Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LSI | |
Entity Registrant Name | LIFE STORAGE, INC. | |
Entity Central Index Key | 0000944314 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 85,089,732 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Security Exchange Name | NYSE | |
Entity File Number | 1-13820 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 16-1194043 | |
Entity Address, Address Line One | 6467 Main Street | |
Entity Address, City or Town | Williamsville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14221 | |
City Area Code | 716 | |
Local Phone Number | 633-1850 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Life Storage LP [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | LIFE STORAGE LP | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 85,089,732 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-24071 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1481551 | |
Entity Address, Address Line One | 6467 Main Street | |
Entity Address, City or Town | Williamsville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14221 | |
City Area Code | 716 | |
Local Phone Number | 633-1850 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment in storage facilities: | ||
Land | $ 1,309,475 | $ 1,307,425 |
Building, equipment, and construction in progress | 6,886,522 | 6,864,381 |
Real estate investment property, at cost, total | 8,195,997 | 8,171,806 |
Less: accumulated depreciation | (1,215,348) | (1,170,520) |
Investment in storage facilities, net | 6,980,649 | 7,001,286 |
Cash and cash equivalents | 32,765 | 24,406 |
Accounts receivable | 23,281 | 24,153 |
Receivable from unconsolidated joint ventures | 795 | 1,562 |
Investment in unconsolidated joint ventures | 276,436 | 275,190 |
Prepaid expenses | 14,165 | 10,363 |
Trade name | 16,500 | 16,500 |
Other assets | 31,963 | 34,270 |
Total Assets | 7,376,554 | 7,387,730 |
Liabilities | ||
Line of credit | 619,000 | 595,000 |
Term notes, net | 2,752,580 | 2,751,632 |
Accounts payable and accrued liabilities | 136,409 | 148,130 |
Deferred revenue | 34,530 | 33,192 |
Mortgages payable | 32,466 | 36,258 |
Total Liabilities | 3,574,985 | 3,564,212 |
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value | 30,090 | 89,077 |
Noncontrolling redeemable Common Operating Partnership Units | 201,373 | 107,074 |
Shareholders' Equity/ Partners' Capital | ||
Common stock $.01 par value, 200,000,000 shares authorized, 85,061,573 shares outstanding at March 31, 2023 (85,019,884 at December 31, 2022) | 851 | 850 |
Additional paid-in capital | 3,884,890 | 3,886,317 |
Dividends in excess of net income | (317,570) | (261,510) |
Accumulated other comprehensive loss | (2,978) | (3,207) |
Total Shareholders’ Equity | 3,565,193 | 3,622,450 |
Noncontrolling interest in consolidated subsidiary | 4,913 | 4,917 |
Total Equity | 3,570,106 | 3,627,367 |
Total Liabilities and Equity | 7,376,554 | 7,387,730 |
Life Storage LP [Member] | ||
Investment in storage facilities: | ||
Land | 1,309,475 | 1,307,425 |
Building, equipment, and construction in progress | 6,886,522 | 6,864,381 |
Real estate investment property, at cost, total | 8,195,997 | 8,171,806 |
Less: accumulated depreciation | (1,215,348) | (1,170,520) |
Investment in storage facilities, net | 6,980,649 | 7,001,286 |
Cash and cash equivalents | 32,765 | 24,406 |
Accounts receivable | 23,281 | 24,153 |
Receivable from unconsolidated joint ventures | 795 | 1,562 |
Investment in unconsolidated joint ventures | 276,436 | 275,190 |
Prepaid expenses | 14,165 | 10,363 |
Trade name | 16,500 | 16,500 |
Other assets | 31,963 | 34,270 |
Total Assets | 7,376,554 | 7,387,730 |
Liabilities | ||
Line of credit | 619,000 | 595,000 |
Term notes, net | 2,752,580 | 2,751,632 |
Accounts payable and accrued liabilities | 136,409 | 148,130 |
Deferred revenue | 34,530 | 33,192 |
Mortgages payable | 32,466 | 36,258 |
Total Liabilities | 3,574,985 | 3,564,212 |
Noncontrolling redeemable Preferred Operating Partnership Units at redemption value | 30,090 | 89,077 |
Noncontrolling redeemable Common Operating Partnership Units | 201,373 | 107,074 |
Shareholders' Equity/ Partners' Capital | ||
General partner (1 and 893,360 units outstanding at March 31, 2023 and December 31, 2022, respectively) | 38,019 | 38,247 |
Limited partners (1 and 84,126,524 units outstanding at March 31, 2023 and December 31, 2022, respectively) | 3,530,152 | 3,587,410 |
Accumulated other comprehensive loss | (2,978) | (3,207) |
Total Controlling Partners Capital | 3,565,193 | 3,622,450 |
Noncontrolling interest in consolidated subsidiary | 4,913 | 4,917 |
Total Partners' Capital | 3,570,106 | 3,627,367 |
Total Liabilities and Equity | $ 7,376,554 | $ 7,387,730 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 85,061,573 | 85,019,884 |
Life Storage LP [Member] | ||
Limited partners' redeemable capital interest, units outstanding | 1,602,323 | 1,041,260 |
General partner, units outstanding | 893,777 | 893,360 |
Limited partners, units outstanding | 84,167,796 | 84,126,524 |
Life Storage LP [Member] | Redeemable Preferred Stock [Member] | ||
Limited partners' redeemable capital interest, units outstanding | 1,190,407 | 3,523,113 |
Life Storage LP [Member] | Redeemable Common Stock Member | ||
Limited partners' redeemable capital interest, units outstanding | 1,602,323 | 1,041,260 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Rental income | $ 240,483 | $ 205,509 |
Total operating revenues | 273,602 | 233,490 |
Expenses | ||
Property operations and maintenance | 47,306 | 42,368 |
Tenant reinsurance | 9,220 | 6,847 |
Real estate taxes | 27,437 | 24,523 |
General and administrative | 27,818 | 15,826 |
Depreciation and amortization | 47,769 | 46,401 |
Total operating expenses | 159,550 | 135,965 |
Gain on sale of non-real estate assets | 686 | 0 |
Income from operations | 114,738 | 97,525 |
Other income (expenses) | ||
Interest expense | (33,113) | (24,240) |
Interest and dividend income | 12 | 15 |
Equity in income of joint ventures | 1,629 | 2,118 |
Net income | 83,266 | 75,418 |
Net loss attributable to noncontrolling interests in consolidated subsidiary | 5 | 0 |
Net income attributable to common shareholders | $ 81,608 | $ 73,575 |
Earnings per common share/unit attributable to common shareholders/unitholders - basic | $ 0.96 | $ 0.88 |
Earnings per common share/unit attributable to common shareholders/unitholders - diluted | $ 0.96 | $ 0.88 |
Common shares/units used in basic earnings per share/unit calculation | 84,935,860 | 83,644,426 |
Common shares/units used in diluted earnings per share/unit calculation | 85,378,412 | 83,837,773 |
Dividends/distributions declared per common share/unit | $ 1.20 | $ 1 |
Tenant reinsurance [Member] | ||
Revenues | ||
Other operating income | $ 20,291 | $ 17,267 |
Other operating income [Member] | ||
Revenues | ||
Other operating income | 12,828 | 10,714 |
Redeemable Preferred Stock [Member] | ||
Other income (expenses) | ||
Net income attributable to noncontrolling interest in the Operating Partnership | (330) | (996) |
Redeemable Common Stock [Member] | ||
Other income (expenses) | ||
Net income attributable to noncontrolling interest in the Operating Partnership | (1,333) | (847) |
Life Storage LP [Member] | ||
Revenues | ||
Rental income | 240,483 | 205,509 |
Total operating revenues | 273,602 | 233,490 |
Expenses | ||
Property operations and maintenance | 47,306 | 42,368 |
Tenant reinsurance | 9,220 | 6,847 |
Real estate taxes | 27,437 | 24,523 |
General and administrative | 27,818 | 15,826 |
Depreciation and amortization | 47,769 | 46,401 |
Total operating expenses | 159,550 | 135,965 |
Gain on sale of non-real estate assets | 686 | 0 |
Income from operations | 114,738 | 97,525 |
Other income (expenses) | ||
Interest expense | (33,113) | (24,240) |
Interest and dividend income | 12 | 15 |
Equity in income of joint ventures | 1,629 | 2,118 |
Net income | 83,266 | 75,418 |
Net loss attributable to noncontrolling interests in consolidated subsidiary | 5 | 0 |
Net income attributable to common shareholders | $ 81,608 | $ 73,575 |
Earnings per common share/unit attributable to common shareholders/unitholders - basic | $ 0.96 | $ 0.88 |
Earnings per common share/unit attributable to common shareholders/unitholders - diluted | $ 0.96 | $ 0.88 |
Common shares/units used in basic earnings per share/unit calculation | 84,935,860 | 83,644,426 |
Common shares/units used in diluted earnings per share/unit calculation | 85,378,412 | 83,837,773 |
Dividends/distributions declared per common share/unit | $ 1.20 | $ 1 |
Net income attributable to general partner | $ 833 | $ 754 |
Net income attributable to limited partners | 80,775 | 72,821 |
Life Storage LP [Member] | Tenant reinsurance [Member] | ||
Revenues | ||
Other operating income | 20,291 | 17,267 |
Life Storage LP [Member] | Other operating income [Member] | ||
Revenues | ||
Other operating income | 12,828 | 10,714 |
Life Storage LP [Member] | Redeemable Preferred Stock [Member] | ||
Other income (expenses) | ||
Net income attributable to noncontrolling interest in the Operating Partnership | (330) | (996) |
Life Storage LP [Member] | Redeemable Common Stock [Member] | ||
Other income (expenses) | ||
Net income attributable to noncontrolling interest in the Operating Partnership | $ (1,333) | $ (847) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ 83,266 | $ 75,418 |
Other comprehensive income: | ||
Effective portion of gain on derivatives net of reclassification to interest expense | 229 | 229 |
Total comprehensive income | 83,495 | 75,647 |
Comprehensive income attributable to noncontrolling interests in the Operating Partnership | 1,667 | (1,846) |
Comprehensive income attributable to common shareholders/unitholders | 81,828 | 73,801 |
Life Storage LP [Member] | ||
Net income | 83,266 | 75,418 |
Other comprehensive income: | ||
Effective portion of gain on derivatives net of reclassification to interest expense | 229 | 229 |
Total comprehensive income | 83,495 | 75,647 |
Comprehensive income attributable to noncontrolling interests in the Operating Partnership | (1,667) | (1,846) |
Comprehensive income attributable to common shareholders/unitholders | $ 81,828 | $ 73,801 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net income | $ 83,266 | $ 75,418 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 47,769 | 46,401 |
Amortization of debt issuance costs and bond discount | 1,537 | 1,328 |
Equity in income of joint ventures | (1,629) | (2,118) |
Distributions from unconsolidated joint ventures | 4,751 | 4,024 |
