Life Storage Inc - Registered Shares (LSI) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 17, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		46,565,213
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	Jun. 30, 2017	Dec. 31, 2016
Investment in storage facilities:
Land	$ 786,539	$ 786,764
Building, equipment, and construction in progress	3,503,193	3,456,544
Real estate investment property, at cost, total	4,289,732	4,243,308
Less: accumulated depreciation	(578,388)	(535,704)
Investment in storage facilities, net	3,711,344	3,707,604
Cash and cash equivalents	7,998	23,685
Accounts receivable	6,189	5,469
Receivable from unconsolidated joint ventures	1,022	1,223
Investment in unconsolidated joint ventures	132,524	67,300
Prepaid expenses	8,694	6,649
Trade name	16,500	16,500
Other assets	6,400	29,554
Total Assets	3,890,671	3,857,984
Liabilities
Line of credit	331,000	253,000
Term notes, net	1,388,380	1,387,525
Accounts payable and accrued liabilities	66,134	75,132
Deferred revenue	10,020	9,700
Fair value of interest rate swap agreements	11,526	13,015
Mortgages payable	12,852	13,027
Total Liabilities	1,819,912	1,751,399
Noncontrolling redeemable Operating Partnership Units at redemption value	16,459	18,091
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 46,565,213 shares outstanding at June 30, 2017 (46,454,606 at December 31, 2016)	466	464
Additional paid-in capital	2,361,579	2,348,567
Dividends in excess of net income	(288,129)	(239,062)
Accumulated other comprehensive loss	(19,616)	(21,475)
Total Shareholders' Equity	2,054,300	2,088,494
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,054,300	2,088,494
Total Liabilities and Shareholders' Equity/ Partners' Capital	3,890,671	3,857,984
Life Storage LP [Member]
Investment in storage facilities:
Land	786,539	786,764
Building, equipment, and construction in progress	3,503,193	3,456,544
Real estate investment property, at cost, total	4,289,732	4,243,308
Less: accumulated depreciation	(578,388)	(535,704)
Investment in storage facilities, net	3,711,344	3,707,604
Cash and cash equivalents	7,998	23,685
Accounts receivable	6,189	5,469
Receivable from unconsolidated joint ventures	1,022	1,223
Investment in unconsolidated joint ventures	132,524	67,300
Prepaid expenses	8,694	6,649
Trade name	16,500	16,500
Other assets	6,400	29,554
Total Assets	3,890,671	3,857,984
Liabilities
Line of credit	331,000	253,000
Term notes, net	1,388,380	1,387,525
Accounts payable and accrued liabilities	66,134	75,132
Deferred revenue	10,020	9,700
Fair value of interest rate swap agreements	11,526	13,015
Mortgages payable	12,852	13,027
Total Liabilities	1,819,912	1,751,399
Limited partners' redeemable capital interest at redemption value (217,481 units outstanding at June 30, 2017 and December 31, 2016)	16,459	18,091
Shareholders' Equity/ Partners' Capital
General partner (467,827 and 466,721 units outstanding at June 30, 2017 and December 31, 2016, respectively)	20,708	21,065
Limited partners (46,097,387 and 45,987,885 units outstanding at June 30, 2017 and December 31, 2016, respectively)	2,053,208	2,088,904
Accumulated other comprehensive loss	(19,616)	(21,475)
Total Controlling Partners' Capital	2,054,300	2,088,494
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,054,300	2,088,494
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 3,890,671	$ 3,857,984

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	46,565,213	46,454,606
Limited partner, units outstanding	217,481	217,481
Life Storage LP [Member]
General partner, units outstanding	467,827	466,721
Limited partner, units outstanding	46,097,387	45,987,885
Life Storage LP [Member] | Limited Partners Redeemable Capital Interest at Redemption Value [Member]
Limited partner, units outstanding	217,481	217,481

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Rental income	$ 120,646	$ 98,795	$ 239,240	$ 190,337
Other operating income	12,138	8,210	21,865	15,792
Total operating revenues	132,784	107,005	261,105	206,129
Expenses
Property operations and maintenance	29,719	23,153	59,515	46,014
Real estate taxes	14,498	11,021	28,933	21,568
General and administrative	15,959	10,114	27,396	20,578
Acquisition costs		1,694		4,078
Operating leases of storage facilities	141		141
Depreciation and amortization	38,105	18,251	75,747	34,676
Total operating expenses	98,422	64,233	191,732	126,914
Income from operations	34,362	42,772	69,373	79,215
Other income (expenses)
Interest expense	(15,716)	(8,244)	(30,926)	(17,377)
Interest expense - bridge financing commitment fee		(7,329)		(7,329)
Interest income	1	37	4	43
Gain on sale of storage facilities		15,270		15,270
Equity in income of joint ventures	785	998	1,506	1,913
Net income	19,432	43,504	39,957	71,735
Net income attributable to noncontrolling interest in the Operating Partnership	(77)	(208)	(172)	(338)
Net loss attributable to noncontrolling interest in consolidated subsidiary		160		399
Net income attributable to common shareholders/unitholders	$ 19,355	$ 43,456	$ 39,785	$ 71,796
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.42	$ 1.04	$ 0.86	$ 1.79
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.42	$ 1.03	$ 0.86	$ 1.78
Common shares/units used in basic earnings per share/unit calculation	46,364,890	41,980,389	46,334,729	40,195,603
Common shares/units used in diluted earnings per share/unit calculation	46,477,680	42,227,388	46,448,286	40,445,263
Dividends/distributions declared per common share/unit	$ 1	$ 0.95	$ 1.95	$ 1.80
Life Storage LP [Member]
Revenues
Rental income	$ 120,646	$ 98,795	$ 239,240	$ 190,337
Other operating income	12,138	8,210	21,865	15,792
Total operating revenues	132,784	107,005	261,105	206,129
Expenses
Property operations and maintenance	29,719	23,153	59,515	46,014
Real estate taxes	14,498	11,021	28,933	21,568
General and administrative	15,959	10,114	27,396	20,578
Acquisition costs		1,694		4,078
Operating leases of storage facilities	141		141
Depreciation and amortization	38,105	18,251	75,747	34,676
Total operating expenses	98,422	64,233	191,732	126,914
Income from operations	34,362	42,772	69,373	79,215
Other income (expenses)
Interest expense	(15,716)	(8,244)	(30,926)	(17,377)
Interest expense - bridge financing commitment fee		(7,329)		(7,329)
Interest income	1	37	4	43
Gain on sale of storage facilities		15,270		15,270
Equity in income of joint ventures	785	998	1,506	1,913
Net income	19,432	43,504	39,957	71,735
Net income attributable to noncontrolling interest in the Operating Partnership	(77)	(208)	(172)	(338)
Net loss attributable to noncontrolling interest in consolidated subsidiary		160		399
Net income attributable to common shareholders/unitholders	$ 19,355	$ 43,456	$ 39,785	$ 71,796
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.42	$ 1.04	$ 0.86	$ 1.79
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.42	$ 1.03	$ 0.86	$ 1.78
Common shares/units used in basic earnings per share/unit calculation	46,364,890	41,980,389	46,334,729	40,195,603
Common shares/units used in diluted earnings per share/unit calculation	46,477,680	42,227,388	46,448,286	40,445,263
Dividends/distributions declared per common share/unit	$ 1	$ 0.95	$ 1.95	$ 1.80
Net income attributable to general partner	$ 194	$ 437	$ 400	$ 721
Net income attributable to limited partners	$ 19,161	$ 43,019	$ 39,385	$ 71,075

