Life Storage Inc - Registered Shares (LSI) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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		76,855,417
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		76,855,417
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, 2021	Dec. 31, 2020
Investment in storage facilities:
Land	$ 991,214	$ 951,813
Building, equipment, and construction in progress	4,612,622	4,378,510
Real estate investment property, at cost, total	5,603,836	5,330,323
Less: accumulated depreciation	(904,420)	(873,178)
Investment in storage facilities, net	4,699,416	4,457,145
Cash and cash equivalents	13,914	54,400
Accounts receivable	14,796	15,464
Receivable from unconsolidated joint ventures	520	1,064
Investment in unconsolidated joint ventures	140,415	143,042
Prepaid expenses	12,335	8,326
Trade name	16,500	16,500
Other assets	32,865	31,907
Total Assets	4,930,761	4,727,848
Liabilities
Line of credit	43,000
Term notes, net	2,156,140	2,155,457
Accounts payable and accrued liabilities	95,708	112,654
Deferred revenue	20,120	17,416
Mortgages payable	37,596	37,777
Total Liabilities	2,352,564	2,323,304
Noncontrolling redeemable Operating Partnership Units at redemption value	28,707	26,446
Shareholders' Equity/ Partners' Capital
Common stock $.01 par value, 100,000,000 shares authorized, 76,477,796 shares outstanding at March 31, 2021 (74,211,920 at December 31, 2020)	765	495
Additional paid-in capital	2,853,019	2,671,311
Dividends in excess of net income	(299,482)	(288,667)
Accumulated other comprehensive loss	(4,812)	(5,041)
Total Shareholders’ Equity	2,549,490	2,378,098
Total Liabilities and Shareholders' Equity/ Partners' Capital	4,930,761	4,727,848
Life Storage LP [Member]
Investment in storage facilities:
Land	991,214	951,813
Building, equipment, and construction in progress	4,612,622	4,378,510
Real estate investment property, at cost, total	5,603,836	5,330,323
Less: accumulated depreciation	(904,420)	(873,178)
Investment in storage facilities, net	4,699,416	4,457,145
Cash and cash equivalents	13,914	54,400
Accounts receivable	14,796	15,464
Receivable from unconsolidated joint ventures	520	1,064
Investment in unconsolidated joint ventures	140,415	143,042
Prepaid expenses	12,335	8,326
Trade name	16,500	16,500
Other assets	32,865	31,907
Total Assets	4,930,761	4,727,848
Liabilities
Line of credit	43,000
Term notes, net	2,156,140	2,155,457
Accounts payable and accrued liabilities	95,708	112,654
Deferred revenue	20,120	17,416
Mortgages payable	37,596	37,777
Total Liabilities	2,352,564	2,323,304
Limited partners' redeemable capital interest at redemption value (243,966 and 246,466units outstanding at September 30, 2020 and December 31, 2019, respectively)	28,707	26,446
Shareholders' Equity/ Partners' Capital
General partner (484,429 and 469,225 units outstanding at September 30, 2020 and December 31, 2019, respectively)	25,782	24,045
Limited partners (47,714,579 and 46,206,708 units outstanding at September 30, 2020and December 31, 2019, respectively)	2,528,520	2,359,094
Accumulated other comprehensive loss	(4,812)	(5,041)
Total Partners’ Capital	2,549,490	2,378,098
Total Liabilities and Shareholders' Equity/ Partners' Capital	$ 4,930,761	$ 4,727,848

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	76,477,796	74,211,920
Life Storage LP [Member]
Limited partners' redeemable capital interest, units outstanding	333,399	334,149
General partner, units outstanding	767,571	745,461
Limited partners, units outstanding	75,710,225	73,466,459

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Rental income	$ 150,283	$ 128,907
Other operating income	21,604	18,036
Total operating revenues	171,887	146,943
Expenses
Property operations and maintenance	38,520	32,850
Real estate taxes	19,887	17,408
General and administrative	14,183	12,906
Depreciation and amortization	33,359	28,330
Total operating expenses	105,949	91,494
Gain on sale of real estate		302
Income from operations	65,938	55,751
Other income (expenses)
Interest expense	(20,346)	(20,246)
Interest and dividend income	779	4
Equity in income of joint ventures	1,221	1,116
Net income	47,592	36,625
Net income attributable to noncontrolling interest in the Operating Partnership	(209)	(192)
Net income attributable to common shareholders/unitholders	$ 47,383	$ 36,433
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.63	$ 0.52
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.63	$ 0.52
Common shares/units used in basic earnings per share/unit calculation	75,387,332	70,015,856
Common shares/units used in diluted earnings per share/unit calculation	75,510,201	70,126,344
Dividends/distributions declared per common share/unit	$ 0.74	$ 0.71
Life Storage LP [Member]
Revenues
Rental income	$ 150,283	$ 128,907
Other operating income	21,604	18,036
Total operating revenues	171,887	146,943
Expenses
Property operations and maintenance	38,520	32,850
Real estate taxes	19,887	17,408
General and administrative	14,183	12,906
Depreciation and amortization	33,359	28,330
Total operating expenses	105,949	91,494
Gain on sale of real estate		302
Income from operations	65,938	55,751
Other income (expenses)
Interest expense	(20,346)	(20,246)
Interest and dividend income	779	4
Equity in income of joint ventures	1,221	1,116
Net income	47,592	36,625
Net income attributable to noncontrolling interest in the Operating Partnership	(209)	(192)
Net income attributable to common shareholders/unitholders	$ 47,383	$ 36,433
Earnings per common share/unit attributable to common shareholders/unitholders - basic	$ 0.63	$ 0.52
Earnings per common share/unit attributable to common shareholders/unitholders - diluted	$ 0.63	$ 0.52
Common shares/units used in basic earnings per share/unit calculation	75,387,332	70,015,856
Common shares/units used in diluted earnings per share/unit calculation	75,510,201	70,126,344
Dividends/distributions declared per common share/unit	$ 0.74	$ 0.71
Net income attributable to general partner	$ 476	$ 366
Net income attributable to limited partners	$ 46,907	$ 36,067

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 47,592	$ 36,625
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	47,821	36,854
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(210)	(193)
Comprehensive income attributable to common shareholders/unitholders	47,611	36,661
Life Storage LP [Member]
Net income	47,592	36,625
Other comprehensive income:
Effective portion of gain on derivatives net of reclassification to interest expense	229	229
Total comprehensive income	47,821	36,854
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(210)	(193)
Comprehensive income attributable to common shareholders/unitholders	$ 47,611	$ 36,661

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 47,592	$ 36,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,359	28,330
Amortization of debt issuance costs and bond discount	1,062	1,025
Gain on sale of real estate		(302)
Equity in income of joint ventures	(1,221)	(1,116)
Distributions from unconsolidated joint ventures	2,547	3,611
Non-vested stock earned	1,453	1,124
Deferred income taxes	64	399
Other	(67)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	705	541
Prepaid expenses	(3,862)	(3,904)
Receipts from joint ventures	544	51
Accounts payable and other liabilities	(16,949)	(22,492)
Deferred revenue	1,865	1,140
Net cash provided by operating activities	67,092	45,032
Investing Activities
Acquisition of storage facilities, net of cash acquired	(265,197)	(124,204)
Improvements, equipment additions, and construction in progress	(10,228)	(11,661)
Return of investment in unconsolidated joint ventures	2,573	8,359
Investment in unconsolidated joint ventures	(1,330)	(2,990)
Property deposits	(519)	171
Net cash used in investing activities	(274,701)	(130,325)
Financing Activities
Net proceeds from sale of common stock\partnership units	180,529	21,466
Proceeds from line of credit	76,000	172,000
Repayments of line of credit	(33,000)	(54,000)
Dividends paid - common stock	(55,840)	(49,969)
Distributions to noncontrolling interest holders	(247)	(264)
Redemption of Operating Partnership Units	(63)	(265)
Mortgage principal payments	(117)	(166)
Net cash provided by financing activities	167,262	88,802
Net increase in cash and restricted cash	(40,347)	3,509
Cash and restricted cash at beginning of period	58,771	21,556
Cash and restricted cash at end of period	18,424	25,065
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	15,118	18,315
Cash (received) paid for income taxes, net of refunds	(312)	265
Life Storage LP [Member]
Operating Activities
Net income	47,592	36,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,359	28,330
Amortization of debt issuance costs and bond discount	1,062	1,025
Gain on sale of real estate		(302)
Equity in income of joint ventures	(1,221)	(1,116)
Distributions from unconsolidated joint ventures	2,547	3,611
Non-vested stock earned	1,453	1,124
Deferred income taxes	64	399
Other	(67)
Changes in assets and liabilities (excluding the effects of acquisitions):
Accounts receivable	705	541
Prepaid expenses	(3,862)	(3,904)
Receipts from joint ventures	544	51
Accounts payable and other liabilities	(16,949)	(22,492)
Deferred revenue	1,865	1,140
Net cash provided by operating activities	67,092	45,032
Investing Activities
Acquisition of storage facilities, net of cash acquired	(265,197)	(124,204)
Improvements, equipment additions, and construction in progress	(10,228)	(11,661)
Return of investment in unconsolidated joint ventures	2,573	8,359
Investment in unconsolidated joint ventures	(1,330)	(2,990)
Property deposits	(519)	171
Net cash used in investing activities	(274,701)	(130,325)
Financing Activities
Net proceeds from sale of common stock\partnership units	180,529	21,466
Proceeds from line of credit	76,000	172,000
Repayments of line of credit	(33,000)	(54,000)
Distributions to unitholders	(55,840)	(49,969)
Distributions to noncontrolling interest holders	(247)	(264)
Redemption of Operating Partnership Units	(63)	(265)
Mortgage principal payments	(117)	(166)
Net cash provided by financing activities	167,262	88,802
Net increase in cash and restricted cash	(40,347)	3,509
Cash and restricted cash at beginning of period	58,771	21,556
Cash and restricted cash at end of period	18,424	25,065
Supplemental cash flow information
Cash paid for interest, net of interest capitalized	15,118	18,315
Cash (received) paid for income taxes, net of refunds	$ (312)	$ 265

