Life Storage Inc - Registered Shares (LSI) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		84,997,556
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		84,997,556
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	Sep. 30, 2022	Dec. 31, 2021
Investment in storage facilities:
Land	$ 1,293,597	$ 1,185,976
Building, equipment, and construction in progress	6,708,246	5,904,481
Real estate investment property, at cost, total	8,001,843	7,090,457
Less: accumulated depreciation	(1,128,083)	(1,007,650)
Investment in storage facilities, net	6,873,760	6,082,807
Cash and cash equivalents	22,498	171,865
Accounts receivable	22,829	17,784
Receivable from unconsolidated joint ventures	1,087	333
Investment in unconsolidated joint ventures	254,728	213,003
Prepaid expenses	13,042	9,918
Trade name	16,500	16,500
Other assets	43,957	44,387
Total Assets	7,248,401	6,556,597
Liabilities
Line of credit	456,000	0
Term notes, net	2,750,683	2,747,838
Accounts payable and accrued liabilities	153,575	131,778
Deferred revenue	33,646	27,277
Mortgages payable	36,454	37,030
Total Liabilities	3,430,358	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	116,190	142,892
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 200,000,000 shares authorized, 84,995,100 shares outstanding at September 30, 2022 (83,565,710 at December 31, 2021)	850	836
Additional paid-in capital	3,883,047	3,697,000
Dividends in excess of net income	(272,608)	(314,713)
Accumulated other comprehensive loss	(3,437)	(4,124)
Total Shareholders’ Equity	3,607,852	3,378,999
Noncontrolling interest in consolidated subsidiary	4,924	0
Total Equity	3,612,776	3,378,999
Total Liabilities and Equity	7,248,401	6,556,597
Life Storage LP [Member]
Investment in storage facilities:
Land	1,293,597	1,185,976
Building, equipment, and construction in progress	6,708,246	5,904,481
Real estate investment property, at cost, total	8,001,843	7,090,457
Less: accumulated depreciation	(1,128,083)	(1,007,650)
Investment in storage facilities, net	6,873,760	6,082,807
Cash and cash equivalents	22,498	171,865
Accounts receivable	22,829	17,784
Receivable from unconsolidated joint ventures	1,087	333
Investment in unconsolidated joint ventures	254,728	213,003
Prepaid expenses	13,042	9,918
Trade name	16,500	16,500
Other assets	43,957	44,387
Total Assets	7,248,401	6,556,597
Liabilities
Line of credit	456,000	0
Term notes, net	2,750,683	2,747,838
Accounts payable and accrued liabilities	153,575	131,778
Deferred revenue	33,646	27,277
Mortgages payable	36,454	37,030
Total Liabilities	3,430,358	2,943,923
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value	89,077	90,783
Noncontrolling redeemable Common Operating Partnership Units at redemption value	116,190	142,892
Shareholders' Equity/ Partners' Capital
General partner (893,109 and 881,030 units outstanding at September 30, 2022 and December 31, 2021, respectively)	38,185	36,131
Limited partners (84,101,991 and 82,684,680 units outstanding at September 30, 2022 and December 31, 2021, respectively)	3,573,104	3,346,992
Accumulated other comprehensive loss	(3,437)	(4,124)
Total Controlling Partners Capital	3,607,852	3,378,999
Noncontrolling interest in consolidated subsidiary	4,924	0
Total Partners' Capital	3,612,776	3,378,999
Total Liabilities and Equity	$ 7,248,401	$ 6,556,597

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	84,995,100	83,565,710
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	1,041,510	960,708
General partner, units outstanding	893,109	881,030
Limited partners, units outstanding	84,101,991	82,684,680
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Limited partners' redeemable capital interest, units outstanding	3,523,113	3,590,603
Life Storage LP [Member] | Redeemable Common Stock Member
Limited partners' redeemable capital interest, units outstanding	1,041,510	960,708

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Rental income	$ 241,261	$ 182,937	$ 674,008	$ 496,316
Total operating revenues	272,954	208,256	763,489	567,406
Expenses
Property operations and maintenance	47,906	36,410	132,733	103,519
Tenant reinsurance	9,033	6,228	22,361	16,434
Real estate taxes	25,702	21,397	75,581	61,794
General and administrative	18,493	16,141	52,995	45,407
Depreciation and amortization	48,711	37,158	143,187	106,287
Total operating expenses	149,845	117,334	426,857	333,441
Gain on sale of non-real estate assets	2,841	0	4,806	0
Income from operations	125,950	90,922	341,438	233,965
Other income (expenses)
Interest expense	(28,010)	(21,350)	(77,755)	(62,470)
Interest and dividend income	5	2	24	787
Equity in income of joint ventures	2,799	1,477	6,832	4,126
Net income	100,744	71,051	270,539	176,408
Net income attributable to noncontrolling interests in consolidated subsidiary	(9)	0	(9)	0
Net income attributable to common shareholders/unitholders	$ 98,505	$ 70,274	$ 264,344	$ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Common shares/units used in basic earnings per share/unit calculation	84,472,979	78,961,434	84,129,261	77,135,429
Common shares/units used in diluted earnings per share/unit calculation	85,396,539	79,179,816	84,554,165	77,303,339
Dividends/distributions declared per common share/unit	$ 1.08	$ 0.74	$ 3.08	$ 2.22
Other operating income [Member]
Revenues
Other operating income	$ 12,651	$ 9,834	$ 34,914	$ 29,280
Tenant reinsurance [Member]
Revenues
Other operating income	19,042	15,485	54,567	41,810
Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(999)	(476)	(3,002)	(476)
Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(1,231)	(301)	(3,184)	(760)
Life Storage LP [Member]
Revenues
Rental income	241,261	182,937	674,008	496,316
Total operating revenues	272,954	208,256	763,489	567,406
Expenses
Property operations and maintenance	47,906	36,410	132,733	103,519
Tenant reinsurance	9,033	6,228	22,361	16,434
Real estate taxes	25,702	21,397	75,581	61,794
General and administrative	18,493	16,141	52,995	45,407
Depreciation and amortization	48,711	37,158	143,187	106,287
Total operating expenses	149,845	117,334	426,857	333,441
Gain on sale of non-real estate assets	2,841	0	4,806	0
Income from operations	125,950	90,922	341,438	233,965
Other income (expenses)
Interest expense	(28,010)	(21,350)	(77,755)	(62,470)
Interest and dividend income	5	2	24	787
Equity in income of joint ventures	2,799	1,477	6,832	4,126
Net income	100,744	71,051	270,539	176,408
Net income attributable to noncontrolling interests in consolidated subsidiary	(9)	0	(9)	0
Net income attributable to common shareholders/unitholders	$ 98,505	$ 70,274	$ 264,344	$ 175,172
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 1.16	$ 0.89	$ 3.14	$ 2.27
Common shares/units used in basic earnings per share/unit calculation	84,472,979	78,961,434	84,129,261	77,135,429
Common shares/units used in diluted earnings per share/unit calculation	85,396,539	79,179,816	84,554,165	77,303,339
Dividends/distributions declared per common share/unit	$ 1.08	$ 0.74	$ 3.08	$ 2.22
Net income attributable to general partner	$ 1,007	$ 711	$ 2,705	$ 1,764
Net income attributable to limited partners	97,498	69,563	261,639	173,408
Life Storage LP [Member] | Other operating income [Member]
Revenues
Other operating income	12,651	9,834	34,914	29,280
Life Storage LP [Member] | Tenant reinsurance [Member]
Revenues
Other operating income	19,042	15,485	54,567	41,810
Life Storage LP [Member] | Redeemable Preferred Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	(999)	(476)	(3,002)	(476)
Life Storage LP [Member] | Redeemable Common Stock [Member]
Other income (expenses)
Net income attributable to noncontrolling interest in the Operating Partnership	$ (1,231)	$ (301)	$ (3,184)	$ (760)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 100,744	$ 71,051	$ 270,539	$ 176,408
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229	687	687
Total comprehensive income	100,973	71,280	271,226	177,095
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(2,242)	(778)	(6,203)	(1,239)
Comprehensive income attributable to common shareholders/unitholders	98,731	70,502	265,023	175,856
Life Storage LP [Member]
Net income	100,744	71,051	270,539	176,408
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229	687	687
Total comprehensive income	100,973	71,280	271,226	177,095
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(2,242)	(778)	(6,203)	(1,239)
Comprehensive income attributable to common shareholders/unitholders	$ 98,731	$ 70,502	$ 265,023	$ 175,856

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income	$ 270,539	$ 176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143,187	106,287
Amortization of debt issuance costs and bond discount	4,187	3,185
Equity in income of joint ventures	(6,832)	(4,126)
Distributions from unconsolidated joint ventures	12,710	10,359
Non-vested stock earned	5,226	4,603
Deferred income taxes	18	(43)
Other	(4,999)	(236)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(5,007)	(271)
Prepaid expenses	(3,272)	(3,562)
(Advances to) receipts from joint ventures	(753)	475
Accounts payable and other liabilities	22,488	10,402
Deferred revenue	3,906	4,614
Net cash provided by operating activities	441,398	308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired	(811,622)	(773,859)
Improvements, equipment additions, and construction in progress	(66,013)	(54,310)
Proceeds from sale of non-real estate assets	6,250	0
Return of investment in unconsolidated joint ventures	0	36,911
Investment in unconsolidated joint ventures	(77,755)	(57,397)
Property deposits	(2,220)	(11,914)
Net cash used in investing activities	(951,360)	(860,569)
Financing Activities
Net proceeds from sale of common stock/ partnership units	181,028	807,185
Proceeds from line of credit	1,017,000	459,000
Repayments of line of credit	(561,000)	(459,000)
Debt issuance costs	(5,994)	(88)
Dividends paid - common stock	(259,135)	(170,666)
Distributions to noncontrolling interest holders	(6,065)	(740)
Redemption of operating partnership units	(3,823)	(256)
Mortgage principal payments	(383)	(364)
Net cash provided by financing activities	361,628	635,071
Net (decrease) increase in cash and restricted cash	(148,334)	82,597
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	28,100	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	66,173	56,359
Cash paid for income taxes, net of refunds	2,526	940
Life Storage LP [Member]
Operating Activities
Net income	270,539	176,408
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	143,187	106,287
Amortization of debt issuance costs and bond discount	4,187	3,185
Equity in income of joint ventures	(6,832)	(4,126)
Distributions from unconsolidated joint ventures	12,710	10,359
Non-vested stock earned	5,226	4,603
Deferred income taxes	18	(43)
Other	(4,999)	(236)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(5,007)	(271)
Prepaid expenses	(3,272)	(3,562)
(Advances to) receipts from joint ventures	(753)	475
Accounts payable and other liabilities	22,488	10,402
Deferred revenue	3,906	4,614
Net cash provided by operating activities	441,398	308,095
Investing Activities
Acquisition of storage facilities, net of cash acquired	(811,622)	(773,859)
Improvements, equipment additions, and construction in progress	(66,013)	(54,310)
Proceeds from sale of non-real estate assets	6,250	0
Return of investment in unconsolidated joint ventures	0	36,911
Investment in unconsolidated joint ventures	(77,755)	(57,397)
Property deposits	(2,220)	(11,914)
Net cash used in investing activities	(951,360)	(860,569)
Financing Activities
Net proceeds from sale of common stock/ partnership units	181,028	807,185
Proceeds from line of credit	1,017,000	459,000
Repayments of line of credit	(561,000)	(459,000)
Debt issuance costs	(5,994)	(88)
Distributions to unitholders	(259,135)	(170,666)
Distributions to noncontrolling interest holders	(6,065)	(740)
Redemption of operating partnership units	(3,823)	(256)
Mortgage principal payments	(383)	(364)
Net cash provided by financing activities	361,628	635,071
Net (decrease) increase in cash and restricted cash	(148,334)	82,597
Cash and restricted cash at beginning of period	176,434	58,771
Cash and restricted cash at end of period	28,100	141,368
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	66,173	56,359
Cash paid for income taxes, net of refunds	$ 2,526	$ 940