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 19,432	$ 43,504	$ 39,957	$ 71,735
Other comprehensive income:
Effective portion of gain (loss) on derivatives net of reclassification to interest expense	237	(4,352)	1,859	(16,448)
Total comprehensive income	19,669	39,152	41,816	55,287
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(78)	(187)	(180)	(261)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		160		399
Comprehensive income attributable to common shareholders/unitholders	19,591	39,125	41,636	55,425
Life Storage LP [Member]
Net income	19,432	43,504	39,957	71,735
Other comprehensive income:
Effective portion of gain (loss) on derivatives net of reclassification to interest expense	237	(4,352)	1,859	(16,448)
Total comprehensive income	19,669	39,152	41,816	55,287
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(78)	(187)	(180)	(261)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary		160		399
Comprehensive income attributable to common shareholders/unitholders	$ 19,591	$ 39,125	$ 41,636	$ 55,425

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net income	$ 39,957	$ 71,735
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,747	34,676
Amortization of debt issuance costs and bond discount	1,663	8,035
Gain on sale of storage facilities		(15,270)
Equity in income of joint ventures	(1,506)	(1,913)
Distributions from unconsolidated joint ventures	2,852	2,548
Non-vested stock earned	3,246	3,802
Stock option expense	8	81
Deferred income taxes	(2,832)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(720)	2,193
Prepaid expenses	(2,299)	(841)
Receipts from (advances to) joint ventures	201	(116)
Accounts payable and other liabilities	(8,023)	(11,086)
Deferred revenue	320	(915)
Net cash provided by operating activities	108,614	92,929
Investing Activities
Acquisitions of storage facilities, net of cash acquired	(9,576)	(415,749)
Improvements, equipment additions, and construction in progress	(45,662)	(27,626)
Net proceeds from the sale of real estate	976	34,074
Investment in unconsolidated joint ventures	(66,590)	(5,335)
Property deposit		(829)
Net cash used in investing activities	(120,852)	(415,465)
Financing Activities
Net proceeds from sale of common stock/partnership units	9,760	942,150
Proceeds from line of credit	179,000	577,000
Repayments of line of credit	(101,000)	(656,000)
Proceeds from term notes, net of discount		596,682
Repayment of term note		(150,000)
Debt issuance costs		(14,183)
Settlement of forward starting interest rate swaps		(9,167)
Dividends paid - common stock	(90,610)	(68,637)
Distributions to noncontrolling interest holders	(424)	(370)
Mortgage principal payments	(175)	(74)
Net cash (used in) provided by financing activities	(3,449)	1,217,401
Net (decrease) increase in cash	(15,687)	894,865
Cash at beginning of period	23,685	7,032
Cash at end of period	7,998	901,897
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	30,624	25,170
Cash paid for income taxes, net of refunds	1,161	970
Life Storage LP [Member]
Operating Activities
Net income	39,957	71,735
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	75,747	34,676
Amortization of debt issuance costs and bond discount	1,663	8,035
Gain on sale of storage facilities		(15,270)
Equity in income of joint ventures	(1,506)	(1,913)
Distributions from unconsolidated joint ventures	2,852	2,548
Non-vested stock earned	3,246	3,802
Stock option expense	8	81
Deferred income taxes	(2,832)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	(720)	2,193
Prepaid expenses	(2,299)	(841)
Receipts from (advances to) joint ventures	201	(116)
Accounts payable and other liabilities	(8,023)	(11,086)
Deferred revenue	320	(915)
Net cash provided by operating activities	108,614	92,929
Investing Activities
Acquisitions of storage facilities, net of cash acquired	(9,576)	(415,749)
Improvements, equipment additions, and construction in progress	(45,662)	(27,626)
Net proceeds from the sale of real estate	976	34,074
Investment in unconsolidated joint ventures	(66,590)	(5,335)
Property deposit		(829)
Net cash used in investing activities	(120,852)	(415,465)
Financing Activities
Net proceeds from sale of common stock/partnership units	9,760	942,150
Proceeds from line of credit	179,000	577,000
Repayments of line of credit	(101,000)	(656,000)
Proceeds from term notes, net of discount		596,682
Repayment of term note		(150,000)
Debt issuance costs		(14,183)
Settlement of forward starting interest rate swaps		(9,167)
Distributions to unitholders	(90,610)	(68,637)
Distributions to noncontrolling interest holders	(424)	(370)
Mortgage principal payments	(175)	(74)
Net cash (used in) provided by financing activities	(3,449)	1,217,401
Net (decrease) increase in cash	(15,687)	894,865
Cash at beginning of period	23,685	7,032
Cash at end of period	7,998	901,897
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	30,624	25,170
Cash paid for income taxes, net of refunds	$ 1,161	$ 970

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017, we had an ownership interest in, and/or managed 697 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 June 30, 2017 and December 31, 2016, there were 217,481 noncontrolling redeemable Operating Partnership Units outstanding. 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 based on quoted market prices, 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) Six Months Beginning balance $ 18,091 Net income attributable to noncontrolling interest in the Operating Partnership 172 Distributions (424 ) Adjustment to redemption value (1,380 ) Ending balance $ 16,459 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	6 Months Ended
	Jun. 30, 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 For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period. For the three months ended June 30, 2017 and 2016, the Company recorded compensation expense (included in general and administrative expense) of $4,000 and $35,000, respectively, related to stock options and $1,657,000 and $1,891,000, respectively, related to amortization of non-vested non-vested No stock options were exercised by employees and directors during the six months ended June 30, 2017 and 2016. During the three months ended June 30, 2017 and 2016, 2,239 and 3,696 shares of non-vested non-vested During the six months ended June 30, 2017, the Company issued 8,944 shares of non-vested non-vested During the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017: (dollars in thousands) Cost: Beginning balance $ 4,243,308 Acquisition of storage facilities 10,089 Improvements and equipment additions 35,284 Additions to consolidated subsidiary 82 Net increase in construction in progress 10,383 Dispositions (9,414 ) Ending balance $ 4,289,732 Accumulated Depreciation: Beginning balance $ 535,704 Additions during the period 51,059 Dispositions (8,375 ) Ending balance $ 578,388 The Company acquired one self-storage facility during the six months ended June 30, 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 Jun. 30, Dec. 31, In-place $ 75,611 $ 75,611 Accumulated amortization (75,478 ) (50,782 ) Net carrying value at the end of period $ 133 $ 24,829 Amortization expense related to in-place Change in Useful Life Estimates The change in name of the Company’s storage facilities from Uncle Bob’s Self Storage ® ® ® As part of the Company’s capital improvement efforts during 2017, buildings at certain self-storage facilities were identified for replacement. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in an increase in depreciation expense of approximately $1.4 million and $1.5 million, respectively, during the three and six month periods ending June 30, 2017. The Company estimates that the change in estimated useful lives of buildings identified for replacement as of June 30, 2017 will result in an additional increase in depreciation expense of approximately $0.5 million during the remainder of 2017. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by approximately $0.03 and $0.04, respectively, for the three and six month periods ending June 30, 2017.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	6 Months Ended
	Jun. 30, 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) Jun. 30, Dec. 31, Revolving line of credit borrowings $ 331,000 $ 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 (8,634 ) (9,323 ) Less: unamortized senior term note discount (2,986 ) (3,152 ) Term notes payable $ 1,388,380 $ 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 June 30, 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 June 30, 2017 the margin is 1.15%). The interest rate at June 30, 2017 on the Company’s line of credit was approximately 2.32% (1.79% at December 31, 2016). At June 30, 2017, there was $169 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 June 30, 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%. 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 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 June 30, 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 June 30, 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 June 30, 2017 and December 31, 2016. Amortization expense related to these deferred debt issuance costs was $0.5 million and $0.4 million for the three months ended June 30, 2017 and 2016, respectively, and $1.0 million and $0.7 million for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	6. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at June 30, 2017 and December 31, 2016 consist of the following: (dollars in thousands) Jun. 30, Dec. 31, 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.7 million, principal and interest paid monthly (effective interest rate 5.21%) $ 2,941 $ 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 4.29%) 4,162 4,207 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.0 million, principal and interest paid monthly (effective interest rate 5.55%) 3,971 4,002 5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $6.6 million, principal and interest paid monthly (effective interest rate 6.26%) 1,778 1,852 Total mortgages payable $ 12,852 $ 13,027 The table below summarizes the Company’s debt obligations and interest rate derivatives at June 30, 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% (2.32% at June 30, 2017) — — $ 331,000 — — — $ 331,000 $ 331,000 Notes Payable: Term note - variable rate LIBOR+1.15% (2.33% at June 30, 2017) — — — $ 325,000 — — $ 325,000 $ 325,000 Term note - fixed rate 5.54% — — — — $ 100,000 — $ 100,000 $ 108,686 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 182,382 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 581,622 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 191,115 Mortgage note - fixed rate 4.98% $ 25 $ 53 $ 56 $ 59 $ 2,748 — $ 2,941 $ 3,090 Mortgage note - fixed rate 4.065% $ 44 $ 92 $ 95 $ 99 $ 104 $ 3,728 $ 4,162 $ 4,220 Mortgage note - fixed rate 5.26% $ 32 $ 67 $ 71 $ 74 $ 78 $ 3,649 $ 3,971 $ 4,233 Mortgage note - fixed rate 5.99% $ 77 $ 160 $ 170 $ 181 $ 192 $ 998 $ 1,778 $ 1,913 Interest rate derivatives - liability — — — — — — — $ 11,526