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Share and per share amounts and unit and per unit amounts as of and for the periods ending March 31, 2020 and December 31, 2020 have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization

Organization	3 Months Ended
	Mar. 31, 2021
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 99.6% ownership interest therein as of March 31, 2021. 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, 2021, we had an ownership interest in and/or managed 955 self-storage properties in 32 states and Ontario, Canada. Among our 955 self-storage properties are 91 properties that we manage for unconsolidated joint ventures (see Note 10) and 251 properties that we manage and in which we have no ownership interest. We consolidate all wholly owned subsidiaries. Partially owned entities, including joint ventures, are consolidated when we control the entity. Our consolidated financial statements include the accounts of the Parent Company, the Operating Partnership, Life Storage Solutions, LLC (one of the Parent Company’s taxable REIT subsidiaries), Warehouse Anywhere LLC, and all other wholly owned subsidiaries. Prior to July 2, 2020, the Company owned 60% of Warehouse Anywhere LLC. On July 2, 2020, the Company acquired the remaining ownership interest in Warehouse Anywhere LLC. 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 333,399 and 334,149 noncontrolling redeemable Operating Partnership Units outstanding at March 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, 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, 2021 Beginning balance $ 26,446 Net income attributable to noncontrolling interest in the Operating Partnership 209 Redemption of units (59 ) Distributions (247 ) Adjustment to redemption value 2,358 Ending balance $ 28,707 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, 2021 Three Months Ended March 31, 2020 Rental income $ 150,283 $ 128,907 Management and acquisition fee income 4,590 4,413 Revenues related to tenant reinsurance 12,619 10,138 Other 4,395 3,485 Total operating revenues $ 171,887 $ 146,943 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, 2021, approximately 18% and 13% of the Company’s revenue was derived from self-storage facilities in the states of Texas and Florida, respectively.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020, the Company recorded compensation expense of $1,453,000 and $1,124,000, 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, 2021 and 2020. During the three months ended March 31, 2021 and 2020, 9,307 and 10,745 shares of non-vested stock, respectively, vested. During the three months ended March 31, 2021, the Company issued 1,844 shares of non-vested stock to employees and directors which vest over periods ranging from one to five 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, 2021 ranged from $84.06 to $84.33 During the three months ended March 31, 2021, the Company granted performance-based awards that entitle recipients to earn up to 19,500 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, 2021
Cash And Cash Equivalents [Abstract]
Cash and Restricted Cash	4. CASH AND RESTRICTED CASH Restricted cash represents those amounts required to be placed in escrow by banks with whom the Company has mortgages and amounts required to be placed into escrow related to the Company’s tenant reinsurance program. Restricted cash is included in other assets in the consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the consolidated statement of cash flows: (Dollars in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Cash $ 13,914 $ 54,400 $ 20,720 Restricted cash 4,510 4,371 4,345 Total cash and restricted cash $ 18,424 $ 58,771 $ 25,065

Investment in Storage Facilitie

Investment in Storage Facilities and Intangible Assets	3 Months Ended
	Mar. 31, 2021
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, 2021: (dollars in thousands) Cost: Beginning balance $ 5,330,323 Acquisition of storage facilities 263,299 Improvements and equipment additions 4,289 Net increase in construction in progress 6,024 Dispositions (99 ) Ending balance $ 5,603,836 Accumulated Depreciation: Beginning balance $ 873,178 Additions during the period 31,293 Dispositions (51 ) Ending balance $ 904,420 The Company acquired 16 self-storage facilities during the three months ended March 31, 2021. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values. The purchase prices of the facilities acquired in 2021 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 Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements In-Place Customer Leases SC 1 1/4/2021 $ 8,070 $ 8,042 $ 28 $ 812 $ 7,153 $ 105 CA 1 1/21/2021 18,287 $ 18,251 36 1,322 16,830 135 NY 1 3/4/2021 47,947 $ 47,933 14 10,591 37,020 336 FL 8 3/11/2021 85,156 $ 84,586 570 13,381 70,538 1,237 AZ 3 3/24/2021 67,089 $ 66,890 199 7,129 59,320 632 WA 2 3/25/2021 39,666 $ 39,495 171 6,166 33,037 443 Total acquired in 2021 16 $ 266,215 $ 265,197 $ 1,018 $ 39,401 $ 223,898 $ 2,888 The facility purchased in New York in the first quarter of 2021 was acquired from SNL Orix Merrick (“Merrick”), an unconsolidated joint venture in which the Company holds a 5% ownership interest. In accordance with ASC Topic 970, “ Real Estate – General, Non-cash investing activities during the three months ended March 31, 2021 include the assumption of net other liabilities totaling $1.0 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, 2021 December 31, 2020 In-place customer leases $ 89,751 $ 86,863 Accumulated amortization (83,525 ) (81,455 ) Net carrying value at the end of period $ 6,226 $ 5,408 Amortization expense related to in-place customer leases was $2.1 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively, and is included in depreciation and amortization expense on the consolidated statements of operations. Change in Useful Life Estimates As part of the Company’s capital improvement efforts during 2020 and 2021, buildings at certain self-storage facilities were identified for replacement. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in an increase in depreciation expense of approximately $1.4 million during the three months ended March 31, 2021. There were no facilities identified for replacement or related impact on depreciation expense during the three months ended March 31, 2020. The Company estimates that due to buildings recently identified for replacement, the change in estimated useful lives of buildings identified for replacement as of March 31, 2021 will result in an increase in depreciation expense of approximately $0.4 million during the remainder of 2021. The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by approximately $0.02 for the three months ended March 31, 2021.

