Life Storage Inc - Registered Shares (LSI) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	LSI
Entity Registrant Name	LIFE STORAGE, INC.
Entity Central Index Key	0000944314
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		46,911,298
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Entity File Number	1-13820
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	16-1194043
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false
Life Storage LP [Member]
Document Information [Line Items]
Entity Registrant Name	LIFE STORAGE LP
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		46,911,298
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-24071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1481551
Entity Address, Address Line One	6467 Main Street
Entity Address, City or Town	Williamsville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14221
City Area Code	716
Local Phone Number	633-1850
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment in storage facilities:
Land	$ 904,475	$ 884,235
Building, equipment, and construction in progress	3,979,535	3,865,238
Real estate investment property, at cost, total	4,884,010	4,749,473
Less: accumulated depreciation	(783,284)	(756,333)
Investment in storage facilities, net	4,100,726	3,993,140
Cash and cash equivalents	20,720	17,458
Accounts receivable	11,717	12,218
Receivable from unconsolidated joint ventures	918	1,302
Investment in unconsolidated joint ventures	147,326	154,984
Prepaid expenses	11,823	7,771
Trade name	16,500	16,500
Other assets	29,559	29,591
Total Assets	4,339,289	4,232,964
Liabilities
Line of credit	183,000	65,000
Term notes, net	1,858,918	1,858,271
Accounts payable and accrued liabilities	81,295	103,942
Deferred revenue	13,244	11,699
Mortgages payable	34,685	34,851
Total Liabilities	2,171,142	2,073,763
Noncontrolling redeemable Operating Partnership Units at redemption value	20,428	26,307
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 46,902,364 shares outstanding at March 31, 2020 (46,675,933 at December 31, 2019)	469	467
Additional paid-in capital	2,399,311	2,376,723
Dividends in excess of net income	(246,332)	(238,338)
Accumulated other comprehensive loss	(5,729)	(5,958)
Total Shareholders’ Equity	2,147,719	2,132,894
Noncontrolling interest in consolidated subsidiary	0	0
Total Equity	2,147,719	2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	4,339,289	4,232,964
Life Storage LP [Member]
Investment in storage facilities:
Land	904,475	884,235
Building, equipment, and construction in progress	3,979,535	3,865,238
Real estate investment property, at cost, total	4,884,010	4,749,473
Less: accumulated depreciation	(783,284)	(756,333)
Investment in storage facilities, net	4,100,726	3,993,140
Cash and cash equivalents	20,720	17,458
Accounts receivable	11,717	12,218
Receivable from unconsolidated joint ventures	918	1,302
Investment in unconsolidated joint ventures	147,326	154,984
Prepaid expenses	11,823	7,771
Trade name	16,500	16,500
Other assets	29,559	29,591
Total Assets	4,339,289	4,232,964
Liabilities
Line of credit	183,000	65,000
Term notes, net	1,858,918	1,858,271
Accounts payable and accrued liabilities	81,295	103,942
Deferred revenue	13,244	11,699
Mortgages payable	34,685	34,851
Total Liabilities	2,171,142	2,073,763
Limited partners’ redeemable capital interest at redemption value (243,966 and 246,466 units outstanding at March 31, 2020 and December 31, 2019, respectively)	20,428	26,307
Shareholders' Equity/ Partners' Capital
General partner (471,464 and 469,225 units outstanding at March 31, 2020 and December 31, 2019, respectively)	21,683	21,594
Limited partners (46,430,900 and 46,206,708 units outstanding at March 31, 2020 and December 31, 2019, respectively)	2,131,765	2,117,258
Accumulated other comprehensive loss	(5,729)	(5,958)
Total Controlling Partners’ Capital	2,147,719	2,132,894
Noncontrolling interest in consolidated subsidiary	0	0
Total Partners' Capital	2,147,719	2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 4,339,289	$ 4,232,964

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	46,902,364	46,675,933
Life Storage LP [Member]
Limited partners’ redeemable capital interest, units outstanding	243,966	246,466
General partner, units outstanding	471,464	469,225
Limited partners, units outstanding	46,430,900	46,206,708

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Rental income	$ 128,907	$ 124,146
Other operating income	18,036	12,376
Total operating revenues	146,943	136,522
Expenses
Property operations and maintenance	32,850	31,161
Real estate taxes	17,408	16,092
General and administrative	12,906	12,337
Payments for rent		141
Depreciation and amortization	28,330	26,227
Total operating expenses	91,494	85,958
Gain on sale of real estate	302	1,076
Income from operations	55,751	51,640
Other income (expenses)
Interest expense	(20,246)	(17,819)
Interest income	4	5
Equity in income of joint ventures	1,116	811
Net income	36,625	34,637
Net income attributable to noncontrolling interest in the Operating Partnership	(192)	(183)
Net income attributable to common shareholders/unitholders	$ 36,433	$ 34,454
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.78	$ 0.74
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.78	$ 0.74
Common shares/units used in basic earnings per share/unit calculation	46,677,237	46,564,846
Common shares/units used in diluted earnings per share/unit calculation	46,750,896	46,636,700
Dividends/distributions declared per common share/unit	$ 1.07	$ 1
Life Storage LP [Member]
Revenues
Rental income	$ 128,907	$ 124,146
Other operating income	18,036	12,376
Total operating revenues	146,943	136,522
Expenses
Property operations and maintenance	32,850	31,161
Real estate taxes	17,408	16,092
General and administrative	12,906	12,337
Payments for rent		141
Depreciation and amortization	28,330	26,227
Total operating expenses	91,494	85,958
Gain on sale of real estate	302	1,076
Income from operations	55,751	51,640
Other income (expenses)
Interest expense	(20,246)	(17,819)
Interest income	4	5
Equity in income of joint ventures	1,116	811
Net income	36,625	34,637
Net income attributable to noncontrolling interest in the Operating Partnership	(192)	(183)
Net loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Net income attributable to common shareholders/unitholders	$ 36,433	$ 34,454
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.78	$ 0.74
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.78	$ 0.74
Common shares/units used in basic earnings per share/unit calculation	46,677,237	46,564,846
Common shares/units used in diluted earnings per share/unit calculation	46,750,896	46,636,700
Dividends/distributions declared per common share/unit	$ 1.07	$ 1
Net income attributable to general partner	$ 366	$ 346
Net income attributable to limited partners	$ 36,067	$ 34,108

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 36,625	$ 34,637
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	36,854	34,866
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(193)	(184)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Comprehensive income attributable to common shareholders/unitholders	36,661	34,682
Life Storage LP [Member]
Net income	36,625	34,637
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	36,854	34,866
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(193)	(184)
Comprehensive loss attributable to noncontrolling interest in consolidated subsidiary	0	0
Comprehensive income attributable to common shareholders/unitholders	$ 36,661	$ 34,682

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Activities
Net income	$ 36,625	$ 34,637
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,330	26,227
Amortization of debt issuance costs and bond discount	1,025	903
Gain on sale of real estate	(302)	(1,076)
Equity in income of joint ventures	(1,116)	(811)
Distributions from unconsolidated joint ventures	3,611	2,404
Non-vested stock earned	1,124	1,396
Deferred income taxes	399	(175)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	541	(1,520)
Prepaid expenses	(3,904)	(3,106)
Receipts from (advances to) unconsolidated joint ventures	51	(801)
Accounts payable and other liabilities	(22,492)	(23,825)
Deferred revenue	1,140	634
Net cash provided by operating activities	45,032	34,887
Investing Activities
Acquisition of storage facilities, net of cash acquired	(124,204)	(55,132)
Improvements, equipment additions, and construction in progress	(11,661)	(12,036)
Return of investment in unconsolidated joint ventures	8,359
Investment in unconsolidated joint ventures	(2,990)	(1,792)
Property deposits	171	(6,000)
Net cash used in investing activities	(130,325)	(74,960)
Financing Activities
Net proceeds from sale of common stock\partnership units	21,466
Proceeds from line of credit	172,000	107,000
Repayments of line of credit	(54,000)	(21,000)
Dividends paid - common stock	(49,969)	(46,631)
Distributions to noncontrolling interest holders	(264)	(249)
Redemption of Operating Partnership Units	(265)
Mortgage principal payments	(166)	(98)
Net cash provided by financing activities	88,802	39,022
Net increase in cash and restricted cash	3,509	(1,051)
Cash and restricted cash at beginning of period	21,556	14,065	$ 14,065
Cash and restricted cash at end of period	25,065	13,014	21,556
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	18,315	19,642
Cash paid for income taxes, net of refunds	265	346
Life Storage LP [Member]
Operating Activities
Net income	36,625	34,637
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,330	26,227
Amortization of debt issuance costs and bond discount	1,025	903
Gain on sale of real estate	(302)	(1,076)
Equity in income of joint ventures	(1,116)	(811)
Distributions from unconsolidated joint ventures	3,611	2,404
Non-vested stock earned	1,124	1,396
Deferred income taxes	399	(175)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	541	(1,520)
Prepaid expenses	(3,904)	(3,106)
Receipts from (advances to) unconsolidated joint ventures	51	(801)
Accounts payable and other liabilities	(22,492)	(23,825)
Deferred revenue	1,140	634
Net cash provided by operating activities	45,032	34,887
Investing Activities
Acquisition of storage facilities, net of cash acquired	(124,204)	(55,132)
Improvements, equipment additions, and construction in progress	(11,661)	(12,036)
Return of investment in unconsolidated joint ventures	8,359
Investment in unconsolidated joint ventures	(2,990)	(1,792)
Property deposits	171	(6,000)
Net cash used in investing activities	(130,325)	(74,960)
Financing Activities
Net proceeds from sale of common stock\partnership units	21,466
Proceeds from line of credit	172,000	107,000
Repayments of line of credit	(54,000)	(21,000)
Distributions to unitholders	(49,969)	(46,631)
Distributions to noncontrolling interest holders	(264)	(249)
Redemption of Operating Partnership Units	(265)
Mortgage principal payments	(166)	(98)
Net cash provided by financing activities	88,802	39,022
Net increase in cash and restricted cash	3,509	(1,051)
Cash and restricted cash at beginning of period	21,556	14,065	14,065
Cash and restricted cash at end of period	25,065	13,014	$ 21,556
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	18,315	19,642
Cash paid for income taxes, net of refunds	$ 265	$ 346