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016. The Company has interest rate swap agreements in effect at June 30, 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 June 30, 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 June 30, 2017, it could have been required to settle its obligations under the agreements at their net termination cost of $11.5 million. The changes in AOCL for the three and six months ended June 30, 2017 and June 30, 2016 are summarized as follows: (dollars in thousands) Three Months Three Months Six Months Six Months Accumulated other comprehensive loss beginning of period $ (19,853 ) $ (26,511 ) $ (21,475 ) $ (14,415 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 956 1,160 2,076 2,357 Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps (719 ) (5,512 ) (217 ) (18,805 ) Income (loss) included in other comprehensive loss 237 (4,352 ) 1,859 (16,448 ) Accumulated other comprehensive loss end of period $ (19,616 ) $ (30,863 ) $ (19,616 ) $ (30,863 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 (in thousands): Asset Level 1 Level 2 Level 3 June 30, 2017 Interest rate swaps $ (11,526 ) — $ (11,526 ) — 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.

Investment in Joint Ventures

Investment in Joint Ventures	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	9. INVESTMENT IN JOINT VENTURES A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value of Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20 % $ 86.5 million $ 43.8 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 30 15 % $ 13.4 million $ 13.5 million 191 III Holdings LLC (“191 III”) 3 6 20 % $ 10.0 million $ 0.7 million Life Storage-SERS Storage LLC (“SERS”) 4 0 20 % $ 0.2 million N/A Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 0.4 million ) ($ 0.4 million ) Urban Box Coralway Storage, LLC (“Urban Box”) 6 1 85 % $ 4.1 million $ 4.1 million SNL/Orix 1200 McDonald Ave., LLC (“McDonald”) 7 1 5 % $ 2.7 million $ 2.7 million SNL Orix Merrick, LLC (“Merrick”) 8 1 5 % $ 2.5 million $ 2.5 million Review Avenue Partners, LLC (“RAP”) 9 1 40 % $ 12.0 million N/A N 32nd Street Self Storage, LLC (“N32”) 10 1 46 % $ 1.3 million N/A 1 Sovran HHF owns self-storage facilities in Arizona (11), Colorado (4), Florida (3), Georgia (1), Kentucky (2), Nevada (5), New Jersey (2), Ohio (6), Pennsylvania (1), Tennessee (2) and Texas (20). In June 2017, Sovran HHF acquired 18 self-storage facilities for $330 million in Arizona, Nevada and Tennessee. In connection with this acquisition, Sovran HHF entered into $135 million of mortgage debt which is secured by 16 of the self-storage facilities acquired. During the six months ended June 30, 2017, the Company contributed $40.0 million as its share of capital to fund the acquisition and an additional $3.2 million to fund the repayment of certain mortgages held by the joint venture. During the six months ended June 30, 2017, the Company received $1.7 million of distributions from Sovran HHF. As of June 30, 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. 2 Sovran HHF II owns self-storage facilities in New Jersey (17), Pennsylvania (3), and Texas (10). During the six months ended June 30, 2017, the Company received $0.9 million of distributions from Sovran HHF II. 3 191 III owns six self-storage facilities in California. During the six months ended June 30, 2017, 191 III acquired these six self-storage facilities for a total of $104.1 million. In connection with the acquisition of these self-storage facilities, 191 III entered into $57.2 million of mortgage debt which is secured by the self-storage facilities acquired. During 2017 and 2016, the Company contributed $9.5 million and $0.7 million, respectively, as its share of capital to fund these acquisitions. During the six months ended June 30, 2017, the Company received $0.2 million of distributions from 191 III. 4 In May 2017, the Company executed a joint venture agreement, Life Storage-SERS Storage LLC (“SERS”), with an unrelated third party with the purpose of acquiring and operating self-storage facilities. During the six months ended June 30, 2017, the Company contributed $0.2 million as its share of capital to SERS. At June 30, 2017, SERS is under contract to acquire three self-storage facilities for a total of $39.0 million, of which the Company is committed to contribute up to $7.8 million. The Company expects SERS to enter into mortgage debt to fund a portion of the acquisition of these three self-storage facilities. The purchase of these facilities by SERS is subject to customary conditions to closing, and there is no assurance that the facilities will be acquired. 5 Iskalo owns the buildings that houses the Company’s headquarters and other tenants. The Company paid rent to Iskalo of $0.6 million and $0.5 million during the six months ended June 30, 2017 and 2016, respectively. During the six months ended June 30, 2017, the Company received $0.1 million of distributions from Iskalo. 6 Urban Box is currently developing a self-storage facility in Florida. 7 McDonald is currently developing a self-storage facility 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 8 Merrick is currently developing a self-storage facility 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 9 In January 2017, the Company executed a joint venture agreement, Review Avenue Partners, LLC (“RAP”), with an unrelated third party. The Company contributed $12.5 million of common capital to RAP during the six months ended June 30, 2017. RAP is currently operating a self-storage property in New York. 10 In April 2017, the Company executed a joint venture agreement, N 32 nd Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that none of the joint ventures are a variable interest entity (VIE) in accordance with ASC 810, Consolidation 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. The Company earns management and/or call center fees ranging from 6% to 7% of joint venture gross revenues as manager of HHF, HHF II, 191 III, and RAP. These fees, which are included in other operating income in the consolidated statements of operations, totaled $1.5 million and $1.3 million for the three months ended June 30, 2017 and 2016, respectively, and $2.9 million and $2.5 million for the six months ended June 30, 2017 and 2016, respectively. The Company will also earn management fees upon commencement of the operation of storage facilities owned by SERS, Urban Box, McDonald, Merrick and N32. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Three Months Six Months Six Months Sovran HHF $ 624 $ 570 $ 1,162 $ 1,078 Sovran HHF II 362 370 702 708 191 III (10 ) — 25 — Urban Box — 4 — 14 RAP (255 ) — (501 ) — Iskalo 64 54 118 113 $ 785 $ 998 $ 1,506 $ 1,913 A summary of the unconsolidated joint ventures’ financial statements as of and for the six months ended June 30, 2017 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,034,265 Investment in office building, net 4,919 Other assets 24,401 Total Assets $ 1,063,585 Due to the Company $ 1,056 Mortgages payable 430,733 Other liabilities 12,059 Total Liabilities $ 443,848 Unaffiliated partners’ equity 489,344 Company equity 130,393 Total Partners’ Equity 619,737 Total Liabilities and Partners’ Equity $ 1,063,585 Income Statement Data Total revenues $ 41,402 Property operating expenses (13,793 ) Administrative, management and call center fees (3,494 ) Depreciation and amortization of customer list (8,437 ) Amortization of financing fees (325 ) Income tax expense (123 ) Interest expense (5,626 ) Net income $ 9,604 The Company does not guarantee the debt of any of its equity method investees. We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital for future acquisitions of properties.