Unsecured Line of Credit and Te

Unsecured Line of Credit and Term Notes	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Revolving line of credit borrowings $ 43,000 $ — Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Total term note principal balance outstanding 2,175,000 2,175,000 Less: unamortized debt issuance costs (12,380 ) (12,833 ) Less: unamortized senior term note discount (6,480 ) (6,710 ) Term notes payable $ 2,156,140 $ 2,155,457 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 initially included a term note in the principal amount of $100 million with a maturity date of June 4, 2020 which has since been repaid. 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, 2021 the margin is 0.95%), interest on any term notes at a variable annual rate equal to LIBOR plus a margin based on the Company’s credit rating (at March 31, 2021 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, 2021 the facility fee is 0.15%). The interest rate on the Company’s revolving credit facility at March 31, 2021 was approximately 1.06% (1.09% at December 31, 2020) and the interest rate on any term notes at March 31, 2021 was approximately 1.11% (1.14% at December 31, 2020). At March 31, 2021 there was $456.9 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 September 23, 2020, the Operating Partnership issued $400 million in aggregate principal amount of 2.200% unsecured senior notes due October 15, 2030 (the “2030 Senior Notes”). The 2030 Senior Notes were issued at 0.476% discount to par value. Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2021. Proceeds received upon issuance, net of discount to par of $1.9 million and underwriting and other offering expenses of $3.5 million, totaled $394.6 million. On June 3, 2019, the Operating Partnership issued $350 million in aggregate principal amount of 4.000% unsecured senior notes due June 15, 2029 (the “2029 Senior Notes”). The 2029 Senior Notes were issued at a 0.524% discount to par value. Interest on the 2029 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $1.8 million and underwriting discount and other offering expenses of $3.1 million, totaled $345.1 million. On December 7, 2017, the Operating Partnership issued $450 million in aggregate principal amount of 3.875% unsecured senior notes due December 15, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at a 0.477% discount to par value. Interest on the 2027 Senior Notes is payable semi-annually in arrears on each June 15 and December 15. Proceeds received upon issuance, net of discount to par of $2.1 million and underwriting discount and other offering expenses of $4.0 million, totaled $443.9 million. On June 20, 2016, the Operating Partnership issued $600 million in aggregate principal amount of 3.50% unsecured senior notes due July 1, 2026 (the “2026 Senior Notes”). The 2026 Senior Notes were issued at a 0.553% discount to par value. Interest on the 2026 Senior Notes is payable semi-annually in arrears on each January 1 and July 1. Proceeds received upon issuance, net of discount to par of $3.3 million and underwriting discount and other offering expenses of $5.5 million, totaled $591.2 million. The 2030 Senior Notes, the 2029 Senior Notes, the 2027 Senior Notes and the 2026 Senior Notes are all fully and unconditionally guaranteed by the Parent Company. The indenture under which the 2030 Senior Notes, 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, 2021, the Company was in compliance with such covenants. On July 21, 2016, the Company entered into a $200 million term note maturing July 21, 2028 bearing interest at a fixed rate of 3.67%. On April 8, 2014, the Company entered into a $175 million term note maturing April 8, 2024 bearing interest at a fixed rate of 4.533%. The interest rate on the term note increases to 6.283% if the Company is not rated by at least one rating agency or if the Company’s credit rating is downgraded. The line of credit and term notes require the Company to meet certain financial covenants, measured on a quarterly basis, including prescribed leverage, fixed charge coverage, minimum net worth, limitations on additional indebtedness and limitations on dividend payouts. At March 31, 2021, 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, 2021, 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, 2021 and December 31, 2020. Amortization expense related to deferred debt issuance costs was $0.6 million for each of the three months ended March 31, 2021 and 2020, 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, 2021
Debt Disclosure [Abstract]
Mortgages Payable and Debt Maturities	7. MORTGAGES PAYABLE AND DEBT MATURITIES Mortgages payable at March 31, 2021 and December 31, 2020 consist of the following: (dollars in thousands) March 31, 2021 December 31, 2020 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.1 million, principal and interest paid monthly (effective interest rate 4.40%) $ 3,807 $ 3,832 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.8 million, principal and interest paid monthly (effective interest rate 5.69%) 3,710 3,728 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $54.8 million, principal and interest paid monthly (effective interest rate 3.12%) 22,620 22,684 4.44% mortgage note due July 6, 2025, secured by one self-storage facility with an aggregate net book value of $13.6 million, principal and interest paid monthly (effective interest rate 4.60%) 6,316 6,343 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.45%) 1,143 1,190 Total mortgages payable $ 37,596 $ 37,777 The table below summarizes the Company’s debt obligations at March 31, 2021. 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) 2021 2022 2023 2024 2025 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.06% at March 31, 2021) $ — $ — $ 43,000 $ — $ — $ — $ 43,000 $ 43,000 Notes Payable: Term note - fixed rate 4.533% — — — 175,000 — — 175,000 195,252 Term note - fixed rate 3.50% — — — — — 600,000 600,000 657,471 Term note - fixed rate 3.875% — — — — — 450,000 450,000 494,057 Term note - fixed rate 3.67% — — — — — 200,000 200,000 215,203 Term note - fixed rate 4.00% — — — — — 350,000 350,000 394,261 Term note - fixed rate 2.20% — — — — — 400,000 400,000 376,052 Mortgage note - fixed rate 4.065% 79 108 3,620 — — — 3,807 3,936 Mortgage note - fixed rate 5.26% 60 83 3,567 — — — 3,710 3,983 Mortgage notes - fixed rate 4.4625% — — — 22,620 — — 22,620 23,317 Mortgage note - fixed rate 4.44% 92 125 130 136 5,833 — 6,316 6,765 Mortgage note - fixed rate 5.99% 145 203 216 229 244 106 1,143 1,244 Total $ 376 $ 519 $ 50,533 $ 197,985 $ 6,077 $ 2,000,106 $ 2,255,596

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Accumulated other comprehensive loss beginning of period $ (5,041 ) $ (5,958 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 229 Accumulated other comprehensive loss end of period $ (4,812 ) $ (5,729 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020.

Investment in Joint Ventures

Investment in Joint Ventures	3 Months Ended
	Mar. 31, 2021
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, 2021 Company common ownership interest at March 31, 2021 Carrying value of investment at March 31, 2021 Carrying value of investment at December 31, 2020 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20% $60.0 million $60.5 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15% $27.0 million $27.3 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.0 million $3.0 million Life Storage-HIERS Storage LLC (“HIERS”) 17 20% $14.2 million $14.3 million Iskalo Office Holdings, LLC (“Iskalo”) 3 N/A 49% ($2.5 million) ($2.5 million) Life Storage Spacemax, LLC ("Spacemax") 6 40% $16.5 million $16.7 million Life Storage Virtus, LLC ("Virtus") 4 1 20% $1.4 million $1.5 million SNL Orix Merrick, LLC ("Merrick") 5 — 5% — $2.5 million Joint ventures with properties in development stage 6 7 Various $11.5 million $10.4 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $6.8 million $6.8 million 1 2 3 4 5 6 Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that none of the joint ventures at March 31, 2021 are a variable interest entity (“VIE”) in accordance with ASC 810, “ Consolidation .” The Company used the voting model under ASC 810 to determine whether or not to consolidate the joint ventures. Based upon each member’s substantive participation rights over the activities as stipulated in the joint venture agreements, none of the joint ventures evaluated under the voting model are consolidated by the Company. Due to the Company’s significant influence over the operations of each of the joint ventures, all above joint ventures are accounted for under the equity method of accounting. The carrying values of the Company’s investments in joint ventures are assessed for other-than-temporary impairment on a periodic basis and no such impairments have been recorded on any of the Company’s investments in joint ventures. As property manager of the self-storage facilities owned by each of the operational joint ventures, the Company earns management and/or call center fees based on a percentage of joint venture gross revenues. These fees earned from joint ventures, which are included in other operating income in the consolidated statements of operations, totaled $1.8 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. The Company’s share of the unconsolidated joint ventures’ income (loss) is as follows: (dollars in thousands) Venture Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Sovran HHF $ 654 $ 922 Sovran HHF II 332 455 Other unconsolidated joint ventures 235 (261 ) $ 1,221 $ 1,116 A summary of the combined unconsolidated joint ventures’ financial statements as of and for the three months ended March 31, 2021 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,076,066 Investment in office building, net 4,185 Other assets 58,947 Total Assets $ 1,139,198 Due to the Company $ 520 Mortgages payable 529,504 Other liabilities 17,660 Total Liabilities 547,684 Unaffiliated partners’ equity 453,561 Company equity 137,953 Total Partners’ Equity 591,514 Total Liabilities and Partners’ Equity $ 1,139,198 Income Statement Data: Total revenues $ 27,231 Property operating expenses (9,529 ) Administrative, management and call center fees (2,051 ) Gain on disposal of self-storage facilities 29,685 Depreciation and amortization of customer list (6,017 ) Amortization of financing fees (145 ) Income tax expense (58 ) Interest expense (5,229 ) Net income $ 33,887 The Company does not guarantee the debt of any of its equity method investees. We do not expect to have material future cash outlays relating to these joint ventures outside our share of capital required for future acquisitions of properties, our share of capital required for the development of properties under construction, and our share of the payoff of secured debt held by these joint ventures.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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 $0.6 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. At March 31, 2021 and 2020, there were no material unrecognized tax benefits and at March 31, 2021 and 2020 and the Company had no interest or penalties relating to uncertain tax positions during the periods then ended. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. Income taxes payable by the Company and the net deferred tax liabilities of our taxable REIT subsidiaries are classified within accounts payable and accrued liabilities in the consolidated balance sheets, while prepaid income taxes are classified within prepaid expenses. As of March 31, 2021, the Company’s taxable REIT subsidiaries have deferred tax assets totaling $0.3 million and a deferred tax liability of $1.7 million. As of December 31, 2020, the Company’s taxable REIT subsidiaries had deferred tax assets of $0.4 million and a deferred tax liability of $1.7 million. The tax years 2017-2020 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, 2021
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, 2021 Three Months Ended March 31, 2020 Numerator: Net income attributable to common shareholders $ 47,383 $ 36,433 Denominator: Denominator for basic earnings per share – weighted average shares 75,387 70,016 Effect of Dilutive Securities: Stock options and non-vested stock 123 110 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 75,510 70,126 Basic earnings per common share attributable to common shareholders $ 0.63 $ 0.52 Diluted earnings per common share attributable to common shareholders $ 0.63 $ 0.52 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, 2021 Three Months Ended March 31, 2020 Numerator: Net income attributable to common unitholders $ 47,383 $ 36,433 Denominator: Denominator for basic earnings per unit – weighted average units 75,387 70,016 Effect of Dilutive Securities: Stock options and non-vested stock 123 110 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 75,510 70,126 Basic earnings per common unit attributable to common unitholders $ 0.63 $ 0.52 Diluted earnings per common unit attributable to common unitholders $ 0.63 $ 0.52 Not included in the effect of dilutive securities above for both earnings per share and earnings per unit are 149,227 unvested restricted shares for the three months ended March 31, 2021 , and 148,047 unvested restricted shares for the three months ended March 31, 2020 , because their effect would be antidilutive .