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 nine-month period ended September 30, 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	9 Months Ended
	Sep. 30, 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 98.0 % ownership interest therein as of September 30, 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 September 30, 2022, we had an ownership interest in and/or managed 1,152 self-storage properties in 37 states. Among our 1,152 self-storage properties are 133 properties that we manage for unconsolidated joint ventures (see Note 10) and 267 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. Also included in our consolidated financial statements is one joint venture of which we own 83 % of the equity and are the primary beneficiary of the joint venture. 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 1,041,510 and 960,708 common noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively, and 3,523,113 and 3,590,603 preferred noncontrolling redeemable Operating Partnership Units outstanding at September 30, 2022 and December 31, 2021, respectively. 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 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 September 30, 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) Nine Months Beginning balance $ 142,892 Net income attributable to noncontrolling common 3,184 Issuance of units 11,996 Redemption of units ( 1,942 ) Distributions ( 3,044 ) Adjustment to redemption value ( 36,896 ) Ending balance $ 116,190 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) Nine Months Beginning balance $ 90,783 Net income attributable to noncontrolling preferred 3,002 Redemption of units ( 1,687 ) Distributions ( 3,021 ) Ending balance $ 89,077 Subsequent to September 30, 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 September 30, 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 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 Nine Months Nine Months Rental income $ 241,261 $ 182,937 $ 674,008 $ 496,316 Revenues related to tenant reinsurance 19,042 15,485 54,567 41,810 Management and acquisition fee 7,694 5,360 19,889 16,091 Other 4,957 4,474 15,025 13,189 Total operating revenues $ 272,954 $ 208,256 $ 763,489 $ 567,406 Management and acquisition fee income is included in other operating income in the consolidated statements of operations. During the nine months ended September 30, 2022, approximately 15 % and 16 % 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 and 2021, the Company recorded compensation expense of $ 1,822,000 and $ 1,683,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. For the nine months ended September 30, 2022 and 2021, the Company recorded compensation expense of $ 5,226,000 and $ 4,603,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. During the nine months ended September 30, 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 September 30, 2022 or the three and nine months ended September 30, 2021. During the nine months ended September 30, 2022, the Company issued 31,442 shares of non-vested stock to employees and directors which vest over periods ranging from one to five years from the respective grant dates. The per-share fair market value on the date of grant of the non-vested stock issued during the nine months ended September 30, 2022 ranged from $ 113.74 to $ 149.73 , resulting in an aggregate fair value of $ 3.9 million. During the three months ended September 30, 2022 and 2021, 3,869 and 563 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 2022 and 2021, 29,665 and 29,913 shares of non-vested stock, respectively, vested. During the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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) September 30, December 31, September 30, Cash $ 22,498 $ 171,865 $ 136,157 Restricted cash 5,602 4,569 5,211 Total cash and restricted cash $ 28,100 $ 176,434 $ 141,368

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022: (dollars in thousands) Cost: Beginning balance $ 7,090,457 Acquisition of wholly owned storage facilities 822,980 Consolidated joint venture self-storage facility acquisition 28,813 Improvements and equipment additions 48,281 Net increase in construction in progress 19,457 Dispositions ( 8,145 ) Ending balance $ 8,001,843 Accumulated Depreciation: Beginning balance $ 1,007,650 Additions during the period 127,134 Dispositions ( 6,701 ) Ending balance $ 1,128,083 The Company acquired 43 self-storage facilities during the nine months ended September 30, 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 Carrying Value of Noncontrolling Interest in Joint Venture Value of Operating Partnership Units Issued 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 NY 1 4/4/2022 35,802 5,557 30,186 - 59 10,287 25,280 235 FL 3 4/19/2022 52,343 52,060 - - 283 7,894 43,814 635 GA 1 4/22/2022 16,403 16,390 - - 13 1,333 14,903 167 MA 1 4/25/2022 20,083 20,087 - - ( 4 ) 810 19,041 232 FL 1 5/10/2022 17,218 17,112 - - 106 3,712 13,306 200 FL 1 5/12/2022 36,452 36,254 - - 198 5,101 31,079 272 NY 2 5/17/2022 32,487 32,374 - - 113 1,524 30,594 369 TX 1 5/17/2022 17,097 6,608 - 10,300 189 1,273 15,615 209 FL 1 5/31/2022 22,021 21,880 - - 141 3,563 18,171 287 CA 1 6/21/2022 12,675 12,641 - - 34 5,967 6,572 136 NC 1 7/6/2022 20,059 19,970 - - 89 428 19,428 203 NV 1 8/12/2022 29,113 29,154 - - ( 41 ) 2,354 26,512 247 NY 1 8/12/2022 29,000 24,130 4,915 - ( 45 ) 8,079 20,734 187 CA 1 8/23/2022 10,709 10,690 - - 19 1,324 9,292 93 AZ 1 8/24/2022 30,550 30,388 - - 162 3,959 26,255 336 MO 5 9/14/2022 93,103 91,820 - - 1,283 8,212 83,702 1,189 MA 1 9/21/2022 16,650 16,618 - - 32 640 15,819 191 FL 1 9/22/2022 17,363 17,233 - - 130 1,830 15,369 164 Total acquired in 2022 43 $ 860,638 $ 811,628 $ 35,101 $ 10,300 $ 3,609 $ 106,469 $ 745,324 $ 8,845 The facility purchased in New York during April 2022 was acquired as a result of the Company's acquisition of the remaining 14.2 % ownership interest in Life Storage 898 McDonald LLC ("McDonald"). Prior to this acquisition, McDonald was a joint venture between the Company and an otherwise unrelated third-party which had been accounted for by the Company using the equity method of accounting (see Note 10 for additional information on McDonald). The purchase price for this acquisition includes the carrying value of the Company's equity investment in McDonald of $ 30.2 million at the time of the acquisition. During August 2022, the Company purchased a self-storage facility in New York from an unrelated joint venture partner for total consideration of $ 29.0 million, which includes $ 4.9 million related to the seller's retained interest in the joint venture. The Company owns 83 % of this joint venture with the remaining 17 % owned by the Company's joint venture partner. Based on the facts and circumstances of the joint venture, the Company determined that the facility should be consolidated in accordance with ASC 810, Consolidation . The assets and liabilities of the property are included in the Company's consolidated balance sheets. Additionally included in the Company's consolidated balance sheets is the joint venture partner's noncontrolling interest, which totals $ 4.9 million at September 30, 2022 . The Company's net investment in the joint venture is $ 24.1 million at September 30, 2022. Non-cash investing activities during the nine months ended September 30, 2022 include the Company's equity investment in McDonald at carrying value, the issuance of $ 10.3 million of common operating partnership units valued based on the average closing price of the Parent Company's common stock over the 15 consecutive trading days immediately preceding the closing date, the noncontrolling interest in the self-storage facility acquired in New York, and the assumption of net other liabilities totaling $ 3.6 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) September 30, December 31, In-place customer leases $ 116,631 $ 107,786 Accumulated amortization ( 109,887 ) ( 93,820 ) Net carrying value at the end of period $ 6,744 $ 13,966 Amortization expense related to in-place customer leases was $ 5.0 million and $ 16.1 million for the three and nine months ended September 30, 2022, respectively, and $ 3.6 million and $ 8.4 million for the three and nine months ended September 30, 2021, respectively, and is included in depreciation and amortization expense in 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 have been identified for replacement. 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 a minimal change in depreciation expense during the three months ended September 30, 2022 and 2021 and an increase in depreciation expense of approximately $ 0.2 million and $ 2.5 million during the nine months ended September 30, 2022 and 2021, respectively. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of September 30, 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 and nine months ended September 30, 2022 and reduced both basic and diluted earnings per share/unit by approximately $ 0.03 for the nine months ended September 30, 2021 .