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 The Company recorded federal and state income tax benefit of $2.5 million for the three months ended June 30, 2017 and the Company recorded federal and state income tax expense of $0.1 million for the three months ended June 30, 2016. The Company recorded federal and state income tax benefit of $2.2 million for the six months ended June 30, 2017 and the Company recorded federal and state income tax expense of $0.6 million for the six months ended June 30, 2016. At June 30, 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 June 30, 2017 and 2016, the Company had no interest or penalties related to uncertain tax positions. Net income taxes payable at June 30, 2017 and December 31, 2016 and the net deferred tax liability of our taxable REIT subsidiary at December 31, 2016 are classified within accounts payable and accrued liabilities in the consolidated balance sheets. As of June 30, 2017, the Company’s taxable REIT subsidiary has a deferred tax liability of $3.0 million and deferred tax assets totaling $5.1 million. The net deferred tax asset of our taxable REIT subsidiary at June 30, 2017 is included in other assets in the consolidated balance sheets. 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	6 Months Ended
	Jun. 30, 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 The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class Earnings Per Share (in thousands except per share data) Three Months Three Months Six Months Six Months Numerator: Net income attributable to common shareholders $ 19,355 $ 43,456 $ 39,785 $ 71,796 Denominator: Denominator for basic earnings per share – weighted average shares 46,365 41,980 46,335 40,196 Effect of Dilutive Securities: Stock options and non-vested 113 247 113 249 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,478 42,227 46,448 40,445 Basic earnings per common share attributable to common shareholders $ 0.42 $ 1.04 $ 0.86 $ 1.79 Diluted earnings per common share attributable to common shareholders $ 0.42 $ 1.03 $ 0.86 $ 1.78 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 Six Months Six Months Numerator: Net income attributable to common unitholders $ 19,355 $ 43,456 $ 39,785 $ 71,796 Denominator: Denominator for basic earnings per unit – weighted average units 46,365 41,980 46,335 40,196 Effect of Dilutive Securities: Stock options and non-vested 113 247 113 249 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,478 42,227 46,448 40,445 Basic earnings per common unit attributable to common unitholders $ 0.42 $ 1.04 $ 0.86 $ 1.79 Diluted earnings per common unit attributable to common unitholders $ 0.42 $ 1.03 $ 0.86 $ 1.78 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 15,500 stock options and 133,094 unvested restricted shares for the three months ended June 30, 2017, and 102,173 unvested restricted shares for the three months ended June 30, 2016, because their effect would be antidilutive. Not included in the effect of dilutive securities above are 13,250 stock options and 142,074 unvested restricted shares for the six months ended June 30, 2017, and 116,373 unvested restricted shares for the six months ended June 30, 2016, because their effect would be antidilutive.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 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) Six Months Beginning balance of total shareholders’ equity $ 2,088,494 Net proceeds from the issuance of common stock through Dividend Reinvestment Plan 9,760 Earned portion of non-vested 3,246 Stock option expense 8 Deferred compensation - directors — Adjustment to redemption value on noncontrolling redeemable Operating Partnership units 1,380 Net income attributable to common shareholders 39,785 Amortization of terminated hedge included in AOCL 458 Change in fair value of derivatives 1,400 Dividends (90,231 ) Ending balance of total shareholders’ equity $ 2,054,300 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. 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. Until May 2017, the Company had maintained 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 could sell up to $225 million in aggregate offering price of shares of the Company’s common stock. The Equity Program expired in May 2017. During the six months ended June 30, 2017 and June 30, 2016, the Company did not issue any shares of common stock under the Equity Program. In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 118,656 and 66,992 shares under the plan during the six months ended June 30, 2017 and 2016, respectively. On August 2, 2017, the Company’s Board of Directors suspended the Dividend Reinvestment Plan.

Partners' Capital

Partners' Capital	6 Months Ended
	Jun. 30, 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) Six Months Beginning balance of total controlling partners’ capital $ 2,088,494 Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan 9,760 Earned portion of non-vested 3,246 Stock option expense 8 Deferred compensation - directors — Adjustment to redemption value on limited partners’ redeemable capital interests 1,380 Net income attributable to common unitholders 39,785 Amortization of terminated hedge included in AOCL 458 Change in fair value of derivatives 1,400 Distributions (90,231 ) Ending balance of total controlling partners’ capital $ 2,054,300

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 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 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 ASU 2016-18 In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01. ASU 2017-01, 2017-01. In February 2017, the FASB issued ASU 2017-05, 610-20): 610-20 2017-05

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	15. COMMITMENT AND CONTINGENCIES At June 30, 2017, the Company was under contract to acquire one self-storage facility for a purchase price of $12.4 million. The purchase of this facility is subject to customary conditions to closing, and there is no assurance that this facility will be acquired. At June 30, 2017, SERS is under contract to acquire three self-storage facilities for a total of $39.0 million, of which the Company is committed to contribute up to $7.8 million. The Company expects SERS to enter into mortgage debt to fund a portion of the acquisition of these three self-storage facilities. The purchase of these facilities by SERS is subject to customary conditions to closing, and there is no assurance that the 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 various statutory laws. 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 additional claims. The parties have entered into a memorandum of understanding to settle all claims for an aggregate amount of $8.0 million and will be jointly moving for preliminary judicial approval of the settlement in August 2017. The aggregate settlement amount of $8.0 million ($5.0 million after considering income tax impact) has been recorded as a liability of the Company in the accompanying consolidated balance sheet as of June 30, 2017. A portion of the settlement expense relates to self-storage facilities that are managed by the Company through its taxable REIT subsidiary. There is an income tax impact to the Company on that portion of the settlement expense as a result. The settlement is subject to approval by the court, a decision on which is expected later in 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS On July 5, 2017, the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on July 26, 2017 to shareholders of record on July 17, 2017. The total dividend paid amounted to $46.5 million. On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (the Buyback Program). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time.