Non-vested stock earned | 1,764 | 1,661 |
Other | (3,915) | (149) |
Changes in assets and liabilities (excluding the effects of acquisitions): | ||
Accounts receivable | 872 | (406) |
Prepaid expenses | (3,654) | (2,396) |
Receipts from (advances to) joint ventures | 767 | (471) |
Accounts payable and other liabilities | (11,912) | (19,233) |
Deferred revenue | 1,338 | 1,284 |
Net cash provided by operating activities | 120,954 | 105,343 |
Investing Activities | ||
Acquisition of storage facilities, net of cash acquired | 0 | (350,662) |
Improvements, equipment additions, and construction in progress | (25,500) | (15,985) |
Proceeds from sale of non-real estate assets | 1,198 | 0 |
Investment in unconsolidated joint ventures | (4,122) | (3,450) |
Property deposits | 645 | 1,260 |
Net cash used in investing activities | (27,779) | (368,837) |
Financing Activities | ||
Net proceeds from sale of common stock | 0 | 92,943 |
Proceeds from line of credit | 110,000 | 170,000 |
Repayments of line of credit | (86,000) | (35,000) |
Dividends paid - common stock | (102,028) | (83,637) |
Distributions to noncontrolling interest holders | (2,249) | (1,978) |
Issuance of operating partnership units | 58,576 | 0 |
Redemption of operating partnership units | (58,318) | (75) |
Mortgage principal payments | (3,727) | (129) |
Net cash (used in) provided by financing activities | (83,746) | 142,124 |
Net increase (decrease) in cash and restricted cash | 9,429 | (121,370) |
Cash and restricted cash at beginning of period | 29,461 | 176,434 |
Cash and restricted cash at end of period | 38,890 | 55,064 |
Supplemental cash flow information | ||
Cash paid for interest, net of interest capitalized | 24,192 | 15,319 |
Cash paid (received) for income taxes, net of refunds | 59 | (172) |
Life Storage LP [Member] | ||
Operating Activities | ||
Net income | 83,266 | 75,418 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 47,769 | 46,401 |
Amortization of debt issuance costs and bond discount | 1,537 | 1,328 |
Equity in income of joint ventures | (1,629) | (2,118) |
Distributions from unconsolidated joint ventures | 4,751 | 4,024 |
Non-vested stock earned | 1,764 | 1,661 |
Other | (3,915) | (149) |
Changes in assets and liabilities (excluding the effects of acquisitions): | ||
Accounts receivable | 872 | (406) |
Prepaid expenses | (3,654) | (2,396) |
Receipts from (advances to) joint ventures | 767 | (471) |
Accounts payable and other liabilities | (11,912) | (19,233) |
Deferred revenue | 1,338 | 1,284 |
Net cash provided by operating activities | 120,954 | 105,343 |
Investing Activities | ||
Acquisition of storage facilities, net of cash acquired | 0 | (350,662) |
Improvements, equipment additions, and construction in progress | (25,500) | (15,985) |
Proceeds from sale of non-real estate assets | 1,198 | 0 |
Investment in unconsolidated joint ventures | (4,122) | (3,450) |
Property deposits | 645 | 1,260 |
Net cash used in investing activities | (27,779) | (368,837) |
Financing Activities | ||
Net proceeds from sale of partnership units | 0 | 92,943 |
Proceeds from line of credit | 110,000 | 170,000 |
Repayments of line of credit | (86,000) | (35,000) |
Distributions to unitholders | (102,028) | (83,637) |
Distributions to noncontrolling interest holders | (2,249) | (1,978) |
Issuance of operating partnership units | 58,576 | 0 |
Redemption of operating partnership units | (58,318) | (75) |
Mortgage principal payments | (3,727) | (129) |
Net cash (used in) provided by financing activities | (83,746) | 142,124 |
Net increase (decrease) in cash and restricted cash | 9,429 | (121,370) |
Cash and restricted cash at beginning of period | 29,461 | 176,434 |
Cash and restricted cash at end of period | 38,890 | 55,064 |
Supplemental cash flow information | ||
Cash paid for interest, net of interest capitalized | 24,192 | 15,319 |
Cash paid (received) for income taxes, net of refunds | $ 59 | $ (172) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 . |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
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 97.9 % ownership interest therein as of March 31, 2023, assuming the conversion of all preferred operating partnership units at that date. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership. At March 31, 2023, we had an ownership interest in and/or managed 1,210 self-storage properties in 37 states and the District of Columbia. Among our 1,210 self-storage properties are 142 properties that we manage for unconsolidated joint ventures (see Note 10) and 310 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. During the three months ended March 31, 2023 , 2,332,706 preferred Operating Partnership Units were converted to 561,063 common Operating Partnership Units. There were 1,602,323 and 1,041,260 common noncontrolling redeemable Operating Partnership Units outstanding at March 31, 2023 and December 31, 2022, respectively, and 1,190,407 and 3,523,113 preferred noncontrolling redeemable Operating Partnership Units outstanding at March 31, 2023 and December 31, 2022, 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. The value of common noncontrolling redeemable Operating Partnership Units at March 31, 2023 is 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 March 31, 2023. Accordingly, in the accompanying consolidated balance sheets, common noncontrolling redeemable Operating Partnership Units are reflected at the normal noncontrolling interest accounting amount at December 31, 2022 and at redemption value at March 31, 2023. The redemption value of the common noncontrolling redeemable Operating Partnership Units was less than the normal noncontrolling interest amount at December 31, 2022. ASC Topic 480-10-S99 requires the preferred noncontrolling redeemable Operating Partnership Units to be valued at fair value as of the date of issuance and to continue to be recorded at the value determined at initial measurement plus any accrued distributions. The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 107,074 Net income attributable to noncontrolling common 1,333 Issuance of units 58,576 Distributions ( 1,250 ) Adjustment to redemption value 35,640 Ending balance $ 201,373 The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 89,077 Net income attributable to noncontrolling preferred 330 Redemption of units ( 58,318 ) Distributions ( 999 ) Ending balance $ 30,090 The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Rental income $ 240,483 $ 205,509 Tenant reinsurance 20,291 17,267 Management and acquisition fee income 6,933 5,856 Other 5,895 4,858 Total operating revenues $ 273,602 $ 233,490 Management and acquisition fee income is included in other operating income in the consolidated statements of operations. During the three months ended March 31, 2023, approximately 15 % and 15 % of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 3. STOCK BASED COMPENSATION The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “ Compensation - Stock Compensation. ” The Company recognizes compensation cost in its financial statements for all share-based payments granted, modified, or settled during the period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period. For the three months ended March 31, 2023 and 2022, the Company recorded compensation expense of $ 1,764,000 and $ 1,661,000 , respectively, related to amortization of non-vested stock grants and performance-based awards. During the three months ended March 31, 2023 , no options were exercised by directors of the Company. During the three months ended March 31, 2022 , 5,250 options were exercised by directors of the Company at a weighted average exercise price of $ 32.95 per share. During the three months ended March 31, 2023, the Company issued 5,400 shares of non-vested stock to employees which vest over a period of 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 three months ended March 31, 2023 was $ 97.32 , resulting in an aggregate fair value of $ 0.5 million. During the three months ended March 31, 2023 and 2022, 17,663 and 9,079 shares of non-vested stock, respectively, vested. During the three months ended March 31, 2023, the Company granted performance-based awards that entitle recipients to earn up to 10,000 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 $ 0.6 million. |
Cash and Restricted Cash
Cash and Restricted Cash | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Restricted Cash | 4. CASH AND RESTRICTED CASH Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, 2023 December 31, March 31, 2022 Cash $ 32,765 $ 24,406 $ 50,206 Restricted cash 6,125 5,055 4,858 Total cash and restricted cash $ 38,890 $ 29,461 $ 55,064 |
Investment in Storage Facilitie
Investment in Storage Facilities and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Investment in Storage Facilities and Intangible Assets | 5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the three months ended March 31, 2023: (dollars in thousands) Cost: Beginning balance $ 8,171,806 Improvements and equipment additions 22,365 Net increase in construction in progress 3,232 Dispositions ( 1,406 ) Ending balance $ 8,195,997 Accumulated Depreciation: Beginning balance $ 1,170,520 Additions during the period 45,722 Dispositions ( 894 ) Ending balance $ 1,215,348 The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method. In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, 2023 December 31, In-place customer leases $ 118,216 $ 118,216 Accumulated amortization ( 116,058 ) ( 114,005 ) Net carrying value at the end of period $ 2,158 $ 4,211 Amortization expense related to in-place customer leases was $ 2.1 million and $ 5.6 million for the three months ended March 31, 2023 and 2022 , respectively, and is included in depreciation and amortization expense in the consolidated statements of operations. |
Unsecured Line of Credit and Te
