Life Storage Inc - Registered Shares (LSI) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	944,314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,496,065
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in storage facilities:
Land	$ 787,535	$ 786,764
Building, equipment, and construction in progress	3,479,833	3,456,544
Real estate investment property, at cost, total	4,267,368	4,243,308
Less: accumulated depreciation	(553,758)	(535,704)
Investment in storage facilities, net	3,713,610	3,707,604
Cash and cash equivalents	4,819	23,685
Accounts receivable	5,750	5,469
Receivable from unconsolidated joint ventures	1,296	1,223
Investment in unconsolidated joint ventures	89,046	67,300
Prepaid expenses	10,422	6,649
Trade name	16,500	16,500
Other assets	16,190	29,554
Total Assets	3,857,633	3,857,984
Liabilities
Line of credit	299,000	253,000
Term notes, net	1,387,953	1,387,525
Accounts payable and accrued liabilities	45,787	75,132
Deferred revenue	9,748	9,700
Fair value of interest rate swap agreements	11,585	13,015
Mortgages payable	12,938	13,027
Total Liabilities	1,767,011	1,751,399
Noncontrolling redeemable Operating Partnership Units at redemption value	18,120	18,091
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 46,496,065 shares outstanding at March 31, 2017 (46,454,606 at December 31, 2016)	465	464
Additional paid-in capital	2,354,398	2,348,567
Dividends in excess of net income	(262,508)	(239,062)
Accumulated other comprehensive loss	(19,853)	(21,475)
Total Shareholders' Equity	2,072,502	2,088,494
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,072,502	2,088,494
Total Liabilities and Shareholders' Equity/ Partners' Capital	3,857,633	3,857,984
Life Storage LP [Member]
Investment in storage facilities:
Land	787,535	786,764
Building, equipment, and construction in progress	3,479,833	3,456,544
Real estate investment property, at cost, total	4,267,368	4,243,308
Less: accumulated depreciation	(553,758)	(535,704)
Investment in storage facilities, net	3,713,610	3,707,604
Cash and cash equivalents	4,819	23,685
Accounts receivable	5,750	5,469
Receivable from unconsolidated joint ventures	1,296	1,223
Investment in unconsolidated joint ventures	89,046	67,300
Prepaid expenses	10,422	6,649
Trade name	16,500	16,500
Other assets	16,190	29,554
Total Assets	3,857,633	3,857,984
Liabilities
Line of credit	299,000	253,000
Term notes, net	1,387,953	1,387,525
Accounts payable and accrued liabilities	45,787	75,132
Deferred revenue	9,748	9,700
Fair value of interest rate swap agreements	11,585	13,015
Mortgages payable	12,938	13,027
Total Liabilities	1,767,011	1,751,399
Limited partners' redeemable capital interest at redemption value (217,481 units outstanding at March 31, 2017 and December 31, 2016)	18,120	18,091
Shareholders' Equity/ Partners' Capital
General partner (467,135 and 466,721 units outstanding at March 31, 2017 and December 31, 2016, respectively)	20,907	21,065
Limited partners (46,028,930 and 45,987,885 units outstanding at March 31, 2017 and December 31, 2016, respectively)	2,071,448	2,088,904
Accumulated other comprehensive loss	(19,853)	(21,475)
Total Controlling Partners' Capital	2,072,502	2,088,494
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,072,502	2,088,494
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 3,857,633	$ 3,857,984

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	46,496,065	46,454,606
Limited partner, units outstanding	217,481	217,481
Life Storage LP [Member]
General partner, units outstanding	467,135	466,721
Limited partner, units outstanding	46,028,930	45,987,885
Limited Partners Redeemable Capital Interest at Redemption Value [Member] | Life Storage LP [Member]
Limited partner, units outstanding	217,481	217,481

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 118,594	$ 91,541
Other operating income	9,726	7,583
Total operating revenues	128,320	99,124
Expenses
Property operations and maintenance	29,796	22,861
Real estate taxes	14,435	10,547
General and administrative	11,436	10,464
Acquisition costs		2,384
Depreciation and amortization	37,642	16,425
Total operating expenses	93,309	62,681
Income from operations	35,011	36,443
Other income (expenses)
Interest expense	(15,210)	(9,134)
Interest income	3	6
Equity in income of joint ventures	721	915
Net income	20,525	28,230
Net income attributable to noncontrolling interest in the Operating Partnership	(96)	(130)
Net loss attributable to noncontrolling interest in consolidated subsidiary		239
Net income attributable to common shareholders/unitholders	$ 20,429	$ 28,339
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.44	$ 0.74
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.44	$ 0.73
Common shares/units used in basic earnings per share/unit calculation	46,304,568	38,410,817
Common shares/units used in diluted earnings per share/unit calculation	46,418,891	38,663,138
Distributions declared per common unit	$ 0.95	$ 0.85
Life Storage LP [Member]
Revenues
Rental income	$ 118,594	$ 91,541
Other operating income	9,726	7,583
Total operating revenues	128,320	99,124
Expenses
Property operations and maintenance	29,796	22,861
Real estate taxes	14,435	10,547
General and administrative	11,436	10,464
Acquisition costs		2,384
Depreciation and amortization	37,642	16,425
Total operating expenses	93,309	62,681
Income from operations	35,011	36,443
Other income (expenses)
Interest expense	(15,210)	(9,134)
Interest income	3	6
Equity in income of joint ventures	721	915
Net income	20,525	28,230
Net income attributable to noncontrolling interest in the Operating Partnership	(96)	(130)
Net loss attributable to noncontrolling interest in consolidated subsidiary		239
Net income attributable to common shareholders/unitholders	$ 20,429	$ 28,339
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.44	$ 0.74
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.44	$ 0.73
Common shares/units used in basic earnings per share/unit calculation	46,304,568	38,410,817
Common shares/units used in diluted earnings per share/unit calculation	46,418,891	38,663,138
Distributions declared per common unit	$ 0.95	$ 0.85
Net income attributable to general partner	$ 205	$ 285
Net income attributable to limited partners	$ 20,224	$ 28,054

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 20,525	$ 28,230
Other comprehensive income:
Effective portion of gain (loss) on derivatives net of reclassification to interest expense	1,622	(12,096)
Total comprehensive income	22,147	16,134
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(104)	(75)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		239
Comprehensive income attributable to common shareholders/unitholders	22,043	16,298
Life Storage LP [Member]
Net income	20,525	28,230
Other comprehensive income:
Effective portion of gain (loss) on derivatives net of reclassification to interest expense	1,622	(12,096)
Total comprehensive income	22,147	16,134
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(104)	(75)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		239
Comprehensive income attributable to common shareholders/unitholders	$ 22,043	$ 16,298

