent Event [Member] | Additional Self Storage Facility [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property			3
Subsequent Event [Member] | Equity Program [Member]
Subsequent Event [Line Items]
Common stock shares issued under equity offering program | shares				55,736
Weighted average issue price | $ / shares			$ 142.83
Proceeds from issuance of common stock				$ 7,900