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited financial statements of Life Storage, Inc. (the “Parent Company”) and Life Storage LP (the “Operating Partnership”) have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	2. ORGANIZATION The Parent Company operates as a self-administered and self-managed real estate investment trust (a “REIT”) that owns and operates self-storage properties. All of the Parent Company’s assets are owned by, and all its operations are conducted through, the Operating Partnership. Life Storage Holdings, Inc., a wholly-owned subsidiary of the Parent Company (“Holdings”), is the sole general partner of the Operating Partnership; the Parent Company is a limited partner of the Operating Partnership and, through its ownership of Holdings and its limited partnership interest, controls the operations of the Operating Partnership, holding a 99.5% ownership interest therein as of March 31, 2020. The remaining ownership interests in the Operating Partnership (the “Units”) are held by certain former owners of assets acquired by the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company.” In addition, terms such as “we,” “us,” or “our” used in this report may refer to the Company, the Parent Company and/or the Operating Partnership. At March 31, 2020, we had an ownership interest in and/or managed 867 self-storage properties in 29 states and Ontario, Canada. Among our 867 self-storage properties are 120 properties that we manage for unconsolidated joint ventures (see Note 10) and 184 properties that we manage and in which we have no ownership interest. We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC (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 over which we have significant influence are accounted for using the equity method. Included in the Parent Company’s consolidated balance sheets are noncontrolling redeemable Operating Partnership Units and included in the Operating Partnership’s consolidated balance sheets are limited partners’ redeemable capital interest at redemption value. These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not meet the functional definition of a liability or equity under current accounting literature. These represent the outside ownership interests of the limited partners in the Operating Partnership. There were 243,966 and 246,466 noncontrolling redeemable Operating Partnership Units outstanding at March 31, 2020 and December 31, 2019, respectively. 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 a 10-day average of the daily market price, at the time of such redemption, provided that the Company, at its option, may elect to acquire any such Unit presented for redemption for one common share or cash. The Company accounts for these noncontrolling redeemable Operating Partnership Units under the provisions of Accounting Standards Codification (ASC) Topic 480-10-S99. The application of the ASC Topic 480-10-S99 accounting model requires the noncontrolling interest to follow normal noncontrolling interest accounting and then be marked to redemption value at the end of each reporting period if higher (but never adjusted below that normal noncontrolling interest accounting amount). The offset to the adjustment to the carrying amount of the noncontrolling interests is reflected in the Company’s dividends in excess of net income and in the Operating Partnership’s general partner and limited partners capital balances. Accordingly, in the accompanying consolidated balance sheets, noncontrolling interests are reflected at redemption value at March 31, 2020 and December 31, 2019, equal to the number of noncontrolling interest units outstanding multiplied by the fair market value of the Parent Company’s common stock at that date. Redemption value exceeded the value determined under the Company’s historical basis of accounting at those dates. The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Ended March 31, 2020 Beginning balance $ 26,307 Net income attributable to noncontrolling interest in the Operating Partnership 192 Redemption of units (265 ) Distributions (264 ) Adjustment to redemption value (5,542 ) Ending balance $ 20,428 The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” (dollars in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Rental income $ 128,907 $ 124,146 Management and acquisition fee income 4,413 3,086 Revenues related to tenant reinsurance 10,138 5,815 Other 3,485 3,475 Total operating revenues $ 146,943 $ 136,522 Management and acquisition fee income and revenues related to tenant reinsurance are included in other operating income in the consolidated statements of operations. During the three months ended March 31, 2020, approximately 19% and 13% of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively. Commencing April 1, 2019, the Company launched a tenant self-storage insurance program whereby a captive wholly owned subsidiary of the Company reinsures certain risks relating to property stored by its tenants. In connection with this program, the Company’s prior arrangement with a third-party insurer was terminated. The change in tenant insurance programs resulted in an increase to both tenant reinsurance revenues and related expenses for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019 as a result of the differences in the accounting for the two programs.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased 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 March 31, 2020 and 2019, the Company recorded compensation expense of $1,124,000 and $1,396,000, respectively, related to amortization of non-vested stock grants and performance-based awards. No stock options were exercised by employees or directors during the three months ended March 31, 2020 and 2019. During the three months ended March 31, 2020 and 2019, 7,163 and 16,821 shares of non-vested stock, respectively, vested. During the three months ended March 31, 2020, the Company issued 334 shares of non-vested stock to employees which vest over two years. The per-share fair market value on the date of grant of the non-vested stock issued during the three months ended March 31, 2020 was $108.20, resulting in an aggregate fair value of $36,100. During the three months ended March 31, 2020, the Company granted performance-based awards that entitle recipients to earn up to 3,647 shares of Company stock if certain performance criteria are achieved over a three-year

Cash and Restricted Cash

Cash and Restricted Cash	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash and Restricted Cash	4. CASH AND RESTRICTED CASH Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has entered into mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Cash $ 20,720 $ 17,458 $ 8,875 Restricted cash 4,345 4,098 4,139 Total cash and restricted cash $ 25,065 $ 21,556 $ 13,014