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net income	$ 20,525	$ 28,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,642	16,425
Amortization of debt issuance costs and bond discount	832	356
Equity in income of joint ventures	(721)	(915)
Distributions from unconsolidated joint ventures	1,357	1,285
Non-vested stock earned	1,612	1,889
Stock option expense	4	46
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(281)	2,645
Prepaid expenses	(3,883)	(1,789)
(Advances to) receipts from joint ventures	(73)	270
Accounts payable and other liabilities	(29,033)	(10,080)
Deferred revenue	48	(439)
Net cash provided by operating activities	28,029	37,923
Investing Activities
Acquisitions of storage facilities, net of cash acquired	(9,576)	(323,548)
Improvements, equipment additions, and construction in progress	(20,739)	(13,797)
Investment in unconsolidated joint ventures	(22,387)	(2,845)
Property deposit		(2,372)
Net cash used in investing activities	(52,702)	(342,562)
Financing Activities
Net proceeds from sale of common stock/partnership units	4,216	274,298
Proceeds from line of credit	73,000	310,000
Repayments of line of credit	(27,000)	(248,000)
Debt issuance costs		(936)
Dividends paid - common stock	(44,113)	(31,204)
Distributions to noncontrolling interest holders	(207)	(144)
Mortgage principal payments	(89)	(34)
Net cash provided by financing activities	5,807	303,980
Net decrease in cash	(18,866)	(659)
Cash at beginning of period	23,685	7,032
Cash at end of period	4,819	6,373
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	21,993	5,689
Cash paid for income taxes, net of refunds	220	(47)
Life Storage LP [Member]
Operating Activities
Net income	20,525	28,230
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,642	16,425
Amortization of debt issuance costs and bond discount	832	356
Equity in income of joint ventures	(721)	(915)
Distributions from unconsolidated joint ventures	1,357	1,285
Non-vested stock earned	1,612	1,889
Stock option expense	4	46
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(281)	2,645
Prepaid expenses	(3,883)	(1,789)
(Advances to) receipts from joint ventures	(73)	270
Accounts payable and other liabilities	(29,033)	(10,080)
Deferred revenue	48	(439)
Net cash provided by operating activities	28,029	37,923
Investing Activities
Acquisitions of storage facilities, net of cash acquired	(9,576)	(323,548)
Improvements, equipment additions, and construction in progress	(20,739)	(13,797)
Investment in unconsolidated joint ventures	(22,387)	(2,845)
Property deposit		(2,372)
Net cash used in investing activities	(52,702)	(342,562)
Financing Activities
Net proceeds from sale of common stock/partnership units	4,216	274,298
Proceeds from line of credit	73,000	310,000
Repayments of line of credit	(27,000)	(248,000)
Debt issuance costs		(936)
Distributions to unitholders	(44,113)	(31,204)
Distributions to noncontrolling interest holders	(207)	(144)
Mortgage principal payments	(89)	(34)
Net cash provided by financing activities	5,807	303,980
Net decrease in cash	(18,866)	(659)
Cash at beginning of period	23,685	7,032
Cash at end of period	4,819	6,373
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	21,993	5,689
Cash paid for income taxes, net of refunds	$ 220	$ (47)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 Regulation S-X.

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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 facilities throughout the United States. 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 99.5% ownership interest therein as of March 31, 2017. 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, 2017, we had an ownership interest in, and/or managed 675 self-storage properties in 29 states under the name Life Storage ® We consolidate all wholly-owned subsidiaries. Partially owned subsidiaries and 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 (the Parent Company’s taxable REIT subsidiary), Warehouse Anywhere LLC (an entity owned 60% by Life Storage Solutions, LLC), and all other wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Investments in joint ventures that we do not control but for which we have significant influence over 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 interest at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheet 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. At March 31, 2017, there were 217,481 noncontrolling redeemable Operating Partnership Units outstanding (217,481 at December 31, 2016). These unitholders are entitled to receive distributions per unit equivalent to the dividends declared per share on the Parent Company’s common stock. The Operating Partnership is obligated to redeem each of these limited partnership units in the Operating Partnership 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, 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 these noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. 480-10-S99 The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 18,091 Net income attributable to noncontrolling interest in the Operating Partnership 96 Distributions (207 ) Adjustment to redemption value 140 Ending balance $ 18,120 Approximately 23% and 14% of the Company’s revenue is derived from stores in the states of Texas and Florida, respectively.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [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, 2017 and 2016, the Company recorded compensation expense (included in general and administrative expense) of $4,000 and $46,000, respectively, related to stock options and $1,589,000 and $1,866,000, respectively, related to amortization of non-vested No stock options were exercised by employees and directors during the three months ended March 31, 2017 and 2016, and 44,789 and 7,185 shares of non-vested During the three months ended March 31, 2017, the Company issued 8,944 shares of non-vested non-vested During the three months ended March 31, 2017, the Company granted performance-based awards that entitle the recipients to earn up to 17,888 shares if certain performance criteria are achieved over a three year period. The Company estimated the aggregate fair value of the awards on the grant date to be $0.8 million.

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Investment in Storage Facilities and Intangible Assets	4. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the three months ended March 31, 2017: (dollars in thousands) Cost: Beginning balance $ 4,243,308 Acquisition of storage facilities 10,089 Improvements and equipment additions 19,345 Additions to consolidated subsidiary 81 Net increase in construction in progress 1,391 Dispositions (6,846 ) Ending balance $ 4,267,368 Accumulated Depreciation: Beginning balance $ 535,704 Additions during the period 24,868 Dispositions (6,814 ) Ending balance $ 553,758 The Company acquired one facility during the three months ended March 31, 2017. The acquisition of this facility was accounted for as an asset acquisition (see Note 14 for further discussion of the Company’s adoption of the accounting guidance under ASU 2017-01 The purchase price of the facility acquired in 2017 has been preliminarily assigned as follows: (dollars in thousands) Consideration paid States Number Date of Purchase Cash Paid Value of Mortgage Net Other Land Building, In-Place Closing IL 1 2/23/17 $ 10,089 $ 10,076 $ — $ — $ 13 $ 771 $ 9,318 $ — $ — The facility acquired was purchased from an unrelated third party. The operating results of the facility acquired have been included in the Company’s operations since the acquisition date. The $10.1 million of cash paid for the facility includes $0.5 million of deposits that were paid in 2015 when this facility originally went under contract. This amount is excluded from total cash payments for the acquisition of storage facilities in the consolidated statement of cash flows. Non-cash Non-cash The Company measures the fair value of in-place in-place in-place In-place (Dollars in thousands) Mar. 31, Dec. 31, In-place $ 75,611 $ 75,611 Accumulated amortization (63,560 ) (50,782 ) Net carrying value at the end of period $ 12,051 $ 24,829 Amortization expense related to in-place Change in Signage Useful Life Estimates The change in name of the Company’s storage facilities from Uncle Bob’s Self Storage ® ® ® The accelerated depreciation reduced basic and diluted earnings per share/unit by approximately $0.01 for the three months ended March 31, 2017.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Unsecured Line of Credit and Term Notes	5. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) Mar. 31, Dec. 31, Revolving line of credit borrowings $ 299,000 $ 253,000 Term note due June 4, 2020 325,000 325,000 Term note due August 5, 2021 100,000 100,000 Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Term note due July 21, 2028 200,000 200,000 Total term note principal balance outstanding $ 1,400,000 $ 1,400,000 Less: unamortized debt issuance costs (8,978 ) (9,323 ) Less: unamortized senior term note discount (3,069 ) (3,152 ) Term notes payable $ 1,387,953 $ 1,387,525 In January 2016, the Company exercised the expansion feature on its existing amended unsecured credit agreement and increased the revolving credit limit from $300 million to $500 million. The interest rate on the revolving credit facility bears interest at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2017 the margin is 1.10%), and requires an annual 0.15% facility fee. The Company’s unsecured credit agreement also includes a $325 million unsecured term note maturing June 4, 2020, with the term note bearing interest at LIBOR plus a margin based on the Company’s credit rating (at March 31, 2017 the margin is 1.15%). The interest rate at March 31, 2017 on the Company’s line of credit was approximately 2.08% (1.79% at December 31, 2016). At March 31, 2017, there was $201 million available on the unsecured revolving line of credit. The revolving line of credit has a maturity date of December 10, 2019. 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 January 1 and July 1, beginning on January 1, 2017. The 2026 Senior Notes are fully and unconditionally guaranteed by the Parent Company. 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 indenture under which the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. The Company was in compliance with all of the financial covenants under the 2026 Senior Notes as of March 31, 2017. 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%. The proceeds from this term note were used to repay a portion of the then outstanding balance on the Company’s line of credit. 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. In 2011, the Company entered into a $100 million term note maturing August 5, 2021 bearing interest at a fixed rate of 5.54%. The interest rate on the term note increases to 7.29% if the notes are not rated by at least one rating agency, the credit rating on the notes is downgraded or if the Company’s credit rating is downgraded. The Company had maintained a $150 million unsecured term note maturing April 26, 2016 bearing interest at 6.38%. The Company used a draw on the line of credit to pay off the balance of this note on April 26, 2016. 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. The Company was in compliance with its debt covenants at March 31, 2017. 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, 2017, 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. At this time no change in control is planned or anticipated. Deferred debt issuance costs and the discount on the 2026 Senior Notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at March 31, 2017 and December 31, 2016. Amortization expense related to deferred debt issuance costs was $0.5 million and $0.4 million for the three months ended March 31, 2017 and 2016, respectively, and is included in interest expense in the consolidated statements of income.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	6. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2017 and December 31, 2016 consist of the following: (dollars in thousands) Mar. 31, Dec. 31, 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.8 million, principal and interest paid monthly (effective interest rate 5.16%) $ 2,953 $ 2,966 4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.7 million, principal and interest paid monthly (effective interest rate 4.25%) 4,185 4,207 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.1 million, principal and interest paid monthly (effective interest rate 5.50%) 3,985 4,002 5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.26%) 1,815 1,852 Total mortgages payable $ 12,938 $ 13,027 The table below summarizes the Company’s debt obligations and interest rate derivatives at March 31, 2017. 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 8. 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) 2017 2018 2019 2020 2021 Thereafter Total Fair Line of credit - variable rate LIBOR + 1.10% (2.08% at March 31, 2017) — — $ 299,000 — — — $ 299,000 $ 299,000 Notes Payable: Term note - variable rate LIBOR+1.15% (2.13% at March 31, 2017) — — — $ 325,000 — — $ 325,000 $ 325,000 Term note - fixed rate 5.54% — — — — $ 100,000 — $ 100,000 $ 108,296 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 181,337 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 575,186 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 188,662 Mortgage note - fixed rate 4.98% $ 38 $ 53 $ 56 $ 58 $ 2,748 — $ 2,953 $ 3,128 Mortgage note - fixed rate 4.065% $ 66 $ 92 $ 96 $ 99 $ 104 $ 3,728 $ 4,185 $ 4,194 Mortgage note - fixed rate 5.26% $ 46 $ 67 $ 71 $ 74 $ 78 $ 3,649 $ 3,985 $ 4,262 Mortgage note - fixed rate 5.99% $ 114 $ 160 $ 170 $ 181 $ 192 $ 998 $ 1,815 $ 1,958 Interest rate derivatives – liability — — — — — — — $ 11,585