Unsecured Line of Credit and Term Notes | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured Line of Credit and Term Notes | 6. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, 2023 December 31, Revolving line of credit borrowings $ 619,000 $ 595,000 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 ( 13,104 ) ( 13,685 ) Less: unamortized senior term note discount ( 9,316 ) ( 9,683 ) Term notes payable $ 2,752,580 $ 2,751,632 The Company's unsecured amended and restated credit facility includes a revolving credit facility with a limit of $ 1.25 billion and a maturity date of January 13, 2027 . The 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 March 31, 2023, the margin is 0.775 %) and requires an annual facility fee which varies based on the Company's credit rating (at March 31, 2023, the facility fee is 0.15 %). The interest rate on the Company’s revolving credit facility at March 31, 2023 was approximately 5.68 % ( 5.20 % at December 31, 2022). At March 31, 2023, there was $ 630.9 million available on the unsecured line of credit. The Company has the option under the 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 March 31, 2023, the Company was in compliance with such covenants. On July 21, 2016, the Company entered into a $ 200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67 %. On April 8, 2014, the Company entered into a $ 175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533 %. The interest rate on the term note increases to 6.283 % if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At March 31, 2023, the Company was in compliance with such covenants. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at March 31, 2023, the entire availability on the line of credit could be drawn without violating our debt covenants. The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control. Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at March 31, 2023 and December 31, 2022. Amortization expense related to deferred debt issuance costs was $ 0.9 million and $ 0.7 million for the three months ended March 31, 2023 and 2022 , respectively, and is included in interest expense in the consolidated statements of operations. |
Mortgages Payable and Debt Matu
Mortgages Payable and Debt Maturities | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Mortgages Payable and Debt Maturities | 7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2023 and December 31, 2022 consist of the following: (dollars in thousands) March 31, 2023 December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- $ — $ 3,620 5.26 % mortgage note due November 1, 2023 , secured by one 7.7 8.50 %) 3,544 3,566 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 53.2 million, principal and interest paid monthly 3.20 %) 22,105 22,169 4.44 % mortgage note due July 6, 2025 , secured by one 13.0 million, principal and interest paid monthly 4.44 %) 6,075 6,108 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.2 6.66 %) 742 795 Total mortgages payable $ 32,466 $ 36,258 On March 31, 2023, the Company paid the remaining outstanding principal balance on the 4.065 % mortgage note due April 1, 2023 . The table below summarizes the Company’s debt obligations at March 31, 2023 . 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) 2023 2024 2025 2026 2027 Thereafter Total Fair Line of credit - variable rate 0.775 % ( 5.68 % at $ — $ — $ — $ — $ 619,000 $ — $ 619,000 $ 619,000 Notes Payable: Term note - fixed rate 4.533 % — 175,000 — — — — 175,000 170,785 Term note - fixed rate 3.50 % — — — 600,000 — — 600,000 567,557 Term note - fixed rate 3.875 % — — — — 450,000 — 450,000 423,097 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 183,277 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 322,533 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 316,610 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 462,816 Mortgage note - fixed rate 5.26 % 3,544 — — — — — 3,544 3,502 Mortgage notes - fixed rate 4.4625 % — 22,105 — — — — 22,105 20,943 Mortgage note - fixed rate 4.44 % 94 131 5,850 — — — 6,075 5,798 Mortgage note - fixed rate 5.99 % 163 229 243 107 — — 742 741 Total $ 3,801 $ 197,465 $ 6,093 $ 600,107 $ 1,069,000 $ 1,550,000 $ 3,426,466 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 8. DERIVATIVE FINANCIAL INSTRUMENTS In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for approximately $ 9.2 million. The $ 9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year term of the 2026 Senior Notes or until such time as interest payments on the 2026 Senior Notes are no longer probable. Such amortization is included in amortization of debt issuance costs and bond discount in the consolidated statements of cash flows. The changes in AOCL for the three months ended March 31, 2023 and 2022 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning $ ( 3,207 ) $ ( 4,124 ) Realized loss reclassified from accumulated other 229 229 Accumulated other comprehensive loss end of period $ ( 2,978 ) $ ( 3,895 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. FAIR VALUE MEASUREMENTS The Company applies the provisions of ASC Topic 820 “ Fair Value Measurements and Disclosures ” in determining the fair value of its financial and nonfinancial assets and liabilities. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of March 31, 2023 and December 31, 2022 . |
Investment in Joint Ventures
Investment in Joint Ventures | 3 Months Ended |
Mar. 31, 2023 | |
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 % $ 63.0 million $ 63.6 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 22 15 % ($ 2.6 million) ($ 2.4 million) Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.8 million $ 13.7 million 191 V Life Storage Holdings LLC ("191 V") 17 20 % $ 26.9 million $ 27.5 million GII Life Storage Holdings LLC (“GII”) 13 35 % $ 48.0 million $ 48.6 million LS HF8 ComRef LLC ("HF8") 2 3 20 % $ 11.8 million $ 11.9 million LS HF9 ComRef Texas LLC ("HF9") 3 4 20 % $ 13.6 million $ 13.7 million Life Storage HHF Wasatch Holdings LLC ("Wasatch") 4 16 20 % $ 56.4 million $ 52.8 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.3 million) ($ 2.3 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 13.5 million $ 13.7 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 6 N/A 50 % $ 5.9 million $ 5.9 million Joint ventures with properties in development stage 7 5 Various $ 16.1 million $ 16.1 million Other unconsolidated joint ventures 6 Various $ 7.4 million $ 7.6 million 1 As of March 31, 2023 , 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 $ 33.4 million. The Company made an additional contribution of $ 6.7 million as the Company's share of this transaction. 2 In August 2022, the Company executed a joint venture agreement, LS HF8 ComRef LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In October 2022, HF8 acquired three self-storage facilities for a total contractual purchase price of $ 59.0 million. During 2022, the Company contributed $ 12.0 million to HF8 as the Company's share of the initial capital investment in the joint venture. 3 In October 2022, the Company executed a joint venture agreement, LS HF9 ComRef Texas LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In October 2022, HF9 acquired four self-storage facilities for a total contractual purchase price of $ 67.5 million. During 2022, the Company contributed $ 13.8 million to HF9 as the Company's share of the initial capital investment in the joint venture. 4 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 $ 53.4 million to Wasatch as the Company's share of the initial capital investment in the joint venture. In February 2023, Wasatch acquired one additional self-storage facility for a total contractual purchase price of $ 22.4 million. During 2023, the Company made an additional contribution of $ 4.1 million as the Company's share of the cash required to fund this acquisition. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 0.4 million during each of the three months ended March 31, 2023 and March 31, 2022. 6 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 2022, the Company contributed $ 4.2 million to ArrowMark Venture as the Company's share of the funding of mortgage loans to third-parties. No contributions were made during 2023. 7 The Company has entered into five separate joint ventures, 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 no t made any contributions to these joint ventures during 2023. 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 March 31, 2023 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. 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 $ 3.1 million and $ 2.5 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s share of the unconsolidated joint ventures’ income is as follows: (dollars in thousands) Three Months Three Months Sovran HHF $ 1,015 $ 960 Sovran HHF II 539 475 191 V ( 328 ) 633 Other unconsolidated joint ventures 403 50 $ 1,629 $ 2,118 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 self-storage facilities, 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 1.2 million for the three months ended March 31, 2023. Of this amount, $ 0.2 million is included in gain on sale of non-real estate assets 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 $ 0.4 million for the three months ended March 31, 2022. This amount is included in general and administrative expenses in the consolidated statements of operations. At March 31, 2023 and 2022 , there were no material unrecognized tax benefits, and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of March 31, 2023, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $ 0.6 million and a deferred tax liability of $ 2.1 million. As of December 31, 2022 , the Company’s taxable REIT subsidiaries had deferred tax assets of $ 0.5 million and a deferred tax liability of $ 2.0 million. The tax years 2019 - 2022 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35 % to a flat 21 % rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries. |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 3 Months Ended |
Mar. 31, 2023 | |