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	9 Months Ended
	Sep. 30, 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) September 30, December 31, Revolving line of credit borrowings $ 456,000 $ — 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 ( 14,266 ) ( 16,008 ) Less: unamortized senior term note discount ( 10,051 ) ( 11,154 ) Term notes payable $ 2,750,683 $ 2,747,838 Until July 13, 2022, the Company had maintained an unsecured amended credit agreement including a revolving credit facility with a limit of $ 500 million and a maturity date of March 10, 2023 . Such credit agreement provided 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 and required an annual facility fee on the revolving credit facility which varied based upon the Company’s credit rating (at December 31, 2021 the facility fee was 0.15 %). The interest rate on the Company’s revolving credit facility at December 31, 2021 was approximately 1.05 %. On July 13, 2022, the Company entered into an amended and restated credit facility which replaced the credit facility discussed above. Under the amended credit facility, the Company's revolving credit facility increased to $ 1.25 billion and the maturity date of such facility was extended to January 13, 2027 . The new revolving credit facility bears interest at a variable annual rate equal to Term SOFR plus a 0.10 % SOFR adjustment plus a margin based on the Company's credit rating (at September 30, 2022, the margin is 0.775 %) and requires an annual facility fee which varies based on the Company's credit rating (at September 30, 2022 , the facility fee is 0.15 %). At September 30, 2022, there was $ 793.9 million available on the unsecured line of credit. The interest rate on the Company’s line of credit at September 30, 2022 was approximately 3.94 %. The Company has the option under the new credit facility to increase the total aggregate borrowing capacity to $ 2.0 billion. 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. 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 (collectively the "Senior Notes") are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2022 and December 31, 2021. Amortization expense related to deferred debt issuance costs was $ 0.6 million for both of the three months ended September 30, 2022 and 2021 and $ 1.7 million and $ 1.8 million for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following: (dollars in thousands) September 30, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.0 4.33 %) $ 3,648 $ 3,728 5.26 % mortgage note due November 1, 2023 , secured by one 7.5 5.60 %) 3,588 3,650 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 53.6 million, principal and interest paid monthly 3.24 %) 22,233 22,427 4.44 % mortgage note due July 6, 2025 , secured by one 13.2 million, principal and interest paid monthly 4.51 %) 6,138 6,228 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.2 6.56 %) 847 997 Total mortgages payable $ 36,454 $ 37,030 The table below summarizes the Company’s debt obligations at September 30, 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 0.775 % ( 3.94 % at $ — $ — $ — $ — $ — $ 456,000 $ 456,000 $ 456,000 Notes Payable: Term note - fixed rate 4.533 % — — 175,000 — — — 175,000 170,325 Term note - fixed rate 3.50 % — — — — 600,000 — 600,000 551,359 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 408,515 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 176,252 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 309,177 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 298,381 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 437,083 Mortgage note - fixed rate 4.065 % 28 3,620 — — — — 3,648 3,597 Mortgage note - fixed rate 5.26 % 21 3,567 — — — — 3,588 3,538 Mortgage notes - fixed rate 4.4625 % — — 22,233 — — — 22,233 20,678 Mortgage note - fixed rate 4.44 % 31 126 131 5,850 — — 6,138 5,745 Mortgage note - fixed rate 5.99 % 53 216 229 243 106 — 847 839 Total $ 133 $ 7,529 $ 197,593 $ 6,093 $ 600,106 $ 2,456,000 $ 3,267,454

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 are summarized as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Accumulated other comprehensive loss beginning $ ( 3,666 ) $ ( 4,583 ) $ ( 4,124 ) $ ( 5,041 ) Realized loss reclassified from accumulated other 229 229 687 687 Accumulated other comprehensive loss end of period $ ( 3,437 ) $ ( 4,354 ) $ ( 3,437 ) $ ( 4,354 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 .

Investment in Joint Ventures

Investment in Joint Ventures	9 Months Ended
	Sep. 30, 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 37 20 % $ 63.8 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 % $ 13.6 million $ 13.9 million 191 V Life Storage Holdings LLC ("191 V") 3 17 20 % $ 27.8 million $ 27.4 million GII Life Storage Holdings LLC (“GII”) 4 13 35 % $ 49.0 million $ 51.5 million Life Storage HHF Wasatch Holdings LLC ("Wasatch") 5 15 20 % $ 51.2 million — Iskalo Office Holdings, LLC (“Iskalo”) 6 N/A 49 % ($ 2.3 million) ($ 2.4 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 13.9 million $ 14.5 million Life Storage 898 McDonald, LLC ("McDonald") 7 — 0 % — $ 30.0 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 8 N/A 50 % $ 4.6 million $ 1.5 million Joint ventures with properties in development stage 9 6 Various $ 18.8 million $ 4.7 million Other unconsolidated joint ventures (11 joint ventures) 10 10 Various $ 12.0 million $ 10.8 million 1 As of September 30, 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. In June 2022, Sovran HHF acquired one additional self-storage facility for cash consideration of $ 31.7 million. The Company made an additional contribution of $ 6.7 million as the Company's share of this transaction. 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 In July 2022, the Company executed a joint venture agreement, Life Storage HHF Wasatch Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In September 2022, Wasatch acquired 15 self-storage facilities for a total contractual purchase price of $ 262.0 million. During 2022, the Company contributed $ 51.5 million to Wasatch as the Company's share of the initial capital investment in the joint venture. At September 30, 2022 , the joint venture was under contract to acquire one additional self-storage facility for an aggregate purchase price of $ 22.5 million. 6 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 1.2 million and $ 1.1 million during the nine months ended September 30, 2022 and September 30, 2021, respectively. 7 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. 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. 8 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 and 2022, the Company contributed $ 1.6 million and $ 2.8 million, respectively, to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021 and one mortgage loan to a third-party in 2022. 9 The Company has entered into six separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, four 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 Tampa, FL, market. The Company has contributed an aggregate total of $ 18.8 million as its share of capital to these joint ventures. 10 Included in other unconsolidated joint ventures is LS HF8 COMREF Holdings LLC ("HF8"). During August 2022, the Company executed the HF8 joint venture agreement with an unrelated third party for the purpose of acquiring self-storage facilities and contributed $ 1.2 million as the Company's share of the initial capital investment in the joint venture during the three months ended September 30, 2022. At September 30, 2022 , the joint venture was under contract to acquire three self-storage facilities for an aggregate purchase price of $ 59.0 million. The acquisition of these facilities was completed during October 2022. 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 one of the joint ventures at September 30, 2022 is a variable interest entity (“VIE”) in accordance with ASC 810, “ Consolidation .” The Company has consolidated that joint venture as it was determined that the Company has substantive participation rights over the activities as stipulated in the joint venture agreement and is the primary beneficiary of the joint venture (see Note 5). The Company used the voting model under ASC 810 to determine whether or not to consolidate the remaining 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 these 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 $ 2.8 million and $ 2.3 million for the three months ended September 30, 2022 and 2021, respectively, and $ 7.9 million and $ 5.9 million for the nine months ended September 30, 2022 and 2021. The Company’s share of the unconsolidated joint ventures’ income is as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Sovran HHF $ 1,088 $ 846 $ 3,092 $ 2,247 Sovran HHF II 583 435 1,595 1,157 191 V 708 ( 240 ) 1,479 ( 229 ) Other unconsolidated joint ventures 420 436 666 951 $ 2,799 $ 1,477 $ 6,832 $ 4,126 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 ArrowMark 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	9 Months Ended
	Sep. 30, 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 $ 1.7 million and $ 3.6 million for the three and nine months ended September 30, 2022, respectively. Of these amounts, $ 0.9 million and $ 1.6 million are included in gain on sale of non-real estate assets for the three and nine months ended September 30, 2022, respectively, while the remainder is included in general and administrative expenses in the consolidated statements of operations. The Company recorded federal and state income tax expense of $ 0.7 million and $ 1.9 million for the three and nine months ended September 30, 2021, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At September 30, 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 September 30, 2022, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $ 0.5 million and a deferred tax liability of $ 1.9 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	9 Months Ended
	Sep. 30, 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 Nine Months Nine Months Numerator: Net income attributable to common shareholders $ 98,505 $ 70,274 $ 264,344 $ 175,172 Net income attributable to unvested restricted shares ( 172 ) ( 119 ) ( 151 ) ( 78 ) Net income attributable to outstanding common shares $ 98,333 $ 70,155 $ 264,193 $ 175,094 Effect of Dilutive Securities: Net income attributable to preferred units 999 — 999 — Numerator for diluted earnings per share $ 99,332 $ 70,155 $ 265,192 $ 175,094 Denominator: Denominator for basic earnings per share – weighted 84,473 78,961 84,129 77,135 Effect of Dilutive Securities: Stock options and non-vested stock 924 219 425 168 Denominator for diluted earnings per share – adjusted 85,397 79,180 84,554 77,303 Basic earnings per common share attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 Diluted earnings per common share attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 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 Nine Months Nine Months Numerator: Net income attributable to common unitholders $ 98,505 $ 70,274 $ 264,344 $ 175,172 Net income attributable to unvested restricted units ( 172 ) ( 119 ) ( 151 ) ( 78 ) Net income attributable to outstanding common units $ 98,333 $ 70,155 $ 264,193 $ 175,094 Effect of Dilutive Securities: Net income attributable to preferred units 999 — 999 — Numerator for diluted earnings per unit $ 99,332 $ 70,155 $ 265,192 $ 175,094 Denominator: Denominator for basic earnings per unit – weighted 84,473 78,961 84,129 77,135 Effect of Dilutive Securities: Stock options and non-vested stock 924 219 425 168 Denominator for diluted earnings per unit – adjusted 85,397 79,180 84,554 77,303 Basic earnings per common unit attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 Diluted earnings per common unit attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 126,980 unvested restricted shares for the three months ended September 30, 2022, and 111,260 unvested restricted shares for the three months ended September 30, 2021, because their effect would be antidilutive. Additionally, the effect of 3,523,113 preferred noncontrolling redeemable Operating Partnership Units are included in the effect of dilutive securities above for both earnings per share and earnings per unit for the three and nine months ended September 30, 2022 as if they were converted beginning at July 1, 2022 as such Units became redeemable during September 2022.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 Net proceeds from issuance of common stock 1 7,864 — — 7,865 Earned portion of non-vested stock — 1,743 — — 1,743 Carrying value less than redemption value on — ( 2 ) — — ( 2 ) Adjustment to redemption value on — — 27,930 — 27,930 Net income attributable to common — — 92,264 — 92,264 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 84,363 ) — ( 84,363 ) Balance June 30, 2022 $ 844 $ 3,801,203 $ ( 278,020 ) $ ( 3,666 ) $ 3,520,361 Net proceeds from issuance of common stock 6 80,213 — — 80,219 Earned portion of non-vested stock — 1,822 — — 1,822 Carrying value less than redemption value on — ( 191 ) — — ( 191 ) Adjustment to redemption value on — — ( 1,958 ) — ( 1,958 ) Net income attributable to common — — 98,505 — 98,505 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 91,135 ) — ( 91,135 ) Balance September 30, 2022 $ 850 $ 3,883,047 $ ( 272,608 ) $ ( 3,437 ) $ 3,607,852 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 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 — ( 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 Net proceeds from issuance of common stock 16 148,309 — — 148,325 Earned portion of non-vested stock — 1,467 — — 1,467 Carrying value less than redemption value on — ( 13 ) — — ( 13 ) Adjustment to redemption value on — — ( 7,142 ) — ( 7,142 ) Net income attributable to common shareholders — — 57,516 — 57,516 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 56,873 ) — ( 56,873 ) Balance June 30, 2021 $ 781 $ 3,002,782 $ ( 305,981 ) $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of common stock 39 478,292 — — 478,331 Earned portion of non-vested stock — 1,683 — — 1,683 Carrying value less than redemption value on — ( 15 ) — — ( 15 ) Adjustment to redemption value on — — ( 3,570 ) — ( 3,570 ) Net income attributable to common shareholders — — 70,274 — 70,274 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 57,953 ) — ( 57,953 ) Balance September 30, 2021 $ 820 $ 3,482,742 $ ( 297,230 ) $ ( 4,354 ) $ 3,181,978 On 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. The 2021 Equity Program was replaced on August 11, 2022 when the Company entered into a new continuous equity offering program ("2022 Equity Program") with multiple sales agents pursuant to which the Company is permitted to sell up to $ 1 billion 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. The 2020 Equity Program, 2021 Equity Program, and 2022 Equity Program are referred to collectively as the "Equity Programs." During the nine months ended September 30, 2022, the Company issued 1,352,833 shares of common stock under the Equity Programs at a weighted average issue price of $ 135.22 per share, generating net proceeds of $ 181.1 million after deducting $ 1.8 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 43 storage facilities acquired during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, the Company issued 4,838,200 shares of common stock under the Equity Programs at a weighted average issue price of $ 95.80 per share, generating net proceeds of $ 458.2 million after deducting $ 4.6 million of sales commissions paid to the sales agents, as well as other expenses of $ 0.7 million. The Company used such proceeds to fund a portion of the 62 storage facilities acquired during the nine months ended September 30, 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 nine months ended September 30, 2022 or during the nine months ended September 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Net proceeds from issuance of Operating Partnership 80 7,785 — 7,865 Earned portion of non-vested stock 17 1,726 — 1,743 Issuance of common Operating Partnership Units 103 ( 103 ) — — Carrying value less than redemption value on redeemed ( 2 ) — — ( 2 ) Adjustment to redemption value on noncontrolling — 27,930 — 27,930 Net income attributable to common unitholders 944 91,320 — 92,264 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 853 ) ( 83,510 ) — ( 84,363 ) Balance June 30, 2022 $ 37,277 $ 3,486,750 $ ( 3,666 ) $ 3,520,361 Net proceeds from issuance of Operating Partnership Units 802 79,417 — 80,219 Earned portion of non-vested stock 18 1,804 — 1,822 Issuance of common Operating Partnership Units 17 ( 17 ) — — Carrying value less than redemption value on redeemed ( 19 ) ( 172 ) — ( 191 ) Adjustment to redemption value on noncontrolling — ( 1,958 ) — ( 1,958 ) Net income attributable to common unitholders 1,011 97,494 — 98,505 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 923 ) ( 90,212 ) — ( 91,135 ) Balance September 30, 2022 $ 38,185 $ 3,573,104 $ ( 3,437 ) $ 3,607,852 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Net proceeds from issuance of Operating Partnership 1,483 146,842 — 148,325 Earned portion of non-vested stock 15 1,452 — 1,467 Carrying value less than redemption value on redeemed ( 1 ) ( 12 ) — ( 13 ) Adjustment to redemption value on noncontrolling — ( 7,142 ) — ( 7,142 ) Net income attributable to common unitholders 578 56,938 — 57,516 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 572 ) ( 56,301 ) — ( 56,873 ) Balance June 30, 2021 $ 27,287 $ 2,670,295 $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of Operating Partnership Units 4,783 473,548 — 478,331 Earned portion of non-vested stock 17 1,666 — 1,683 Issuance of common Operating Partnership Units 15 ( 15 ) — — Issuance of preferred Operating Partnership Units 898 ( 898 ) — — Carrying value less than redemption value on redeemed ( 1 ) ( 14 ) — ( 15 ) Adjustment to redemption value on noncontrolling — ( 3,570 ) — ( 3,570 ) Net income attributable to common unitholders 711 69,563 — 70,274 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 582 ) ( 57,371 ) — ( 57,953 ) Balance September 30, 2021 $ 33,130 $ 3,153,202 $ ( 4,354 ) $ 3,181,978