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	7. DERIVATIVE FINANCIAL INSTRUMENTS Interest rate swaps are used to adjust the proportion of total debt that is subject to variable interest rates. The interest rate swaps require the Company to pay an amount equal to a specific fixed rate of interest times a notional principal amount and to receive in return an amount equal to a variable rate of interest times the same notional amount. The notional amounts are not exchanged. Forward starting interest rate swaps are also used by the Company to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. No other cash payments are made unless the contract is terminated prior to its maturity, in which case the contract would likely be settled for an amount equal to its fair value. The Company enters into interest rate swaps with a number of major financial institutions to minimize counterparty credit risk. The interest rate swaps qualify and are designated as hedges of the amount of future cash flows related to interest payments on variable rate debt. Therefore, the interest rate swaps are recorded in the consolidated balance sheet at fair value and the related gains or losses are deferred in shareholders’ equity or partners’ capital as Accumulated Other Comprehensive Loss (“AOCL”). These deferred gains and losses are recognized in interest expense during the period or periods in which the related interest payments affect earnings. However, to the extent that the interest rate swaps are not perfectly effective in offsetting the change in value of the interest payments being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was de minimis for the three months ended March 31, 2017 and 2016. The Company has interest rate swap agreements in effect at March 31, 2017 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt. Notional Amount Effective Date Expiration Date Fixed Floating Rate $125 Million 9/1/2011 8/1/18 2.3700 % 1 month LIBOR $100 Million 12/30/11 12/29/17 1.6125 % 1 month LIBOR $100 Million 9/4/13 9/4/18 1.3710 % 1 month LIBOR $100 Million 12/29/17 11/29/19 3.9680 % 1 month LIBOR $125 Million 8/1/18 6/1/20 4.1930 % 1 month LIBOR In the fourth quarter of 2015, the Company entered into forward starting interest rate swap agreements with a total notional value of $50 million. In the first quarter of 2016, the Company entered into additional forward starting interest rate swap agreements with a total notional value of $100 million. These forward starting interest rate swap agreements were entered into 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 $600 million 2026 Senior Notes (see Note 5) in the second quarter of 2016, the Company settled the forward starting swap agreements for a loss of approximately $9.2 million. The loss was recorded as accumulated other comprehensive loss and is being amortized as additional interest expense over the ten-year The interest rate swap agreements are the only derivative instruments, as defined by FASB ASC Topic 815 “ Derivatives and Hedging The Company’s agreements with its interest rate swap counterparties contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. The interest rate swap agreements also incorporate other loan covenants of the Company. Failure to comply with the loan covenant provisions would result in the Company being in default on the interest rate swap agreements. As of March 31, 2017, the Company had not posted any collateral related to the interest rate swap agreements. If the Company had breached any of these provisions as of March 31, 2017, it could have been required to settle its obligations under the agreements at their net termination cost of $11.6 million. The changes in AOCL for the three months ended March 31, 2017 and March 31, 2016 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning of period $ (21,475 ) $ (14,415 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 1,119 1,197 Unrealized gain (loss) from changes in the fair value of the effective portion of the interest rate swaps 503 (13,293 ) Income (loss) included in other comprehensive loss 1,622 (12,096 ) Accumulated other comprehensive loss end of period $ (19,853 ) $ (26,511 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. FAIR VALUE MEASUREMENTS The Company applies the provisions of ASC Topic 820 “ Fair Value Measurements and Disclosures Refer to Note 6 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. The following table provides the liabilities carried at fair value measured on a recurring basis as of March 31, 2017 and December 31, 2016 (in thousands): Asset Level 1 Level 2 Level 3 March 31, 2017 Interest rate swaps $ (11,585 ) — $ (11,585 ) — December 31, 2016 Interest rate swaps $ (13,015 ) — $ (13,015 ) — Interest rate swaps are over the counter securities with no quoted readily available Level 1 inputs, and therefore are measured at fair value using inputs that are directly observable in active markets and are classified within Level 2 of the valuation hierarchy, using the income approach. During 2017, assets and liabilities measured at fair value on a non-recurring in-place in-place in-place