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Investment in Storage Facilities and Intangible Assets	5. INVESTMENT IN STORAGE FACILITIES AND INTANGIBLE ASSETS The following summarizes our activity in storage facilities during the three months ended March 31, 2020: (dollars in thousands) Cost: Beginning balance $ 4,749,473 Acquisition of storage facilities 122,623 Improvements and equipment additions 3,649 Net increase in construction in progress 8,387 Dispositions (122 ) Ending balance $ 4,884,010 Accumulated Depreciation: Beginning balance $ 756,333 Additions during the period 26,995 Dispositions (44 ) Ending balance $ 783,284 The Company acquired six self-storage facilities during the three months ended March 31, 2020. The acquisition of these facilities was accounted for as an asset acquisition. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The purchase prices of the facilities acquired in 2020 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number of Properties Date of Acquisition Purchase Price Cash Paid Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements Construction in Progress In-Place Customers Leases CA 6 3/9/2020 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675 Total acquired in 2020 6 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675 The six facilities purchased in the first quarter of 2020 were acquired from 191 III Life Storage Holdings LLC (“191 III”), an unconsolidated joint venture in which the Company holds a 20% ownership interest. In accordance with ASC Topic 970, ” Real Estate – General, depreciable fixed assets. In addition to the $ million cash payment for these six self-storage facilities, the Company also received $ 8.4 million as a return on the Company’s investment in 191 III as discussed further in Note 10. Non-cash investing activities during the three months ended March 31, 2020 include the assumption of net other liabilities totaling $0.1 million. The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method. In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 In-place customer leases $ 80,416 $ 78,741 Accumulated amortization (77,134 ) (75,832 ) Net carrying value at the end of period $ 3,282 $ 2,909 Amortization expense related to in-place customer leases was $1.3 million for the three months ended March 31, 2020 and $0.3 million for the three months ended March 31, 2019. Change in Useful Life Estimates As part of the Company’s capital improvement efforts during 2018 and 2019, 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 $0.7 million during the three months ended March 31, 2019. There were no facilities identified for replacement or related impact on depreciation expense during the three months ended March 31, 2020. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by $0.02 for the three months ended March 31, 2019.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Unsecured Line of Credit and Term Notes	6. UNSECURED LINE OF CREDIT AND TERM NOTES Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 Revolving line of credit borrowings $ 183,000 $ 65,000 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 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Total term note principal balance outstanding $ 1,875,000 $ 1,875,000 Less: unamortized debt issuance costs (10,681 ) (11,146 ) Less: unamortized senior term note discount (5,401 ) (5,583 ) Term notes payable $ 1,858,918 $ 1,858,271 The Company’s unsecured amended credit agreement includes a revolving credit facility with a limit of $500 million with a maturity date of March 10, 2023 and a term note in the principal amount of $100 million with a maturity date of June 4, 2020. Such credit agreement provides for interest on the revolving credit facility at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2020 the margin is 0.95%), interest on term notes at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2020 the margin is 1.00%), and requires an annual facility fee on the revolving credit facility which varies based upon the Company’s credit rating (at March 31, 2020 the facility fee is 0.15%). The interest rate on the Company’s revolving credit facility at March 31, 2020 was approximately 1.91% (2.75% at December 31, 2019) and the interest rate on any term notes at March 31, 2020 was approximately 1.96% (2.80% at December 31, 2019). The $100 million principal on the term note was paid off in 2019 in conjunction with the issuance of the 2029 Senior Notes which are discussed further below. At March 31, 2020 there was $316.9 million available on the unsecured line of credit. The Company has the option under this credit facility to increase the total aggregate borrowing capacity of the facilities to $900 million. On June 3, 2019, the Operating Partnership issued $350 million in aggregate principal amount of 4.000% unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524% discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. The 2029 Senior Notes are fully and unconditionally guaranteed by the Parent Company. Proceeds received upon issuance, net of discount to par of $1.8 million and underwriting discount and other offering expenses of $3.1 million, totaled $345.1 million. On December 7, 2017, the Operating Partnership issued $450 million in aggregate principal amount of 3.875% unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477% discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. The 2027 Senior Notes are fully and unconditionally guaranteed by the Parent Company. Proceeds received upon issuance, net of discount to par of $2.1 million and underwriting discount and other offering expenses of $4.0 million, totaled $443.9 million. On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. 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 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes were issued restricts the ability of the Company and its subsidiaries to incur debt unless the Company and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1 on all outstanding debt, after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Company and its subsidiaries to incur secured debt unless the Company and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Company and its consolidated subsidiaries. At March 31, 2020, the Company was in compliance with such covenants. On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. On April 8, 2014, the Company entered into a $175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. 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. At March 31, 2020, the Company was in compliance with such covenants. We believe that if operating results remain consistent with historical levels and levels of other debt and liabilities remain consistent with amounts outstanding at March 31, 2020, the entire availability on the line of credit could be drawn without violating our debt covenants. The Company’s fixed rate term notes contain a provision that allows for the noteholders to call the debt upon a change of control of the Company at an amount that includes a make whole premium based on rates in effect on the date of the change of control. Deferred debt issuance costs and the discount on the outstanding term notes are both presented as reductions of term notes in the accompanying consolidated balance sheets at March 31, 2020 and December 31, 2019. Amortization expense related to deferred debt issuance costs was $0.6 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively, and is included in interest expense in the consolidated statements of operations.

Mortgages Payable and Debt Matu

Mortgages Payable and Debt Maturities	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2020 and December 31, 2019 consist of the following: (dollars in thousands) March 31, 2020 December 31, 2019 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.3 million, principal and interest paid monthly (effective interest rate 5.23%) $ 2,792 $ 2,807 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.3 million, principal and interest paid monthly (effective interest rate 4.30%) 3,908 3,932 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.9 million, principal and interest paid monthly (effective interest rate 5.57%) 3,781 3,800 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $55.4 million, principal and interest paid monthly (effective interest rate 3.16%) 22,879 22,942 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.3 million, principal and interest paid monthly (effective interest rate 6.36%) 1,325 1,370 Total mortgages payable $ 34,685 $ 34,851 The table below summarizes the Company’s debt obligations at March 31, 2020 . The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as such 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) 2020 2021 2022 2023 2024 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.91% at March 31, 2020) — — — $ 183,000 — — $ 183,000 $ 183,000 Notes Payable: Term note - fixed rate 5.54% — $ 100,000 — — — — $ 100,000 $ 102,045 Term note - fixed rate 4.533% — — — — $ 175,000 — $ 175,000 $ 176,510 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 581,306 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 444,664 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 191,797 Term note - fixed rate 4.00% — — — — — $ 350,000 $ 350,000 $ 344,563 Mortgage note - fixed rate 4.98% $ 44 $ 2,748 — — — — $ 2,792 $ 2,805 Mortgage note - fixed rate 4.065% $ 75 $ 104 $ 108 $ 3,621 — — $ 3,908 $ 3,855 Mortgage note - fixed rate 5.26% $ 55 $ 78 $ 83 $ 3,565 — — $ 3,781 $ 3,873 Mortgage notes - fixed rate 4.4625% — — — — $ 22,879 — $ 22,879 $ 21,530 Mortgage note - fixed rate 5.99% $ 136 $ 192 $ 203 $ 216 $ 229 $ 349 $ 1,325 $ 1,373 Total $ 310 $ 103,122 $ 394 $ 190,402 $ 198,108 $ 1,600,349 $ 2,092,685

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. DERIVATIVE FINANCIAL INSTRUMENTS In 2015 and 2016, the Company entered into forward starting interest rate swap agreements to hedge the risk of changes in the interest-related cash flows associated with the potential issuance of fixed rate long-term debt. These interest rate swaps qualify and have been designated as hedges of the amount of future cash flows related to interest payments on this fixed rate long-term debt. In conjunction with the issuance of the 2026 Senior Notes (see Note 6), the Company terminated these hedges and settled the forward starting swap agreements for approximately $9.2 million. The $9.2 million has been deferred in Accumulated Other Comprehensive Loss (“AOCL”) and is being amortized as additional interest expense over the ten-year The changes in AOCL for the three months ended March 31, 2020 and 2019 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Accumulated other comprehensive loss beginning of period $ (5,958 ) $ (6,875 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 229 Unrealized gain from changes in the fair value of the effective portion of the interest rate swaps — — Amount included in other comprehensive income 229 229 Accumulated other comprehensive loss end of period $ (5,729 ) $ (6,646 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. FAIR VALUE MEASUREMENTS The Company applies the provisions of ASC Topic 820 “ Fair Value Measurements and Disclosures Refer to Note 7 for presentation of the fair values of debt obligations which are disclosed at fair value on a recurring basis. There are no assets or liabilities carried at fair value measured on a recurring basis on the consolidated balance sheets as of March 31, 2020 and December 31, 2019.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investment in Joint Ventures	10. INVESTMENT IN JOINT VENTURES A summary of the Company’s unconsolidated joint ventures is as follows: Venture Number of Properties at March 31, 2020 Company common ownership interest at March 31, 2020 Carrying value of investment at March 31, 2020 Carrying value of investment at December 31, 2019 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20% $82.3 million $83.1 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 30 15% $14.1 million $13.9 million 191 III Life Storage Holdings LLC (“191 III”) 2 — 20% — $8.9 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.1 million $3.2 million Life Storage-HIERS Storage LLC (“HIERS”) 3 17 20% $14.7 million $14.9 million Iskalo Office Holdings, LLC (“Iskalo”) 4 N/A 49% ($0.4 million) ($0.4 million) Bluebird Sanford Storage LP ("Sanford") 5 1 15% $0.3 million $0.3 million Bluebird Ingram Storage LP ("Ingram") 6 1 15% $1.1 million $1.2 million Life Storage Spacemax, LLC ("Spacemax") 7 6 40% $16.7 million $16.1 million Life Storage Virtus, LLC ("Virtus") 8 1 20% $1.7 million — Joint ventures with properties in development stage 9 4 Various $3.1 million $3.1 million Other unconsolidated joint ventures (4 joint ventures) 4 Various $10.2 million $10.3 million 1 2 3 4 5 In March 2019, the Company executed a joint venture agreement, Bluebird Sanford Storage LP, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During 2019, Sanford acquired a self-storage facility for a total of $ 4.9 million. In connection with this acquisition, Sanford entered into $ 3.2 million of non-recourse mortgage debt. During 2019, the Company contributed $ 0.3 million to Sanford as the Company’s share of the initial capital investment in the joint venture . 6 7 8 In February 2020, the Company executed a joint venture agreement, Life Storage Virtus, LLC, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During the first quarter of 2020, Virtus acquired a self-storage facility for a total of $21.7 million. In connection with this acquisition, Virtus entered into $14.0 million of non-recourse mortgage debt. During 2020, the Company contributed $1.7 million to Virtus as the Company’s share of the initial capital investment in the joint venture. 9 Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that only one of the joint ventures is 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. As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $2.7 million and $2.1 million for the three months ended March 31, 2020 and 2019, respectively. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Sovran HHF $ 922 $ 829 Sovran HHF II 455 413 Other unconsolidated joint ventures (261 ) (431 ) $ 1,116 $ 811 A summary of the combined unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2020 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,216,162 Investment in office building, net 4,233 Other assets 26,069 Total Assets $ 1,246,464 Due to the Company $ 918 Mortgages payable 540,840 Other liabilities 16,061 Total Liabilities $ 557,819 Unaffiliated partners’ equity 541,699 Company equity 146,946 Total Partners’ Equity 688,645 Total Liabilities and Partners’ Equity $ 1,246,464 Income Statement Data: Total revenues $ 34,211 Property operating expenses (10,233 ) Administrative, management and call center fees (2,674 ) Gain on disposal of self-storage facilities 33,037 Depreciation and amortization of customer list (7,969 ) Amortization of financing fees (229 ) Income tax expense (88 ) Interest expense (6,304 ) Net income $ 39,751 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 and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and will generally not be subject to corporate income taxes to the extent it distributes its taxable income to its shareholders and complies with certain other requirements. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries. In general, the Company’s taxable REIT subsidiaries may perform additional services for tenants and generally may engage in certain real estate or non-real estate related business. A taxable REIT subsidiary is subject to corporate federal and state income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company recorded federal and state income tax expense of $0.8 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively. These income tax expenses are included in general and administrative expenses in the consolidated statements of operations. At March 31, 2020 and 2019, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of March 31, 2020 and 2019, the Company had no interest or penalties related to uncertain tax positions. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes at are classified within prepaid expense. As of March 31, 2020, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $1.3 million and a deferred tax liability of $2.5 million. As of December 31, 2019, the Company’s taxable REIT subsidiaries have deferred tax assets of $1.6 million and a deferred tax liability of $2.4 million. The tax years 2016-2020 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Tax Cuts and Jobs Act (the “TCJA”) was enacted on December 20, 2017. The TCJA significantly changed the U.S. federal income tax laws applicable to businesses and their owners, including REITs and their shareholders. Under the TCJA, the corporate income tax rate is reduced from a maximum rate of 35% to a flat 21% rate. The reduced corporate income tax rate, which is effective for taxable years beginning after December 31, 2017, applies to income earned by our taxable REIT subsidiaries.