Recent Accounting Pronounceme23

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 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 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
Derivatives and Hedging	In March 2016, the FASB issued ASU 2016-06, 2016-06 2016-06
Investments-Equity Method and Joint Ventures	In March 2016, the FASB issued ASU 2016-07, 2016-07 step-by-step 2016-07
Improvements to Employee Share-Based Payment Accounting	In March 2016, the FASB issued ASU 2016-09, 2016-09
Statement of Cash Flows	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 ASU 2016-18
Business Combinations	In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01. ASU 2017-01, 2017-01.
Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets	In February 2017, the FASB issued ASU 2017-05, 610-20): 610-20 2017-05

Organization (Tables)

Organization (Tables)	6 Months Ended
	Jun. 30, 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) Six Months Beginning balance $ 18,091 Net income attributable to noncontrolling interest in the Operating Partnership 172 Distributions (424 ) Adjustment to redemption value (1,380 ) Ending balance $ 16,459

Investment in Storage Facilit25

Investment in Storage Facilities and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the six months ended June 30, 2017: (dollars in thousands) Cost: Beginning balance $ 4,243,308 Acquisition of storage facilities 10,089 Improvements and equipment additions 35,284 Additions to consolidated subsidiary 82 Net increase in construction in progress 10,383 Dispositions (9,414 ) Ending balance $ 4,289,732 Accumulated Depreciation: Beginning balance $ 535,704 Additions during the period 51,059 Dispositions (8,375 ) Ending balance $ 578,388
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 Jun. 30, Dec. 31, In-place $ 75,611 $ 75,611 Accumulated amortization (75,478 ) (50,782 ) Net carrying value at the end of period $ 133 $ 24,829

Unsecured Line of Credit and 26

Unsecured Line of Credit and Term Notes (Tables)	6 Months Ended
	Jun. 30, 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) Jun. 30, Dec. 31, Revolving line of credit borrowings $ 331,000 $ 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 (8,634 ) (9,323 ) Less: unamortized senior term note discount (2,986 ) (3,152 ) Term notes payable $ 1,388,380 $ 1,387,525

Mortgages Payable and Debt Ma27

Mortgages Payable and Debt Maturities (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at June 30, 2017 and December 31, 2016 consist of the following: (dollars in thousands) Jun. 30, Dec. 31, 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.7 million, principal and interest paid monthly (effective interest rate 5.21%) $ 2,941 $ 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 4.29%) 4,162 4,207 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.0 million, principal and interest paid monthly (effective interest rate 5.55%) 3,971 4,002 5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $6.6 million, principal and interest paid monthly (effective interest rate 6.26%) 1,778 1,852 Total mortgages payable $ 12,852 $ 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% (2.32% at June 30, 2017) — — $ 331,000 — — — $ 331,000 $ 331,000 Notes Payable: Term note - variable rate LIBOR+1.15% (2.33% at June 30, 2017) — — — $ 325,000 — — $ 325,000 $ 325,000 Term note - fixed rate 5.54% — — — — $ 100,000 — $ 100,000 $ 108,686 Term note - fixed rate 4.533% — — — — — $ 175,000 $ 175,000 $ 182,382 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 581,622 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 191,115 Mortgage note - fixed rate 4.98% $ 25 $ 53 $ 56 $ 59 $ 2,748 — $ 2,941 $ 3,090 Mortgage note - fixed rate 4.065% $ 44 $ 92 $ 95 $ 99 $ 104 $ 3,728 $ 4,162 $ 4,220 Mortgage note - fixed rate 5.26% $ 32 $ 67 $ 71 $ 74 $ 78 $ 3,649 $ 3,971 $ 4,233 Mortgage note - fixed rate 5.99% $ 77 $ 160 $ 170 $ 181 $ 192 $ 998 $ 1,778 $ 1,913 Interest rate derivatives - liability — — — — — — — $ 11,526

Derivative Financial Instrume28

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Agreements	The Company has interest rate swap agreements in effect at June 30, 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 and six months ended June 30, 2017 and June 30, 2016 are summarized as follows: (dollars in thousands) Three Months Three Months Six Months Six Months Accumulated other comprehensive loss beginning of period $ (19,853 ) $ (26,511 ) $ (21,475 ) $ (14,415 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 956 1,160 2,076 2,357 Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps (719 ) (5,512 ) (217 ) (18,805 ) Income (loss) included in other comprehensive loss 237 (4,352 ) 1,859 (16,448 ) Accumulated other comprehensive loss end of period $ (19,616 ) $ (30,863 ) $ (19,616 ) $ (30,863 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 (in thousands): Asset Level 1 Level 2 Level 3 June 30, 2017 Interest rate swaps $ (11,526 ) — $ (11,526 ) — December 31, 2016 Interest rate swaps $ (13,015 ) — $ (13,015 ) —