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	9. INVESTMENT IN JOINT VENTURES The Company has a 20% ownership interest in Sovran HHF Storage Holdings LLC (“Sovran HHF”), a joint venture that owns 39 self-storage properties that are managed by the Company. During the three months ended March 31, 2017, the Company contributed $3.2 million in cash to the joint venture as its share of capital required to fund the repayment of certain mortgages held by the joint venture. The carrying value of the Company’s investment at March 31, 2017 and December 31, 2016 was $46.8 million and $43.8 million, respectively. As of March 31, 2017, 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. The Company has a 15% ownership interest in Sovran HHF Storage Holdings II LLC (“Sovran HHF II”), a joint venture that owns 30 self-storage properties that are managed by the Company. The carrying value of the Company’s investment at March 31, 2017 and December 31, 2016 was $13.5 million and $13.5 million, respectively. The Company holds a 20% ownership in 191 III Holdings LLC (“191 III”), a joint venture that was formed in 2016 to acquire self-storage properties that are managed by the Company. During the three months ended March 31, 2017, 191 III acquired four self-storage facilities. 191 III is under contract at March 31, 2017 to acquire three additional self-storage facilities for $59.2 million, of which the Company is committed to contribute $11.8 million. The purchase of these remaining facilities by 191 III is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. During 2017 and 2016, the Company contributed $6.6 million and $0.7 million, respectively, as its share of capital to fund acquisitions. The carrying value of the Company’s investment in 191 III is $7.3 million and $0.7 million at March 31, 2017 and December 31, 2016, respectively. As manager of Sovran HHF, Sovran HHF II, and 191 III, the Company earns a management and call center fee of 7% of gross revenues which totaled $1.3 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. The Company’s share of Sovran HHF, Sovran HHF II and 191 III’s income for the three months ended March 31, 2017 and 2016 was $0.9 million and $0.8 million, respectively. The Company paid aggregate rent of $0.7 million and $0.6 million to the Sovran HHF, Sovran HHF II, and 191 III joint ventures for use of retail space during the three months ended March 31, 2017 and 2016, respectively. The Company has a 49% ownership interest in Iskalo Office Holdings, LLC, which owns the building that houses the Company’s headquarters and other tenants. The carrying value of the Company’s investment is a liability of $0.4 million at March 31, 2017 and December 31, 2016, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. For the three months ended March 31, 2017 and 2016, the Company’s share of Iskalo Office Holdings, LLC’s income was $54,000 and $59,000, respectively. The Company paid rent to Iskalo Office Holdings, LLC of $0.3 million during each of the three months ended March 31, 2017 and 2016. The Company holds an 85% equity interest in Urban Box Coralway Storage, LLC (“Urban Box”), a joint venture with an unrelated third party. Urban Box was formed in 2015 and is currently developing a self-storage property in Florida. The Company and the other joint venture member have participation rights which require the agreement of both members in order to implement the activities of Urban Box which are most significant to its economic performance. Accordingly, the interest is recorded using the equity method. The carrying value of the Company’s investment in Urban Box is $4.1 million at both March 31, 2017 and December 31, 2016. The Company will perform property management services for Urban Box in exchange for a management fee based on 6% of property revenues. There were no management fees in 2017 or 2016. The Company holds a 5% equity interest in SNL/Orix 1200 McDonald Ave., LLC (“McDonald”), a joint venture with an unrelated third party. The joint venture for McDonald was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.3 million of preferred capital to McDonald as its share of capital to develop the property. McDonald entered into a non-recourse The Company will perform property management services for McDonald in exchange for a management fee based on property revenues. There were no management fees in 2017 or 2016. The Company holds a 5% equity interest in SNL Orix Merrick, LLC (“Merrick”), a joint venture with an unrelated third party. The joint venture for Merrick was executed in 2016 and is currently developing a self-storage property in New York. During 2016, the Company contributed $0.4 million of common capital and $2.1 million of preferred capital to Merrick as its share of capital to develop the property. Merrick has entered into a non-recourse The Company will perform property management services for Merrick in exchange for a management fee based on property revenues. There were no management fees in 2017 or 2016. In January 2017, the Company executed a joint venture agreement, Review Avenue Partners, LLC (“RAP”), with an unrelated third party. The Company holds a 40% interest in RAP and contributed $12.5 million of common capital to RAP during the three months ended March 31, 2017. RAP is currently operating a self-storage property in New York which is managed by the Company. The carrying value of the Company’s investment in RAP is $12.2 million at March 31, 2017. As manager of RAP, the Company earns a management and call center fee of 6% of gross revenues which totaled $9,000 for the three months ended March 31, 2017. The Company’s share of RAP’s loss for the three months ended March 31, 2017 was $0.2 million. 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. A summary of the unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2017 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 672,548 Investment in office building, net 4,965 Other assets 20,753 Total Assets $ 698,266 Due to the Company $ 1,380 Secured debt payable 282,946 Other liabilities 7,769 Total Liabilities 292,095 Unaffiliated partners’ equity 319,269 Company equity 86,902 Total Partners’ Equity 406,171 Total Liabilities and Partners’ Equity $ 698,266 Income Statement Data Total revenues $ 19,396 Property operating expenses (6,494 ) Administrative, management and call center fees (1,667 ) Depreciation and amortization of customer list (3,771 ) Amortization of financing fees (141 ) Income tax expense (59 ) Interest expense (2,637 ) Net income $ 4,627 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 except for our share of capital for future acquisitions of properties and repayment of mortgages.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	10. 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 one of its subsidiaries as a taxable REIT subsidiary. In general, the Company’s taxable REIT subsidiary may perform additional services for tenants and generally may engage in certain real estate or non-real For the three months ended March 31, 2017 and 2016, the Company recorded federal and state income tax expense of $0.3 million and $0.6 million, respectively. At March 31, 2017 and 2016, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of March 31, 2017 and 2016, the Company had no interest or penalties related to uncertain tax positions. Net income taxes payable and the net deferred tax liability of our taxable REIT subsidiary are classified within accounts payable and accrued liabilities in the consolidated balance sheets. As of March 31, 2017, the Company’s taxable REIT subsidiary has a deferred tax liability of $2.7 million and deferred tax assets totaling $2.0 million. The tax years 2013-2016 remain open to examination by the major taxing jurisdictions to which the Company is subject.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	11. 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 260-10, earnings-per-share two-class two-class Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 20,429 $ 28,339 Denominator: Denominator for basic earnings per share – weighted average shares 46,305 38,411 Effect of Dilutive Securities: Stock options and non-vested 114 252 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,419 38,663 Basic earnings per common share attributable to common shareholders $ 0.44 $ 0.74 Diluted earnings per common share attributable to common shareholders $ 0.44 $ 0.73 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 20,429 $ 28,339 Denominator: Denominator for basic earnings per unit – weighted average units 46,305 38,411 Effect of Dilutive Securities: Stock options and non-vested 114 252 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,419 38,663 Basic earnings per common unit attributable to common unitholders $ 0.44 $ 0.74 Diluted earnings per common unit attributable to common unitholders $ 0.44 $ 0.73 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 11,000 stock options and 151,053 unvested restricted shares for the three months ended March 31, 2017, and 130,573 unvested restricted shares for the three months ended March 31, 2016, because their effect would be antidilutive.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity	12. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the period: (dollars in thousands) Three Months Beginning balance of total shareholders’ equity $ 2,088,494 Net proceeds from the issuance of common stock through Dividend Reinvestment Plan 4,216 Earned portion of non-vested 1,589 Stock option expense 4 Deferred compensation - directors 23 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units (140 ) Net income attributable to common shareholders 20,429 Amortization of terminated hedge included in AOCL 229 Change in fair value of derivatives 1,393 Dividends (43,735 ) Ending balance of total shareholders’ equity $ 2,072,502 On January 20, 2016, the Company completed the public offering of 2,645,000 shares of its common stock at $105.75 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $269.7 million. The Company used the net proceeds from the offering to repay a portion of the indebtedness then outstanding on the Company’s unsecured line of credit. On May 25, 2016, the Company completed the public offering of 6,900,000 shares of its common stock at $100.00 per share. Net proceeds to the Company after deducting underwriting discounts and commissions and offering expenses were approximately $665.4 million. The Company initially used the net proceeds from the offering to repay the indebtedness then outstanding on the Company’s unsecured line of credit. The proceeds from this offering and the proceeds from the 2026 Senior Notes (see Note 5) were used, along with draws on the Company’s revolving line of credit, to fund the purchase of LifeStorage, LP on July 15, 2016. The Company maintains a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC (“Wells Fargo”), Jefferies LLC (“Jefferies”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), Piper Jaffray & Co. (“Piper”), HSBC Securities (USA) Inc. (“HSBC”), and BB&T Capital Markets, a division of BB&T Securities, LLC (“BB&T”), pursuant to which the Company may sell from time to time up to $225 million in aggregate offering price of shares of the Company’s common stock. Actual sales under the Equity 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 continue to offer, sell, and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity Program. During the three months ended March 31, 2017 and March 31, 2016, the Company did not issue any shares of common stock under the Equity Program. As of March 31, 2017, the Company had $59.3 million available for issuance under the Equity Program which is scheduled to expire in May 2017. In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 52,304 and 44,018 shares under the plan during the three months ended March 31, 2017 and March 31, 2016, respectively.