Earnings Per Share and Earnings

Earnings Per Share and Earnings Per Unit	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share and Earnings Per Unit	12. EARNINGS PER SHARE AND EARNINGS PER UNIT The Company reports earnings per share and earnings per unit data in accordance ASC Topic 260, “ Earnings Per Share Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net income attributable to common shareholders $ 36,433 $ 34,454 Denominator: Denominator for basic earnings per share – weighted average shares 46,677 46,565 Effect of Dilutive Securities: Stock options and non-vested stock 74 72 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,751 46,637 Basic earnings per common share attributable to common shareholders $ 0.78 $ 0.74 Diluted earnings per common share attributable to common shareholders $ 0.78 $ 0.74 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net income attributable to common unitholders $ 36,433 $ 34,454 Denominator: Denominator for basic earnings per unit – weighted average units 46,677 46,565 Effect of Dilutive Securities: Stock options and non-vested stock 74 72 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,751 46,637 Basic earnings per common unit attributable to common unitholders $ 0.78 $ 0.74 Diluted earnings per common unit attributable to common unitholders $ 0.78 $ 0.74 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 98,698 unvested restricted shares for the three months ended March 31, 2020, and 73,770 unvested restricted shares for the three months ended March 31, 2019, because their effect would be antidilutive.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	13. SHAREHOLDERS’ EQUITY The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2020: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2019 $ 467 $ 2,376,723 $ (238,338 ) $ (5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (49,969 ) — (49,969 ) Balance March 31, 2020 $ 469 $ 2,399,311 $ (246,332 ) $ (5,729 ) $ 2,147,719 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2019: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2018 $ 466 $ 2,372,157 $ (308,011 ) $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock — 1,396 — — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (294 ) — (294 ) Net income attributable to common shareholders — — 34,454 — 34,454 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,631 ) — (46,631 ) Balance March 31, 2019 $ 466 $ 2,373,553 $ (320,482 ) $ (6,646 ) $ 2,046,891 On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC, Jeffries LLC, SunTrust Robinson Humphrey, Inc. (“SunTrust”), HSBC Securities (USA) Inc., BB&T Capital Markets, a division of BB&T Securities, LLC and BTIG, LLC, pursuant to which the Company may sell up to $300 million in aggregate offering price of shares of the Company’s common stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. During the three months ended March 31, 2020, the Company issued 190,403 shares of common stock under the Equity Program at a weighted average issue price of $114.26 per share, generating net proceeds of $21.5 million after deducting $0.2 million of sales commissions paid to SunTrust, as well as other expenses of $0.1 million. The Company used such proceeds to fund a portion of the acquisition of the six storage facilities during the quarter. During the three months ended March 31, 2019, the Company did not issue any shares of common stock under the Equity Program. On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did not repurchase any outstanding common shares under the Buyback Program during the three months ended March 31, 2020 or the three months ended March 31, 2019. In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did not issue any shares under the Dividend Reinvestment Plan during the three months ended March 31, 2020 and 2019.

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Partners' Capital	14. PARTNERS’ CAPITAL The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2020: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2019 $ 21,594 $ 2,117,258 $ (5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (502 ) (49,467 ) — (49,969 ) Balance March 31, 2020 $ 21,683 $ 2,131,765 $ (5,729 ) $ 2,147,719 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2019: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2018 $ 20,816 $ 2,043,796 $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock 14 1,382 — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (294 ) — (294 ) Net income attributable to common unitholders 347 34,107 — 34,454 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,162 ) — (46,631 ) Balance March 31, 2019 $ 20,710 $ 2,032,827 $ (6,646 ) $ 2,046,891

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326) In August 2018, the FASB Issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which provides guidance to assist entities in accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) incurred by entities that are a customer in a hosting arrangement that is a service contract. The amendments in this update are effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The adoption of ASU 2018-15 on January 1, 2020 did not have a material impact on the Company, though treatment of certain costs related to future cloud computing arrangements could be affected .

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitment and Contingencies	16. COMMITMENT AND CONTINGENCIES The Company’s lease population is comprised of leases for land and/or buildings in which certain of the Company’s self-storage facilities operate, as well as leases of corporate office space. All leases where the Company is the lessee qualify as operating leases and the Company does not have any financing leases as of March 31, 2020. At March 31, 2020 and December 31, 2019, the Company’s aggregate right-of-use assets total $19.9 million and $20.2 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at March 31, 2020 and December 31, 2019 total $19.8 million and $19.9 million, respectively, and are included in accounts payable and accrued liabilities on the consolidated balance sheet. Expenses related to operating leases totaled $0.5 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 11.0 years and 4.6%, respectively. At March 31, 2020, the Company has approximately $25.3 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2020 $ 1,835 2021 2,294 2022 2,294 2023 2,294 2024 2,280 Thereafter 14,349 Total $ 25,346 The difference between the amounts included in the table above and the aggregate lease liability recorded in the accompanying consolidated balance sheet at March 31, 2020 is the result of the impact of the discount rate on future minimum lease payments. At March 31, 2020, the Company is under contract to sell one of its self-storage facilities for $19.0 million. The sale of this self-storage facility is subject to customary conditions to closing and has been delayed until the second half of 2020 as a result of the impact of the COVID-19 global health crisis. There is no assurance that this facility will be sold. At March 31, 2020, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $24.2 million under these contracts in 2020 and 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On April 2, 2020, the Company declared a quarterly dividend of $1.07 per common share. The dividend was paid on April 27, 2020 to shareholders of record on April 14, 2020. The total dividend paid amounted to $50.2 million. On March 11, 2020, the World Health Organization classified the COVID-19 global health crisis as a pandemic. We have implemented actions to maintain our financial health and liquidity and are actively monitoring the impact of the pandemic on our business. While we anticipate that the COVID-19 global health crisis will negatively impact our business and results of operations for our second fiscal quarter of 2020, the extent and duration to which our operations will be impacted is currently uncertain and cannot be accurately predicted. The COVID-19 global health crisis is discussed further in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326) In August 2018, the FASB Issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which provides guidance to assist entities in accounting for implementation, setup, and other upfront costs (collectively referred to as implementation costs) incurred by entities that are a customer in a hosting arrangement that is a service contract. The amendments in this update are effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The adoption of ASU 2018-15 on January 1, 2020 did not have a material impact on the Company, though treatment of certain costs related to future cloud computing arrangements could be affected .