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
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, 2021: (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, 2020 $ 495 $ 2,671,311 $ (288,667 ) $ (5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 (252 ) — — — Carrying value less than redemption value on redeemed noncontrolling interest — (4 ) — — (4 ) Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,358 ) — (2,358 ) Net income attributable to common shareholders — — 47,383 — 47,383 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (55,840 ) — (55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ (299,482 ) $ (4,812 ) $ 2,549,490 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 On June 14, 2018, the Company entered into a continuous equity offering program (“2018 Equity Program”) with multiple sales agents, pursuant to which the Company was permitted to sell up to $300 million in aggregate offering price of shares of the Company’s common stock. This continuous equity offering program was replaced on December 29, 2020, when the Company entered into a new continuous equity offering program (“2020 Equity Program”) with multiple sales agents, pursuant to which the Company may sell up to $500 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-month period ended March 31, 2021, the Company issued 2,220,559 shares of common stock under the 2020 Equity Program at a weighted average issue price of $82.23 per share, generating net proceeds of $180.5 million after deducting $1.8 million of sales commissions paid to the sales agents, as well as other expenses of $0.3 million. The Company used such proceeds primarily to fund a portion of the acquisition of the 16 storage facilities during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company issued 285,605 shares of common stock under the 2018 Equity Program at a weighted average issue price of $76.17 per share, generating net proceeds of $21.5 million after deducting $0.2 million of sales commissions paid to the sales agents, 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 three months ended March 31, 2020. 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, 2021 or during the three months ended March 31, 2020. 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, 2021 and 2020. On January 4, 2021, the Company announced a three

Partners' Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2021
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, 2021: (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, 2020 $ 24,045 $ 2,359,094 $ (5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership Units 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed noncontrolling interest (1 ) (3 ) — (4 ) Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,358 ) — (2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (561 ) (55,279 ) — (55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ (4,812 ) $ 2,549,490 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

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	15. RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2021
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, 2021. At March 31, 2021 and December 31, 2020, the Company’s aggregate right-of-use assets total $19.9 million and $20.3 million, respectively, and are included in other assets on the consolidated balance sheet. The related lease liabilities at March 31, 2021 and December 31, 2020 total $19.7 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 $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases were 11.2 years and 4.67%, respectively. At March 31, 2021, the Company has approximately $25.7 million of operating lease commitments, excluding variable consideration. The undiscounted future minimum lease payments are summarized by year in the table below: (in thousands) 2021 $ 1,939 2022 2,388 2023 2,388 2024 2,374 2025 2,402 Thereafter 14,181 Total $ 25,672 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, 2021 is the result of the impact of the discount rate on future minimum lease payments. At March 31, 2021, the Company was under contract to acquire six self-storage facilities for an aggregate purchase price of $106.5 million. The Company acquired one of these facilities subsequent to March 31, 2021 for $16.5 million. The purchase of the remaining facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired. At March 31, 2021, the Company has signed contracts in place with third-party contractors for expansion and enhancements at its existing facilities. The Company expects to pay $33.8 million under these contracts in 2021 and 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	17. SUBSEQUENT EVENTS On April 1, 2021, the Company declared a quarterly dividend of $0.74 per common share. The dividend was paid on April 26, 2021 to shareholders of record on April 14, 2021. The total dividend paid amounted to $56.9 million. On April 1, 2021, Sovran HHF II paid off $69.1 million in existing nonrecourse mortgage debt and entered into $110 million of new nonrecourse mortgage debt which matures in 2029. As a result of the net proceeds from these transactions, the Company received a distribution of $31.6 million from Sovran HHF II on April 1, 2021. During April 2021, the Company issued 377,621 shares of common stock under the Company’s continuous equity offering program at a weighted average issuance price of $88.17 per share, generating net proceeds of $33.0 million. On May 3, 2021, the Company acquired one self-storage facility for an aggregate purchase price of $16.5 million. Subsequent to March 31, 2021, the Company entered into contracts to acquire 11 self-storage facilities for an aggregate purchase price of $159.2 million. The purchases of these facilities are subject to customary conditions to closing, and there is no assurance that these facilities will be acquired.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In August 2020, the FASB issued ASU 2020-06, “ Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Organization (Tables)

Organization (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Beginning balance $ 26,446 Net income attributable to noncontrolling interest in the Operating Partnership 209 Redemption of units (59 ) Distributions (247 ) Adjustment to redemption value 2,358 Ending balance $ 28,707
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, 2021 Three Months Ended March 31, 2020 Rental income $ 150,283 $ 128,907 Management and acquisition fee income 4,590 4,413 Revenues related to tenant reinsurance 12,619 10,138 Other 4,395 3,485 Total operating revenues $ 171,887 $ 146,943

Cash and Restricted Cash (Table

Cash and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 March 31, 2020 Cash $ 13,914 $ 54,400 $ 20,720 Restricted cash 4,510 4,371 4,345 Total cash and restricted cash $ 18,424 $ 58,771 $ 25,065

Investment in Storage Facilit_2

Investment in Storage Facilities and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of Activity in Storage Facilities	The following summarizes our activity in storage facilities during the three months ended March 31, 2021: (dollars in thousands) Cost: Beginning balance $ 5,330,323 Acquisition of storage facilities 263,299 Improvements and equipment additions 4,289 Net increase in construction in progress 6,024 Dispositions (99 ) Ending balance $ 5,603,836 Accumulated Depreciation: Beginning balance $ 873,178 Additions during the period 31,293 Dispositions (51 ) Ending balance $ 904,420
Schedule of Purchase Price of Facilities Acquired	The purchase prices of the facilities acquired in 2021 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 Net Other Liabilities (Assets) Assumed Land Building, Equipment, and Improvements In-Place Customer Leases SC 1 1/4/2021 $ 8,070 $ 8,042 $ 28 $ 812 $ 7,153 $ 105 CA 1 1/21/2021 18,287 $ 18,251 36 1,322 16,830 135 NY 1 3/4/2021 47,947 $ 47,933 14 10,591 37,020 336 FL 8 3/11/2021 85,156 $ 84,586 570 13,381 70,538 1,237 AZ 3 3/24/2021 67,089 $ 66,890 199 7,129 59,320 632 WA 2 3/25/2021 39,666 $ 39,495 171 6,166 33,037 443 Total acquired in 2021 16 $ 266,215 $ 265,197 $ 1,018 $ 39,401 $ 223,898 $ 2,888
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, 2021 December 31, 2020 In-place customer leases $ 89,751 $ 86,863 Accumulated amortization (83,525 ) (81,455 ) Net carrying value at the end of period $ 6,226 $ 5,408

Unsecured Line of Credit and _2

Unsecured Line of Credit and Term Notes (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Revolving line of credit borrowings $ 43,000 $ — Term note due April 8, 2024 175,000 175,000 Senior term note due July 1, 2026 600,000 600,000 Senior term note due December 15, 2027 450,000 450,000 Term note due July 21, 2028 200,000 200,000 Senior term note due June 15, 2029 350,000 350,000 Senior term note due October 15, 2030 400,000 400,000 Total term note principal balance outstanding 2,175,000 2,175,000 Less: unamortized debt issuance costs (12,380 ) (12,833 ) Less: unamortized senior term note discount (6,480 ) (6,710 ) Term notes payable $ 2,156,140 $ 2,155,457