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Partners' Capital	13. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the period: (dollars in thousands) Three Months Beginning balance of total controlling partners’ capital $ 2,088,494 Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan 4,216 Earned portion of non-vested 1,589 Stock option expense 4 Deferred compensation - directors 23 Adjustment to redemption value on limited partners’ redeemable capital interests (140 ) Net income attributable to common unitholders 20,429 Amortization of terminated hedge included in AOCL 229 Change in fair value of derivatives 1,393 Distributions (43,735 ) Ending balance of total controlling partners’ capital $ 2,072,502

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	14. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09, 2014-09 2014-09 2014-09 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 right-of-use right-of-use 2016-02 2016-02 In March 2016, the FASB issued ASU 2016-06, 2016-06 2016-06 In March 2016, the FASB issued ASU 2016-07, 2016-07 step-by-step 2016-07 In March 2016, the FASB issued ASU 2016-09, 2016-09 In August 2016, the FASB issued ASU 2016-15, 2016-15 In November 2016, the FASB issued ASU 2016-18, beginning-of-period end-of-period 2016-18 In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01. 2017-01, 2017-01. In February 2017, the FASB issued ASU 2017-05, 610-20): 610-20 2017-05

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. COMMITMENT AND CONTINGENCIES At March 31, 2017, the Company was under contract to acquire three self-storage facilities for an aggregate purchase price of approximately $37.6 million. The purchase of these facilities is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. On April 3, 2017, the Company entered into a three year lease for one of these self-storage facilities, effectively cancelling the purchase contract for this facility which would have included consideration of $14.1 million. Annual minimum lease payments under this lease total $0.6 million. At March 31, 2017, 191 III was under contract to purchase three self-storage facilities for an aggregate purchase price of $59.2 million, of which the Company is committed to contribute a total of $11.8 million. The purchase of these facilities by 191 III is subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. On or about August 25, 2014, a putative class action was filed against the Company in the Superior Court of New Jersey Law Division Burlington County. The action seeks to obtain declaratory, injunctive and monetary relief for a class of consumers based upon alleged violations by the Company of the New Jersey Truth in Customer Contract, Warranty and Notice Act, the New Jersey Consumer Fraud Act and the New Jersey Insurance Producer Licensing Act. On October 17, 2014, the action was removed from the Superior Court of New Jersey Law Division Burlington County to the United States District Court for the District of New Jersey. The Company brought a motion to partially dismiss the complaint for failure to state a claim, and on July 16, 2015, the Company’s motion was granted in part and denied in part. On October 20, 2016, the complaint was amended to add a claim that the Company’s insurance program violates New Jersey consumer protection laws. The Company intends to vigorously defend the action, and the possibility of any adverse outcome cannot be determined at this time.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS On April 5, 2017 the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on April 26, 2017 to shareholders of record on April 18, 2017. The total dividend paid amounted to $46.4 million.

Recent Accounting Pronounceme23

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Revenue from Contracts with Customers	In May 2014, the FASB issued ASU 2014-09, 2014-09 2014-09 2014-09 2014-09,
Leases	In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 right-of-use right-of-use 2016-02 2016-02
Business Combinations	In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01. 2017-01, 2017-01.

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Reconciliation of Noncontrolling Interests	The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Beginning balance $ 18,091 Net income attributable to noncontrolling interest in the Operating Partnership 96 Distributions (207 ) Adjustment to redemption value 140 Ending balance $ 18,120

Investment in Storage Facilit25

Investment in Storage Facilities and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the three months ended March 31, 2017: (dollars in thousands) Cost: Beginning balance $ 4,243,308 Acquisition of storage facilities 10,089 Improvements and equipment additions 19,345 Additions to consolidated subsidiary 81 Net increase in construction in progress 1,391 Dispositions (6,846 ) Ending balance $ 4,267,368 Accumulated Depreciation: Beginning balance $ 535,704 Additions during the period 24,868 Dispositions (6,814 ) Ending balance $ 553,758
Schedule of Acquired Facilities and Purchase Price of Facilities	The purchase price of the facility acquired in 2017 has been preliminarily assigned as follows: (dollars in thousands) Consideration paid States Number Date of Purchase Cash Paid Value of Mortgage Net Other Land Building, In-Place Closing IL 1 2/23/17 $ 10,089 $ 10,076 $ — $ — $ 13 $ 771 $ 9,318 $ — $ —
Schedule of Fair Value of In-Place Customer Lease Intangible Assets	In-place (Dollars in thousands) Mar. 31, Dec. 31, In-place $ 75,611 $ 75,611 Accumulated amortization (63,560 ) (50,782 ) Net carrying value at the end of period $ 12,051 $ 24,829

Unsecured Line of Credit and 26

Unsecured Line of Credit and Term Notes (Tables)	3 Months Ended
	Mar. 31, 2017
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) Mar. 31, Dec. 31, Revolving line of credit borrowings $ 299,000 $ 253,000 Term note due June 4, 2020 325,000 325,000 Term note due August 5, 2021 100,000 100,000 Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Term note due July 21, 2028 200,000 200,000 Total term note principal balance outstanding $ 1,400,000 $ 1,400,000 Less: unamortized debt issuance costs (8,978 ) (9,323 ) Less: unamortized senior term note discount (3,069 ) (3,152 ) Term notes payable $ 1,387,953 $ 1,387,525

Mortgages Payable and Debt Ma27

Mortgages Payable and Debt Maturities (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at March 31, 2017 and December 31, 2016 consist of the following: (dollars in thousands) Mar. 31, Dec. 31, 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.8 million, principal and interest paid monthly (effective interest rate 5.16%) $ 2,953 $ 2,966 4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.7 million, principal and interest paid monthly (effective interest rate 4.25%) 4,185 4,207 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.1 million, principal and interest paid monthly (effective interest rate 5.50%) 3,985 4,002 5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.26%) 1,815 1,852 Total mortgages payable $ 12,938 $ 13,027
Summary of Debt Obligation 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) 2017 2018 2019 2020 2021 Thereafter Total Fair Line of credit - variable rate LIBOR + 1.10% (2.08% at March 31, 2017) — — $ 299,000 — — — $ 299,000 $ 299,000 Notes Payable: Term note - variable rate LIBOR+1.15% (2.13% at March 31, 2017) — — — $ 325,000 — — $ 325,000 $ 325,000 Term note - fixed rate 5.54% — — — — $ 100,000 — $ 100,000 $ 108,296 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 181,337 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 575,186 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 188,662 Mortgage note - fixed rate 4.98% $ 38 $ 53 $ 56 $ 58 $ 2,748 — $ 2,953 $ 3,128 Mortgage note - fixed rate 4.065% $ 66 $ 92 $ 96 $ 99 $ 104 $ 3,728 $ 4,185 $ 4,194 Mortgage note - fixed rate 5.26% $ 46 $ 67 $ 71 $ 74 $ 78 $ 3,649 $ 3,985 $ 4,262 Mortgage note - fixed rate 5.99% $ 114 $ 160 $ 170 $ 181 $ 192 $ 998 $ 1,815 $ 1,958 Interest rate derivatives – liability — — — — — — — $ 11,585

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Agreements	The Company has interest rate swap agreements in effect at March 31, 2017 as detailed below to effectively convert a total of $325 million of variable-rate debt to fixed-rate debt. Notional Amount Effective Date Expiration Date Fixed Floating Rate $125 Million 9/1/2011 8/1/18 2.3700 % 1 month LIBOR $100 Million 12/30/11 12/29/17 1.6125 % 1 month LIBOR $100 Million 9/4/13 9/4/18 1.3710 % 1 month LIBOR $100 Million 12/29/17 11/29/19 3.9680 % 1 month LIBOR $125 Million 8/1/18 6/1/20 4.1930 % 1 month LIBOR
Summary of Changes in AOCL	The changes in AOCL for the three months ended March 31, 2017 and March 31, 2016 are summarized as follows: (dollars in thousands) Three Months Three Months Accumulated other comprehensive loss beginning of period $ (21,475 ) $ (14,415 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 1,119 1,197 Unrealized gain (loss) from changes in the fair value of the effective portion of the interest rate swaps 503 (13,293 ) Income (loss) included in other comprehensive loss 1,622 (12,096 ) Accumulated other comprehensive loss end of period $ (19,853 ) $ (26,511 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	The following table provides the liabilities carried at fair value measured on a recurring basis as of March 31, 2017 and December 31, 2016 (in thousands): Asset Level 1 Level 2 Level 3 March 31, 2017 Interest rate swaps $ (11,585 ) — $ (11,585 ) — December 31, 2016 Interest rate swaps $ (13,015 ) — $ (13,015 ) —