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022. At September 30, 2022 and December 31, 2021 , the Company’s aggregate right-of-use assets total $ 17.7 million and $ 19.5 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at September 30, 2022 and December 31, 2021 total $ 17.2 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 September 30, 2022 and 2021, respectively, and $ 2.0 million and $ 1.8 million for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 9.6 years and 4.59 % , respectively. At September 30, 2022, the Company has approximately $ 22.3 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 $ 518 2023 2,663 2024 2,584 2025 2,402 2026 2,483 Thereafter 11,697 Total $ 22,347 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at September 30, 2022 is the result of the impact of the discount rate on future minimum lease payments. At September 30, 2022 , the Company was under contract to acquire fifteen self-storage facilities for an aggregate purchase price of $ 280.3 million. During October 2022, the Company completed the acquisition of seven of these self-storage facilities for an aggregate purchase price of $ 142.0 million. Also during October 2022, the Company assigned the contract to acquire four of the stores under contract to an unconsolidated joint venture of the Company which completed the acquisition of these self-storage facilities for an aggregate purchase price of $ 67.5 million. The purchases of the remaining self-storage facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At September 30, 2022 , the Company was under contract to acquire four self-storage facilities with various joint venture partners for an aggregate purchase price of $ 81.5 million. During October, the Company and its partner completed the acquisition of three of these facilities for an aggregate purchase price of $ 59.0 million, of which the Company's share was $ 11.8 million. The purchase of the remaining self-storage facility is subject to customary conditions to closing, and there is no assurance that this facility will be acquired. At September 30, 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 $ 48.2 million under these contracts in 2022 and 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On October 3, 2022 , the Company declared a quarterly dividend of $ 1.08 per common share. The dividend was paid on October 26, 2022 to shareholders of record on October 14, 2022 . The total dividend paid amounted to $ 91.8 million. As discussed in Note 16, subsequent to September 30, 2022 , the Company acquired seven self-storage facilities for an aggregate purchase price of $ 142.0 million. As discussed in Notes 10 and 16, subsequent to September 30, 2022 , certain unconsolidated joint ventures of the Company acquired seven self-storage facilities for an aggregate purchase price of $ 126.5 million, of which the Company's share was $ 25.3 million.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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) Nine Months Beginning balance $ 142,892 Net income attributable to noncontrolling common 3,184 Issuance of units 11,996 Redemption of units ( 1,942 ) Distributions ( 3,044 ) Adjustment to redemption value ( 36,896 ) Ending balance $ 116,190
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) Nine Months Beginning balance $ 90,783 Net income attributable to noncontrolling preferred 3,002 Redemption of units ( 1,687 ) Distributions ( 3,021 ) Ending balance $ 89,077
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 Nine Months Nine Months Rental income $ 241,261 $ 182,937 $ 674,008 $ 496,316 Revenues related to tenant reinsurance 19,042 15,485 54,567 41,810 Management and acquisition fee 7,694 5,360 19,889 16,091 Other 4,957 4,474 15,025 13,189 Total operating revenues $ 272,954 $ 208,256 $ 763,489 $ 567,406

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 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) September 30, December 31, September 30, Cash $ 22,498 $ 171,865 $ 136,157 Restricted cash 5,602 4,569 5,211 Total cash and restricted cash $ 28,100 $ 176,434 $ 141,368

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the nine months ended September 30, 2022: (dollars in thousands) Cost: Beginning balance $ 7,090,457 Acquisition of wholly owned storage facilities 822,980 Consolidated joint venture self-storage facility acquisition 28,813 Improvements and equipment additions 48,281 Net increase in construction in progress 19,457 Dispositions ( 8,145 ) Ending balance $ 8,001,843 Accumulated Depreciation: Beginning balance $ 1,007,650 Additions during the period 127,134 Dispositions ( 6,701 ) Ending balance $ 1,128,083
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 Carrying Value of Noncontrolling Interest in Joint Venture Value of Operating Partnership Units Issued 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 NY 1 4/4/2022 35,802 5,557 30,186 - 59 10,287 25,280 235 FL 3 4/19/2022 52,343 52,060 - - 283 7,894 43,814 635 GA 1 4/22/2022 16,403 16,390 - - 13 1,333 14,903 167 MA 1 4/25/2022 20,083 20,087 - - ( 4 ) 810 19,041 232 FL 1 5/10/2022 17,218 17,112 - - 106 3,712 13,306 200 FL 1 5/12/2022 36,452 36,254 - - 198 5,101 31,079 272 NY 2 5/17/2022 32,487 32,374 - - 113 1,524 30,594 369 TX 1 5/17/2022 17,097 6,608 - 10,300 189 1,273 15,615 209 FL 1 5/31/2022 22,021 21,880 - - 141 3,563 18,171 287 CA 1 6/21/2022 12,675 12,641 - - 34 5,967 6,572 136 NC 1 7/6/2022 20,059 19,970 - - 89 428 19,428 203 NV 1 8/12/2022 29,113 29,154 - - ( 41 ) 2,354 26,512 247 NY 1 8/12/2022 29,000 24,130 4,915 - ( 45 ) 8,079 20,734 187 CA 1 8/23/2022 10,709 10,690 - - 19 1,324 9,292 93 AZ 1 8/24/2022 30,550 30,388 - - 162 3,959 26,255 336 MO 5 9/14/2022 93,103 91,820 - - 1,283 8,212 83,702 1,189 MA 1 9/21/2022 16,650 16,618 - - 32 640 15,819 191 FL 1 9/22/2022 17,363 17,233 - - 130 1,830 15,369 164 Total acquired in 2022 43 $ 860,638 $ 811,628 $ 35,101 $ 10,300 $ 3,609 $ 106,469 $ 745,324 $ 8,845
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) September 30, December 31, In-place customer leases $ 116,631 $ 107,786 Accumulated amortization ( 109,887 ) ( 93,820 ) Net carrying value at the end of period $ 6,744 $ 13,966

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	9 Months Ended
	Sep. 30, 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) September 30, December 31, Revolving line of credit borrowings $ 456,000 $ — 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 ( 14,266 ) ( 16,008 ) Less: unamortized senior term note discount ( 10,051 ) ( 11,154 ) Term notes payable $ 2,750,683 $ 2,747,838