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 of the Parent Company utilizing the two-class method. (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 81,608 $ 73,575 Denominator: Denominator for basic earnings per share – weighted 84,936 83,644 Effect of Dilutive Securities: Stock options and non-vested stock 442 194 Denominator for diluted earnings per share – adjusted 85,378 83,838 Basic earnings per common share attributable to $ 0.96 $ 0.88 Diluted earnings per common share attributable to $ 0.96 $ 0.88 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit of the Operating Partnership utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 81,608 $ 73,575 Denominator: Denominator for basic earnings per unit – weighted 84,936 83,644 Effect of Dilutive Securities: Stock options and non-vested stock 442 194 Denominator for diluted earnings per unit – adjusted 85,378 83,838 Basic earnings per common unit attributable to $ 0.96 $ 0.88 Diluted earnings per common unit attributable to $ 0.96 $ 0.88 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 144,992 unvested restricted shares for the three months ended March 31, 2023, and 123,436 unvested restricted shares for the three months ended March 31, 2022, because their effect would be antidilutive. Additionally, the effect of 1,190,407 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 months ended March 31, 2023 as such Units became redeemable during September 2022. The effect of 3,590,603 preferred noncontrolling redeemable Operating Partnership Units is not included in the effect of dilutive securities above for both earnings per share and earnings per unit for the three months ended March 31, 2022 as such Units were not redeemable at March 31, 2022 . |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | 13. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2023: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2022 $ 850 $ 3,886,317 $ ( 261,510 ) $ ( 3,207 ) $ 3,622,450 Net impact of restricted stock issued and 1 ( 3,221 ) — — ( 3,220 ) Deferred compensation of Directors — 30 — — 30 Earned portion of non-vested stock — 1,764 — — 1,764 Adjustment to redemption value on — — ( 35,640 ) — ( 35,640 ) Net income attributable to common — — 81,608 — 81,608 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 102,028 ) — ( 102,028 ) Balance March 31, 2023 $ 851 $ 3,884,890 $ ( 317,570 ) $ ( 2,978 ) $ 3,565,193 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2022: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2021 $ 836 $ 3,697,000 $ ( 314,713 ) $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of common stock 7 92,764 — — 92,771 Exercise of stock options — 173 — — 173 Earned portion of non-vested stock — 1,661 — — 1,661 Adjustment to redemption value on — — 10,924 — 10,924 Net income attributable to common shareholders — — 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 On June 15, 2021, the Company entered into a continuous equity offering program ("2021 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 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 common 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 2021 Equity Program and the 2022 Equity Program are referred to collectively as the "Equity Programs." During the three months ended March 31, 2023 , the Company did no t issue any shares of common stock under the Equity Programs. During the three months ended March 31, 2022, the Company issued 686,712 shares of common stock under the Equity Programs at a weighted average issue price of $ 136.48 per share, generating net proceeds of $ 92.8 million after deducting $ 0.9 million of sales commissions paid to the sales agents (all other related expenses were minor during the period). The Company used such proceeds to fund a portion of the 18 storage facilities acquired during the three months ended March 31, 2022. On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $ 200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did no t repurchase any outstanding common shares under the Buyback Program during the three months ended March 31, 2023 or during the three months ended March 31, 2022. In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did no t issue any shares under the Dividend Reinvestment Plan during the three months ended March 31, 2023 and 2022 . |
Partners' Capital
Partners' Capital | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Partners' Capital | 14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 2023: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2022 $ 38,247 $ 3,587,410 $ ( 3,207 ) $ 3,622,450 Net impact of restricted stock issued and ( 32 ) ( 3,188 ) — ( 3,220 ) Deferred compensation of Directors 1 29 — 30 Earned portion of non-vested stock 18 1,746 — 1,764 Adjustment to redemption value on noncontrolling — ( 35,640 ) — ( 35,640 ) Net income attributable to common unitholders 816 80,792 — 81,608 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 1,033 ) ( 100,995 ) — ( 102,028 ) Balance March 31, 2023 $ 38,019 $ 3,530,152 $ ( 2,978 ) $ 3,565,193 The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 2022: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2021 $ 36,131 $ 3,346,992 $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of Operating Partnership 927 91,844 — 92,771 Exercise of stock options 2 171 — 173 Earned portion of non-vested stock 17 1,644 — 1,661 Carrying value less than redemption value on redeemed ( 1 ) 1 — — Adjustment to redemption value on noncontrolling — 10,924 — 10,924 Net income attributable to common unitholders 754 72,821 — 73,575 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 846 ) ( 82,791 ) — ( 83,637 ) Balance March 31, 2022 $ 36,986 $ 3,441,604 $ ( 3,895 ) $ 3,474,695 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment and Contingencies | 15. COMMITMENT AND CONTINGENCIES The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of warehousing and corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of March 31, 2023. At March 31, 2023 and December 31, 2022 , the Company’s aggregate right-of-use assets total $ 17.1 million and $ 17.4 million, respectively, and are included in other assets on the consolidated balance sheets. The related lease liabilities at March 31, 2023 and December 31, 2022 total $ 16.9 million and $ 17.1 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheets. Expenses related to operating leases totaled $ 0.7 million for both the three months ended March 31, 2023 and 2022. At March 31, 2023, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 9.3 years and 4.60 % , respectively. At March 31, 2023, the Company has approximately $ 21.3 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2023 $ 2,146 2024 2,584 2025 2,402 2026 2,483 2027 2,524 Thereafter 9,173 Total $ 21,312 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at March 31, 2023 is the result of the impact of the discount rate on future minimum lease payments. At March 31, 2023 , the Company was under contract to acquire three self-storage facilities for an aggregate purchase price of $ 60.0 million. The purchase of these self-storage facilities is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At March 31, 2023, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $ 48.7 million under these contracts in 2023 and 2024. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS On April 2, 2023, the Company entered into an agreement and plan of merger (the "Merger Agreement") by and among the Parent Company, the Operating Partnership, Extra Space Storage Inc. ("Extra Space"), Extra Space Storage LP ("Extra Space OP"), Eros Merger Sub, LLC ("Eros Merger Sub") and Eros OP Merger Sub, LLC ("Eros OP Merger Sub"), pursuant to which Eros Merger Sub will merge with and into the Parent Company (the "Company Merger"), with the Parent Company surviving the Company Merger and remaining a wholly owned subsidiary of Extra Space and following certain conversion and contribution transactions, Eros OP Merger Sub will merge with and into the Operating Partnership (the "Partnership Merger" and together with the Company Merger, the "Mergers"), with the Operating Partnership surviving the Partnership Merger and becoming a wholly-owned subsidiary of Extra Space OP . At the effective time of the Company Merger (the "Company Merger Effective Time"), each share of common stock of the Parent Company outstanding immediately prior to the Company Merger Effective Time will be automatically converted into the right to receive 0.895 shares of Extra Space common stock. Additionally, each share of restricted Parent Company common stock that is issued and outstanding immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, become fully vested. Each performance stock unit with respect to shares of Parent Company common stock that is outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, be accelerated and vest with respect to the Parent Company performance stock units that would vest based on the actual achievement of the applicable performance conditions over the truncated performance period ending on the closing date of the Company Merger, determined in accordance with the terms of the applicable award agreement. The respective boards of directors of the Parent Company and Extra Space have approved the Merger Agreement. The Mergers are expected to close during the second half of 2023 and are subject to certain conditions to closing, including (a) the approval of the Company Merger and other transactions contemplated by the Merger Agreement by the holders of at least two-thirds of the Parent Company's common stock, (b) the approval of the issuance of Extra Space common stock in the Company Merger by a majority of the votes cast by the holders of Extra Space common stock on such matter, (c) the shares of Extra Space common stock to be issued in the Company Merger will have been approved for listing on the New York Stock Exchange, (d) the Form S-4 to be filed by Extra Space to register the offer and sale of shares of Extra Space common stock to be issued in the Company Merger becoming effective, (e) the absence of any temporary restraining order, injunction or other legal order, and no law being enacted, which would have the effect of making illegal or otherwise prohibiting the consummation of the Mergers, (f) the receipt of certain legal opinions by each of the Parent Company and Extra Space and (g) other customary conditions specified in the Merger Agreement. On April 3, 2023 , the Company declared a quarterly dividend of $ 1.20 per common share. The dividend was paid on April 26, 2023 to shareholders of record on April 14, 2023 . The total dividend paid amounted to $ 102.1 million. During April 2023, holders of 1,190,407 preferred noncontrolling redeemable Operating Partnership Units elected to convert their preferred Units to common noncontrolling redeemable Operating Partnership Units. A total of 268,880 common noncontr olling redeemable Operating Partnership Units with an aggregate value of $ 29.8 million were issued as part of this conversion. Subsequent to March 31, 2023 , an unconsolidated joint venture of the Company acquired four self-storage facilities for an aggregate contractual purchase price of $ 150.0 million, of which the Company's share was $ 15.1 million. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Reconciliation of Noncontrolling Interests | The following is a reconciliation of the Parent Company’s common noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable common capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 107,074 Net income attributable to noncontrolling common 1,333 Issuance of units 58,576 Distributions ( 1,250 ) Adjustment to redemption value 35,640 Ending balance $ 201,373 |