Mortgages Payable and Debt Ma_2

Mortgages Payable and Debt Maturities (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Mortgage Payable	Mortgages payable at March 31, 2021 and December 31, 2020 consist of the following: (dollars in thousands) March 31, 2021 December 31, 2020 4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.1 million, principal and interest paid monthly (effective interest rate 4.40%) $ 3,807 $ 3,832 5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.8 million, principal and interest paid monthly (effective interest rate 5.69%) 3,710 3,728 4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $54.8 million, principal and interest paid monthly (effective interest rate 3.12%) 22,620 22,684 4.44% mortgage note due July 6, 2025, secured by one self-storage facility with an aggregate net book value of $13.6 million, principal and interest paid monthly (effective interest rate 4.60%) 6,316 6,343 5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.4 million, principal and interest paid monthly (effective interest rate 6.45%) 1,143 1,190 Total mortgages payable $ 37,596 $ 37,777
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) 2021 2022 2023 2024 2025 Thereafter Total Fair Value Line of credit - variable rate LIBOR + 0.95% (1.06% at March 31, 2021) $ — $ — $ 43,000 $ — $ — $ — $ 43,000 $ 43,000 Notes Payable: Term note - fixed rate 4.533% — — — 175,000 — — 175,000 195,252 Term note - fixed rate 3.50% — — — — — 600,000 600,000 657,471 Term note - fixed rate 3.875% — — — — — 450,000 450,000 494,057 Term note - fixed rate 3.67% — — — — — 200,000 200,000 215,203 Term note - fixed rate 4.00% — — — — — 350,000 350,000 394,261 Term note - fixed rate 2.20% — — — — — 400,000 400,000 376,052 Mortgage note - fixed rate 4.065% 79 108 3,620 — — — 3,807 3,936 Mortgage note - fixed rate 5.26% 60 83 3,567 — — — 3,710 3,983 Mortgage notes - fixed rate 4.4625% — — — 22,620 — — 22,620 23,317 Mortgage note - fixed rate 4.44% 92 125 130 136 5,833 — 6,316 6,765 Mortgage note - fixed rate 5.99% 145 203 216 229 244 106 1,143 1,244 Total $ 376 $ 519 $ 50,533 $ 197,985 $ 6,077 $ 2,000,106 $ 2,255,596

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Changes in AOCL	The changes in AOCL for the three months ended March 31, 2021 and 2020 are summarized as follows: (dollars in thousands) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Accumulated other comprehensive loss beginning of period $ (5,041 ) $ (5,958 ) Realized loss reclassified from accumulated other comprehensive loss to interest expense 229 229 Accumulated other comprehensive loss end of period $ (4,812 ) $ (5,729 )

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Company common ownership interest at March 31, 2021 Carrying value of investment at March 31, 2021 Carrying value of investment at December 31, 2020 Sovran HHF Storage Holdings LLC (“Sovran HHF”) 1 36 20% $60.0 million $60.5 million Sovran HHF Storage Holdings II LLC (“Sovran HHF II”) 2 22 15% $27.0 million $27.3 million Life Storage-SERS Storage LLC (“SERS”) 3 20% $3.0 million $3.0 million Life Storage-HIERS Storage LLC (“HIERS”) 17 20% $14.2 million $14.3 million Iskalo Office Holdings, LLC (“Iskalo”) 3 N/A 49% ($2.5 million) ($2.5 million) Life Storage Spacemax, LLC ("Spacemax") 6 40% $16.5 million $16.7 million Life Storage Virtus, LLC ("Virtus") 4 1 20% $1.4 million $1.5 million SNL Orix Merrick, LLC ("Merrick") 5 — 5% — $2.5 million Joint ventures with properties in development stage 6 7 Various $11.5 million $10.4 million Other unconsolidated joint ventures (6 joint ventures) 6 Various $6.8 million $6.8 million 1 2 3 4 5 6
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, 2021 Three Months Ended March 31, 2020 Sovran HHF $ 654 $ 922 Sovran HHF II 332 455 Other unconsolidated joint ventures 235 (261 ) $ 1,221 $ 1,116
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, 2021 is as follows: (dollars in thousands) Balance Sheet Data: Investment in storage facilities, net $ 1,076,066 Investment in office building, net 4,185 Other assets 58,947 Total Assets $ 1,139,198 Due to the Company $ 520 Mortgages payable 529,504 Other liabilities 17,660 Total Liabilities 547,684 Unaffiliated partners’ equity 453,561 Company equity 137,953 Total Partners’ Equity 591,514 Total Liabilities and Partners’ Equity $ 1,139,198 Income Statement Data: Total revenues $ 27,231 Property operating expenses (9,529 ) Administrative, management and call center fees (2,051 ) Gain on disposal of self-storage facilities 29,685 Depreciation and amortization of customer list (6,017 ) Amortization of financing fees (145 ) Income tax expense (58 ) Interest expense (5,229 ) Net income $ 33,887

Earnings Per Share and Earnin_2

Earnings Per Share and Earnings Per Unit (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 Three Months Ended March 31, 2020 Numerator: Net income attributable to common shareholders $ 47,383 $ 36,433 Denominator: Denominator for basic earnings per share – weighted average shares 75,387 70,016 Effect of Dilutive Securities: Stock options and non-vested stock 123 110 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion 75,510 70,126 Basic earnings per common share attributable to common shareholders $ 0.63 $ 0.52 Diluted earnings per common share attributable to common shareholders $ 0.63 $ 0.52 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, 2021 Three Months Ended March 31, 2020 Numerator: Net income attributable to common unitholders $ 47,383 $ 36,433 Denominator: Denominator for basic earnings per unit – weighted average units 75,387 70,016 Effect of Dilutive Securities: Stock options and non-vested stock 123 110 Denominator for diluted earnings per unit – adjusted weighted average units and assumed conversion 75,510 70,126 Basic earnings per common unit attributable to common unitholders $ 0.63 $ 0.52 Diluted earnings per common unit attributable to common unitholders $ 0.63 $ 0.52

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: (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, 2020 $ 495 $ 2,671,311 $ (288,667 ) $ (5,041 ) $ 2,378,098 Net proceeds from issuance of common stock 18 180,511 — — 180,529 Earned portion of non-vested stock — 1,453 — — 1,453 Stock dividend 252 (252 ) — — — Carrying value less than redemption value on redeemed noncontrolling interest — (4 ) — — (4 ) Adjustment to redemption value on noncontrolling redeemable Operating Partnership units — — (2,358 ) — (2,358 ) Net income attributable to common shareholders — — 47,383 — 47,383 Amortization of terminated hedge included in AOCL — — — 229 229 Dividends — — (55,840 ) — (55,840 ) Balance March 31, 2021 $ 765 $ 2,853,019 $ (299,482 ) $ (4,812 ) $ 2,549,490 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

Partners' Capital (Tables)

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: (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, 2020 $ 24,045 $ 2,359,094 $ (5,041 ) $ 2,378,098 Net proceeds from issuance of Operating Partnership Units 1,807 178,722 — 180,529 Earned portion of non-vested stock 14 1,439 — 1,453 Carrying value less than redemption value on redeemed noncontrolling interest (1 ) (3 ) — (4 ) Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units — (2,358 ) — (2,358 ) Net income attributable to common unitholders 476 46,907 — 47,383 Amortization of terminated hedge included in AOCL 2 (2 ) 229 229 Distributions (561 ) (55,279 ) — (55,840 ) Balance March 31, 2021 $ 25,782 $ 2,528,520 $ (4,812 ) $ 2,549,490 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

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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) 2021 $ 1,939 2022 2,388 2023 2,388 2024 2,374 2025 2,402 Thereafter 14,181 Total $ 25,672

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Life Storage LP [Member]
Schedule Of Significant Accounting Policies [Line Items]
Stock distribution terms	Share and per share amounts and unit and per unit amounts as of and for the periods ending March 31, 2020 and December 31, 2020 have been adjusted to reflect the impact of the three-for-two distribution of common stock announced by the Company on January 4, 2021 and distributed on January 27, 2021 to shareholders and unitholders of record on January 15, 2021.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021PropertyStateshares	Dec. 31, 2020shares	Jun. 30, 2020
Organization [Line Items]
Number of self-storage properties owned and managed	955
Number of states in which self-storage properties owned and managed | State	32
Number of properties managed under joint ventures	91
Number of properties managed with no ownership	251
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	18.00%
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	333,399	334,149
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	99.60%
Warehouse Anywhere 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, 2021	Mar. 31, 2020
Redeemable Noncontrolling Interest Equity Fair Value [Abstract]
Noncontrolling interest, beginning balance	$ 26,446
Net income attributable to noncontrolling interest in the Operating Partnership	209	$ 192
Redemption of units	(59)
Distributions	(247)
Adjustment to redemption value	2,358	$ (5,542)
Noncontrolling interest, ending balance	$ 28,707

Organization - Summary of Disag

Organization - Summary of Disaggregated Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Rental income	$ 150,283	$ 128,907
Operating revenues other than rental income	21,604	18,036
Total operating revenues	171,887	146,943
Management and Acquisition Fee Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	4,590	4,413
Revenues Related to Tenant Reinsurance [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	12,619	10,138
Other Operating Income [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues other than rental income	$ 4,395	$ 3,485