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Reconciliation of Noncontrolling Interests	The following is a reconciliation of the Parent Company’s noncontrolling redeemable Operating Partnership Units and the Operating Partnership’s limited partners’ redeemable capital interest for the period: (dollars in thousands) Three Months Ended March 31, 2020 Beginning balance $ 26,307 Net income attributable to noncontrolling interest in the Operating Partnership 192 Redemption of units (265 ) Distributions (264 ) Adjustment to redemption value (5,542 ) Ending balance $ 20,428
Summary of Disaggregated Revenues	The disaggregated revenues of the Company presented in accordance with ASC Topic 606 “ Revenue from Contracts with Customers” (dollars in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Rental income $ 128,907 $ 124,146 Management and acquisition fee income 4,413 3,086 Revenues related to tenant reinsurance 10,138 5,815 Other 3,485 3,475 Total operating revenues $ 146,943 $ 136,522

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Summary of Reconciliation of Cash and Restricted Cash	The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, 2020 December 31, 2019 March 31, 2019 Cash $ 20,720 $ 17,458 $ 8,875 Restricted cash 4,345 4,098 4,139 Total cash and restricted cash $ 25,065 $ 21,556 $ 13,014

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the three months ended March 31, 2020: (dollars in thousands) Cost: Beginning balance $ 4,749,473 Acquisition of storage facilities 122,623 Improvements and equipment additions 3,649 Net increase in construction in progress 8,387 Dispositions (122 ) Ending balance $ 4,884,010 Accumulated Depreciation: Beginning balance $ 756,333 Additions during the period 26,995 Dispositions (44 ) Ending balance $ 783,284
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2020 have been assigned as follows: (dollars in thousands) Consideration paid Acquisition Date Fair Value States Number of Properties Date of Acquisition Purchase Price Cash Paid Mortgage Assumed Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements Construction in Progress In-Place Customers Leases CA 6 3/9/2020 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675 Total acquired in 2020 6 $ 124,298 $ 124,204 $ — $ 94 $ 20,307 $ 101,734 $ 582 $ 1,675
Schedule of In-place Customer Leases	In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 In-place customer leases $ 80,416 $ 78,741 Accumulated amortization (77,134 ) (75,832 ) Net carrying value at the end of period $ 3,282 $ 2,909

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowings Outstanding on Unsecured Line of Credit and Term Notes	Borrowings outstanding on our unsecured line of credit and term notes are as follows: (Dollars in thousands) March 31, 2020 December 31, 2019 Revolving line of credit borrowings $ 183,000 $ 65,000 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 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Total term note principal balance outstanding $ 1,875,000 $ 1,875,000 Less: unamortized debt issuance costs (10,681 ) (11,146 ) Less: unamortized senior term note discount (5,401 ) (5,583 ) Term notes payable $ 1,858,918 $ 1,858,271

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at March 31, 2020 and December 31, 2019 consist of the following: (dollars in thousands) March 31, 2020 December 31, 2019 4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.3 million, principal and interest paid monthly (effective interest rate 5.23%) $ 2,792 $ 2,807 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.3 million, principal and interest paid monthly (effective interest rate 4.30%) 3,908 3,932 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.9 million, principal and interest paid monthly (effective interest rate 5.57%) 3,781 3,800 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $55.4 million, principal and interest paid monthly (effective interest rate 3.16%) 22,879 22,942 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.3 million, principal and interest paid monthly (effective interest rate 6.36%) 1,325 1,370 Total mortgages payable $ 34,685 $ 34,851
Summary of Debt Obligations and Interest Rate Derivatives	Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange. Expected Maturity Date Including Discount (dollars in thousands) 2020 2021 2022 2023 2024 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.91% at March 31, 2020) — — — $ 183,000 — — $ 183,000 $ 183,000 Notes Payable: Term note - fixed rate 5.54% — $ 100,000 — — — — $ 100,000 $ 102,045 Term note - fixed rate 4.533% — — — — $ 175,000 — $ 175,000 $ 176,510 Term note - fixed rate 3.50% — — — — — $ 600,000 $ 600,000 $ 581,306 Term note - fixed rate 3.875% — — — — — $ 450,000 $ 450,000 $ 444,664 Term note - fixed rate 3.67% — — — — — $ 200,000 $ 200,000 $ 191,797 Term note - fixed rate 4.00% — — — — — $ 350,000 $ 350,000 $ 344,563 Mortgage note - fixed rate 4.98% $ 44 $ 2,748 — — — — $ 2,792 $ 2,805 Mortgage note - fixed rate 4.065% $ 75 $ 104 $ 108 $ 3,621 — — $ 3,908 $ 3,855 Mortgage note - fixed rate 5.26% $ 55 $ 78 $ 83 $ 3,565 — — $ 3,781 $ 3,873 Mortgage notes - fixed rate 4.4625% — — — — $ 22,879 — $ 22,879 $ 21,530 Mortgage note - fixed rate 5.99% $ 136 $ 192 $ 203 $ 216 $ 229 $ 349 $ 1,325 $ 1,373 Total $ 310 $ 103,122 $ 394 $ 190,402 $ 198,108 $ 1,600,349 $ 2,092,685

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three months ended March 31, 2020 and 2019 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Accumulated other comprehensive loss beginning of period $ (5,958 ) $ (6,875 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 229 Unrealized gain from changes in the fair value of the effective portion of the interest rate swaps — — Amount included in other comprehensive income 229 229 Accumulated other comprehensive loss end of period $ (5,729 ) $ (6,646 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2020
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 Properties at March 31, 2020 Company common ownership interest at March 31, 2020 Carrying value of investment at March 31, 2020 Carrying value of investment at December 31, 2019 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 57 20% $82.3 million $83.1 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 30 15% $14.1 million $13.9 million 191 III Life Storage Holdings LLC (“191 III”) 2 — 20% — $8.9 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.1 million $3.2 million Life Storage-HIERS Storage LLC (“HIERS”) 3 17 20% $14.7 million $14.9 million Iskalo Office Holdings, LLC (“Iskalo”) 4 N/A 49% ($0.4 million) ($0.4 million) Bluebird Sanford Storage LP ("Sanford") 5 1 15% $0.3 million $0.3 million Bluebird Ingram Storage LP ("Ingram") 6 1 15% $1.1 million $1.2 million Life Storage Spacemax, LLC ("Spacemax") 7 6 40% $16.7 million $16.1 million Life Storage Virtus, LLC ("Virtus") 8 1 20% $1.7 million — Joint ventures with properties in development stage 9 4 Various $3.1 million $3.1 million Other unconsolidated joint ventures (4 joint ventures) 4 Various $10.2 million $10.3 million 1 2 3 4 5 In March 2019, the Company executed a joint venture agreement, Bluebird Sanford Storage LP, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During 2019, Sanford acquired a self-storage facility for a total of $ 4.9 million. In connection with this acquisition, Sanford entered into $ 3.2 million of non-recourse mortgage debt. During 2019, the Company contributed $ 0.3 million to Sanford as the Company’s share of the initial capital investment in the joint venture . 6 7 8 In February 2020, the Company executed a joint venture agreement, Life Storage Virtus, LLC, with an unrelated third-party with the purpose of acquiring and operating a self-storage facility. During the first quarter of 2020, Virtus acquired a self-storage facility for a total of $21.7 million. In connection with this acquisition, Virtus entered into $14.0 million of non-recourse mortgage debt. During 2020, the Company contributed $1.7 million to Virtus as the Company’s share of the initial capital investment in the joint venture. 9
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 Ended March 31, 2020 Three Months Ended March 31, 2019 Sovran HHF $ 922 $ 829 Sovran HHF II 455 413 Other unconsolidated joint ventures (261 ) (431 ) $ 1,116 $ 811
Summary of Unconsolidated Joint Ventures' Financial Statements	A summary of the combined unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2020 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,216,162 Investment in office building, net 4,233 Other assets 26,069 Total Assets $ 1,246,464 Due to the Company $ 918 Mortgages payable 540,840 Other liabilities 16,061 Total Liabilities $ 557,819 Unaffiliated partners’ equity 541,699 Company equity 146,946 Total Partners’ Equity 688,645 Total Liabilities and Partners’ Equity $ 1,246,464 Income Statement Data: Total revenues $ 34,211 Property operating expenses (10,233 ) Administrative, management and call center fees (2,674 ) Gain on disposal of self-storage facilities 33,037 Depreciation and amortization of customer list (7,969 ) Amortization of financing fees (229 ) Income tax expense (88 ) Interest expense (6,304 ) Net income $ 39,751