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Unconsolidated Joint Ventures' Financial Statements	A summary of the unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2017 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 672,548 Investment in office building, net 4,965 Other assets 20,753 Total Assets $ 698,266 Due to the Company $ 1,380 Secured debt payable 282,946 Other liabilities 7,769 Total Liabilities 292,095 Unaffiliated partners’ equity 319,269 Company equity 86,902 Total Partners’ Equity 406,171 Total Liabilities and Partners’ Equity $ 698,266 Income Statement Data Total revenues $ 19,396 Property operating expenses (6,494 ) Administrative, management and call center fees (1,667 ) Depreciation and amortization of customer list (3,771 ) Amortization of financing fees (141 ) Income tax expense (59 ) Interest expense (2,637 ) Net income $ 4,627

Earnings Per Share and Earnin31

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class (in thousands except per share data) Three Months Three Months Numerator: Net income attributable to common shareholders $ 20,429 $ 28,339 Denominator: Denominator for basic earnings per share – weighted average shares 46,305 38,411 Effect of Dilutive Securities: Stock options and non-vested 114 252 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,419 38,663 Basic earnings per common share attributable to common shareholders $ 0.44 $ 0.74 Diluted earnings per common share attributable to common shareholders $ 0.44 $ 0.73 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class (in thousands except per unit data) Three Months Three Months Numerator: Net income attributable to common unitholders $ 20,429 $ 28,339 Denominator: Denominator for basic earnings per unit – weighted average units 46,305 38,411 Effect of Dilutive Securities: Stock options and non-vested 114 252 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,419 38,663 Basic earnings per common unit attributable to common unitholders $ 0.44 $ 0.74 Diluted earnings per common unit attributable to common unitholders $ 0.44 $ 0.73

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
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 period: (dollars in thousands) Three Months Beginning balance of total shareholders’ equity $ 2,088,494 Net proceeds from the issuance of common stock through Dividend Reinvestment Plan 4,216 Earned portion of non-vested 1,589 Stock option expense 4 Deferred compensation - directors 23 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units (140 ) Net income attributable to common shareholders 20,429 Amortization of terminated hedge included in AOCL 229 Change in fair value of derivatives 1,393 Dividends (43,735 ) Ending balance of total shareholders’ equity $ 2,072,502

Partners' Capital (Tables)

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the period: (dollars in thousands) Three Months Beginning balance of total controlling partners’ capital $ 2,088,494 Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan 4,216 Earned portion of non-vested 1,589 Stock option expense 4 Deferred compensation - directors 23 Adjustment to redemption value on limited partners’ redeemable capital interests (140 ) Net income attributable to common unitholders 20,429 Amortization of terminated hedge included in AOCL 229 Change in fair value of derivatives 1,393 Distributions (43,735 ) Ending balance of total controlling partners’ capital $ 2,072,502

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017StatesPropertyshares	Jan. 04, 2017	Dec. 31, 2016shares
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership	99.50%
Number of self-storage properties owned and managed	675
Number of states in which self-storage properties owned and managed | States	29
Number of properties managed with no ownership	36
Units of redeemable noncontrolling interest in operating partnership | shares	217,481		217,481
Noncontrolling limited partnership unit redemption value	One common share or cash
Sovran HHF Storage Holdings LLC [Member]
Organization [Line Items]
Number of properties owned and managed under twenty-percent stake joint venture	39
Percentage ownership in unconsolidated joint venture	20.00%
Sovran HHF Storage Holdings II LLC [Member]
Organization [Line Items]
Percentage ownership in unconsolidated joint venture	15.00%
Number of properties owned and managed under fifteen-percent stake joint venture	30
191 III Holdings LLC [Member]
Organization [Line Items]
Percentage ownership in unconsolidated joint venture	20.00%
Number of properties owned and managed under twenty-percent stake joint venture	4
Review Avenue Partners LLC [Member]
Organization [Line Items]
Percentage ownership in unconsolidated joint venture	40.00%	40.00%
Number of properties owned and managed under forty-percent stake joint venture	1
Life Storage Solutions, LLC [Member]
Organization [Line Items]
Percentage of ownership by subsidiary	60.00%
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	23.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	14.00%

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Redeemable Noncontrolling Interest, Equity, Fair Value [Abstract]
Noncontrolling interest, beginning balance	$ 18,091
Net income attributable to noncontrolling interest in the Operating Partnership	96	$ 130
Distributions	(207)
Adjustment to redemption value	140
Noncontrolling interest, ending balance	$ 18,120

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 4,000	$ 46,000
Amortization of non-vested stock grants and performance-based awards	$ 1,589,000	$ 1,866,000
Stock options exercised by employees and directors	0	0
Number of shares of non-vested stock that vested	44,789	7,185
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	3 years
Aggregate fair value	$ 800,000
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under performance plan	17,888
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	8,944
Fair market value of the non-vested stock on the date of grant	$ 86.78
Aggregate fair value	$ 800,000

Investment in Storage Facilit37

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Cost:
Beginning balance	$ 4,243,308
Acquisition of storage facilities	10,089
Improvements and equipment additions	19,345
Additions to consolidated subsidiary	81
Net increase in construction in progress	1,391
Dispositions	(6,846)
Ending balance	4,267,368
Accumulated Depreciation:
Beginning balance	535,704
Additions during the period	24,868
Dispositions	(6,814)
Ending balance	$ 553,758

Investment in Storage Facilit38

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Facility$ / shares	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate [Abstract]
Number of storage facilities acquired | Facility	1
Cash paid for facility acquired	$ 10,100,000
Deposits paid at the time of contract			$ 500,000
Net other liabilities assumed	$ 13,000
Issuance of Operating Partnership Units		$ 4,500,000
Net other liabilities		1,300,000
Amortization period for in-place customer leases on a straight-line basis	12 months
Amortization expense related to in-place customer leases	$ 12,800,000	$ 1,200,000
Amortization expense expected for 2017	24,800,000
Amortization expense expected for 2018	0
Increase in depreciation expense	$ 500,000
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares	$ 0.01

Investment in Storage Facilit39

Investment in Storage Facilities and Intangible Assets - Schedule of Acquired Facilities and Purchase Price of Facilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)PropertyFacility	Mar. 31, 2016USD ($)
Investment Holdings [Line Items]
Number of Properties | Facility	1
Cash Paid	$ 10,100
Closing Costs Expensed		$ 2,384
Illinois [Member] | Date Of Acquisition, 2/23/17 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Feb. 23, 2017
Purchase Price	$ 10,089
Cash Paid	10,076
Consideration paid Value of Operating Partnership Units Issued	0
Mortgage Assumed	0
Net Other Liabilities (Assets) Assumed	13
Land	771
Building, Equipment, and Improvements	9,318
In-Place Customers Leases	0
Closing Costs Expensed	$ 0

Investment in Storage Facilit40

Investment in Storage Facilities and Intangible Assets - Schedule of Fair Value of In-Place Customer Lease Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
In-place customer leases	$ 75,611	$ 75,611
Accumulated amortization	(63,560)	(50,782)
Net carrying value at the end of period	$ 12,051	$ 24,829

Unsecured Line of Credit and 41

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Unsecured Line Of Credit And Term Notes [Line Items]
Revolving line of credit borrowings	$ 299,000	$ 253,000
Total term notes payable - gross	1,400,000	1,400,000
Less: unamortized debt issuance costs	(8,978)	(9,323)
Less: unamortized senior term note discount	(3,069)	(3,152)
Term notes, net of debt issuance costs	1,387,953	1,387,525
Term Note Due June 4, 2020 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	325,000	325,000
Term Note Due August 5, 2021 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	100,000	100,000
Term Note Due April 8, 2024 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	600,000	600,000
Term Note Due July 21, 2028 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Total term notes payable - gross	$ 200,000	$ 200,000