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following: (dollars in thousands) September 30, December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- 7.0 4.33 %) $ 3,648 $ 3,728 5.26 % mortgage note due November 1, 2023 , secured by one 7.5 5.60 %) 3,588 3,650 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 53.6 million, principal and interest paid monthly 3.24 %) 22,233 22,427 4.44 % mortgage note due July 6, 2025 , secured by one 13.2 million, principal and interest paid monthly 4.51 %) 6,138 6,228 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.2 6.56 %) 847 997 Total mortgages payable $ 36,454 $ 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 0.775 % ( 3.94 % at $ — $ — $ — $ — $ — $ 456,000 $ 456,000 $ 456,000 Notes Payable: Term note - fixed rate 4.533 % — — 175,000 — — — 175,000 170,325 Term note - fixed rate 3.50 % — — — — 600,000 — 600,000 551,359 Term note - fixed rate 3.875 % — — — — — 450,000 450,000 408,515 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 176,252 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 309,177 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 298,381 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 437,083 Mortgage note - fixed rate 4.065 % 28 3,620 — — — — 3,648 3,597 Mortgage note - fixed rate 5.26 % 21 3,567 — — — — 3,588 3,538 Mortgage notes - fixed rate 4.4625 % — — 22,233 — — — 22,233 20,678 Mortgage note - fixed rate 4.44 % 31 126 131 5,850 — — 6,138 5,745 Mortgage note - fixed rate 5.99 % 53 216 229 243 106 — 847 839 Total $ 133 $ 7,529 $ 197,593 $ 6,093 $ 600,106 $ 2,456,000 $ 3,267,454

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three and nine months ended September 30, 2022 and 2021 are summarized as follows: (dollars in thousands) Three Months Three Months Nine Months Nine Months Accumulated other comprehensive loss beginning $ ( 3,666 ) $ ( 4,583 ) $ ( 4,124 ) $ ( 5,041 ) Realized loss reclassified from accumulated other 229 229 687 687 Accumulated other comprehensive loss end of period $ ( 3,437 ) $ ( 4,354 ) $ ( 3,437 ) $ ( 4,354 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 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 37 20 % $ 63.8 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 % $ 13.6 million $ 13.9 million 191 V Life Storage Holdings LLC ("191 V") 3 17 20 % $ 27.8 million $ 27.4 million GII Life Storage Holdings LLC (“GII”) 4 13 35 % $ 49.0 million $ 51.5 million Life Storage HHF Wasatch Holdings LLC ("Wasatch") 5 15 20 % $ 51.2 million — Iskalo Office Holdings, LLC (“Iskalo”) 6 N/A 49 % ($ 2.3 million) ($ 2.4 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 13.9 million $ 14.5 million Life Storage 898 McDonald, LLC ("McDonald") 7 — 0 % — $ 30.0 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 8 N/A 50 % $ 4.6 million $ 1.5 million Joint ventures with properties in development stage 9 6 Various $ 18.8 million $ 4.7 million Other unconsolidated joint ventures (11 joint ventures) 10 10 Various $ 12.0 million $ 10.8 million 1 As of September 30, 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. In June 2022, Sovran HHF acquired one additional self-storage facility for cash consideration of $ 31.7 million. The Company made an additional contribution of $ 6.7 million as the Company's share of this transaction. 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 In July 2022, the Company executed a joint venture agreement, Life Storage HHF Wasatch Holdings LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In September 2022, Wasatch acquired 15 self-storage facilities for a total contractual purchase price of $ 262.0 million. During 2022, the Company contributed $ 51.5 million to Wasatch as the Company's share of the initial capital investment in the joint venture. At September 30, 2022 , the joint venture was under contract to acquire one additional self-storage facility for an aggregate purchase price of $ 22.5 million. 6 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 1.2 million and $ 1.1 million during the nine months ended September 30, 2022 and September 30, 2021, respectively. 7 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. 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. 8 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 and 2022, the Company contributed $ 1.6 million and $ 2.8 million, respectively, to ArrowMark Venture as the Company's share of the funding of two mortgage loans to third-parties in 2021 and one mortgage loan to a third-party in 2022. 9 The Company has entered into six separate joint ventures, one of which is developing a self-storage facility in Ontario, Canada, four 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 Tampa, FL, market. The Company has contributed an aggregate total of $ 18.8 million as its share of capital to these joint ventures. 10 Included in other unconsolidated joint ventures is LS HF8 COMREF Holdings LLC ("HF8"). During August 2022, the Company executed the HF8 joint venture agreement with an unrelated third party for the purpose of acquiring self-storage facilities and contributed $ 1.2 million as the Company's share of the initial capital investment in the joint venture during the three months ended September 30, 2022. At September 30, 2022 , the joint venture was under contract to acquire three self-storage facilities for an aggregate purchase price of $ 59.0 million. The acquisition of these facilities was completed during October 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 Nine Months Nine Months Sovran HHF $ 1,088 $ 846 $ 3,092 $ 2,247 Sovran HHF II 583 435 1,595 1,157 191 V 708 ( 240 ) 1,479 ( 229 ) Other unconsolidated joint ventures 420 436 666 951 $ 2,799 $ 1,477 $ 6,832 $ 4,126

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Nine Months Numerator: Net income attributable to common shareholders $ 98,505 $ 70,274 $ 264,344 $ 175,172 Net income attributable to unvested restricted shares ( 172 ) ( 119 ) ( 151 ) ( 78 ) Net income attributable to outstanding common shares $ 98,333 $ 70,155 $ 264,193 $ 175,094 Effect of Dilutive Securities: Net income attributable to preferred units 999 — 999 — Numerator for diluted earnings per share $ 99,332 $ 70,155 $ 265,192 $ 175,094 Denominator: Denominator for basic earnings per share – weighted 84,473 78,961 84,129 77,135 Effect of Dilutive Securities: Stock options and non-vested stock 924 219 425 168 Denominator for diluted earnings per share – adjusted 85,397 79,180 84,554 77,303 Basic earnings per common share attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 Diluted earnings per common share attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 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 Nine Months Nine Months Numerator: Net income attributable to common unitholders $ 98,505 $ 70,274 $ 264,344 $ 175,172 Net income attributable to unvested restricted units ( 172 ) ( 119 ) ( 151 ) ( 78 ) Net income attributable to outstanding common units $ 98,333 $ 70,155 $ 264,193 $ 175,094 Effect of Dilutive Securities: Net income attributable to preferred units 999 — 999 — Numerator for diluted earnings per unit $ 99,332 $ 70,155 $ 265,192 $ 175,094 Denominator: Denominator for basic earnings per unit – weighted 84,473 78,961 84,129 77,135 Effect of Dilutive Securities: Stock options and non-vested stock 924 219 425 168 Denominator for diluted earnings per unit – adjusted 85,397 79,180 84,554 77,303 Basic earnings per common unit attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27 Diluted earnings per common unit attributable to $ 1.16 $ 0.89 $ 3.14 $ 2.27

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 Net proceeds from issuance of common stock 1 7,864 — — 7,865 Earned portion of non-vested stock — 1,743 — — 1,743 Carrying value less than redemption value on — ( 2 ) — — ( 2 ) Adjustment to redemption value on — — 27,930 — 27,930 Net income attributable to common — — 92,264 — 92,264 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 84,363 ) — ( 84,363 ) Balance June 30, 2022 $ 844 $ 3,801,203 $ ( 278,020 ) $ ( 3,666 ) $ 3,520,361 Net proceeds from issuance of common stock 6 80,213 — — 80,219 Earned portion of non-vested stock — 1,822 — — 1,822 Carrying value less than redemption value on — ( 191 ) — — ( 191 ) Adjustment to redemption value on — — ( 1,958 ) — ( 1,958 ) Net income attributable to common — — 98,505 — 98,505 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 91,135 ) — ( 91,135 ) Balance September 30, 2022 $ 850 $ 3,883,047 $ ( 272,608 ) $ ( 3,437 ) $ 3,607,852 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the nine months ended September 30, 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 — ( 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 Net proceeds from issuance of common stock 16 148,309 — — 148,325 Earned portion of non-vested stock — 1,467 — — 1,467 Carrying value less than redemption value on — ( 13 ) — — ( 13 ) Adjustment to redemption value on — — ( 7,142 ) — ( 7,142 ) Net income attributable to common shareholders — — 57,516 — 57,516 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 56,873 ) — ( 56,873 ) Balance June 30, 2021 $ 781 $ 3,002,782 $ ( 305,981 ) $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of common stock 39 478,292 — — 478,331 Earned portion of non-vested stock — 1,683 — — 1,683 Carrying value less than redemption value on — ( 15 ) — — ( 15 ) Adjustment to redemption value on — — ( 3,570 ) — ( 3,570 ) Net income attributable to common shareholders — — 70,274 — 70,274 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 57,953 ) — ( 57,953 ) Balance September 30, 2021 $ 820 $ 3,482,742 $ ( 297,230 ) $ ( 4,354 ) $ 3,181,978

Partners' Capital (Tables)

Partners' Capital (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Net proceeds from issuance of Operating Partnership 80 7,785 — 7,865 Earned portion of non-vested stock 17 1,726 — 1,743 Issuance of common Operating Partnership Units 103 ( 103 ) — — Carrying value less than redemption value on redeemed ( 2 ) — — ( 2 ) Adjustment to redemption value on noncontrolling — 27,930 — 27,930 Net income attributable to common unitholders 944 91,320 — 92,264 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 853 ) ( 83,510 ) — ( 84,363 ) Balance June 30, 2022 $ 37,277 $ 3,486,750 $ ( 3,666 ) $ 3,520,361 Net proceeds from issuance of Operating Partnership Units 802 79,417 — 80,219 Earned portion of non-vested stock 18 1,804 — 1,822 Issuance of common Operating Partnership Units 17 ( 17 ) — — Carrying value less than redemption value on redeemed ( 19 ) ( 172 ) — ( 191 ) Adjustment to redemption value on noncontrolling — ( 1,958 ) — ( 1,958 ) Net income attributable to common unitholders 1,011 97,494 — 98,505 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 923 ) ( 90,212 ) — ( 91,135 ) Balance September 30, 2022 $ 38,185 $ 3,573,104 $ ( 3,437 ) $ 3,607,852 The following is a reconciliation of the changes in total partners’ capital for the nine months ended September 30, 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 Net proceeds from issuance of Operating Partnership 1,483 146,842 — 148,325 Earned portion of non-vested stock 15 1,452 — 1,467 Carrying value less than redemption value on redeemed ( 1 ) ( 12 ) — ( 13 ) Adjustment to redemption value on noncontrolling — ( 7,142 ) — ( 7,142 ) Net income attributable to common unitholders 578 56,938 — 57,516 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 572 ) ( 56,301 ) — ( 56,873 ) Balance June 30, 2021 $ 27,287 $ 2,670,295 $ ( 4,583 ) $ 2,692,999 Net proceeds from issuance of Operating Partnership Units 4,783 473,548 — 478,331 Earned portion of non-vested stock 17 1,666 — 1,683 Issuance of common Operating Partnership Units 15 ( 15 ) — — Issuance of preferred Operating Partnership Units 898 ( 898 ) — — Carrying value less than redemption value on redeemed ( 1 ) ( 14 ) — ( 15 ) Adjustment to redemption value on noncontrolling — ( 3,570 ) — ( 3,570 ) Net income attributable to common unitholders 711 69,563 — 70,274 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 582 ) ( 57,371 ) — ( 57,953 ) Balance September 30, 2021 $ 33,130 $ 3,153,202 $ ( 4,354 ) $ 3,181,978