Summary of Preferred NonControlling redeemable preferred capital operating partenership | The following is a reconciliation of the Parent Company’s preferred noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable preferred capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 89,077 Net income attributable to noncontrolling preferred 330 Redemption of units ( 58,318 ) Distributions ( 999 ) Ending balance $ 30,090 |
Summary of Disaggregated Revenues | The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” are as follows: (dollars in thousands) Three Months Three Months Rental income $ 240,483 $ 205,509 Tenant reinsurance 20,291 17,267 Management and acquisition fee income 6,933 5,856 Other 5,895 4,858 Total operating revenues $ 273,602 $ 233,490 |
Cash and Restricted Cash (Table
Cash and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Reconciliation of Cash and Restricted Cash | The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, 2023 December 31, March 31, 2022 Cash $ 32,765 $ 24,406 $ 50,206 Restricted cash 6,125 5,055 4,858 Total cash and restricted cash $ 38,890 $ 29,461 $ 55,064 |
Investment in Storage Facilit_2
Investment in Storage Facilities and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Summary of Activity in Storage Facilities | The following summarizes our activity in storage facilities during the three months ended March 31, 2023: (dollars in thousands) Cost: Beginning balance $ 8,171,806 Improvements and equipment additions 22,365 Net increase in construction in progress 3,232 Dispositions ( 1,406 ) Ending balance $ 8,195,997 Accumulated Depreciation: Beginning balance $ 1,170,520 Additions during the period 45,722 Dispositions ( 894 ) Ending balance $ 1,215,348 |
Schedule of In-place Customer Leases | In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, 2023 December 31, In-place customer leases $ 118,216 $ 118,216 Accumulated amortization ( 116,058 ) ( 114,005 ) Net carrying value at the end of period $ 2,158 $ 4,211 |
Unsecured Line of Credit and _2
Unsecured Line of Credit and Term Notes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings Outstanding on Unsecured Line of Credit and Term Notes | Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, 2023 December 31, Revolving line of credit borrowings $ 619,000 $ 595,000 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 ( 13,104 ) ( 13,685 ) Less: unamortized senior term note discount ( 9,316 ) ( 9,683 ) Term notes payable $ 2,752,580 $ 2,751,632 |
Mortgages Payable and Debt Ma_2
Mortgages Payable and Debt Maturities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Mortgage Payable | Mortgages payable at March 31, 2023 and December 31, 2022 consist of the following: (dollars in thousands) March 31, 2023 December 31, 4.065 % mortgage note due April 1, 2023 , secured by one self- $ — $ 3,620 5.26 % mortgage note due November 1, 2023 , secured by one 7.7 8.50 %) 3,544 3,566 4.4625 % mortgage notes due December 6, 2024 , secured by three self-storage facilities with an aggregate net book value 53.2 million, principal and interest paid monthly 3.20 %) 22,105 22,169 4.44 % mortgage note due July 6, 2025 , secured by one 13.0 million, principal and interest paid monthly 4.44 %) 6,075 6,108 5.99 % mortgage note due May 1, 2026 , secured by one self- 6.2 6.66 %) 742 795 Total mortgages payable $ 32,466 $ 36,258 |
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) 2023 2024 2025 2026 2027 Thereafter Total Fair Line of credit - variable rate 0.775 % ( 5.68 % at $ — $ — $ — $ — $ 619,000 $ — $ 619,000 $ 619,000 Notes Payable: Term note - fixed rate 4.533 % — 175,000 — — — — 175,000 170,785 Term note - fixed rate 3.50 % — — — 600,000 — — 600,000 567,557 Term note - fixed rate 3.875 % — — — — 450,000 — 450,000 423,097 Term note - fixed rate 3.67 % — — — — — 200,000 200,000 183,277 Term note - fixed rate 4.00 % — — — — — 350,000 350,000 322,533 Term note - fixed rate 2.20 % — — — — — 400,000 400,000 316,610 Term note - fixed rate 2.40 % — — — — — 600,000 600,000 462,816 Mortgage note - fixed rate 5.26 % 3,544 — — — — — 3,544 3,502 Mortgage notes - fixed rate 4.4625 % — 22,105 — — — — 22,105 20,943 Mortgage note - fixed rate 4.44 % 94 131 5,850 — — — 6,075 5,798 Mortgage note - fixed rate 5.99 % 163 229 243 107 — — 742 741 Total $ 3,801 $ 197,465 $ 6,093 $ 600,107 $ 1,069,000 $ 1,550,000 $ 3,426,466 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Changes in AOCL | The changes in AOCL for the three months ended March 31, 2023 and 2022 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning $ ( 3,207 ) $ ( 4,124 ) Realized loss reclassified from accumulated other 229 229 Accumulated other comprehensive loss end of period $ ( 2,978 ) $ ( 3,895 ) |
Investment in Joint Ventures (T
Investment in Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 % $ 63.0 million $ 63.6 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 22 15 % ($ 2.6 million) ($ 2.4 million) Life Storage-HIERS Storage LLC (“HIERS”) 17 20 % $ 13.8 million $ 13.7 million 191 V Life Storage Holdings LLC ("191 V") 17 20 % $ 26.9 million $ 27.5 million GII Life Storage Holdings LLC (“GII”) 13 35 % $ 48.0 million $ 48.6 million LS HF8 ComRef LLC ("HF8") 2 3 20 % $ 11.8 million $ 11.9 million LS HF9 ComRef Texas LLC ("HF9") 3 4 20 % $ 13.6 million $ 13.7 million Life Storage HHF Wasatch Holdings LLC ("Wasatch") 4 16 20 % $ 56.4 million $ 52.8 million Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 2.3 million) ($ 2.3 million) Life Storage Spacemax, LLC ("Spacemax") 6 40 % $ 13.5 million $ 13.7 million Life Storage ArrowMark Venture LLC ("ArrowMark Venture") 6 N/A 50 % $ 5.9 million $ 5.9 million Joint ventures with properties in development stage 7 5 Various $ 16.1 million $ 16.1 million Other unconsolidated joint ventures 6 Various $ 7.4 million $ 7.6 million 1 As of March 31, 2023 , 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 $ 33.4 million. The Company made an additional contribution of $ 6.7 million as the Company's share of this transaction. 2 In August 2022, the Company executed a joint venture agreement, LS HF8 ComRef LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In October 2022, HF8 acquired three self-storage facilities for a total contractual purchase price of $ 59.0 million. During 2022, the Company contributed $ 12.0 million to HF8 as the Company's share of the initial capital investment in the joint venture. 3 In October 2022, the Company executed a joint venture agreement, LS HF9 ComRef Texas LLC, with an unrelated third-party with the purpose of acquiring and operating self-storage facilities. In October 2022, HF9 acquired four self-storage facilities for a total contractual purchase price of $ 67.5 million. During 2022, the Company contributed $ 13.8 million to HF9 as the Company's share of the initial capital investment in the joint venture. 4 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 $ 53.4 million to Wasatch as the Company's share of the initial capital investment in the joint venture. In February 2023, Wasatch acquired one additional self-storage facility for a total contractual purchase price of $ 22.4 million. During 2023, the Company made an additional contribution of $ 4.1 million as the Company's share of the cash required to fund this acquisition. 5 Iskalo owns the building that houses the Company’s headquarters. The Company paid rent to Iskalo of $ 0.4 million during each of the three months ended March 31, 2023 and March 31, 2022. 6 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 2022, the Company contributed $ 4.2 million to ArrowMark Venture as the Company's share of the funding of mortgage loans to third-parties. No contributions were made during 2023. 7 The Company has entered into five separate joint ventures, 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 no t made any contributions to these joint ventures during 2023. |
Company's Share of Unconsolidated Joint Ventures' Income (Loss) | The Company’s share of the unconsolidated joint ventures’ income is as follows: (dollars in thousands) Three Months Three Months Sovran HHF $ 1,015 $ 960 Sovran HHF II 539 475 191 V ( 328 ) 633 Other unconsolidated joint ventures 403 50 $ 1,629 $ 2,118 |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 of the Parent Company utilizing the two-class method. (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 81,608 $ 73,575 Denominator: Denominator for basic earnings per share – weighted 84,936 83,644 Effect of Dilutive Securities: Stock options and non-vested stock 442 194 Denominator for diluted earnings per share – adjusted 85,378 83,838 Basic earnings per common share attributable to $ 0.96 $ 0.88 Diluted earnings per common share attributable to $ 0.96 $ 0.88 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit of the Operating Partnership utilizing the two-class method. (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 81,608 $ 73,575 Denominator: Denominator for basic earnings per unit – weighted 84,936 83,644 Effect of Dilutive Securities: Stock options and non-vested stock 442 194 Denominator for diluted earnings per unit – adjusted 85,378 83,838 Basic earnings per common unit attributable to $ 0.96 $ 0.88 Diluted earnings per common unit attributable to $ 0.96 $ 0.88 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Reconciliation of Changes in Parent Company's Total Shareholders' Equity | The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2023: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2022 $ 850 $ 3,886,317 $ ( 261,510 ) $ ( 3,207 ) $ 3,622,450 Net impact of restricted stock issued and 1 ( 3,221 ) — — ( 3,220 ) Deferred compensation of Directors — 30 — — 30 Earned portion of non-vested stock — 1,764 — — 1,764 Adjustment to redemption value on — — ( 35,640 ) — ( 35,640 ) Net income attributable to common — — 81,608 — 81,608 Amortization of terminated hedge included in — — — 229 229 Dividends — — ( 102,028 ) — ( 102,028 ) Balance March 31, 2023 $ 851 $ 3,884,890 $ ( 317,570 ) $ ( 2,978 ) $ 3,565,193 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2022: (dollars in thousands) Common Additional Dividends in Accumulated Total Balance December 31, 2021 $ 836 $ 3,697,000 $ ( 314,713 ) $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of common stock 7 92,764 — — 92,771 Exercise of stock options — 173 — — 173 Earned portion of non-vested stock — 1,661 — — 1,661 Adjustment to redemption value on — — 10,924 — 10,924 Net income attributable to common shareholders — — 