Unsecured Line of Credit and 42

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Jul. 21, 2016	Jun. 20, 2016	Apr. 26, 2016	Apr. 08, 2014	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2011	Dec. 31, 2016	Jan. 31, 2016
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note					$ 1,400,000,000			$ 1,400,000,000
Interest coverage ratio on debt		150.00%
Unamortized senior term note discount					3,069,000			$ 3,152,000
Underwriting discount and other offering expenses						$ 936,000
Amortization expense related to deferred debt issuance costs					832,000	356,000
Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Leverage ratio percentage		60.00%
Indenture covenant percentage on unencumbered assets		150.00%
Secured Debt [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Leverage ratio percentage		40.00%
Revolving Credit Facility [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Revolving credit limit					$ 500,000,000				$ 300,000,000
Maturity on December 10, 2019 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Basis spread over LIBOR					1.10%
Facility fee					0.15%
Interest rate, line of credit facility					2.08%			1.79%
Amount available on unsecured revolving line of credit					$ 201,000,000
Line of credit facility, expiration date					Dec. 10, 2019
Maturity on June 4, 2020 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Basis spread over LIBOR					1.15%
Unsecured term note					$ 325,000,000
Maturity in April 8, 2024 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date					Apr. 8, 2024
Additional secured term note				$ 175,000,000
Term note stated interest rate					4.533%
Maturity in April 8, 2024 [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Term note stated interest rate					6.283%
Maturity in August 2021 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date					Aug. 5, 2021
Additional secured term note							$ 100,000,000
Term note stated interest rate							5.54%
Maturity in August 2021 [Member] | Maximum [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Term note stated interest rate							7.29%
Maturity in April 2016 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Line of credit facility, expiration date					Apr. 26, 2016
Term note stated interest rate					6.38%
Unsecured term note			$ 150,000,000
Senior Term Note Due July 1, 2026 [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note					$ 600,000,000			$ 600,000,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Debt instrument principal amount		$ 600,000,000
Debt instrument percentage		3.50%
Debt instrument percentage discount to par		0.553%
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]
Unsecured Line Of Credit And Term Notes [Line Items]
Unsecured term note					200,000,000			$ 200,000,000
Line of credit facility, expiration date	Jul. 21, 2028
Additional secured term note	$ 200,000,000
Term note stated interest rate	3.67%
Senior Notes and Term Notes [Member]
Unsecured Line Of Credit And Term Notes [Line Items]
Amortization expense related to deferred debt issuance costs					$ 500,000	$ 400,000

Mortgages Payable and Debt Ma43

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages payable	$ 12,938	$ 13,027
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,953	2,966
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	4,185	4,207
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,985	4,002
5.99% Mortgage Notes Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,815	$ 1,852

Mortgages Payable and Debt Ma44

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Facility
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
Mortgage note due date	Jan. 1, 2021
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 9.8
Effective interest rate	5.16%
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage note due date	Apr. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.7
Effective interest rate	4.25%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 8.1
Effective interest rate	5.50%
5.99% Mortgage Notes Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 1, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.4
Effective interest rate	6.26%

Mortgages Payable and Debt Ma45

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Line of credit	$ 299,000	$ 253,000
Term notes, net of debt issuance costs	1,400,000	1,400,000
Mortgage note, total	12,938	13,027
Interest rate derivatives - liability	11,585	$ 13,015
Line of credit - variable rate LIBOR + 1.10% (2.08% at March 31, 2017) [Member]
Debt Instrument [Line Items]
Payable due 2019	299,000
Line of credit	299,000
Debt instrument, fair value	299,000
Term note - variable rate LIBOR+1.15% (2.13% at March 31, 2017) [Member]
Debt Instrument [Line Items]
Payable due 2020	325,000
Term notes, net of debt issuance costs	325,000
Term note, fair value	325,000
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Payable due 2021	100,000
Term notes, net of debt issuance costs	100,000
Term note, fair value	108,296
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	175,000
Term notes, net of debt issuance costs	175,000
Term note, fair value	181,337
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Term notes, net of debt issuance costs	600,000
Term note, fair value	575,186
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Term notes, net of debt issuance costs	200,000
Term note, fair value	188,662
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2017	38
Payables due 2018	53
Payable due 2019	56
Payable due 2020	58
Payable due 2021	2,748
Mortgage note, total	2,953
Debt instrument, fair value	3,128
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2017	66
Payables due 2018	92
Payable due 2019	96
Payable due 2020	99
Payable due 2021	104
Payables due Thereafter	3,728
Mortgage note, total	4,185
Debt instrument, fair value	4,194
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2017	46
Payables due 2018	67
Payable due 2019	71
Payable due 2020	74
Payable due 2021	78
Payables due Thereafter	3,649
Mortgage note, total	3,985
Debt instrument, fair value	4,262
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2017	114
Payables due 2018	160
Payable due 2019	170
Payable due 2020	181
Payable due 2021	192
Payables due Thereafter	998
Mortgage note, total	1,815
Debt instrument, fair value	$ 1,958

Mortgages Payable and Debt Ma46

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017
Line of credit - variable rate LIBOR + 1.10% (2.08% at March 31, 2017) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	2.08%
Basis spread over LIBOR	1.10%
Term note - variable rate LIBOR+1.15% (2.13% at March 31, 2017) [Member]
Debt Instrument [Line Items]
Interest rate	2.13%
Basis spread over LIBOR	1.15%
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Interest rate	5.54%
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 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Interest rate	4.98%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume47

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 20, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Cash flow hedge ineffectiveness		Ineffectiveness was de minimis for the three months ended March 31, 2017 and 2016.
Derivative notional amount			$ 100,000,000			$ 50,000,000
Realized loss reclassified from accumulated other comprehensive loss to interest expense		$ (1,119,000)	(1,197,000)
Fair value of interest rate swap agreements, liability		11,585,000			$ 13,015,000
Net termination cost		$ 11,600,000
Senior Term Note Due July 1, 2026 [Member]
Derivative [Line Items]
Settlement of forward starting swap agreements loss	$ 9,200,000
Amortized period on interest expense		10 years
Interest Expense [Member]
Derivative [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense		$ 900,000	$ 1,200,000
Unsecured Senior Notes [Member] | Senior Term Note Due July 1, 2026 [Member]
Derivative [Line Items]
Debt instrument principal amount	$ 600,000,000
Scenario, Forecast [Member] | Interest Expense [Member]
Derivative [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense				$ 4,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of variable rate debt swapped		325,000,000
Derivative notional amount		$ 125,000,000

Derivative Financial Instrume48

Derivative Financial Instruments - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Notional Amount		$ 100,000,000	$ 50,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 125,000,000
Effective Date	Sep. 1, 2011
Expiration Date	Aug. 1, 2018
Fixed Rate Paid	2.37%
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap One [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Dec. 30, 2011
Expiration Date	Dec. 29, 2017
Fixed Rate Paid	1.6125%
Interest Rate Swap One [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Two [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Sep. 4, 2013
Expiration Date	Sep. 4, 2018
Fixed Rate Paid	1.371%
Interest Rate Swap Two [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Three [Member]
Derivative [Line Items]
Notional Amount	$ 100,000,000
Effective Date	Dec. 29, 2017
Expiration Date	Nov. 29, 2019
Fixed Rate Paid	3.968%
Interest Rate Swap Three [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR
Interest Rate Swap Four [Member]
Derivative [Line Items]
Notional Amount	$ 125,000,000
Effective Date	Aug. 1, 2018
Expiration Date	Jun. 1, 2020
Fixed Rate Paid	4.193%
Interest Rate Swap Four [Member] | London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Floating Rate Received	1 month LIBOR

Derivative Financial Instrume49

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss beginning of period	$ (21,475)	$ (14,415)
Realized loss reclassified from accumulated other comprehensive loss to interest expense	1,119	1,197
Unrealized gain (loss) from changes in the fair value of the effective portion of the interest rate swaps	503	(13,293)
Income (loss) included in other comprehensive loss	1,622	(12,096)
Accumulated other comprehensive loss end of period	$ (19,853)	$ (26,511)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Liability	$ (11,585)	$ (13,015)
Interest Rate Swap [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Liability	(11,585)	(13,015)
Interest Rate Swap [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swaps, Liability	$ (11,585)	$ (13,015)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Facility
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Number of storage facilities acquired	1
Storage Facilities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Number of storage facilities acquired	1