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 $ 518 2023 2,663 2024 2,584 2025 2,402 2026 2,483 Thereafter 11,697 Total $ 22,347

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2022 Property State $ / shares shares	Dec. 31, 2021 shares
Organization [Line Items]
Number of self-storage properties owned and managed	1,152
Number of states in which self-storage properties owned and managed | State	37
Number of properties managed under joint ventures	133
Number of properties managed with no ownership	267
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	1,152
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	15%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	16%
Warehouse Anywhere LLC [Member]
Organization [Line Items]
Equity Method Investment, Ownership Percentage	83%
Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	1,041,510	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	3,523,113	3,590,603
Life Storage LP [Member]
Organization [Line Items]
Ownership interest	98%

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Adjustment to redemption value	$ (1,958)	$ 27,930	$ 10,924	$ (3,570)	$ (7,142)	$ (2,358)
Ending balance	116,190						$ 116,190
Redeemable Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, beginning balance			$ 142,892				142,892
Net income attributable to noncontrolling interest in the Operating Partnership	1,231			$ 301			3,184	$ 760
Issuance of units							11,996
Redemption of units							(1,942)
Distributions							(3,044)
Adjustment to redemption value							(36,896)
Ending balance	$ 116,190						$ 116,190

Organization - Summary of Rec_2

Organization - Summary of Reconciliation of Preferred Noncontrolling Redeemable Operating Units (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			$ 90,783
Ending balance	$ 89,077		89,077
Redeemable Preferred Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Beginning balance			90,783
Net income attributable to noncontrolling interest in the Operating Partnership	999	$ 476	3,002	$ 476
Redemption of units			(1,687)
Distributions			(3,021)
Ending balance	$ 89,077		$ 89,077

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Rental income	$ 241,261	$ 182,937	$ 674,008	$ 496,316
Revenues related to tenant reinsurance	19,042	15,485	54,567	41,810
Total operating revenues	272,954	208,256	763,489	567,406
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	7,694	5,360	19,889	16,091
Tenant reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	19,042	15,485	54,567	41,810
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,957	$ 4,474	$ 15,025	$ 13,189

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 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	0	0	5,250	0
Number of shares of non-vested stock that vested	3,869	563	29,665	29,913
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,822,000	$ 1,683,000	$ 5,226,000	$ 4,603,000
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]
Shares of non-vested stock issued			31,442
Aggregate fair value			$ 3,900
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			1 year
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value			$ 113.74
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)			5 years
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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash	$ 22,498	$ 171,865	$ 136,157
Restricted cash	5,602	4,569	5,211
Total cash and restricted cash	$ 28,100	$ 176,434	$ 141,368	$ 58,771

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Cost:
Beginning balance	$ 7,090,457
Acquisition of wholly owned storage facilities	822,980
Consolidated joint venture self-storage facility acquisition	28,813
Improvements and equipment additions	48,281
Net increase in construction in progress	19,457
Dispositions	(8,145)
Ending balance	8,001,843
Accumulated Depreciation:
Beginning balance	1,007,650
Additions during the period	127,134
Dispositions	(6,701)
Ending balance	$ 1,128,083

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property $ / shares	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment Holdings [Line Items]
Number of storage facilities acquired | Property				43	62
Minority Interest Ownership Percentage	17%
Noncontrolling interest in consolidated subsidiary		$ 4,924		$ 4,924			$ 0
Net other liabilities assumed				$ (3,600)
Amortization period for in-place customer leases on a straight-line basis				12 months
Increase in depreciation expense due to facility replacement		200		$ 2,500
Issuance of Operating Partnership Units				10,300
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares					$ 0.03
NY [Member]
Investment Holdings [Line Items]
Ownership percentage in joint venture	83%
Carrying value of investment		24,100		24,100
Total consideration acquired	$ 29,000
Retained interest in joint venture	$ 4,900
Net investment in joint venture		24,100		24,100
Depreciation and Amortization Expense [Member]
Investment Holdings [Line Items]
Amortization expense related to in-place customer leases		$ 5,000	$ 3,600	16,100	$ 8,400
Life Storage 898 McDonald LLC [Member]
Investment Holdings [Line Items]
Issuance of Operating Partnership Units				$ 10,300
Life Storage 898 McDonald LLC [Member] | NY [Member]
Investment Holdings [Line Items]
Company common ownership interest						14.20%
Carrying value of investment						$ 30,200
Net investment in joint venture						$ 30,200

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 Property
Investment Holdings [Line Items]
Number of Properties | Property	43	62
Purchase Price	$ 860,638
Consideration paid, Cash Paid	811,628
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	35,101
Consideration paid, Value of Operating Partnership Units Issued	10,300
Consideration paid, Net Other Liabilities (Assets) Assumed	3,609
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	106,469
Acquisition Date Fair Value, In-Place Customer Leases	8,845
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 745,324
CA [Member] | Asset Acquired on 1/4/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	6
Date of Acquisition	Jan. 04, 2022
Purchase Price	$ 165,225
Consideration paid, Cash Paid	165,160
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	65
Acquisition Date Fair Value, In-Place Customer Leases	1,661
CA [Member] | Asset Acquired on 1/4/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	20,321
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	$ 143,243
CA [Member] | Asset Acquired on 6/21/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jun. 21, 2022
Purchase Price	$ 12,675
Consideration paid, Cash Paid	12,641
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	34
Acquisition Date Fair Value, In-Place Customer Leases	136
CA [Member] | Asset Acquired on 6/21/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	5,967
CA [Member] | Asset Acquired on 6/21/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 6,572
CA [Member] | Asset Acquired On 8/23/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 23, 2022
Purchase Price	$ 10,709
Consideration paid, Cash Paid	10,690
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	19
Acquisition Date Fair Value, In-Place Customer Leases	93
CA [Member] | Asset Acquired On 8/23/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,324
CA [Member] | Asset Acquired On 8/23/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 9,292
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, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	140
Acquisition Date Fair Value, In-Place Customer Leases	360
GA, NC, SC [Member] | Asset Acquired on 3/11/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,926
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	$ 44,300
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, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	638
Acquisition Date Fair Value, In-Place Customer Leases	1,317
IL, NC, TX [Member] | Asset Acquired on 3/15/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	12,292
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	$ 102,439
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, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	5
Acquisition Date Fair Value, In-Place Customer Leases	155
MD [Member] | Asset Acquired on 3/28/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,640
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	$ 19,856
NY [Member] | Asset Acquired on 4/4/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 04, 2022
Purchase Price	$ 35,802
Consideration paid, Cash Paid	5,557
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	30,186
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	59
Acquisition Date Fair Value, In-Place Customer Leases	235
NY [Member] | Asset Acquired on 4/4/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	10,287
NY [Member] | Asset Acquired on 4/4/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 25,280
NY [Member] | Asset Acquired on 5/17/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	May 17, 2022
Purchase Price	$ 32,487
Consideration paid, Cash Paid	32,374
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	113
Acquisition Date Fair Value, In-Place Customer Leases	369
NY [Member] | Asset Acquired on 5/17/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,524
NY [Member] | Asset Acquired on 5/17/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 30,594
NY [Member] | Asset Acquired On 8/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 12, 2022
Purchase Price	$ 29,000
Consideration paid, Cash Paid	24,130
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	4,915
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(45)
Acquisition Date Fair Value, In-Place Customer Leases	187
NY [Member] | Asset Acquired On 8/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	8,079
NY [Member] | Asset Acquired On 8/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 20,734
FL [Member] | Asset Acquired on 4/19/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Apr. 19, 2022
Purchase Price	$ 52,343
Consideration paid, Cash Paid	52,060
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	283
Acquisition Date Fair Value, In-Place Customer Leases	635
FL [Member] | Asset Acquired on 4/19/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	7,894
FL [Member] | Asset Acquired on 4/19/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 43,814
FL [Member] | Asset Acquired on 5/10/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 10, 2022
Purchase Price	$ 17,218
Consideration paid, Cash Paid	17,112
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	106
Acquisition Date Fair Value, In-Place Customer Leases	200
FL [Member] | Asset Acquired on 5/10/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,712
FL [Member] | Asset Acquired on 5/10/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 13,306
FL [Member] | Asset Acquired on 5/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 12, 2022
Purchase Price	$ 36,452
Consideration paid, Cash Paid	36,254
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	198
Acquisition Date Fair Value, In-Place Customer Leases	272
FL [Member] | Asset Acquired on 5/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	5,101
FL [Member] | Asset Acquired on 5/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 31,079
FL [Member] | Asset Acquired on 5/31/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 31, 2022
Purchase Price	$ 22,021
Consideration paid, Cash Paid	21,880
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	141
Acquisition Date Fair Value, In-Place Customer Leases	287
FL [Member] | Asset Acquired on 5/31/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,563
FL [Member] | Asset Acquired on 5/31/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 18,171
FL [Member] | Asset Acquired On 9/22/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Sep. 22, 2022
Purchase Price	$ 17,363
Consideration paid, Cash Paid	17,233
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	130
Acquisition Date Fair Value, In-Place Customer Leases	164
FL [Member] | Asset Acquired On 9/22/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,830
FL [Member] | Asset Acquired On 9/22/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,369
GA [Member] | Asset Acquired on 4/22/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 22, 2022
Purchase Price	$ 16,403
Consideration paid, Cash Paid	16,390
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	13
Acquisition Date Fair Value, In-Place Customer Leases	167
GA [Member] | Asset Acquired on 4/22/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,333
GA [Member] | Asset Acquired on 4/22/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 14,903
MA [Member] | Asset Acquired on 4/25/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Apr. 25, 2022
Purchase Price	$ 20,083
Consideration paid, Cash Paid	20,087
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(4)
Acquisition Date Fair Value, In-Place Customer Leases	232
MA [Member] | Asset Acquired on 4/25/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	810
MA [Member] | Asset Acquired on 4/25/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 19,041
MA [Member] | Asset Acquired On 9/21/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Sep. 21, 2022
Purchase Price	$ 16,650
Consideration paid, Cash Paid	16,618
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	32
Acquisition Date Fair Value, In-Place Customer Leases	191
MA [Member] | Asset Acquired On 9/21/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	640
MA [Member] | Asset Acquired On 9/21/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,819
TX [Member] | Asset Acquired on 5/17/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	May 17, 2022
Purchase Price	$ 17,097
Consideration paid, Cash Paid	6,608
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	10,300
Consideration paid, Net Other Liabilities (Assets) Assumed	189
Acquisition Date Fair Value, In-Place Customer Leases	209
TX [Member] | Asset Acquired on 5/17/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,273
TX [Member] | Asset Acquired on 5/17/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 15,615
NC [Member] | Asset Acquired On 7/6/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jul. 06, 2022
Purchase Price	$ 20,059
Consideration paid, Cash Paid	19,970
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	89
Acquisition Date Fair Value, In-Place Customer Leases	203
NC [Member] | Asset Acquired On 7/6/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	428
NC [Member] | Asset Acquired On 7/6/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 19,428
NV [Member] | Asset Acquired On 8/12/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 12, 2022
Purchase Price	$ 29,113
Consideration paid, Cash Paid	29,154
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	(41)
Acquisition Date Fair Value, In-Place Customer Leases	247
NV [Member] | Asset Acquired On 8/12/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	2,354
NV [Member] | Asset Acquired On 8/12/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 26,512
AZ [Member] | Asset Acquired On 8/24/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Aug. 24, 2022
Purchase Price	$ 30,550
Consideration paid, Cash Paid	30,388
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	162
Acquisition Date Fair Value, In-Place Customer Leases	336
AZ [Member] | Asset Acquired On 8/24/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	3,959
AZ [Member] | Asset Acquired On 8/24/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 26,255
MO [Member] | Asset Acquired On 9/14/2022 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	5
Date of Acquisition	Sep. 14, 2022
Purchase Price	$ 93,103
Consideration paid, Cash Paid	91,820
Consideration Paid, Carrying Value of Noncontrolling Interest in Joint Venture	0
Consideration paid, Value of Operating Partnership Units Issued	0
Consideration paid, Net Other Liabilities (Assets) Assumed	1,283
Acquisition Date Fair Value, In-Place Customer Leases	1,189
MO [Member] | Asset Acquired On 9/14/2022 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	8,212
MO [Member] | Asset Acquired On 9/14/2022 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, In-Place Customer Leases	$ 83,702