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of non-vested stock grants and performance-based awards	$ 1,453,000	$ 1,124,000
Stock options exercised by employees and directors	0	0
Number of shares of non-vested stock that vested	9,307	10,745
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	3 years
Aggregate fair value	$ 800,000
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under performance plan	19,500
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	1,844
Aggregate fair value	$ 155,100
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)	1 year
Fair market value of the non-vested stock on the date of grant	$ 84.06
Employees and Directors [Member] | Non-Vested Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option plan, share based compensation, vesting period (in years)	5 years
Fair market value of the non-vested stock on the date of grant	$ 84.33

Cash and Restricted Cash - Summ

Cash and Restricted Cash - Summary of Reconciliation of Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash	$ 13,914	$ 54,400	$ 20,720
Restricted cash	4,510	4,371	4,345
Total cash and restricted cash	$ 18,424	$ 58,771	$ 25,065	$ 21,556

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, 2021USD ($)
Cost:
Beginning balance	$ 5,330,323
Acquisition of storage facilities	263,299
Improvements and equipment additions	4,289
Net increase in construction in progress	6,024
Dispositions	(99)
Ending balance	5,603,836
Accumulated Depreciation:
Beginning balance	873,178
Additions during the period	31,293
Dispositions	(51)
Ending balance	$ 904,420

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, 2021USD ($)Property$ / shares	Mar. 31, 2020USD ($)Property
Investment Holdings [Line Items]
Number of storage facilities acquired | Property	16	6
Cash payment for property acquisition	$ 265,197
Received return on investment	2,547	$ 3,611
Net other liabilities assumed	$ 1,000
Amortization period for in-place customer leases on a straight-line basis	12 months
Increase in depreciation expense due to facility replacement	$ 1,400
Estimate increase in depreciation expense due to facility replacement during remainder of 2021	$ 400
Accelerated depreciation reduced basic and diluted earnings per share | $ / shares	$ 0.02
Depreciation and Amortization Expense [Member]
Investment Holdings [Line Items]
Amortization expense related to in-place customer leases	$ 2,100	$ 1,300
SNL Orix Merrick [Member]
Investment Holdings [Line Items]
Company common ownership interest	5.00%
Cash payment for property acquisition	$ 47,900
Received return on investment	$ 800

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, 2021USD ($)Property	Mar. 31, 2020Property
Investment Holdings [Line Items]
Number of Properties | Property	16	6
Purchase Price	$ 266,215
Consideration paid, Cash Paid	265,197
Consideration paid, Net Other Liabilities (Assets) Assumed	1,018
Acquisition Date Fair Value, In-Place Customer Leases	2,888
Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	39,401
Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 223,898
SC [Member] | Asset Acquired on 1/4/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 4, 2021
Purchase Price	$ 8,070
Consideration paid, Cash Paid	8,042
Consideration paid, Net Other Liabilities (Assets) Assumed	28
Acquisition Date Fair Value, In-Place Customer Leases	105
SC [Member] | Asset Acquired on 1/4/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	812
SC [Member] | Asset Acquired on 1/4/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 7,153
CA [Member] | Asset Acquired on 1/21/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Jan. 21, 2021
Purchase Price	$ 18,287
Consideration paid, Cash Paid	18,251
Consideration paid, Net Other Liabilities (Assets) Assumed	36
Acquisition Date Fair Value, In-Place Customer Leases	135
CA [Member] | Asset Acquired on 1/21/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	1,322
CA [Member] | Asset Acquired on 1/21/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 16,830
NY [Member] | Asset Acquired on 3/4/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	1
Date of Acquisition	Mar. 4, 2021
Purchase Price	$ 47,947
Consideration paid, Cash Paid	47,933
Consideration paid, Net Other Liabilities (Assets) Assumed	14
Acquisition Date Fair Value, In-Place Customer Leases	336
NY [Member] | Asset Acquired on 3/4/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	10,591
NY [Member] | Asset Acquired on 3/4/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 37,020
Florida [Member] | Asset Acquired on 3/11/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	8
Date of Acquisition	Mar. 11, 2021
Purchase Price	$ 85,156
Consideration paid, Cash Paid	84,586
Consideration paid, Net Other Liabilities (Assets) Assumed	570
Acquisition Date Fair Value, In-Place Customer Leases	1,237
Florida [Member] | Asset Acquired on 3/11/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	13,381
Florida [Member] | Asset Acquired on 3/11/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 70,538
AZ [Member] | Asset Acquired on 3/24/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	3
Date of Acquisition	Mar. 24, 2021
Purchase Price	$ 67,089
Consideration paid, Cash Paid	66,890
Consideration paid, Net Other Liabilities (Assets) Assumed	199
Acquisition Date Fair Value, In-Place Customer Leases	632
AZ [Member] | Asset Acquired on 3/24/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	7,129
AZ [Member] | Asset Acquired on 3/24/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 59,320
WA [Member] | Asset Acquired on 3/25/2021 [Member]
Investment Holdings [Line Items]
Number of Properties | Property	2
Date of Acquisition	Mar. 25, 2021
Purchase Price	$ 39,666
Consideration paid, Cash Paid	39,495
Consideration paid, Net Other Liabilities (Assets) Assumed	171
Acquisition Date Fair Value, In-Place Customer Leases	443
WA [Member] | Asset Acquired on 3/25/2021 [Member] | Land [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	6,166
WA [Member] | Asset Acquired on 3/25/2021 [Member] | Building, Equipment and Improvements [Member]
Investment Holdings [Line Items]
Acquisition Date Fair Value, Fixed Assets	$ 33,037

Investment in Storage Facilit_6

Investment in Storage Facilities and Intangible Assets - Schedule of In-place Customer Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
In-place customer leases	$ 89,751	$ 86,863
Accumulated amortization	(83,525)	(81,455)
Net carrying value at the end of period	$ 6,226	$ 5,408

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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 43,000
Total term note principal balance outstanding	2,175,000	$ 2,175,000
Less: unamortized debt issuance costs	(12,380)	(12,833)
Less: unamortized senior term note discount	(6,480)	(6,710)
Term notes payable	2,156,140	2,155,457
Term Note Due April 8, 2024 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	175,000	175,000
Senior Term Note Due July 1, 2026 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	600,000	600,000
Senior Term Note Due December 15, 2027 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	450,000	450,000
Term Note Due July 21, 2028 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	200,000	200,000
Senior Term Note Due June 15, 2029 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	350,000	350,000
Senior Term Note Due October 15, 2030 [Member]
Debt Instrument [Line Items]
Total term note principal balance outstanding	$ 400,000	$ 400,000

Unsecured Line of Credit and _4

Unsecured Line of Credit and Term Notes - Additional Information (Detail) - USD ($)	Sep. 23, 2020	Jun. 03, 2019	Dec. 07, 2017	Jul. 21, 2016	Jun. 20, 2016	Apr. 08, 2014	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amount available on unsecured revolving line of credit							$ 456,900,000
Unamortized senior term note discount							6,480,000		$ 6,710,000
Amortization expense related to deferred debt issuance costs							$ 1,062,000	$ 1,025,000
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 October 15, 2030 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 400,000,000
Debt instrument,maturity date	Oct. 15, 2030
Debt instrument stated interest rate	2.20%
Debt instrument percentage discount to par	0.476%
Debt instrument, interest payable description							Interest on the 2030 Senior Notes is payable semi-annually in arrears on each April 15 and October 15, commencing with April 15, 2021
Unamortized senior term note discount	$ 1,900,000
Underwriting discount and other offering expenses	3,500,000
Proceeds from senior notes, net	$ 394,600,000
Senior Term Note Due June 15, 2029 [Member] | Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument principal amount		$ 350,000,000
Debt instrument,maturity date		Jun. 15, 2029
Debt instrument stated interest rate		4.00%
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%
Senior Notes and Term Notes [Member]
Debt Instrument [Line Items]
Amortization expense related to deferred debt issuance costs							$ 600,000	$ 600,000
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							1.06%		1.09%
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							1.11%		1.14%
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, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgages payable	$ 37,596	$ 37,777
4.065% Mortgage Note Due April 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,807	3,832
5.26% Mortgage Note Due November 1, 2023 [Member]
Debt Instrument [Line Items]
Mortgages payable	3,710	3,728
4.4625% Mortgage Note Due December 6, 2024 [Member]
Debt Instrument [Line Items]
Mortgages payable	22,620	22,684
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Mortgages payable	6,316	6,343
5.99% Mortgage Note Due May 1, 2026 [Member]
Debt Instrument [Line Items]
Mortgages payable	$ 1,143	$ 1,190