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 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Reconciliation of Changes in Total Partners' Capital | The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 2023: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2022 $ 38,247 $ 3,587,410 $ ( 3,207 ) $ 3,622,450 Net impact of restricted stock issued and ( 32 ) ( 3,188 ) — ( 3,220 ) Deferred compensation of Directors 1 29 — 30 Earned portion of non-vested stock 18 1,746 — 1,764 Adjustment to redemption value on noncontrolling — ( 35,640 ) — ( 35,640 ) Net income attributable to common unitholders 816 80,792 — 81,608 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 1,033 ) ( 100,995 ) — ( 102,028 ) Balance March 31, 2023 $ 38,019 $ 3,530,152 $ ( 2,978 ) $ 3,565,193 The following is a reconciliation of the changes in the Operating Partnership's total partners’ capital for the three months ended March 31, 2022: (dollars in thousands) Life Storage Life Storage, Accumulated Total Balance December 31, 2021 $ 36,131 $ 3,346,992 $ ( 4,124 ) $ 3,378,999 Net proceeds from issuance of Operating Partnership 927 91,844 — 92,771 Exercise of stock options 2 171 — 173 Earned portion of non-vested stock 17 1,644 — 1,661 Carrying value less than redemption value on redeemed ( 1 ) 1 — — Adjustment to redemption value on noncontrolling — 10,924 — 10,924 Net income attributable to common unitholders 754 72,821 — 73,575 Amortization of terminated hedge included in AOCL 2 ( 2 ) 229 229 Distributions ( 846 ) ( 82,791 ) — ( 83,637 ) Balance March 31, 2022 $ 36,986 $ 3,441,604 $ ( 3,895 ) $ 3,474,695 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) 2023 $ 2,146 2024 2,584 2025 2,402 2026 2,483 2027 2,524 Thereafter 9,173 Total $ 21,312 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2023 Property State $ / shares shares | Dec. 31, 2022 shares | |
Organization [Line Items] | ||
Number of self-storage properties owned and managed | Property | 1,210 | |
Number of states in which self-storage properties owned and managed | State | 37 | |
Number of properties managed under joint ventures | Property | 142 | |
Number of properties managed with no ownership | Property | 310 | |
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 | Property | 1,210 | |
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 | 15% | |
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 | 1,602,323 | 1,041,260 |
Conversion of preferred operating partnership units | shares | 2,332,706 | |
Number of common operating partnership units issued (in shares) | shares | 561,063 | |
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 | 1,190,407 | 3,523,113 |
Life Storage LP [Member] | ||
Organization [Line Items] | ||
Ownership interest | 97.90% |
Organization - Summary of Recon
Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Adjustment to redemption value | $ (35,640) | $ 10,924 |
Ending balance | 201,373 | |
Redeemable Common Stock [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Noncontrolling interest, beginning balance | 107,074 | |
Net income attributable to noncontrolling interest in the Operating Partnership | 1,333 | $ 847 |
Issuance of units | 58,576 | |
Distributions | (1,250) | |
Adjustment to redemption value | 35,640 | |
Ending balance | $ 201,373 |
Organization - Summary of Rec_2
Organization - Summary of Reconciliation of Preferred Noncontrolling Redeemable Operating Units (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | $ 89,077 | |
Ending balance | 30,090 | |
Redeemable Preferred Stock [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | 89,077 | |
Net income attributable to noncontrolling interest in the Operating Partnership | 330 | $ 996 |
Redemption of units | (58,318) | |
Distributions | (999) | |
Ending balance | $ 30,090 |
Organization - Summary of Disag
Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Rental income | $ 240,483 | $ 205,509 |
Tenant reinsurance | 20,291 | 17,267 |
Total operating revenues | 273,602 | 233,490 |
Management and Acquisition Fee Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues other than rental income | 6,933 | 5,856 |
Tenant reinsurance [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues other than rental income | 20,291 | 17,267 |
Other Operating Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues other than rental income | $ 5,895 | $ 4,858 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 5,250 |
Number of shares of non-vested stock that vested | 17,663 | 9,079 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization of non-vested stock grants and performance-based awards | $ 1,764,000 | $ 1,661,000 |
Stock option plan, share based compensation, vesting period (in years) | 3 years | |
Aggregate fair value | $ 600,000 | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted under performance plan | 10,000 | |
Employees [Member] | Non-Vested Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option plan, share based compensation, vesting period (in years) | 5 years | |
Shares of non-vested stock issued | 5,400 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value | $ 97.32 | |
Aggregate fair value | $ 500,000 |
Cash and Restricted Cash - Summ
Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 32,765 | $ 24,406 | $ 50,206 | |
Restricted cash | 6,125 | 5,055 | 4,858 | |
Total cash and restricted cash | $ 38,890 | $ 29,461 | $ 55,064 | $ 176,434 |
Investment in Storage Facilit_3
Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Cost: | |
Beginning balance | $ 8,171,806 |
Improvements and equipment additions | 22,365 |
Net increase in construction in progress | 3,232 |
Dispositions | (1,406) |
Ending balance | 8,195,997 |
Accumulated Depreciation: | |
Beginning balance | 1,170,520 |
Additions during the period | 45,722 |
Dispositions | (894) |
Ending balance | $ 1,215,348 |
Investment in Storage Facilit_4
Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Holdings [Line Items] | ||
Amortization period for in-place customer leases on a straight-line basis | 12 months | |
Depreciation and Amortization Expense [Member] | ||
Investment Holdings [Line Items] | ||
Amortization expense related to in-place customer leases | $ 2.1 | $ 5.6 |
Investment in Storage Facilit_5
Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
In-place customer leases | $ 118,216 | $ 118,216 |
Accumulated amortization | (116,058) | (114,005) |
Net carrying value at the end of period | $ 2,158 | $ 4,211 |
Unsecured Line of Credit and _3
Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Revolving line of credit borrowings | $ 619,000 | $ 595,000 |
Total term note principal balance outstanding | 2,775,000 | 2,775,000 |
Less: unamortized debt issuance costs | (13,104) | (13,685) |
Less: unamortized senior term note discount | (9,316) | (9,683) |
Term notes payable | 2,752,580 | 2,751,632 |
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 | |||||||||
Oct. 07, 2021 | Sep. 23, 2020 | Jun. 03, 2019 | Dec. 07, 2017 | Jul. 21, 2016 | Jun. 20, 2016 | Apr. 08, 2014 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Amount available on unsecured revolving line of credit | $ 630,900,000 | |||||||||
Unamortized senior term note discount | 9,316,000 | $ 9,683,000 | ||||||||
Amortization expense related to deferred debt issuance costs | $ 1,537,000 | $ 1,328,000 | ||||||||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Leverage ratio percentage | 60% | |||||||||
Interest coverage ratio on debt | 1 | |||||||||
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 | $ 900,000 | $ 700,000 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit limit | $ 1,250,000,000 | |||||||||
Line of credit facility, expiration date | Jan. 13, 2027 | |||||||||
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 | 5.68% | 5.20% |
Mortgages Payable and Debt Ma_3
Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Mortgages payable | $ 32,466 | $ 36,258 |
4.065% Mortgage Note Due April 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 0 | 3,620 |
5.26% Mortgage Note Due November 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 3,544 | 3,566 |
4.4625% Mortgage Note Due December 6, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 22,105 | 22,169 |
4.44% Mortgage Note Due July 6, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 6,075 | 6,108 |
5.99% Mortgage Note Due May 1, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Mortgages payable | $ 742 | $ 795 |
Mortgages Payable and Debt Ma_4
Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 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 | 1 |
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 | 1 |
Aggregate net book value of property pledged for mortgage note | $ | $ 7.7 |
Effective interest rate | 8.50% |
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 | 3 |
Aggregate net book value of property pledged for mortgage note | $ | $ 53.2 |
Effective interest rate | 3.20% |
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 | 1 |
Aggregate net book value of property pledged for mortgage note | $ | $ 13 |
Effective interest rate | 4.44% |
5.99% Mortgage Note Due May 1, 2026 [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.99% |
Mortgage note due date | May 01, 2026 |
Self-storage facilities | 1 |
Aggregate net book value of property pledged for mortgage note | $ | $ 6.2 |
Effective interest rate | 6.66% |
Mortgages Payable and Debt Ma_5
Mortgages Payable and Debt Maturities - Additional Information (Detail) - 4.065% Mortgage Note Due April 1, 2023 [Member] | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Interest rate | 4.065% |
Mortgage note due date | Apr. 01, 2023 |
Mortgages Payable and Debt Ma_6
Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Payables due 2023 | $ 3,801 |
Payables due 2024 | 197,465 |
Payables due 2025 | 6,093 |
Payables due 2026 | 600,107 |
Payables due 2027 | 1,069,000 |
Payables due Thereafter | 1,550,000 |
Debt obligations | 3,426,466 |
Line of credit - variable rate SOFR + 0.775% (5.68% at March 31, 2023) | |
Debt Instrument [Line Items] | |
Payables due 2027 | 619,000 |
Debt obligations | 619,000 |
Debt instrument, fair value | 619,000 |
Term Note - Fixed Rate 4.533% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2024 | 175,000 |
Debt obligations | 175,000 |
Term note, fair value | 170,785 |
Term Note - Fixed Rate 3.50% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2026 | 600,000 |
Debt obligations | 600,000 |
Term note, fair value | 567,557 |
Term Note - Fixed Rate 3.875% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2027 | 450,000 |