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
In-place customer leases	$ 116,631	$ 107,786
Accumulated amortization	(109,887)	(93,820)
Net carrying value at the end of period	$ 6,744	$ 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	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 456,000	$ 0
Total term note principal balance outstanding	2,775,000	2,775,000
Less: unamortized debt issuance costs	(14,266)	(16,008)
Less: unamortized senior term note discount	(10,051)	(11,154)
Term notes payable	2,750,683	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 ($)

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 13, 2022

Oct. 07, 2021

Sep. 23, 2020

Jun. 03, 2019

Dec. 07, 2017

Jul. 21, 2016

Jun. 20, 2016

Apr. 08, 2014

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Debt Instrument [Line Items]

Unamortized senior term note discount

$ 10,051,000

$ 10,051,000

$ 11,154,000

Underwriting discount and other offering expenses

5,994,000

$ 88,000

Amortization expense related to deferred debt issuance costs

$ 4,187,000

3,185,000

Maximum [Member]

Debt Instrument [Line Items]

Leverage ratio percentage

60%

Indenture covenant percentage on unencumbered assets

150%

Minimum [Member]

Debt Instrument [Line Items]

Interest coverage ratio on debt

1.5

SOFR[Member]

Debt Instrument [Line Items]

Basis spread over SOFR

0.775%

Facility fee

0.15%

Secured Debt [Member] | Maximum [Member]

Debt Instrument [Line Items]

Leverage ratio percentage

40%

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.

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%

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. 01, 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. 08, 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

600,000

$ 600,000

$ 1,700,000

$ 1,800,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Revolving credit limit

$ 1,250,000,000

$ 500,000,000

$ 500,000,000

Line of credit facility, expiration date

Jan. 13, 2027

Mar. 10, 2023

Facility fee

0.15%

Interest rate, line of credit facility

1.05%

Revolving Credit Facility [Member] | SOFR[Member]

Debt Instrument [Line Items]

Revolving credit limit

$ 2,000,000,000

Basis spread over SOFR

0.10%

Line of Credit [Member]

Debt Instrument [Line Items]

Interest rate, line of credit facility

3.94%

3.94%

Amount available on unsecured revolving line of credit

$ 793,900,000

$ 793,900,000

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Mortgages payable	$ 36,454	$ 37,030
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,648	3,728
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,588	3,650
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,233	22,427
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Mortgages payable	6,138	6,228
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 847	$ 997

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Facility
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7
Effective interest rate	4.33%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 01, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.5
Effective interest rate	5.60%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 06, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 53.6
Effective interest rate	3.24%
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage note due date	Jul. 06, 2025
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 13.2
Effective interest rate	4.51%
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 01, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.2
Effective interest rate	6.56%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Payables due 2022	$ 133
Payables due 2023	7,529
Payables due 2024	197,593
Payables due 2025	6,093
Payables due 2026	600,106
Payables due Thereafter	2,456,000
Debt obligations	3,267,454
Line of credit - variable rate SOFR + 0.775%(3.94% at September 30,2022)
Debt Instrument [Line Items]
Payables due Thereafter	456,000
Debt obligations	456,000
Debt instrument, fair value	456,000
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	170,325
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due 2026	600,000
Debt obligations	600,000
Term note, fair value	551,359
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	408,515
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	176,252
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	309,177
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	298,381
Term note - fixed rate 2.40% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	437,083
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2022	28
Payables due 2023	3,620
Debt obligations	3,648
Term note, fair value	3,597
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2022	21
Payables due 2023	3,567
Debt obligations	3,588
Term note, fair value	3,538
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,233
Debt obligations	22,233
Term note, fair value	20,678
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Payables due 2022	31
Payables due 2023	126
Payables due 2024	131
Payables due 2025	5,850
Debt obligations	6,138
Term note, fair value	5,745
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2022	53
Payables due 2023	216
Payables due 2024	229
Payables due 2025	243
Payables due 2026	106
Debt obligations	847
Term note, fair value	$ 839

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2022
Line of credit - variable rate SOFR + 0.775%(3.94% at September 30,2022)
Debt Instrument [Line Items]
Interest rate at end of period	3.94%
Basis spread over SOFR	0.775%
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%
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	9 Months Ended
	Sep. 30, 2022 USD ($)
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period			$ 3,378,999
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 229	$ 229	687	$ 687
Accumulated other comprehensive loss end of period	3,612,776		3,612,776
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	(3,666)	(4,583)	(4,124)	(5,041)
Accumulated other comprehensive loss end of period	$ (3,437)	$ (4,354)	$ (3,437)	$ (4,354)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	37
Company common ownership interest	20%
Carrying value of investment	$ 63,800,000	$ 58,700,000
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15%
Carrying value of investment	$ (2,500,000)	(2,400,000)
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20%
Carrying value of investment	$ 13,600,000	13,900,000
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20%
Carrying value of investment	$ 27,800,000	27,400,000
GII Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	13
Company common ownership interest	35%
Carrying value of investment	$ 49,000,000	51,500,000
Life Storage HHF Wasatch Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	15
Company common ownership interest	20%
Carrying value of investment	$ 51,200	0
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49%
Carrying value of investment	$ (2,300,000)	(2,400,000)
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40%
Carrying value of investment	$ 13,900,000	14,500,000
Life Storage 898 McDonald, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	0
Company common ownership interest	0%
Carrying value of investment		30,000,000
Life Storage ArrowMark Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	50%
Carrying value of investment	$ 4,600,000	1,500,000
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	Various
Carrying value of investment	$ 18,800,000	4,700,000
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	10
Company common ownership interest	Various
Carrying value of investment	$ 12,000,000	$ 10,800,000

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands			1 Months Ended											3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Apr. 01, 2021 USD ($)	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) Property	Aug. 31, 2022 USD ($)	Jul. 31, 2022 USD ($) Property	Jun. 30, 2022 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) Property	Oct. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) Property	Sep. 30, 2020 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Apr. 30, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property															43	62
Contribution of company to joint venture as share in capital														$ 1,200
Distributions from unconsolidated joint ventures															$ 12,710	$ 10,359
Rent paid during the period															1,200	$ 1,100
Mortgages payable	$ 36,454			$ 36,454					$ 37,030					36,454	36,454
Purchase price of business to be acquired				59,000
NY [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired					$ 29,000
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			$ 1,700										$ 1,700	$ 1,700
Total consideration acquired							$ 31,700
Additional contribution							$ 6,700
Company common ownership interest	20%			20%										20%	20%
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%			15%										15%	15%
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			$ 2,800							$ 1,600
Company common ownership interest	50%			50%										50%	50%
SNL Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs								$ 30,200
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%					5%
SNL Orix 1200 McDonald Ave., LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest											86%					86%
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property															6
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			1										1	1
Joint Ventures with Properties in Development Stage [Member] | NY [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	4			4										4	4
Joint Ventures with Properties in Development Stage [Member] | Tampa, FL [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	1			1										1	1
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired															$ 18,800
Life Storage HHF Wasatch Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property						15
Total consideration acquired						$ 262,000
Contribution of company to joint venture as share in capital						$ 51,500
Company common ownership interest	20%			20%										20%	20%
Purchase price of business to be acquired	$ 22,500
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired															$ 51,700
Distributions from unconsolidated joint ventures											$ 2,800

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures			$ 12,710	$ 10,359
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2,800	$ 2,300	$ 7,900	$ 5,900

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 2,799	$ 1,477	$ 6,832	$ 4,126
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	1,088	846	3,092	2,247
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	583	435	1,595	1,157
191 V Life Storage Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	708	(240)	1,479	(229)
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 420	$ 436	$ 666	$ 951

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2017	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0
Gains Losses On Sales Of Non Real Estate	(2,841)	0	(4,806)	0
Interest or penalties related to uncertain tax positions	0	0	0	0
Deferred tax assets	500		500			$ 400
Deferred tax liability	1,900		$ 1,900			$ 1,800
Corporate income tax rate			21%		35%
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)	1,700	$ 700	$ 3,600	$ 1,900
Gains Losses On Sales Of Non Real Estate	$ 900		$ 1,600