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share/Unit	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share utilizing the two-class method. (in thousands except per share data) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net income attributable to common shareholders $ 36,433 $ 34,454 Denominator: Denominator for basic earnings per share – weighted average shares 46,677 46,565 Effect of Dilutive Securities: Stock options and non-vested stock 74 72 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 46,751 46,637 Basic earnings per common share attributable to common shareholders $ 0.78 $ 0.74 Diluted earnings per common share attributable to common shareholders $ 0.78 $ 0.74 Earnings Per Unit The following table sets forth the computation of basic and diluted earnings per common unit utilizing the two-class method. (in thousands except per unit data) Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net income attributable to common unitholders $ 36,433 $ 34,454 Denominator: Denominator for basic earnings per unit – weighted average units 46,677 46,565 Effect of Dilutive Securities: Stock options and non-vested stock 74 72 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 46,751 46,637 Basic earnings per common unit attributable to common unitholders $ 0.78 $ 0.74 Diluted earnings per common unit attributable to common unitholders $ 0.78 $ 0.74

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Reconciliation of Changes in Parent Company's Total Shareholders' Equity	The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2020: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2019 $ 467 $ 2,376,723 $ (238,338 ) $ (5,958 ) $ 2,132,894 Net proceeds from issuance of common stock 2 21,464 — — 21,466 Earned portion of non-vested stock — 1,124 — — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — 5,542 — 5,542 Net income attributable to common shareholders — — 36,433 — 36,433 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (49,969 ) — (49,969 ) Balance March 31, 2020 $ 469 $ 2,399,311 $ (246,332 ) $ (5,729 ) $ 2,147,719 The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the three months ended March 31, 2019: (dollars in thousands) Common Stock Additional Paid-in Capital Dividends in Excess of Net Income Accumulated Other Comprehensive Income (loss) Total Shareholders’ Equity Balance December 31, 2018 $ 466 $ 2,372,157 $ (308,011 ) $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock — 1,396 — — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (294 ) — (294 ) Net income attributable to common shareholders — — 34,454 — 34,454 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (46,631 ) — (46,631 ) Balance March 31, 2019 $ 466 $ 2,373,553 $ (320,482 ) $ (6,646 ) $ 2,046,891

Partners' Capital (Tables)

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Reconciliation of Changes in Total Partners' Capital	The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2020: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2019 $ 21,594 $ 2,117,258 $ (5,958 ) $ 2,132,894 Net proceeds from issuance of Operating Partnership Units 212 21,254 — 21,466 Earned portion of non-vested stock 11 1,113 — 1,124 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — 5,542 — 5,542 Net income attributable to common unitholders 366 36,067 — 36,433 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (502 ) (49,467 ) — (49,969 ) Balance March 31, 2020 $ 21,683 $ 2,131,765 $ (5,729 ) $ 2,147,719 The following is a reconciliation of the changes in total partners’ capital for the three months ended March 31, 2019: (dollars in thousands) Life Storage Holdings, Inc. General Partner Life Storage, Inc. Limited Partner Accumulated Other Comprehensive Income (loss) Total Controlling Partners’ Capital Balance December 31, 2018 $ 20,816 $ 2,043,796 $ (6,875 ) $ 2,057,737 Earned portion of non-vested stock 14 1,382 — 1,396 Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (294 ) — (294 ) Net income attributable to common unitholders 347 34,107 — 34,454 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (469 ) (46,162 ) — (46,631 ) Balance March 31, 2019 $ 20,710 $ 2,032,827 $ (6,646 ) $ 2,046,891

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Undiscounted Future Minimum Lease Payments	The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2020 $ 1,835 2021 2,294 2022 2,294 2023 2,294 2024 2,280 Thereafter 14,349 Total $ 25,346

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020PropertyStateshares	Dec. 31, 2019shares
Organization [Line Items]
Number of self-storage properties owned and managed	867
Number of states in which self-storage properties owned and managed | State	29
Number of properties managed under joint ventures	120
Number of properties managed with no ownership	184
Noncontrolling limited partnership unit redemption value	one common share or cash
Geographic Concentration Risk [Member] | Texas [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	19.00%
Geographic Concentration Risk [Member] | Florida [Member] | Revenue [Member]
Organization [Line Items]
Concentration risk, percentage	13.00%
Life Storage LP [Member]
Organization [Line Items]
Units of redeemable noncontrolling interest in operating partnership | shares	243,966	246,466
Life Storage LP [Member]
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership	99.50%
Warehouse Anywhere LLC [Member] | Life Storage Solutions, LLC [Member]
Organization [Line Items]
Percentage of ownership interest of the subsidiary and its limited partnership which controls the operations of the Operating Partnership	60.00%

Organization - Summary of Recon

Organization - Summary of Reconciliation of Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Redeemable Noncontrolling Interest Equity Fair Value [Abstract]
Noncontrolling interest, beginning balance	$ 26,307
Net income attributable to noncontrolling interest in the Operating Partnership	192	$ 183
Redemption of units	(265)
Distributions	(264)
Adjustment to redemption value	(5,542)	$ 294
Noncontrolling interest, ending balance	$ 20,428

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Rental income	$ 128,907	$ 124,146
Operating revenues other than rental income	18,036	12,376
Total operating revenues	146,943	136,522
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	4,413	3,086
Revenues Related to Tenant Reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	10,138	5,815
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 3,485	$ 3,475

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,124,000	$ 1,396,000
Stock options exercised by employees and directors	0	0
Number of shares of non-vested stock that vested	7,163	16,821
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	$ 400,000
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under performance plan	3,647
Employees and Directors [Member] | Non-Vested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of non-vested stock issued	334
Fair market value of the non-vested stock on the date of grant	$ 108.20
Aggregate fair value	$ 36,100
Employees and Directors [Member] | Non-Vested Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	2 years

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash	$ 20,720	$ 17,458	$ 8,875
Restricted cash	4,345	4,098	4,139
Total cash and restricted cash	$ 25,065	$ 21,556	$ 13,014	$ 14,065

Investment in Storage Facilit_3

Investment in Storage Facilities and Intangible Assets - Summary of Activity in Storage Facilities (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Cost:
Beginning balance	$ 4,749,473
Acquisition of storage facilities	122,623
Improvements and equipment additions	3,649
Net increase in construction in progress	8,387
Dispositions	(122)
Ending balance	4,884,010
Accumulated Depreciation:
Beginning balance	756,333
Additions during the period	26,995
Dispositions	(44)
Ending balance	$ 783,284

Investment in Storage Facilit_4

Investment in Storage Facilities and Intangible Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)$ / shares
Investment Holdings [Line Items]
Number of storage facilities acquired | Property	6
Cash payment for property acquisition	$ 124,204
Received return on investment	3,611	$ 2,404
Net other liabilities assumed	$ 100
Amortization period for in-place customer leases on a straight-line basis	12 months
Amortization expense related to in-place customer leases	$ 1,300	300
Increase in depreciation expense due to facility replacement		$ 700
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares		$ 0.02
191 III Life Storage Holdings LLC [Member]
Investment Holdings [Line Items]
Number of storage facilities acquired | Property	6
Company common ownership interest	20.00%
Cash payment for property acquisition	$ 124,200
Received return on investment	$ 8,400

Investment in Storage Facilit_5

Investment in Storage Facilities and Intangible Assets - Schedule of Purchase Price of Facilities Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Property
Investment Holdings [Line Items]
Number of Properties | Property	6
Purchase Price	$ 124,298
Consideration paid, Cash Paid	124,204
Consideration paid, Net Other Liabilities (Assets) Assumed	94
Acquisition Date Fair Value, In-Place Customer Leases	1,675
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	20,307
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	101,734
Construction in Progress [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 582
CA [Member] | Asset Acquired on 3/9/2020 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	6
Date of Acquisition	Mar. 9, 2020
Purchase Price	$ 124,298
Consideration paid, Cash Paid	124,204
Consideration paid, Net Other Liabilities (Assets) Assumed	94
Acquisition Date Fair Value, In-Place Customer Leases	1,675
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	20,307
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	101,734
CA [Member] | Asset Acquired on 3/9/2020 [Member] | Construction in Progress [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 582