Investment in Joint Ventures -

Investment in Joint Ventures - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)PropertyFacility	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Jan. 04, 2017
Schedule of Equity Method Investments [Line Items]
Investment at carrying value	$ 89,046,000		$ 67,300,000
Number of self-storage facilities under contract to be acquired | Facility	3
Equity in income (loss) of joint ventures	$ 721,000	$ 915,000
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	20.00%
Investment at carrying value	$ 46,800,000		43,800,000
Number of properties owned and managed under twenty-percent stake joint venture | Property	39
Contribution of company to joint venture as share in capital	$ 3,200,000
Excess of investment over net asset due to capitalization of acquisition related costs	$ 1,700,000
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	15.00%
Investment at carrying value	$ 13,500,000		13,500,000
Number of properties owned and managed under fifteen-percent stake joint venture | Property	30
Sovran HHF, Sovran HHF II and 191 III [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	7.00%
Management and call center fee earned	$ 1,300,000	1,200,000
Equity in income (loss) of joint ventures	900,000	800,000
Rent paid during the period	$ 700,000	600,000
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	49.00%
Equity in income (loss) of joint ventures	$ 54,000	59,000
Rent paid during the period	300,000	$ 300,000
Investment liability at carrying value	$ (400,000)		(400,000)
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	85.00%
Investment at carrying value	$ 4,100,000		4,100,000
Management and call center fee as a percentage of revenues	6.00%
Management and call center fee earned	$ 0		0
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	5.00%
Investment at carrying value	$ 2,500,000		2,500,000
Management and call center fee earned	$ 0		0
SNL Orix Merrick, LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			400,000
SNL Orix Merrick, LLC [Member] | Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			2,100,000
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	5.00%
Investment at carrying value	$ 2,700,000		2,700,000
Management and call center fee earned	$ 0		0
SNL/Orix 1200 McDonald Ave., LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			400,000
SNL/Orix 1200 McDonald Ave., LLC [Member] | Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			2,300,000
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	20.00%
Investment at carrying value	$ 7,300,000		700,000
Contribution of company to joint venture as share in capital	$ 6,600,000		$ 700,000
Number of self-storage facilities acquired under contract | Facility	4
Business Combination, Contingent Consideration for the purchase of remaining facility	$ 59,200,000
Business Combination, Contingent Consideration, Liability, Current	$ 11,800,000
Number of self-storage facilities under contract to be acquired | Facility	3
Review Avenue Partners LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage ownership in unconsolidated joint venture	40.00%			40.00%
Investment at carrying value	$ 12,200,000
Contribution of company to joint venture as share in capital	$ 12,500,000
Management and call center fee as a percentage of revenues	6.00%
Management and call center fee earned	$ 9,000
Equity in income (loss) of joint ventures	$ (200,000)

Investment in Joint Ventures 53

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 3,713,610		$ 3,707,604
Other assets	16,190		29,554
Total Assets	3,857,633		3,857,984
Secured debt payable	12,938		13,027
Other liabilities		$ 1,300
Total Liabilities	1,767,011		1,751,399
Unaffiliated partners' equity	0		0
Company equity	2,072,502		2,088,494
Total Partners' Equity	2,072,502		$ 2,088,494
Depreciation and amortization of customer list	(37,642)	(16,425)
Amortization of financing fees	(832)	(356)
Income tax expense	(300)	(600)
Interest expense	(15,210)	$ (9,134)
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	672,548
Investment in office building, net	4,965
Other assets	20,753
Total Assets	698,266
Due to the Company	1,380
Secured debt payable	282,946
Other liabilities	7,769
Total Liabilities	292,095
Unaffiliated partners' equity	319,269
Company equity	86,902
Total Partners' Equity	406,171
Total Liabilities and Partners' Equity	698,266
Total revenues	19,396
Property operating expenses	(6,494)
Administrative, management and call center fees	(1,667)
Depreciation and amortization of customer list	(3,771)
Amortization of financing fees	(141)
Income tax expense	(59)
Interest expense	(2,637)
Net income	$ 4,627

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule Of Income Taxes [Line Items]
Federal and state income tax expense	$ 300,000	$ 600,000
Unrecognized tax benefits	0	0
Deferred tax liability	2,700,000
Interest or penalties related to uncertain tax positions	0	$ 0
Deferred tax assets	$ 2,000,000
Tax Year 2013 [Member]
Schedule Of Income Taxes [Line Items]
Tax years open to examination	2,013
Latest Tax Year [Member]
Schedule Of Income Taxes [Line Items]
Tax years open to examination	2,016

Earnings Per Share and Earnin55

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, 2017	Mar. 31, 2016
Numerator:
Net income attributable to common shareholders/unitholders	$ 20,429	$ 28,339
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,304,568	38,410,817
Effect of Dilutive Securities:
Stock options and non-vested stock	114,000	252,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,418,891	38,663,138
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.44	$ 0.74
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.44	$ 0.73
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 20,429	$ 28,339
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,304,568	38,410,817
Effect of Dilutive Securities:
Stock options and non-vested stock	114,000	252,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,418,891	38,663,138
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.44	$ 0.74
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.44	$ 0.73

Earnings Per Share and Earnin56

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	151,053	130,573
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	11,000

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Beginning balance	$ 2,088,494
Net proceeds from the issuance of common stock through Dividend Reinvestment Plan	4,216
Earned portion of non-vested stock	1,589
Stock option expense	4	$ 46
Deferred compensation - directors	23
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(140)
Net income attributable to common shareholders	20,429	$ 28,339
Amortization of terminated hedge included in AOCL	229
Change in fair value of derivatives	1,393
Dividends	(43,735)
Ending balance	$ 2,072,502

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	May 25, 2016	Jan. 20, 2016	Mar. 31, 2017	Mar. 31, 2016
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program	6,900,000	2,645,000
Common stock, price per share, public offering	$ 100	$ 105.75
Proceeds from issuance of common stock	$ 665,400,000	$ 269,700,000
Common stock value authorized under equity offering program			$ 225,000,000
Shares issued under dividend reinvestment plan			52,304	44,018
Equity Program [Member]
Stockholders Equity [Line Items]
Common stock, value reserved for future issuance			$ 59,300,000

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Partners Capital [Line Items]
Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan	$ 4,216
Earned portion of non-vested stock	1,589
Stock option expense	4	$ 46
Deferred compensation - directors	23
Adjustment to redemption value on limited partners' redeemable capital interests	(140)
Net income attributable to common unitholders	20,429	28,339
Amortization of terminated hedge included in AOCL	229
Change in fair value of derivatives	1,393
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners' capital	2,088,494
Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan	4,216
Earned portion of non-vested stock	1,589
Stock option expense	4	46
Deferred compensation - directors	23
Adjustment to redemption value on limited partners' redeemable capital interests	(140)
Net income attributable to common unitholders	20,429	$ 28,339
Amortization of terminated hedge included in AOCL	229
Change in fair value of derivatives	1,393
Distributions	(43,735)
Ending balance of total controlling partners' capital	$ 2,072,502

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Apr. 03, 2017USD ($)	Mar. 31, 2017USD ($)Facility
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract		$ 37.6
Number of self-storage facilities under contract to be acquired | Facility		3
Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract	$ 14.1
Lease term	3 years
Annual minimum lease payments	$ 0.6
191 III Holdings LLC [Member]
Commitment And Contingencies [Line Items]
Number of self-storage facilities under contract to be acquired | Facility		3
Business Combination, Contingent Consideration for the purchase of remaining facility		$ 59.2
Business Combination, Contingent Consideration, Liability, Current		$ 11.8

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 26, 2017	Mar. 31, 2017	Apr. 05, 2017
Subsequent Event [Line Items]
Dividend declared, date		Apr. 5, 2017
Dividend paid, date		Apr. 26, 2017
Dividend record, date		Apr. 18, 2017
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend per common share			$ 1
Dividend paid	$ 46.4