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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to common shareholders/unitholders	$ 98,505	$ 92,264	$ 73,575	$ 70,274	$ 57,516	$ 47,383	$ 264,344	$ 175,172
Net income attributable to unvested restricted shares	(172)			(119)			(151)	(78)
Net income attributable to outstanding common shares	$ 98,333			$ 70,155			$ 264,193	$ 175,094
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	84,472,979			78,961,434			84,129,261	77,135,429
Effect of Dilutive Securities:
Net income attributable to preferred units	999			0			999	0
Numerator for diluted earning per share	$ 99,332			$ 70,155			$ 265,192	$ 175,094
Stock options and non-vested stock	924,000			219,000			425,000	168,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	85,396,539			79,179,816			84,554,165	77,303,339
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 98,505	$ 92,264	$ 73,575	$ 70,274	$ 57,516	$ 47,383	$ 264,344	$ 175,172
Net income attributable to unvested restricted shares	(172)			(119)			(151)	(78)
Net income attributable to outstanding common shares	$ 98,333			$ 70,155			$ 264,193	$ 175,094
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	84,472,979			78,961,434			84,129,261	77,135,429
Effect of Dilutive Securities:
Net income attributable to preferred units	999			0			999	0
Numerator for diluted earning per share	$ 99,332			$ 70,155			$ 265,192	$ 175,094
Stock options and non-vested stock	924,000			219,000			425,000	168,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	85,396,539			79,179,816			84,554,165	77,303,339
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 1.16			$ 0.89			$ 3.14	$ 2.27

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 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	3,523,113
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	126,980	111,260

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning Balance	$ 3,520,361	$ 3,474,695	$ 3,378,999	$ 2,692,999	$ 2,549,490	$ 2,378,098	$ 3,378,999	$ 2,378,098
Net proceeds from issuance of common stock	80,219	7,865	92,771	478,331	148,325	180,529
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders	98,505	92,264	73,575	70,274	57,516	47,383	264,344	175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Dividends	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending Balance	3,607,852	3,520,361	3,474,695	3,181,978	2,692,999	2,549,490	3,607,852	3,181,978
Common Stock Shares [Member]
Beginning Balance	844	843	836	781	765	495	836	495
Net proceeds from issuance of common stock	6	1	7	39	16	18
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						252
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	850	844	843	820	781	765	850	820
Additional Paid-in Capital [Member]
Beginning Balance	3,801,203	3,791,598	3,697,000	3,002,782	2,853,019	2,671,311	3,697,000	2,671,311
Net proceeds from issuance of common stock	80,213	7,864	92,764	478,292	148,309	180,511
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Stock dividend						(252)
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	0	0	0	0	0	0
Ending Balance	3,883,047	3,801,203	3,791,598	3,482,742	3,002,782	2,853,019	3,883,047	3,482,742
Dividends in Excess of Net Income [Member]
Beginning Balance	(278,020)	(313,851)	(314,713)	(305,981)	(299,482)	(288,667)	(314,713)	(288,667)
Net proceeds from issuance of common stock	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders	98,505	92,264	73,575	70,274	57,516	47,383
Amortization of terminated hedge included in AOCL	0	0	0	0	0	0
Dividends	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending Balance	(272,608)	(278,020)	(313,851)	(297,230)	(305,981)	(299,482)	(272,608)	(297,230)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(3,666)	(3,895)	(4,124)	(4,583)	(4,812)	(5,041)	(4,124)	(5,041)
Net proceeds from issuance of common stock	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Stock dividend						0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Dividends	0	0	0	0	0	0
Ending Balance	$ (3,437)	$ (3,666)	$ (3,895)	$ (4,354)	$ (4,583)	$ (4,812)	$ (3,437)	$ (4,354)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)		9 Months Ended
	Jan. 04, 2021	Sep. 30, 2022 USD ($) Property $ / shares shares	Sep. 30, 2021 USD ($) Property $ / shares shares	Aug. 11, 2022 USD ($)	Jun. 15, 2021 USD ($)	Dec. 29, 2020 USD ($)	Aug. 02, 2017 USD ($)
Stockholders Equity [Line Items]
Number of storage facilities acquired | Property		43	62
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%
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			4,838,200
Weighted average issue price | $ / shares			$ 95.80
Proceeds from issuance of common stock			$ 458,200,000
Sales commissions paid			4,600,000
Other expenses			$ 700,000
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		1,352,833
Weighted average issue price | $ / shares		$ 135.22
Proceeds from issuance of common stock		$ 181,100,000
Sales commissions paid		$ 1,800,000
2022 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program				$ 1,000,000,000

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Partners Capital [Line Items]
Exercise of stock options			$ 173
Earned portion of non-vested stock	$ 1,822	$ 1,743	1,661	$ 1,683	$ 1,467	$ 1,453
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)		(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	98,505	92,264	73,575	70,274	57,516	47,383	$ 264,344	$ 175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,520,361	3,474,695	3,378,999	2,692,999	2,549,490	2,378,098	3,378,999	2,378,098
Net proceeds from issuance of Operating Partnership Units	80,219	7,865	92,771	478,331	148,325	180,529
Exercise of stock options			173
Earned portion of non-vested stock	1,822	1,743	1,661	1,683	1,467	1,453
Issuance of common Operating Partnership Units	0	0		0
Issuance of preferred Operating Partnership Units				0
Carrying value less than redemption value on redeemed noncontrolling interest	(191)	(2)	0	(15)	(13)	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	98,505	92,264	73,575	70,274	57,516	47,383	264,344	175,172
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Distributions	(91,135)	(84,363)	(83,637)	(57,953)	(56,873)	(55,840)
Ending balance of total controlling partners’ capital	3,607,852	3,520,361	3,474,695	3,181,978	2,692,999	2,549,490	3,607,852	3,181,978
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	37,277	36,986	36,131	27,287	25,782	24,045	36,131	24,045
Net proceeds from issuance of Operating Partnership Units	802	80	927	4,783	1,483	1,807
Exercise of stock options			2
Earned portion of non-vested stock	18	17	17	17	15	14
Issuance of common Operating Partnership Units	17	103		15
Issuance of preferred Operating Partnership Units				898
Carrying value less than redemption value on redeemed noncontrolling interest	(19)	(2)	(1)	1	(1)	(1)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	1,011	944	754	711	578	476
Amortization of terminated hedge included in AOCL	2	2	2	2	2	2
Distributions	(923)	(853)	(846)	(582)	(572)	(561)
Ending balance of total controlling partners’ capital	38,185	37,277	36,986	33,130	27,287	25,782	38,185	33,130
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	3,486,750	3,441,604	3,346,992	2,670,295	2,528,520	2,359,094	3,346,992	2,359,094
Net proceeds from issuance of Operating Partnership Units	79,417	7,785	91,844	473,548	146,842	178,722
Exercise of stock options			171
Earned portion of non-vested stock	1,804	1,726	1,644	1,666	1,452	1,439
Issuance of common Operating Partnership Units	(17)	(103)		(15)
Issuance of preferred Operating Partnership Units				(898)
Carrying value less than redemption value on redeemed noncontrolling interest	(172)	0	1	(14)	(12)	(3)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(1,958)	27,930	10,924	(3,570)	(7,142)	(2,358)
Net income attributable to common shareholders/unitholders	97,494	91,320	72,821	69,563	56,938	46,907
Amortization of terminated hedge included in AOCL	(2)	(2)	(2)	(2)	(2)	(2)
Distributions	(90,212)	(83,510)	(82,791)	(57,371)	(56,301)	(55,279)
Ending balance of total controlling partners’ capital	3,573,104	3,486,750	3,441,604	3,153,202	2,670,295	2,528,520	3,573,104	3,153,202
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0		0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(3,666)	(3,895)	(4,124)	(4,583)	(4,812)	(5,041)	(4,124)	(5,041)
Net proceeds from issuance of Operating Partnership Units	0	0	0	0	0	0
Exercise of stock options			0
Earned portion of non-vested stock	0	0	0	0	0	0
Issuance of common Operating Partnership Units	0	0		0
Issuance of preferred Operating Partnership Units				0
Carrying value less than redemption value on redeemed noncontrolling interest	0	0	0	0	0	0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	0	0	0	0	0	0
Net income attributable to common shareholders/unitholders	0	0	0	0	0	0
Amortization of terminated hedge included in AOCL	229	229	229	229	229	229
Distributions	0	0	0	0	0	0
Ending balance of total controlling partners’ capital	$ (3,437)	$ (3,666)	$ (3,895)	$ (4,354)	$ (4,583)	$ (4,812)	$ (3,437)	$ (4,354)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 01, 2022 USD ($) Property	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Dec. 31, 2021 USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets			$ 17,700	$ 17,700		$ 17,700		$ 19,500
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Other assets	Other assets		Other assets		Other assets
Operating lease liabilities			$ 17,200	$ 17,200		$ 17,200		$ 19,200
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses				$ 700	$ 600	$ 2,000	$ 1,800
Weighted average remaining lease term			9 years 7 months 6 days	9 years 7 months 6 days		9 years 7 months 6 days
Weighted average discount rate			4.59%	4.59%		4.59%
Operating lease commitments			$ 22,347	$ 22,347		$ 22,347
Purchase price of business to be acquired			$ 59,000
Number of storage facilities acquired | Property						43	62
Purchase Price						$ 860,638
Expansion and enhancement contracts						48,200
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired	$ 142,000					$ 280,300
Number of storage facilities acquired | Property	7					15
Self-storage Facilities [Member] | Corporate Joint Venture [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired	$ 59,000					$ 81,500
Number of storage facilities acquired | Property	3					4
Business combination share value owned	$ 11,800
Self-storage Facilities [Member] | Facility Acquired [Member]
Commitment And Contingencies [Line Items]
Purchase Price		$ 67,500

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 518
2023	2,663
2024	2,584
2025	2,402
2026	2,483
Thereafter	11,697
Total	$ 22,347

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)				1 Months Ended		9 Months Ended
	Oct. 14, 2022 USD ($)	Oct. 03, 2022 $ / shares	Oct. 01, 2022 USD ($) Property	Oct. 31, 2022 USD ($) Property	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 Property
Subsequent Event [Line Items]
Number of storage facilities acquired | Property						43	62
Purchase price of business to be acquired					$ 59,000,000
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property			7			15
Purchase price of business to be acquired			$ 142,000,000			$ 280,300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date		Oct. 03, 2022
Dividend per common share | $ / shares		$ 1.08
Dividend paid, date		Oct. 26, 2022
Dividend record, date		Oct. 14, 2022
Dividend paid	$ 91,800,000
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property				7
Total consideration acquired				$ 142,000,000
Purchase price of business to be acquired				126,500
Business combination share value owned				$ 25,300