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Company's Unconsolidated Joint Ventures	A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Company Carrying value of Carrying value of Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20 % $ 86.5 million $ 43.8 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 30 15 % $ 13.4 million $ 13.5 million 191 III Holdings LLC (“191 III”) 3 6 20 % $ 10.0 million $ 0.7 million Life Storage-SERS Storage LLC (“SERS”) 4 0 20 % $ 0.2 million N/A Iskalo Office Holdings, LLC (“Iskalo”) 5 N/A 49 % ($ 0.4 million ) ($ 0.4 million ) Urban Box Coralway Storage, LLC (“Urban Box”) 6 1 85 % $ 4.1 million $ 4.1 million SNL/Orix 1200 McDonald Ave., LLC (“McDonald”) 7 1 5 % $ 2.7 million $ 2.7 million SNL Orix Merrick, LLC (“Merrick”) 8 1 5 % $ 2.5 million $ 2.5 million Review Avenue Partners, LLC (“RAP”) 9 1 40 % $ 12.0 million N/A N 32nd Street Self Storage, LLC (“N32”) 10 1 46 % $ 1.3 million N/A 1 Sovran HHF owns self-storage facilities in Arizona (11), Colorado (4), Florida (3), Georgia (1), Kentucky (2), Nevada (5), New Jersey (2), Ohio (6), Pennsylvania (1), Tennessee (2) and Texas (20). In June 2017, Sovran HHF acquired 18 self-storage facilities for $330 million in Arizona, Nevada and Tennessee. In connection with this acquisition, Sovran HHF entered into $135 million of mortgage debt which is secured by 16 of the self-storage facilities acquired. During the six months ended June 30, 2017, the Company contributed $40.0 million as its share of capital to fund the acquisition and an additional $3.2 million to fund the repayment of certain mortgages held by the joint venture. During the six months ended June 30, 2017, the Company received $1.7 million of distributions from Sovran HHF. As of June 30, 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. 2 Sovran HHF II owns self-storage facilities in New Jersey (17), Pennsylvania (3), and Texas (10). During the six months ended June 30, 2017, the Company received $0.9 million of distributions from Sovran HHF II. 3 191 III owns six self-storage facilities in California. During the six months ended June 30, 2017, 191 III acquired these six self-storage facilities for a total of $104.1 million. In connection with the acquisition of these self-storage facilities, 191 III entered into $57.2 million of mortgage debt which is secured by the self-storage facilities acquired. During 2017 and 2016, the Company contributed $9.5 million and $0.7 million, respectively, as its share of capital to fund these acquisitions. During the six months ended June 30, 2017, the Company received $0.2 million of distributions from 191 III. 4 In May 2017, the Company executed a joint venture agreement, Life Storage-SERS Storage LLC (“SERS”), with an unrelated third party with the purpose of acquiring and operating self-storage facilities. During the six months ended June 30, 2017, the Company contributed $0.2 million as its share of capital to SERS. At June 30, 2017, SERS is under contract to acquire three self-storage facilities for a total of $39.0 million, of which the Company is committed to contribute up to $7.8 million. The Company expects SERS to enter into mortgage debt to fund a portion of the acquisition of these three self-storage facilities. The purchase of these facilities by SERS is subject to customary conditions to closing, and there is no assurance that the facilities will be acquired. 5 Iskalo owns the buildings that houses the Company’s headquarters and other tenants. The Company paid rent to Iskalo of $0.6 million and $0.5 million during the six months ended June 30, 2017 and 2016, respectively. During the six months ended June 30, 2017, the Company received $0.1 million of distributions from Iskalo. 6 Urban Box is currently developing a self-storage facility in Florida. 7 McDonald is currently developing a self-storage facility 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 8 Merrick is currently developing a self-storage facility 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 9 In January 2017, the Company executed a joint venture agreement, Review Avenue Partners, LLC (“RAP”), with an unrelated third party. The Company contributed $12.5 million of common capital to RAP during the six months ended June 30, 2017. RAP is currently operating a self-storage property in New York. 10 In April 2017, the Company executed a joint venture agreement, N 32 nd
Company's Share of Unconsolidated Joint Ventures' Income (Loss)	The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Three Months Six Months Six Months Sovran HHF $ 624 $ 570 $ 1,162 $ 1,078 Sovran HHF II 362 370 702 708 191 III (10 ) — 25 — Urban Box — 4 — 14 RAP (255 ) — (501 ) — Iskalo 64 54 118 113 $ 785 $ 998 $ 1,506 $ 1,913
Summary of Unconsolidated Joint Ventures' Financial Statements	A summary of the unconsolidated joint ventures’ financial statements as of and for the six months ended June 30, 2017 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,034,265 Investment in office building, net 4,919 Other assets 24,401 Total Assets $ 1,063,585 Due to the Company $ 1,056 Mortgages payable 430,733 Other liabilities 12,059 Total Liabilities $ 443,848 Unaffiliated partners’ equity 489,344 Company equity 130,393 Total Partners’ Equity 619,737 Total Liabilities and Partners’ Equity $ 1,063,585 Income Statement Data Total revenues $ 41,402 Property operating expenses (13,793 ) Administrative, management and call center fees (3,494 ) Depreciation and amortization of customer list (8,437 ) Amortization of financing fees (325 ) Income tax expense (123 ) Interest expense (5,626 ) Net income $ 9,604

Earnings Per Share and Earnin31

Earnings Per Share and Earnings Per Unit (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class Earnings Per Share (in thousands except per share data) Three Months Three Months Six Months Six Months Numerator: Net income attributable to common shareholders $ 19,355 $ 43,456 $ 39,785 $ 71,796 Denominator: Denominator for basic earnings per share – weighted average shares 46,365 41,980 46,335 40,196 Effect of Dilutive Securities: Stock options and non-vested 113 247 113 249 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,478 42,227 46,448 40,445 Basic earnings per common share attributable to common shareholders $ 0.42 $ 1.04 $ 0.86 $ 1.79 Diluted earnings per common share attributable to common shareholders $ 0.42 $ 1.03 $ 0.86 $ 1.78 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 Six Months Six Months Numerator: Net income attributable to common unitholders $ 19,355 $ 43,456 $ 39,785 $ 71,796 Denominator: Denominator for basic earnings per unit – weighted average units 46,365 41,980 46,335 40,196 Effect of Dilutive Securities: Stock options and non-vested 113 247 113 249 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,478 42,227 46,448 40,445 Basic earnings per common unit attributable to common unitholders $ 0.42 $ 1.04 $ 0.86 $ 1.79 Diluted earnings per common unit attributable to common unitholders $ 0.42 $ 1.03 $ 0.86 $ 1.78

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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) Six Months Beginning balance of total shareholders’ equity $ 2,088,494 Net proceeds from the issuance of common stock through Dividend Reinvestment Plan 9,760 Earned portion of non-vested 3,246 Stock option expense 8 Deferred compensation - directors — Adjustment to redemption value on noncontrolling redeemable Operating Partnership units 1,380 Net income attributable to common shareholders 39,785 Amortization of terminated hedge included in AOCL 458 Change in fair value of derivatives 1,400 Dividends (90,231 ) Ending balance of total shareholders’ equity $ 2,054,300

Partners' Capital (Tables)

Partners' Capital (Tables)	6 Months Ended
	Jun. 30, 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) Six Months Beginning balance of total controlling partners’ capital $ 2,088,494 Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan 9,760 Earned portion of non-vested 3,246 Stock option expense 8 Deferred compensation - directors — Adjustment to redemption value on limited partners’ redeemable capital interests 1,380 Net income attributable to common unitholders 39,785 Amortization of terminated hedge included in AOCL 458 Change in fair value of derivatives 1,400 Distributions (90,231 ) Ending balance of total controlling partners’ capital $ 2,054,300

Organization - Additional Infor

Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017StatesPropertyshares	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	697
Number of states in which self-storage properties owned and managed | States	29
Number of properties managed with no ownership	37
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	57
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	6
Review Avenue Partners LLC [Member]
Organization [Line Items]
Percentage ownership in unconsolidated joint venture	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Redeemable Noncontrolling Interest, Equity, Fair Value [Abstract]
Noncontrolling interest, beginning balance			$ 18,091
Net income attributable to noncontrolling interest in the Operating Partnership	$ 77	$ 208	172	$ 338
Distributions			(424)
Adjustment to redemption value			(1,380)
Noncontrolling interest, ending balance	$ 16,459		$ 16,459

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense	$ 4,000	$ 35,000	$ 8,000	$ 81,000
Amortization of non-vested stock grants and performance-based awards	$ 1,657,000	$ 1,891,000	$ 3,246,000	$ 3,757,000
Stock options exercised by employees and directors			0	0
Number of shares of non-vested stock that vested	2,239	3,696	47,028	10,881
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	6 Months Ended
	Jun. 30, 2017USD ($)
Cost:
Beginning balance	$ 4,243,308
Acquisition of storage facilities	10,089
Improvements and equipment additions	35,284
Additions to consolidated subsidiary	82
Net increase in construction in progress	10,383
Dispositions	(9,414)
Ending balance	4,289,732
Accumulated Depreciation:
Beginning balance	535,704
Additions during the period	51,059
Dispositions	(8,375)
Ending balance	$ 578,388

Investment in Storage Facilit38

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)Facility$ / shares	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Investment Holdings [Line Items]
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					$ 7,800,000
Net other liabilities		$ 1,700,000			1,700,000
Fair value of two mortgages		8,300,000			8,300,000
Amortization period for in-place customer leases on a straight-line basis				12 months
Amortization expense related to in-place customer leases	$ 11,900,000	$ 1,800,000		$ 24,700,000	$ 3,000,000
Amortization expense expected for 2017	24,800,000			24,800,000
Amortization expense expected for 2018	0			0
Increase in depreciation expense due to signs				500,000
Increase in depreciation expense due to facility replacement	$ 1,400,000			$ 1,500,000
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares	$ 0.03			$ 0.04
Scenario, Forecast [Member]
Investment Holdings [Line Items]
Increase in depreciation expense			$ 500,000