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
In-place customer leases	$ 80,416	$ 78,741
Accumulated amortization	(77,134)	(75,832)
Net carrying value at the end of period	$ 3,282	$ 2,909

Unsecured Line of Credit and _3

Unsecured Line of Credit and Term Notes - Borrowings Outstanding on Unsecured Line of Credit and Term Notes (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 183,000	$ 65,000
Total term note principal balance outstanding	1,875,000	1,875,000
Less: unamortized debt issuance costs	(10,681)	(11,146)
Less: unamortized senior term note discount	(5,401)	(5,583)
Term notes payable	1,858,918	1,858,271
Term Note Due August 5, 2021 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	100,000	100,000
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	600,000	600,000
Senior Term Note Due December 15, 2027 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	450,000	450,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	200,000	200,000
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 350,000	$ 350,000

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Jun. 03, 2019	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2011	Dec. 31, 2019
Debt Instrument [Line Items]
Amount available on unsecured revolving line of credit						$ 316,900,000
Unamortized senior term note discount						5,401,000			$ 5,583,000
Amortization expense related to deferred debt issuance costs						$ 1,025,000	$ 903,000
Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage						60.00%
Indenture covenant percentage on unencumbered assets						150.00%
Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio on debt						150.00%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio percentage						40.00%
Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 350,000,000
Debt instrument,maturity date	Jun. 15, 2029
Debt instrument stated interest rate	4.00%
Debt instrument percentage discount to par	0.524%
Debt instrument, interest payable description						Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount	$ 1,800,000
Underwriting discount and other offering expenses	3,100,000
Proceeds from senior notes, net	$ 345,100,000
Senior Term Note Due December 15, 2027 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 450,000,000
Debt instrument,maturity date		Dec. 15, 2027
Debt instrument stated interest rate		3.875%
Debt instrument percentage discount to par		0.477%
Debt instrument, interest payable description						Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15.
Unamortized senior term note discount		$ 2,100,000
Underwriting discount and other offering expenses		4,000,000
Proceeds from senior notes, net		$ 443,900,000
Senior Term Note Due July 1, 2026 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount				$ 600,000,000
Debt instrument,maturity date				Jul. 1, 2026
Debt instrument stated interest rate				3.50%
Debt instrument percentage discount to par				0.553%
Debt instrument, interest payable description						Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1.
Unamortized senior term note discount				$ 3,300,000
Underwriting discount and other offering expenses				5,500,000
Proceeds from senior notes, net				$ 591,200,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date			Jul. 21, 2028
Debt instrument stated interest rate			3.67%
Additional secured term note			$ 200,000,000
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date					Apr. 8, 2024
Debt instrument stated interest rate					4.533%
Additional secured term note					$ 175,000,000
Term Note Due April 8, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate					6.283%
Term Note Due August 5, 2021 [Member]
Debt Instrument [Line Items]
Debt instrument,maturity date								Aug. 5, 2021
Debt instrument stated interest rate								5.54%
Additional secured term note								$ 100,000,000
Term Note Due August 5, 2021 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument stated interest rate								7.29%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs						$ 600,000	$ 500,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit limit						$ 500,000,000
Line of credit facility, expiration date						Mar. 10, 2023
Basis spread over LIBOR						0.95%
Facility fee						0.15%
Interest rate, line of credit facility						1.91%			2.75%
Revolving Credit Facility [Member] | Term Note Due June 4, 2020 [Member]
Debt Instrument [Line Items]
Debt instrument principal amount						$ 100,000,000
Debt instrument,maturity date						Jun. 4, 2020
Basis spread over LIBOR						1.00%
Debt instrument variable interest rate						1.96%			2.80%
Principal amount paid off						$ 100,000,000
Revolving Credit Facility [Member] | Term Note [Member]
Debt Instrument [Line Items]
Revolving credit limit						$ 900,000,000

Mortgages Payable and Debt Ma_3

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgages payable	$ 34,685	$ 34,851
4.98% Mortgage Note Due January 1, 2021 [Member]
Debt Instrument [Line Items]
Mortgages payable	2,792	2,807
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,908	3,932
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,781	3,800
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,879	22,942
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,325	$ 1,370

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)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 | $	$ 9.3
Effective interest rate	5.23%
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 | $	$ 7.3
Effective interest rate	4.30%
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage note due date	Nov. 1, 2023
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 7.9
Effective interest rate	5.57%
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage note due date	Dec. 6, 2024
Self-storage facilities | Facility	3
Aggregate net book value of property pledged for mortgage note | $	$ 55.4
Effective interest rate	3.16%
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate	5.99%
Mortgage note due date	May 1, 2026
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 6.3
Effective interest rate	6.36%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Payables due 2020	$ 310
Payables due 2021	103,122
Payables due 2022	394
Payables due 2023	190,402
Payables due 2024	198,108
Payables due Thereafter	1,600,349
Debt obligations	2,092,685
Line of credit - variable rate LIBOR + 0.95% (1.00% at March 31, 2020) [Member]
Debt Instrument [Line Items]
Payables due 2023	183,000
Debt obligations	183,000
Debt instrument, fair value	183,000
Term Note - Fixed Rate 5.54% [Member]
Debt Instrument [Line Items]
Payables due 2021	100,000
Debt obligations	100,000
Term note, fair value	102,045
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	176,510
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	581,306
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	444,664
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	191,797
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	344,563
Mortgage Note - Fixed Rate 4.98% [Member]
Debt Instrument [Line Items]
Payables due 2020	44
Payables due 2021	2,748
Debt obligations	2,792
Debt instrument, fair value	2,805
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2020	75
Payables due 2021	104
Payables due 2022	108
Payables due 2023	3,621
Debt obligations	3,908
Debt instrument, fair value	3,855
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2020	55
Payables due 2021	78
Payables due 2022	83
Payables due 2023	3,565
Debt obligations	3,781
Debt instrument, fair value	3,873
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,879
Debt obligations	22,879
Debt instrument, fair value	21,530
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2020	136
Payables due 2021	192
Payables due 2022	203
Payables due 2023	216
Payables due 2024	229
Payables due Thereafter	349
Debt obligations	1,325
Debt instrument, fair value	$ 1,373

Mortgages Payable and Debt Ma_6

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2020
Line of credit - variable rate LIBOR + 0.95% (1.00% at March 31, 2020) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.91%
Basis spread over LIBOR	0.95%
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 3.875% [Member]
Debt Instrument [Line Items]
Interest rate	3.875%
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Interest rate	3.67%
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Interest rate	4.00%
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 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Derivative [Line Items]
Settlement of forward starting swap agreements	$ 9.2
Amortized period on interest expense	10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Changes in AOCL (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	$ 2,132,894
Realized loss reclassified from accumulated other comprehensive loss to interest expense	229	$ 229
Amount included in other comprehensive income	229	229
Accumulated other comprehensive loss end of period	2,147,719
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive loss beginning of period	(5,958)	(6,875)
Accumulated other comprehensive loss end of period	$ (5,729)	$ (6,646)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Investment in Joint Ventures -

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)
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	$ 82.3	$ 83.1
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	$ 14.1	13.9
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	20.00%
Carrying value of investment		8.9
Life Storage-SERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	3
Company common ownership interest	20.00%
Carrying value of investment	$ 3.1	3.2
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	17
Company common ownership interest	20.00%
Carrying value of investment	$ 14.7	14.9
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (0.4)	(0.4)
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	15.00%
Carrying value of investment	$ 0.3	0.3
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	15.00%
Carrying value of investment	$ 1.1	1.2
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	40.00%
Carrying value of investment	$ 16.7	16.1
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	1
Company common ownership interest	20.00%
Carrying value of investment	$ 1.7
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	4
Company common ownership interest	Various
Carrying value of investment	$ 3.1	3.1
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	4
Company common ownership interest	Various
Carrying value of investment	$ 10.2	$ 10.3