Mortgages Payable and Debt Ma_4

Mortgages Payable and Debt Maturities - Summary of Mortgage Payable (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Facility
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 | $	$ 7.1
Effective interest rate	4.40%
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 | $	$ 7.8
Effective interest rate	5.69%
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 | $	$ 54.8
Effective interest rate	3.12%
4.44% Mortgage Note Due July 6, 2025 [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage note due date	Jul. 6, 2025
Self-storage facilities | Facility	1
Aggregate net book value of property pledged for mortgage note | $	$ 13.6
Effective interest rate	4.60%
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 | $	$ 6.4
Effective interest rate	6.45%

Mortgages Payable and Debt Ma_5

Mortgages Payable and Debt Maturities - Summary of Debt Obligation and Interest Rate Derivatives (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Payables due 2021	$ 376
Payables due 2022	519
Payables due 2023	50,533
Payables due 2024	197,985
Payables due 2025	6,077
Payables due Thereafter	2,000,106
Debt obligations	2,255,596
Line of credit - variable rate LIBOR + 0.95% (1.06% at March 31, 2021) [Member]
Debt Instrument [Line Items]
Payables due 2023	43,000
Debt obligations	43,000
Debt instrument, fair value	43,000
Term Note - Fixed Rate 4.533% [Member]
Debt Instrument [Line Items]
Payables due 2024	175,000
Debt obligations	175,000
Term note, fair value	195,252
Term Note - Fixed Rate 3.50% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	600,000
Debt obligations	600,000
Term note, fair value	657,471
Term Note - Fixed Rate 3.875% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	450,000
Debt obligations	450,000
Term note, fair value	494,057
Term Note - Fixed Rate 3.67% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	200,000
Debt obligations	200,000
Term note, fair value	215,203
Term Note - Fixed Rate 4.00% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	350,000
Debt obligations	350,000
Term note, fair value	394,261
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Payables due Thereafter	400,000
Debt obligations	400,000
Term note, fair value	376,052
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Payables due 2021	79
Payables due 2022	108
Payables due 2023	3,620
Debt obligations	3,807
Debt instrument, fair value	3,936
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Payables due 2021	60
Payables due 2022	83
Payables due 2023	3,567
Debt obligations	3,710
Debt instrument, fair value	3,983
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Payables due 2024	22,620
Debt obligations	22,620
Debt instrument, fair value	23,317
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Payables due 2021	92
Payables due 2022	125
Payables due 2023	130
Payables due 2024	136
Payables due 2025	5,833
Debt obligations	6,316
Debt instrument, fair value	6,765
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Payables due 2021	145
Payables due 2022	203
Payables due 2023	216
Payables due 2024	229
Payables due 2025	244
Payables due Thereafter	106
Debt obligations	1,143
Debt instrument, fair value	$ 1,244

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, 2021
Line of credit - variable rate LIBOR + 0.95% (1.06% at March 31, 2021) [Member]
Debt Instrument [Line Items]
Interest rate at end of period	1.06%
Basis spread over LIBOR	0.95%
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%
Term Note - Fixed Rate 2.20% [Member]
Debt Instrument [Line Items]
Interest rate	2.20%
Mortgage Note - Fixed Rate 4.065% [Member]
Debt Instrument [Line Items]
Interest rate	4.065%
Mortgage Note - Fixed Rate 5.26% [Member]
Debt Instrument [Line Items]
Interest rate	5.26%
Mortgage Note - Fixed Rate 4.4625% [Member]
Debt Instrument [Line Items]
Interest rate	4.4625%
Mortgage Note - Fixed Rate 4.44% [Member]
Debt Instrument [Line Items]
Interest rate	4.44%
Mortgage Note - Fixed Rate 5.99% [Member]
Debt Instrument [Line Items]
Interest rate	5.99%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Senior Term Note Due July 1, 2026 [Member] $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
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, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Realized loss reclassified from accumulated other comprehensive loss to interest expense	$ 229	$ 229
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	(5,041)	(5,958)
Accumulated other comprehensive loss end of period	$ (4,812)	$ (5,729)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
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, 2021USD ($)Property	Dec. 31, 2020USD ($)
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	36
Company common ownership interest	20.00%
Carrying value of investment	$ 60	$ 60.5
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	22
Company common ownership interest	15.00%
Carrying value of investment	$ 27	27.3
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	3
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	$ 14.2	14.3
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	49.00%
Carrying value of investment	$ (2.5)	(2.5)
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	$ 16.5	16.7
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	$ 1.4	1.5
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Company common ownership interest	5.00%
Carrying value of investment		2.5
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	7
Company common ownership interest	Various
Carrying value of investment	$ 11.5	10.4
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties | Property	6
Company common ownership interest	Various
Carrying value of investment	$ 6.8	$ 6.8

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, 2021USD ($)Property	Sep. 30, 2020USD ($)Property	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)Property	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property			16	6
Cash payment for property acquisition			$ 265,197	$ 124,204
Mortgages payable	$ 37,596		$ 37,596		$ 37,777
Ontario, Canada [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	2		2
NY [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	4		4
Tucson, AZ [Member]
Schedule of Equity Method Investments [Line Items]
Number of joint venture developing self-storage facilities | Property	1		1
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
Total consideration acquired		$ 175,200
Settlement of principal balances with non-recourse loans		34,000
Gain on sale of storage facilities		$ 2,100
Sovran HHF Storage Holdings LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property		17
Sovran HHF Storage Holdings LLC [Member] | Storage Facilities [Member] | Third Party [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired		$ 42,300
Number of properties sold | Property		4
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired		$ 120,200
Cash has been placed into escrow until non-recourse loans		35,800
Contribution of company to joint venture as share in capital		$ 12,700
Sovran HHF Storage Holdings II LLC [Member] | Storage Facilities [Member]
Schedule of Equity Method Investments [Line Items]
Number of storage facilities acquired | Property		8
Iskalo Office Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Rent paid during the period			$ 400	300
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]
Cash payment for property acquisition				21,700
Mortgages payable				$ 14,000
SNL Orix Merrick, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total consideration acquired	$ 47,900
Joint Ventures with Properties in Development Stage [Member]
Schedule of Equity Method Investments [Line Items]
Number Of joint ventures | Property			7
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			$ 11,500

Investment in Joint Ventures _3

Investment in Joint Ventures - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operational Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Management and call center fee earned	$ 1.8	$ 2.7

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, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 1,221	$ 1,116
Sovran HHF Storage Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	654	922
Sovran HHF Storage Holdings II LLC [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	332	455
Other Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 235	$ (261)

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, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	$ 4,699,416		$ 4,457,145
Other assets	32,865		31,907
Total Assets	4,930,761		4,727,848
Mortgages payable	37,596		37,777
Total Liabilities	2,352,564		2,323,304
Company equity	2,549,490	$ 2,147,719	2,378,098	$ 2,132,894
Total Liabilities and Shareholders' Equity/ Partners' Capital	4,930,761		$ 4,727,848
Total revenues	171,887	146,943
Depreciation and amortization of customer list	(33,359)	(28,330)
Amortization of financing fees	(1,062)	(1,025)
Interest expense	(20,346)	(20,246)
Net income	47,592	$ 36,625
Unconsolidated Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Investment in storage facilities, net	1,076,066
Investment in office building, net	4,185
Other assets	58,947
Total Assets	1,139,198
Due to the Company	520
Mortgages payable	529,504
Other liabilities	17,660
Total Liabilities	547,684
Unaffiliated partners’ equity	453,561
Company equity	137,953
Total Partners’ Equity	591,514
Total Liabilities and Shareholders' Equity/ Partners' Capital	1,139,198
Total revenues	27,231
Property operating expenses	(9,529)
Administrative, management and call center fees	(2,051)
Gain on disposal of self-storage facilities	29,685
Depreciation and amortization of customer list	(6,017)
Amortization of financing fees	(145)
Income tax expense	(58)
Interest expense	(5,229)
Net income	$ 33,887

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Interest or penalties related to uncertain tax positions	0	0
Deferred tax assets	300,000			$ 400,000
Deferred tax liability	$ 1,700,000			$ 1,700,000
Corporate income tax rate	21.00%		35.00%
Tax Year 2016 [Member]
Tax Credit Carryforward [Line Items]
Tax years open to examination	2017
Tax Year 2019 [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)	$ 600,000	$ 800,000