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	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)PropertyFacility	Jun. 30, 2016USD ($)
Investment Holdings [Line Items]
Number of Properties | Facility		1
Cash Paid		$ 10,100
Closing Costs Expensed	$ 1,694		$ 4,078
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	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
In-place customer leases	$ 75,611	$ 75,611
Accumulated amortization	(75,478)	(50,782)
Net carrying value at the end of period	$ 133	$ 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	Jun. 30, 2017	Dec. 31, 2016
Unsecured Line Of Credit And Term Notes [Line Items]
Revolving line of credit borrowings	$ 331,000	$ 253,000
Total term notes payable - gross	1,400,000	1,400,000
Less: unamortized debt issuance costs	(8,634)	(9,323)
Less: unamortized senior term note discount	(2,986)	(3,152)
Term notes, net of debt issuance costs	1,388,380	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. 08, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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			$ 1,400,000,000
Interest coverage ratio on debt		150.00%
Unamortized senior term note discount				2,986,000		2,986,000			$ 3,152,000
Underwriting discount and other offering expenses							$ 14,183,000
Amortization expense related to deferred debt issuance costs						1,663,000	8,035,000
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		$ 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				2.32%		2.32%			1.79%
Amount available on unsecured revolving line of credit				$ 169,000,000		$ 169,000,000
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		$ 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%		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%		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%
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			$ 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			$ 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	$ 1,000,000	$ 700,000

Mortgages Payable and Debt Ma43

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages payable	$ 12,852	$ 13,027
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,941	2,966
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	4,162	4,207
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,971	4,002
5.99% Mortgage Notes Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,778	$ 1,852

Mortgages Payable and Debt Ma44

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Jun. 30, 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 | $	$ 9.7
Effective interest rate	5.21%
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	4.29%
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
Effective interest rate	5.55%
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 | $	$ 6.6
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	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Line of credit	$ 331,000	$ 253,000
Term notes, net of debt issuance costs	1,400,000	1,400,000
Mortgage note, total	12,852	13,027
Interest rate derivatives - liability	11,526	$ 13,015
Line of credit - variable rate LIBOR + 1.10% (2.32% at June 30, 2017) [Member]
Debt Instrument [Line Items]
Payable due 2019	331,000
Line of credit	331,000
Debt instrument, fair value	331,000
Term note - variable rate LIBOR+1.15% (2.33% at June 30, 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	108,686
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	182,382
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	581,622
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	191,115
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2017	25
Payables due 2018	53
Payable due 2019	56
Payable due 2020	59
Payable due 2021	2,748
Mortgage note, total	2,941
Debt instrument, fair value	3,090
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2017	44
Payables due 2018	92
Payable due 2019	95
Payable due 2020	99
Payable due 2021	104
Payables due Thereafter	3,728
Mortgage note, total	4,162
Debt instrument, fair value	4,220
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2017	32
Payables due 2018	67
Payable due 2019	71
Payable due 2020	74
Payable due 2021	78
Payables due Thereafter	3,649
Mortgage note, total	3,971
Debt instrument, fair value	4,233
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2017	77
Payables due 2018	160
Payable due 2019	170
Payable due 2020	181
Payable due 2021	192
Payables due Thereafter	998
Mortgage note, total	1,778
Debt instrument, fair value	$ 1,913

Mortgages Payable and Debt Ma46

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2017
Line of credit - variable rate LIBOR + 1.10% (2.32% at June 30, 2017) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	2.32%
Basis spread over LIBOR	1.10%
Term note - variable rate LIBOR+1.15% (2.33% at June 30, 2017) [Member]
Debt Instrument [Line Items]
Interest rate	2.33%
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	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2018	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Cash flow hedge ineffectiveness				Ineffectiveness was de minimis for the three and six months ended June 30, 2017 and 2016.
Derivative notional amount								$ 100,000,000	$ 50,000,000
Realized loss reclassified from accumulated other comprehensive loss to interest expense		$ (956,000)	$ (1,160,000)	$ (2,076,000)	$ (2,357,000)
Fair value of interest rate swap agreements, liability		11,526,000		11,526,000			$ 13,015,000
Net termination cost		11,500,000		$ 11,500,000
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		700,000	$ 1,200,000	$ 1,600,000	$ 2,400,000
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						$ 2,500,000
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of variable rate debt swapped		325,000,000		325,000,000
Derivative notional amount		$ 125,000,000		$ 125,000,000

Derivative Financial Instrume48

Derivative Financial Instruments - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Accumulated other comprehensive loss beginning of period	$ (19,853)	$ (26,511)	$ (21,475)	$ (14,415)
Realized loss reclassified from accumulated other comprehensive loss to interest expense	956	1,160	2,076	2,357
Unrealized loss from changes in the fair value of the effective portion of the interest rate swaps	(719)	(5,512)	(217)	(18,805)
Income (loss) included in other comprehensive loss	237	(4,352)	1,859	(16,448)
Accumulated other comprehensive loss end of period	$ (19,616)	$ (30,863)	$ (19,616)	$ (30,863)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, Liability	$ (11,526)	$ (13,015)
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, Liability	(11,526)	(13,015)
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, Liability	$ (11,526)	$ (13,015)

Investment in Joint Ventures -

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail) $ in Thousands	Jun. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 132,524	$ 67,300
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	57
Company common ownership interest	20.00%
Carrying value of investment	$ 86,500	43,800
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	30
Company common ownership interest	15.00%
Carrying value of investment	$ 13,400	13,500
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	20.00%
Carrying value of investment	$ 10,000	700
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	0
Company common ownership interest	20.00%
Carrying value of investment	$ 200
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (400)	(400)
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	85.00%
Carrying value of investment	$ 4,100	4,100
SNL/Orix 1200 McDonald Ave., LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	5.00%
Carrying value of investment	$ 2,700	2,700
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	5.00%
Carrying value of investment	$ 2,500	$ 2,500
Review Avenue Partners LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	40.00%
Carrying value of investment	$ 12,000
N 32nd Street Self Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	46.00%
Carrying value of investment	$ 1,300

Investment in Joint Ventures 52

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail)	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)FacilityStore	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Facility	1
Mortgages payable	$ 12,852,000		$ 13,027,000
Number of self-storage facilities under contract to be acquired | Facility	1
Payment for self-storage facilities under contract	$ 12,400,000
Distributions from unconsolidated joint ventures	2,852,000	$ 2,548,000
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures	1,700,000
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]
Distributions from unconsolidated joint ventures	900,000
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures	$ 200,000
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities under contract to be acquired | Facility	3
Payment for self-storage facilities under contract	$ 39,000,000
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Rent paid during the period	600,000	$ 500,000
Distributions from unconsolidated joint ventures	100,000
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
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
Review Avenue Partners LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	12,500,000
N 32nd Street Self Storage, LLC [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	1,300,000
Maximum [Member] | Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Contingent Consideration, Liability, Current	$ 7,800,000
Arizona [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	11
Colorado [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	4
Florida [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	3
Georgia [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	1
Kentucky [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	2
Nevada [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	5
New Jersey [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	2
New Jersey [Member] | Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	17
Ohio [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	6
Pennsylvania [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	1
Pennsylvania [Member] | Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	3
Tennessee [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	2
Texas [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	20
Texas [Member] | Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	10
California [Member] | 191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of self-storage facilities | Facility	6
Storage Facilities [Member] | Arizona, Nevada and Tennessee [Member] | Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Facility	18
Payment for property acquisition	$ 330,000,000
Mortgages payable	$ 135,000,000
Number of properties collateral for debt | Store	16
Contribution of company to joint venture as share in capital	$ 40,000,000
Repayment of mortgages	$ 3,200,000
Six Storage Facilities [Member] | California [Member] | 191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Facility	6
Payment for property acquisition	$ 104,100,000
Mortgages payable	57,200,000
Contribution of company to joint venture as share in capital	9,500,000		$ 700,000
Additional Storage Facilities [Member] | Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital	$ 200,000
Number of self-storage facilities under contract to be acquired | Facility	3
Payment for self-storage facilities under contract	$ 39,000,000
Additional Storage Facilities [Member] | Maximum [Member] | Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Contingent Consideration, Liability, Current	$ 7,800,000