Debt obligations | 450,000 |
Term note, fair value | 423,097 |
Term Note - Fixed Rate 3.67% [Member] | |
Debt Instrument [Line Items] | |
Payables due Thereafter | 200,000 |
Debt obligations | 200,000 |
Term note, fair value | 183,277 |
Term Note - Fixed Rate 4.00% [Member] | |
Debt Instrument [Line Items] | |
Payables due Thereafter | 350,000 |
Debt obligations | 350,000 |
Term note, fair value | 322,533 |
Term Note - Fixed Rate 2.20% [Member] | |
Debt Instrument [Line Items] | |
Payables due Thereafter | 400,000 |
Debt obligations | 400,000 |
Term note, fair value | 316,610 |
Term note - fixed rate 2.40% [Member] | |
Debt Instrument [Line Items] | |
Payables due Thereafter | 600,000 |
Debt obligations | 600,000 |
Term note, fair value | 462,816 |
Mortgage Note - Fixed Rate 5.26% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2023 | 3,544 |
Debt obligations | 3,544 |
Term note, fair value | 3,502 |
Mortgage Note - Fixed Rate 4.4625% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2024 | 22,105 |
Debt obligations | 22,105 |
Term note, fair value | 20,943 |
Mortgage Note - Fixed Rate 4.44% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2023 | 94 |
Payables due 2024 | 131 |
Payables due 2025 | 5,850 |
Debt obligations | 6,075 |
Term note, fair value | 5,798 |
Mortgage Note - Fixed Rate 5.99% [Member] | |
Debt Instrument [Line Items] | |
Payables due 2023 | 163 |
Payables due 2024 | 229 |
Payables due 2025 | 243 |
Payables due 2026 | 107 |
Debt obligations | 742 |
Term note, fair value | $ 741 |
Mortgages Payable and Debt Ma_7
Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Line of credit - variable rate SOFR + 0.775% (5.68% at March 31, 2023) | |
Debt Instrument [Line Items] | |
Interest rate at end of period | 5.68% |
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 5.26% [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.26% |
Mortgage Note - Fixed Rate 4.4625% [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.4625% |
Mortgage Note - Fixed Rate 4.44% [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 4.44% |
Mortgage Note - Fixed Rate 5.99% [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 5.99% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss beginning of period | $ 3,627,367 | |
Realized loss reclassified from accumulated other comprehensive loss to interest expense | 229 | $ 229 |
Accumulated other comprehensive loss end of period | 3,570,106 | |
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 | (3,207) | (4,124) |
Accumulated other comprehensive loss end of period | $ (2,978) | $ (3,895) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Liabilities measured at fair value | $ 0 | $ 0 |
Investment in Joint Ventures -
Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | |
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 | $ 63.6 |
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 | $ (2.6) | (2.4) |
Life Storage-HIERS Storage LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 17 | |
Company common ownership interest | 20% | |
Carrying value of investment | $ 13.8 | 13.7 |
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 | $ 26.9 | 27.5 |
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 | $ 48 | 48.6 |
LS HF8 ComRef LLC ("HF8") [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 3 | |
Company common ownership interest | 20% | |
Carrying value of investment | $ 11.8 | 11.9 |
LS HF9 ComRef Texas LLC ("HF9") [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 4 | |
Company common ownership interest | 20% | |
Carrying value of investment | $ 13.6 | 13.7 |
Life Storage HHF Wasatch Holdings LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 16 | |
Company common ownership interest | 20% | |
Carrying value of investment | $ 56.4 | 52.8 |
Iskalo Office Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company common ownership interest | 49% | |
Carrying value of investment | $ (2.3) | (2.3) |
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 | $ 13.5 | 13.7 |
Life Storage ArrowMark Venture LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company common ownership interest | 50% | |
Carrying value of investment | $ 5.9 | 5.9 |
Joint Ventures with Properties in Development Stage [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 5 | |
Company common ownership interest | Various | |
Carrying value of investment | $ 16.1 | 16.1 |
Other Unconsolidated Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of Properties | Property | 6 | |
Company common ownership interest | Various | |
Carrying value of investment | $ 7.4 | $ 7.6 |
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 | |||||
Feb. 28, 2023 USD ($) | Oct. 31, 2022 USD ($) Facility | Jul. 31, 2022 USD ($) Property | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) Property | Mar. 31, 2022 USD ($) Property | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of storage facilities acquired | Property | 18 | ||||||
Distributions from unconsolidated joint ventures | $ 4,751 | $ 4,024 | |||||
Rent paid during the period | 400 | ||||||
Mortgages payable | 32,466 | $ 36,258 | |||||
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 | ||||||
Total consideration acquired | $ 33,400 | ||||||
Additional contribution | $ 6,700 | ||||||
Company common ownership interest | 20% | ||||||
Sovran HHF Storage Holdings II LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company common ownership interest | 15% | ||||||
Life Storage ArrowMark Venture LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Contribution of company to joint venture as share in capital | $ 0 | $ 4,200 | |||||
Company common ownership interest | 50% | ||||||
Joint Ventures with Properties in Development Stage [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Total consideration acquired | $ 0 | ||||||
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 | ||||||
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 | ||||||
Life Storage HHF Wasatch Holdings LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of storage facilities acquired | Property | 15 | ||||||
Total consideration acquired | $ 22,400 | ||||||
Additional contribution | $ 4,100 | ||||||
Contribution of company to joint venture as share in capital | $ 53,400 | ||||||
Company common ownership interest | 20% | ||||||
Life Storage-SERS Storage LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Total consideration acquired | $ 262,000 | ||||||
LS HF8 ComRef LLC ("HF8") [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of storage facilities acquired | Facility | 3 | ||||||
Total consideration acquired | $ 59,000 | ||||||
Contribution of company to joint venture as share in capital | $ 12,000 | ||||||
Company common ownership interest | 20% | ||||||
LS HF9 ComRef Texas LLC ("HF9") [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of storage facilities acquired | Facility | 4 | ||||||
Total consideration acquired | $ 67,500 | ||||||
Contribution of company to joint venture as share in capital | $ 13,800 | ||||||
Company common ownership interest | 20% |
Investment in Joint Ventures _3
Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Distributions from unconsolidated joint ventures | $ 4,751 | $ 4,024 |
Operational Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Management and call center fee earned | $ 3,100 | $ 2,500 |
Investment in Joint Ventures _4
Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Income (loss) from equity method investments | $ 1,629 | $ 2,118 |
Sovran HHF Storage Holdings LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Income (loss) from equity method investments | 1,015 | 960 |
Sovran HHF Storage Holdings II LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Income (loss) from equity method investments | 539 | 475 |
191 V Life Storage Holdings, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Income (loss) from equity method investments | (328) | 633 |
Other Unconsolidated Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Income (loss) from equity method investments | $ 403 | $ 50 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2017 | Dec. 31, 2022 | |
Tax Credit Carryforward [Line Items] | ||||
Unrecognized tax benefits | $ 0 | $ 0 | ||
Gain on sale of non-real estate assets | (686) | 0 | ||
Interest or penalties related to uncertain tax positions | 0 | 0 | ||
Deferred tax assets | 600 | $ 500 | ||
Deferred tax liability | $ 2,100 | $ 2,000 | ||
Corporate income tax rate | 21% | 35% | ||
Tax Year 2019 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax years open to examination | 2019 | |||
Tax Year 2022 [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax years open to examination | 2022 | |||
General and Administrative Expense [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal and state income tax expense (benefit) | $ 1,200 | $ 400 | ||
Gain on sale of non-real estate assets | $ (200) |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income attributable to common shareholders/unitholders | $ 81,608 | $ 73,575 |
Denominator: | ||
Denominator for basic earnings per share/unit - weighted average shares/units | 84,935,860 | 83,644,426 |
Effect of Dilutive Securities: | ||
Stock options and non-vested stock | 442,000 | 194,000 |
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion | 85,378,412 | 83,837,773 |
Basic earnings per common share/unit attributable to common shareholders/unitholders | $ 0.96 | $ 0.88 |
Diluted earnings per common share/unit attributable to common shareholders/unitholders | $ 0.96 | $ 0.88 |
Life Storage LP [Member] | ||
Numerator: | ||
Net income attributable to common shareholders/unitholders | $ 81,608 | $ 73,575 |
Denominator: | ||
Denominator for basic earnings per share/unit - weighted average shares/units | 84,935,860 | 83,644,426 |
Effect of Dilutive Securities: | ||
Stock options and non-vested stock | 442,000 | 194,000 |
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion | 85,378,412 | 83,837,773 |
Basic earnings per common share/unit attributable to common shareholders/unitholders | $ 0.96 | $ 0.88 |
Diluted earnings per common share/unit attributable to common shareholders/unitholders | $ 0.96 | $ 0.88 |
Earnings Per Share and Earnin_4
Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | 1,190,407 | 3,590,603 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities not included in the effect of dilutive securities | 144,992 | 123,436 |
Shareholders' Equity - Reconcil
Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning Balance | $ 3,622,450 | $ 3,378,999 |