Investment in Joint Ventures _2

Investment in Joint Ventures - Summary of Company's Unconsolidated Joint Ventures (Parenthetical) (Detail) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)Property	Nov. 30, 2019USD ($)Property	Mar. 31, 2020USD ($)Property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)Property
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property			6
Distributions from unconsolidated joint ventures			$ 3,611	$ 2,404
Payment for property acquisition			124,204	55,132
Mortgages payable	$ 34,685		34,685		$ 34,851
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Excess of investment over net asset due to capitalization of acquisition related costs	1,700		1,700
191 III Life Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition	124,200
Distributions from unconsolidated joint ventures	$ 8,400
191 III Life Storage Holdings LLC [Member] | Storage Facilities [Member] | California [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property	6
Life Storage-HIERS Storage LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital					$ 5,700
Life Storage-HIERS Storage LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property		5			5
Payment for property acquisition		$ 56,300
Mortgages payable		$ 27,600
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Rent paid during the period			300	$ 300
Bluebird Sanford Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital					$ 300
Bluebird Sanford Storage LP [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition					4,900
Mortgages payable					3,200
Bluebird Ingram Storage LP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital					1,300
Bluebird Ingram Storage LP [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition					20,700
Mortgages payable					17,600
Life Storage Spacemax, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital					16,300
Life Storage Spacemax, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition					82,700
Mortgages payable					$ 42,000
Number of self-storage facilities | Property					6
Life Storage Virtus, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			1,700
Life Storage Virtus, LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Payment for property acquisition			21,700
Mortgages payable	$ 14,000		$ 14,000
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property			4
Joint Ventures with Properties in Development Stage [Member] | Common Stock Shares [Member]
Schedule of Equity Method Investments [Line Items]
Contribution of company to joint venture as share in capital			$ 3,100

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 2.7	$ 2.1

Investment in Joint Ventures _4

Investment in Joint Ventures - Company's Share of Unconsolidated Joint Ventures' Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 1,116	$ 811
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	922	829
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	455	413
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (261)	$ (431)

Investment in Joint Ventures _5

Investment in Joint Ventures - Summary of Unconsolidated Joint Ventures' Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 4,100,726		$ 3,993,140
Other assets	29,559		29,591
Total Assets	4,339,289		4,232,964
Mortgages payable	34,685		34,851
Total Liabilities	2,171,142		2,073,763
Unaffiliated partners’ equity	0		0
Company equity	2,147,719	$ 2,046,891	2,132,894	$ 2,057,737
Total Equity	2,147,719		$ 2,132,894
Depreciation and amortization of customer list	(28,330)	(26,227)
Amortization of financing fees	(1,025)	(903)
Interest expense	(20,246)	$ (17,819)
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	1,216,162
Investment in office building, net	4,233
Other assets	26,069
Total Assets	1,246,464
Due to the Company	918
Mortgages payable	540,840
Other liabilities	16,061
Total Liabilities	557,819
Unaffiliated partners’ equity	541,699
Company equity	146,946
Total Equity	688,645
Total Liabilities and Partners’ Equity	1,246,464
Total revenues	34,211
Property operating expenses	(10,233)
Administrative, management and call center fees	(2,674)
Gain on disposal of self-storage facilities	33,037
Depreciation and amortization of customer list	(7,969)
Amortization of financing fees	(229)
Income tax expense	(88)
Interest expense	(6,304)
Net income	$ 39,751

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2017	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0
Deferred tax assets	1,300,000			$ 1,600,000
Deferred tax liability	$ 2,500,000			$ 2,400,000
Corporate income tax rate	21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2016
Tax Year 2020 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2020
General and Administrative Expense [Member]
Tax Credit Carryforward [Line Items]
Federal and state income tax expense (benefit)	$ 800,000	$ 400,000

Earnings Per Share and Earnin_3

Earnings Per Share and Earnings Per Unit - Computation of Basic and Diluted Earnings Per Common Share/Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income attributable to common shareholders/unitholders	$ 36,433	$ 34,454
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,677,237	46,564,846
Effect of Dilutive Securities:
Stock options and non-vested stock	74,000	72,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,750,896	46,636,700
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78	$ 0.74
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78	$ 0.74
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 36,433	$ 34,454
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	46,677,237	46,564,846
Effect of Dilutive Securities:
Stock options and non-vested stock	74,000	72,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	46,750,896	46,636,700
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78	$ 0.74
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.78	$ 0.74

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	98,698	73,770

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Beginning Balance	$ 2,132,894	$ 2,057,737
Net proceeds from issuance of common stock	21,466
Earned portion of non-vested stock	1,124	1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	5,542	(294)
Net income attributable to common shareholders	36,433	34,454
Amortization of terminated hedge included in AOCL	229	229
Dividends	(49,969)	(46,631)
Ending Balance	2,147,719	2,046,891
Common Stock Shares [Member]
Beginning Balance	467	466
Net proceeds from issuance of common stock	2
Ending Balance	469	466
Additional Paid-in Capital [Member]
Beginning Balance	2,376,723	2,372,157
Net proceeds from issuance of common stock	21,464
Earned portion of non-vested stock	1,124	1,396
Ending Balance	2,399,311	2,373,553
Dividends in Excess of Net Income [Member]
Beginning Balance	(238,338)	(308,011)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	5,542	(294)
Net income attributable to common shareholders	36,433	34,454
Dividends	(49,969)	(46,631)
Ending Balance	(246,332)	(320,482)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(5,958)	(6,875)
Amortization of terminated hedge included in AOCL	229	229
Ending Balance	$ (5,729)	$ (6,646)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)Property$ / sharesshares	Mar. 31, 2019shares	Jun. 14, 2018USD ($)	Aug. 02, 2017USD ($)
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program			$ 300,000,000
Number of storage facilities acquired | Property	6
Buyback Program, authorized repurchase amount				$ 200,000,000
Stock repurchased during period, shares | shares	0	0
Shares issued under Dividend Reinvestment Plan | shares	0	0
Equity Program [Member]
Stockholders Equity [Line Items]
Common stock shares issued under equity offering program | shares	190,403	0
Weighted average issue price | $ / shares	$ 114.26
Proceeds from issuance of common stock	$ 21,500,000
Other expenses	100,000
Equity Program [Member] | SunTrust [Member]
Stockholders Equity [Line Items]
Sales commissions paid	$ 200,000

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Partners Capital [Line Items]
Earned portion of non-vested stock	$ 1,124	$ 1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(5,542)	294
Net income attributable to common shareholders/unitholders	36,433	34,454
Amortization of terminated hedge included in AOCL	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,132,894	2,057,737
Net proceeds from issuance of Operating Partnership Units	21,466
Earned portion of non-vested stock	1,124	1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	5,542	(294)
Net income attributable to common shareholders/unitholders	36,433	34,454
Amortization of terminated hedge included in AOCL	229	229
Distributions	(49,969)	(46,631)
Ending balance of total controlling partners’ capital	2,147,719	2,046,891
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	21,594	20,816
Net proceeds from issuance of Operating Partnership Units	212
Earned portion of non-vested stock	11	14
Net income attributable to common shareholders/unitholders	366	347
Amortization of terminated hedge included in AOCL	2	2
Distributions	(502)	(469)
Ending balance of total controlling partners’ capital	21,683	20,710
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,117,258	2,043,796
Net proceeds from issuance of Operating Partnership Units	21,254
Earned portion of non-vested stock	1,113	1,382
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	5,542	(294)
Net income attributable to common shareholders/unitholders	36,067	34,107
Amortization of terminated hedge included in AOCL	(2)	(2)
Distributions	(49,467)	(46,162)
Ending balance of total controlling partners’ capital	2,131,765	2,032,827
Accumulated Other Comprehensive Income (Loss) [Member]
Partners Capital [Line Items]
Amortization of terminated hedge included in AOCL	229	229
Accumulated Other Comprehensive Income (Loss) [Member] | Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	(5,958)	(6,875)
Amortization of terminated hedge included in AOCL	229	229
Ending balance of total controlling partners’ capital	$ (5,729)	$ (6,646)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands	Mar. 31, 2020USD ($)Property	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets	$ 19,900	$ 19,900		$ 20,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember
Operating lease liabilities	$ 19,800	$ 19,800		$ 19,900
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesMember	us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses		$ 500	$ 600
Weighted average remaining lease term	11 years	11 years
Weighted average discount rate	4.60%	4.60%
Operating lease commitments	$ 25,346	$ 25,346
Expansion and enhancement contracts		24,200
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Number of storage facilities to be sold | Property	1
Sale price of storage facilities	$ 19,000	$ 19,000

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 1,835
2021	2,294
2022	2,294
2023	2,294
2024	2,280
Thereafter	14,349
Total	$ 25,346

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 27, 2020	Apr. 02, 2020
Subsequent Event [Line Items]
Dividend declared, date		Apr. 2, 2020
Dividend per common share		$ 1.07
Dividend paid, date		Apr. 27, 2020
Dividend record, date		Apr. 14, 2020
Dividend paid	$ 50.2