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, 2021	Mar. 31, 2020
Numerator:
Net income attributable to common shareholders/unitholders	$ 47,383	$ 36,433
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	75,387,332	70,015,856
Effect of Dilutive Securities:
Stock options and non-vested stock	123,000	110,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	75,510,201	70,126,344
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.63	$ 0.52
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.63	$ 0.52
Life Storage LP [Member]
Numerator:
Net income attributable to common shareholders/unitholders	$ 47,383	$ 36,433
Denominator:
Denominator for basic earnings per share/unit - weighted average shares/units	75,387,332	70,015,856
Effect of Dilutive Securities:
Stock options and non-vested stock	123,000	110,000
Denominator for diluted earnings per share/unit - adjusted weighted average shares/units and assumed conversion	75,510,201	70,126,344
Basic earnings per common share/unit attributable to common shareholders/unitholders	$ 0.63	$ 0.52
Diluted earnings per common share/unit attributable to common shareholders/unitholders	$ 0.63	$ 0.52

Earnings Per Share and Earnin_4

Earnings Per Share and Earnings Per Unit - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities not included in the effect of dilutive securities	149,227	148,047

Shareholders' Equity - Reconcil

Shareholders' Equity - Reconciliation of Changes in Parent Company's Total Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Beginning Balance	$ 2,378,098	$ 2,132,894
Net proceeds from issuance of common stock	180,529	21,466
Earned portion of non-vested stock	1,453	1,124
Carrying value less than redemption value on redeemed noncontrolling interest	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(2,358)	5,542
Net income attributable to common shareholders	47,383	36,433
Amortization of terminated hedge included in AOCL	229	229
Dividends	(55,840)	(49,969)
Ending Balance	2,549,490	2,147,719
Common Stock Shares [Member]
Beginning Balance	495	467
Net proceeds from issuance of common stock	18	2
Stock dividend	252
Ending Balance	765	469
Additional Paid-in Capital [Member]
Beginning Balance	2,671,311	2,376,723
Net proceeds from issuance of common stock	180,511	21,464
Earned portion of non-vested stock	1,453	1,124
Stock dividend	(252)
Carrying value less than redemption value on redeemed noncontrolling interest	(4)
Ending Balance	2,853,019	2,399,311
Dividends in Excess of Net Income [Member]
Beginning Balance	(288,667)	(238,338)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units	(2,358)	5,542
Net income attributable to common shareholders	47,383	36,433
Dividends	(55,840)	(49,969)
Ending Balance	(299,482)	(246,332)
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance	(5,041)	(5,958)
Amortization of terminated hedge included in AOCL	229	229
Ending Balance	$ (4,812)	$ (5,729)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Jan. 15, 2021	Jan. 04, 2021	Mar. 31, 2021USD ($)Property$ / sharesshares	Mar. 31, 2020USD ($)Property$ / sharesshares	Jun. 14, 2018USD ($)	Aug. 02, 2017USD ($)
Stockholders Equity [Line Items]
Number of storage facilities acquired | Property			16	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
Description of stock split of common stock		three-for-two
Stock split, conversion ratio		1.5
Stock dividend payable percentage of common stock		50.00%
Description of additional share received	Shareholders of record at the close of business on January 15, 2021 received on additional share of Company stock for every two shares owned.
2018 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under equity offering program					$ 300,000,000
Common stock shares issued under equity offering program | shares				285,605
Weighted average issue price | $ / shares				$ 76.17
Proceeds from issuance of common stock				$ 21,500,000
Sales commissions paid				200,000
Other expenses				$ 100,000
2020 Equity Program [Member]
Stockholders Equity [Line Items]
Common stock value authorized under new equity offering program					$ 500,000,000
Common stock shares issued under equity offering program | shares			2,220,559
Weighted average issue price | $ / shares			$ 82.23
Proceeds from issuance of common stock			$ 180,500,000
Sales commissions paid			1,800,000
Other expenses			$ 300,000

Partners' Capital - Reconciliat

Partners' Capital - Reconciliation of Change in Total Partners' Capital (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Partners Capital [Line Items]
Earned portion of non-vested stock	$ 1,453	$ 1,124
Carrying value less than redemption value on redeemed noncontrolling interest	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	2,358	(5,542)
Net income attributable to common shareholders/unitholders	47,383	36,433
Amortization of terminated hedge included in AOCL	229	229
Life Storage LP [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,378,098	2,132,894
Net proceeds from issuance of Operating Partnership Units	180,529	21,466
Earned portion of non-vested stock	1,453	1,124
Carrying value less than redemption value on redeemed noncontrolling interest	(4)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(2,358)	5,542
Net income attributable to common shareholders/unitholders	47,383	36,433
Amortization of terminated hedge included in AOCL	229	229
Distributions	(55,840)	(49,969)
Ending balance of total controlling partners’ capital	2,549,490	2,147,719
Life Storage LP [Member] | Life Storage Holdings, Inc. General Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	24,045	21,594
Net proceeds from issuance of Operating Partnership Units	1,807	212
Earned portion of non-vested stock	14	11
Carrying value less than redemption value on redeemed noncontrolling interest	(1)
Net income attributable to common shareholders/unitholders	476	366
Amortization of terminated hedge included in AOCL	2	2
Distributions	(561)	(502)
Ending balance of total controlling partners’ capital	25,782	21,683
Life Storage LP [Member] | Life Storage, Inc. Limited Partner [Member]
Partners Capital [Line Items]
Beginning balance of total controlling partners’ capital	2,359,094	2,117,258
Net proceeds from issuance of Operating Partnership Units	178,722	21,254
Earned portion of non-vested stock	1,439	1,113
Carrying value less than redemption value on redeemed noncontrolling interest	(3)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units	(2,358)	5,542
Net income attributable to common shareholders/unitholders	46,907	36,067
Amortization of terminated hedge included in AOCL	(2)	(2)
Distributions	(55,279)	(49,467)
Ending balance of total controlling partners’ capital	2,528,520	2,131,765
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	(5,041)	(5,958)
Amortization of terminated hedge included in AOCL	229	229
Ending balance of total controlling partners’ capital	$ (4,812)	$ (5,729)

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) $ in Thousands	May 05, 2021USD ($)Property	May 03, 2021USD ($)Property	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)Property	Dec. 31, 2020USD ($)
Commitment And Contingencies [Line Items]
Operating lease, aggregate right-of-use assets			$ 19,900		$ 20,300
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			us-gaap:OtherAssetsMember		us-gaap:OtherAssetsMember
Operating lease liabilities			$ 19,700		$ 19,900
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesMember		us-gaap:AccountsPayableAndAccruedLiabilitiesMember
Operating lease expenses			$ 600	$ 500
Weighted average remaining lease term			11 years 2 months 12 days
Weighted average discount rate			4.67%
Operating lease commitments			$ 25,672
Number of storage facilities acquired | Property			16	6
Purchase Price			$ 266,215
Expansion and enhancement contracts			33,800
Self-storage Facilities [Member]
Commitment And Contingencies [Line Items]
Purchase price of business to be acquired			$ 106,500
Number of storage facilities acquired | Property			6
Self-storage Facilities [Member] | Subsequent Event [Member]
Commitment And Contingencies [Line Items]
Number of storage facilities acquired | Property	11	1
Purchase Price	$ 159,200	$ 16,500

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Undiscounted Future Minimum Lease Payments (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 1,939
2022	2,388
2023	2,388
2024	2,374
2025	2,402
Thereafter	14,181
Total	$ 25,672

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	May 05, 2021USD ($)Property	May 03, 2021USD ($)Property	Apr. 26, 2021USD ($)	Apr. 01, 2021USD ($)$ / shares	Apr. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)Property	Mar. 31, 2020USD ($)Property	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Mortgages payable						$ 37,596		$ 37,777
Distributions from unconsolidated joint ventures						$ 2,547	$ 3,611
Number of storage facilities acquired | Property						16	6
Aggregate purchase price						$ 266,215
Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property						6
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared, date				Apr. 1, 2021
Dividend per common share | $ / shares				$ 0.74
Dividend paid, date				Apr. 26, 2021
Dividend record, date				Apr. 14, 2021
Dividend paid			$ 56,900
Subsequent Event [Member] | Equity Program [Member]
Subsequent Event [Line Items]
Common stock shares issued under equity offering program | shares					377,621
Weighted average issue price | $ / shares					$ 88.17
Proceeds from issuance of common stock					$ 33,000
Subsequent Event [Member] | Self-storage Facilities [Member]
Subsequent Event [Line Items]
Number of storage facilities acquired | Property	11	1
Aggregate purchase price	$ 159,200	$ 16,500
Subsequent Event [Member] | Sovran HHF Storage Holdings II LLC [Member]
Subsequent Event [Line Items]
Mortgage debt paid off				$ 69,100
Mortgages payable				$ 110,000
Mortgage debt maturity year				2029
Distributions from unconsolidated joint ventures				$ 31,600