Investment in Joint Ventures 53

Investment in Joint Ventures - Additional Information (Detail) - Sovran HHF, Sovran HHF II and 191 III and RAP [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 1.5	$ 1.3	$ 2.9	$ 2.5
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	6.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee as a percentage of revenues	7.00%

Investment in Joint Ventures 54

Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 785	$ 998	$ 1,506	$ 1,913
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	624	570	1,162	1,078
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	362	370	702	708
191 III Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(10)		25
Urban Box Coralway Storage, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments		4		14
Review Avenue Partners LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(255)		(501)
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 64	$ 54	$ 118	$ 113

Investment in Joint Ventures 55

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 3,711,344		$ 3,711,344		$ 3,707,604
Other assets	6,400		6,400		29,554
Total Assets	3,890,671		3,890,671		3,857,984
Mortgages payable	12,852		12,852		13,027
Other liabilities		$ 1,700		$ 1,700
Total Liabilities	1,819,912		1,819,912		1,751,399
Unaffiliated partners' equity	0		0		0
Company equity	2,054,300		2,054,300		2,088,494
Total Partners' Equity	2,054,300		2,054,300		$ 2,088,494
Depreciation and amortization of customer list	(38,105)	(18,251)	(75,747)	(34,676)
Amortization of financing fees			(1,663)	(8,035)
Income tax expense	2,500	(100)	2,200	(600)
Interest expense	(15,716)	$ (8,244)	(30,926)	$ (17,377)
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	1,034,265		1,034,265
Investment in office building, net	4,919		4,919
Other assets	24,401		24,401
Total Assets	1,063,585		1,063,585
Due to the Company	1,056		1,056
Mortgages payable	430,733		430,733
Other liabilities	12,059		12,059
Total Liabilities	443,848		443,848
Unaffiliated partners' equity	489,344		489,344
Company equity	130,393		130,393
Total Partners' Equity	619,737		619,737
Total Liabilities and Partners' Equity	$ 1,063,585		1,063,585
Total revenues			41,402
Property operating expenses			(13,793)
Administrative, management and call center fees			(3,494)
Depreciation and amortization of customer list			(8,437)
Amortization of financing fees			(325)
Income tax expense			(123)
Interest expense			(5,626)
Net income			$ 9,604

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Income Taxes [Line Items]
Federal and state income tax expense (benefit)	$ (2,500,000)	$ 100,000	$ (2,200,000)	$ 600,000
Unrecognized tax benefits	0	$ 0	0	0
Deferred tax liability	3,000,000		3,000,000
Interest or penalties related to uncertain tax positions			0	$ 0
Deferred tax assets	$ 5,100,000		$ 5,100,000
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 Earnin57

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income attributable to common shareholders/unitholders	$ 19,355	$ 43,456	$ 39,785	$ 71,796
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,364,890	41,980,389	46,334,729	40,195,603
Effect of Dilutive Securities:
Stock options and non-vested stock	113,000	247,000	113,000	249,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,477,680	42,227,388	46,448,286	40,445,263
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.42	$ 1.04	$ 0.86	$ 1.79
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.42	$ 1.03	$ 0.86	$ 1.78
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 19,355	$ 43,456	$ 39,785	$ 71,796
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,364,890	41,980,389	46,334,729	40,195,603
Effect of Dilutive Securities:
Stock options and non-vested stock	113,000	247,000	113,000	249,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,477,680	42,227,388	46,448,286	40,445,263
Basic Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.42	$ 1.04	$ 0.86	$ 1.79
Diluted Earnings per common share/unit attributable to common shareholders/unitholders	$ 0.42	$ 1.03	$ 0.86	$ 1.78

Earnings Per Share and Earnin58

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	133,094	102,173	142,074	116,373
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	15,500		13,250

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Equity [Abstract]
Beginning balance			$ 2,088,494
Net proceeds from the issuance of common stock through Dividend Reinvestment Plan			9,760
Earned portion of non-vested stock			3,246
Stock option expense			8
Deferred compensation - directors			0
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units			1,380
Net income attributable to common shareholders	$ 19,355	$ 43,456	39,785	$ 71,796
Amortization of terminated hedge included in AOCL			458
Change in fair value of derivatives			1,400
Dividends			(90,231)
Ending balance	$ 2,054,300		$ 2,054,300

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	May 25, 2016	Jan. 20, 2016	Jun. 30, 2017	Jun. 30, 2016	May 31, 2017
Equity [Abstract]
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			118,656	66,992

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Partners Capital [Line Items]
Net proceeds from the issuance of partnership units through Dividend Reinvestment Plan			$ 9,760
Earned portion of non-vested stock			3,246
Stock option expense			8
Deferred compensation - directors			0
Adjustment to redemption value on limited partners' redeemable capital interests			1,380
Net income attributable to common unitholders	$ 19,355	$ 43,456	39,785	$ 71,796
Amortization of terminated hedge included in AOCL			458
Change in fair value of derivatives			1,400
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			9,760
Earned portion of non-vested stock			3,246
Stock option expense			8
Deferred compensation - directors			0
Adjustment to redemption value on limited partners' redeemable capital interests			1,380
Net income attributable to common unitholders	19,355	$ 43,456	39,785	$ 71,796
Amortization of terminated hedge included in AOCL			458
Change in fair value of derivatives			1,400
Distributions			(90,231)
Ending balance of total controlling partners' capital	$ 2,054,300		$ 2,054,300

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)Facility
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract	$ 12,400,000
Number of self-storage facilities under contract to be acquired | Facility	1
New Jersey [Member]
Commitment And Contingencies [Line Items]
Settlement agreement, amount	$ 8,000,000
Settlement agreement, amount after tax	5,000,000
Life Storage-SERS Storage LLC [Member]
Commitment And Contingencies [Line Items]
Payment for self-storage facilities under contract	$ 39,000,000
Number of self-storage facilities under contract to be acquired | Facility	3
Life Storage-SERS Storage LLC [Member] | Maximum [Member]
Commitment And Contingencies [Line Items]
Business Combination, Contingent Consideration, Liability, Current	$ 7,800,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 26, 2017	Jun. 30, 2017	Aug. 02, 2017	Jul. 05, 2017
Subsequent Event [Line Items]
Dividend declared, date		Jul. 5, 2017
Dividend paid, date		Jul. 26, 2017
Dividend record, date		Jul. 17, 2017
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend per common share				$ 1
Dividend paid	$ 46.5
Buyback Program, authorized repurchase amount			$ 200