Net proceeds from issuance of common stock | 92,771 | |
Net impact of restricted stock issued and surrendered for taxes | (3,220) | |
Exercise of stock options | 173 | |
Deferred compensation of Directors | 30 | |
Earned portion of non-vested stock | 1,764 | 1,661 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | (35,640) | 10,924 |
Net income attributable to common shareholders | 81,608 | 73,575 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Dividends | (102,028) | (83,637) |
Ending Balance | 3,565,193 | 3,474,695 |
Common Stock Shares [Member] | ||
Beginning Balance | 850 | 836 |
Net proceeds from issuance of common stock | 7 | |
Net impact of restricted stock issued and surrendered for taxes | 1 | |
Exercise of stock options | 0 | |
Deferred compensation of Directors | 0 | |
Earned portion of non-vested stock | 0 | 0 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders | 0 | 0 |
Amortization of terminated hedge included in AOCL | 0 | 0 |
Dividends | 0 | 0 |
Ending Balance | 851 | 843 |
Additional Paid-in Capital [Member] | ||
Beginning Balance | 3,886,317 | 3,697,000 |
Net proceeds from issuance of common stock | 92,764 | |
Net impact of restricted stock issued and surrendered for taxes | (3,221) | |
Exercise of stock options | 173 | |
Deferred compensation of Directors | 30 | |
Earned portion of non-vested stock | 1,764 | 1,661 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders | 0 | 0 |
Amortization of terminated hedge included in AOCL | 0 | 0 |
Dividends | 0 | 0 |
Ending Balance | 3,884,890 | 3,791,598 |
Dividends in Excess of Net Income [Member] | ||
Beginning Balance | (261,510) | (314,713) |
Net proceeds from issuance of common stock | 0 | |
Net impact of restricted stock issued and surrendered for taxes | 0 | |
Exercise of stock options | 0 | |
Deferred compensation of Directors | 0 | |
Earned portion of non-vested stock | 0 | 0 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | (35,640) | 10,924 |
Net income attributable to common shareholders | 81,608 | 73,575 |
Amortization of terminated hedge included in AOCL | 0 | 0 |
Dividends | (102,028) | (83,637) |
Ending Balance | (317,570) | (313,851) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance | (3,207) | (4,124) |
Net proceeds from issuance of common stock | 0 | |
Net impact of restricted stock issued and surrendered for taxes | 0 | |
Exercise of stock options | 0 | |
Deferred compensation of Directors | 0 | |
Earned portion of non-vested stock | 0 | 0 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders | 0 | 0 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Dividends | 0 | 0 |
Ending Balance | $ (2,978) | $ (3,895) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) Property $ / shares shares | Aug. 11, 2022 USD ($) | Jun. 15, 2021 USD ($) | Aug. 02, 2017 USD ($) | |
Stockholders Equity [Line Items] | |||||
Net proceeds from sale of common stock/partnership units | $ 0 | $ 92,943,000 | |||
Number of storage facilities acquired | Property | 18 | ||||
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 | |||
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 | 0 | 686,712 | |||
Weighted average issue price | $ / shares | $ 136.48 | ||||
Net proceeds from sale of common stock/partnership units | $ 92,800,000 | ||||
Sales commissions paid | $ 900,000 | ||||
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Partners Capital [Line Items] | ||
Exercise of stock options | $ 173 | |
Earned portion of non-vested stock | $ 1,764 | 1,661 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | (35,640) | 10,924 |
Net income attributable to common shareholders/unitholders | 81,608 | 73,575 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Life Storage LP [Member] | ||
Partners Capital [Line Items] | ||
Beginning balance of total controlling partners’ capital | 3,622,450 | 3,378,999 |
Net impact of restricted stock issued and surrendered for taxes | (3,220) | |
Net proceeds from issuance of Operating Partnership Units | 92,771 | |
Deferred compensation of Directors | 30 | |
Exercise of stock options | 173 | |
Earned portion of non-vested stock | 1,764 | 1,661 |
Carrying value less than redemption value on redeemed noncontrolling interest | 0 | |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | (35,640) | 10,924 |
Net income attributable to common shareholders/unitholders | 81,608 | 73,575 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Distributions | 102,028 | (83,637) |
Ending balance of total controlling partners’ capital | 3,565,193 | 3,474,695 |
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member] | ||
Partners Capital [Line Items] | ||
Beginning balance of total controlling partners’ capital | 38,247 | 36,131 |
Net impact of restricted stock issued and surrendered for taxes | (32) | |
Net proceeds from issuance of Operating Partnership Units | 927 | |
Deferred compensation of Directors | 1 | |
Exercise of stock options | 2 | |
Earned portion of non-vested stock | 18 | 17 |
Carrying value less than redemption value on redeemed noncontrolling interest | (1) | |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders/unitholders | 816 | 754 |
Amortization of terminated hedge included in AOCL | 2 | 2 |
Distributions | 1,033 | (846) |
Ending balance of total controlling partners’ capital | 38,019 | 36,986 |
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member] | ||
Partners Capital [Line Items] | ||
Beginning balance of total controlling partners’ capital | 3,587,410 | 3,346,992 |
Net impact of restricted stock issued and surrendered for taxes | (3,188) | |
Net proceeds from issuance of Operating Partnership Units | 91,844 | |
Deferred compensation of Directors | 29 | |
Exercise of stock options | 171 | |
Earned portion of non-vested stock | 1,746 | 1,644 |
Carrying value less than redemption value on redeemed noncontrolling interest | 1 | |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | (35,640) | 10,924 |
Net income attributable to common shareholders/unitholders | 80,792 | 72,821 |
Amortization of terminated hedge included in AOCL | (2) | (2) |
Distributions | 100,995 | (82,791) |
Ending balance of total controlling partners’ capital | 3,530,152 | 3,441,604 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Partners Capital [Line Items] | ||
Exercise of stock options | 0 | |
Earned portion of non-vested stock | 0 | 0 |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders/unitholders | 0 | 0 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member] | ||
Partners Capital [Line Items] | ||
Beginning balance of total controlling partners’ capital | (3,207) | (4,124) |
Net impact of restricted stock issued and surrendered for taxes | ||
Net proceeds from issuance of Operating Partnership Units | 0 | |
Deferred compensation of Directors | 0 | |
Exercise of stock options | 0 | |
Earned portion of non-vested stock | 0 | 0 |
Carrying value less than redemption value on redeemed noncontrolling interest | 0 | |
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units | 0 | 0 |
Net income attributable to common shareholders/unitholders | 0 | 0 |
Amortization of terminated hedge included in AOCL | 229 | 229 |
Distributions | 0 | 0 |
Ending balance of total controlling partners’ capital | $ (2,978) | $ (3,895) |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Property | Mar. 31, 2022 USD ($) Property | Dec. 31, 2022 USD ($) | |
Commitment And Contingencies [Line Items] | |||
Operating lease, aggregate right-of-use assets | $ 17,100 | $ 17,400 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Operating lease liabilities | $ 16,900 | $ 17,100 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | |
Operating lease expenses | $ 700 | $ 700 | |
Weighted average remaining lease term | 9 years 3 months 18 days | ||
Weighted average discount rate | 4.60% | ||
Operating lease commitments | $ 21,312 | ||
Number of storage facilities acquired | Property | 18 | ||
Expansion and enhancement contracts | 48,700 | ||
Self-storage Facilities [Member] | |||
Commitment And Contingencies [Line Items] | |||
Purchase price of business to be acquired | $ 60,000 | ||
Number of storage facilities acquired | Property | 3 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 2,146 |
2024 | 2,584 |
2025 | 2,402 |
2026 | 2,483 |
2026 | 2,524 |
Thereafter | 9,173 |
Total | $ 21,312 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Apr. 26, 2023 USD ($) | Apr. 03, 2023 $ / shares | Apr. 02, 2023 shares | Apr. 30, 2023 USD ($) Property shares | Mar. 31, 2023 USD ($) Property shares | Mar. 31, 2022 Property | Dec. 31, 2022 shares | |
Subsequent Event [Line Items] | |||||||
Number of storage facilities acquired | Property | 18 | ||||||
Life Storage LP [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Units of redeemable noncontrolling interest in operating partnership | 1,602,323 | 1,041,260 | |||||
Redeemable Common Stock [Member] | Life Storage LP [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Units of redeemable noncontrolling interest in operating partnership | 1,602,323 | 1,041,260 | |||||
Redeemable Preferred Stock [Member] | Life Storage LP [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Units of redeemable noncontrolling interest in operating partnership | 1,190,407 | 3,523,113 | |||||
Self-storage Facilities [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of storage facilities acquired | Property | 3 | ||||||
Purchase price of business to be acquired | $ | $ 60 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend declared, date | Apr. 03, 2023 | ||||||
Dividend per common share | $ / shares | $ 1.20 | ||||||
Dividend paid, date | Apr. 26, 2023 | ||||||
Dividend record, date | Apr. 14, 2023 | ||||||
Dividend paid | $ | $ 102.1 | ||||||
Subsequent Event [Member] | Redeemable Common Stock [Member] | Life Storage LP [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Operating Partnership Units | 268,880 | ||||||
Asset Acquisition Consideration Transferred | $ | $ 29.8 | ||||||
Subsequent Event [Member] | Redeemable Preferred Stock [Member] | Life Storage LP [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Operating Partnership Units | 1,190,407 | ||||||
Subsequent Event [Member] | Extra Space Storage Inc. [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock conversion, shares | 0.895 | ||||||
Subsequent Event [Member] | Self-storage Facilities [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of storage facilities acquired | Property | 4 | ||||||
Purchase price of business to be acquired | $ | $ 150 | ||||||
Business combination share value owned | $ | $ 15.1 |