EXTRA SPACE STORAGE INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-32269    
Entity Registrant Name EXTRA SPACE STORAGE INC.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 20-1076777    
Entity Address, Address Line One 2795 East Cottonwood Parkway, Suite 300    
Entity Address, City or Town Salt Lake City    
Entity Address, State or Province UT    
Entity Address, Postal Zip Code 84121    
City Area Code 801    
Local Phone Number 365-4600    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol EXR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Smaller Reporting Company false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 32,584,898,000
Entity Common Stock, Shares Outstanding   211,998,129  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement to be issued in connection with the registrant’s annual stockholders’ meeting to be held in 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001289490    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Salt Lake City, Utah
Auditor Firm ID 42
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Real estate assets, net $ 24,587,627 $ 24,555,873
Real estate assets - operating lease right-of-use assets 689,803 227,241
Investments in unconsolidated real estate entities 1,332,338 1,071,617
Investments in debt securities and notes receivable 1,550,950 904,769
Cash and cash equivalents 138,222 99,062
Other assets, net 548,986 597,700
Total assets 28,847,926 27,456,262
Liabilities, Noncontrolling Interests and Equity:    
Secured notes payable, net 1,010,541 1,273,549
Unsecured term loans, net 2,192,507 2,650,581
Unsecured senior notes, net 7,756,968 6,410,618
Revolving lines of credit and commercial paper 1,362,000 682,000
Operating lease liabilities 705,845 236,515
Cash distributions in unconsolidated real estate ventures 75,319 71,069
Accounts payable and accrued expenses 346,519 334,518
Other liabilities 538,865 383,463
Total liabilities 13,988,564 12,042,313
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,995,510 and 211,278,803 shares issued and outstanding at December 31, 2024 and 2023, respectively 2,120 2,113
Additional paid-in capital 14,831,946 14,750,388
Accumulated other comprehensive income 12,806 17,435
Accumulated deficit (899,337) (379,015)
Total Extra Space Storage Inc. stockholders' equity 13,947,535 14,390,921
Noncontrolling interest represented by Preferred Operating Partnership units 76,092 222,360
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 835,735 800,668
Total noncontrolling interests and equity 14,859,362 15,413,949
Total liabilities, noncontrolling interests and equity $ 28,847,926 $ 27,456,262
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 211,995,510 211,278,803
Common stock, outstanding (in shares) 211,995,510 211,278,803
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Property rental $ 2,803,252 $ 2,222,578 $ 1,654,735
Tenant reinsurance 332,795 235,680 185,531
Management fees and other income 120,855 101,986 83,904
Total revenues 3,256,902 2,560,244 1,924,170
Expenses:      
Property operations 831,566 612,036 435,342
Tenant reinsurance 73,886 58,874 33,560
Transaction costs 0 0 1,548
Life Storage Merger transition costs 0 66,732 0
General and administrative 167,398 146,408 129,251
Depreciation and amortization 783,023 506,053 288,316
Total expenses 1,855,873 1,390,103 888,017
Gain (loss) on real estate assets held for sale and sold, net (25,906) 0 14,249
Impairment of Life Storage trade name (51,763) 0 0
Income from operations 1,323,360 1,170,141 1,050,402
Interest expense (551,354) (419,035) (219,171)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (43,720) (18,786) 0
Interest income 124,422 84,857 69,422
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 852,708 817,177 900,653
Equity in earnings and dividend income from unconsolidated real estate entities 67,272 54,835 41,428
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 13,730 0 0
Income tax expense (33,478) (21,559) (20,925)
Net income 900,232 850,453 921,156
Net income allocated to Preferred Operating Partnership noncontrolling interests (7,262) (9,011) (17,623)
Net income allocated to Operating Partnership and other noncontrolling interests (38,289) (38,244) (42,845)
Net income attributable to common stockholders $ 854,681 $ 803,198 $ 860,688
Earnings per common share      
Basic (in dollars per share) $ 4.03 $ 4.74 $ 6.41
Diluted (in dollars per share) $ 4.03 $ 4.74 $ 6.41
Weighted average number of shares      
Basic (in shares) 211,575,240 169,216,989 134,050,815
Diluted (in shares) 211,577,680 169,220,882 141,681,388
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 900,232 $ 850,453 $ 921,156
Other comprehensive income:      
Change in fair value of interest rate swaps (4,746) (32,752) 96,249
Total comprehensive income 895,486 817,701 1,017,405
Less: comprehensive income attributable to noncontrolling interests 45,434 45,866 65,373
Comprehensive income attributable to common stockholders $ 850,052 $ 771,835 $ 952,032
v3.25.0.1
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Redemption of units for stock
Redemption of units for cash
Series B Units
Redemption of units for cash
Series D Units
Series D Units
Redemption of units for stock
Series D Units
Redemption of units for cash
Series D Units
Redemption of units for loans
Series A Units
Redemption of units for stock
Preferred Operating Partnership
Preferred Operating Partnership
Redemption of units for stock
Preferred Operating Partnership
Series B Units
Redemption of units for cash
Preferred Operating Partnership
Series D Units
Preferred Operating Partnership
Series D Units
Redemption of units for stock
Preferred Operating Partnership
Series D Units
Redemption of units for cash
Preferred Operating Partnership
Series D Units
Redemption of units for loans
Preferred Operating Partnership
Series A Units
Redemption of units for stock
Operating Partnership
Operating Partnership
Redemption of units for stock
Operating Partnership
Redemption of units for cash
Operating Partnership
Series D Units
Other
Common stock
Common stock
Redemption of units for stock
Common stock
Series D Units
Redemption of units for stock
Common stock
Series A Units
Redemption of units for stock
Additional Paid-in Capital
Additional Paid-in Capital
Redemption of units for stock
Additional Paid-in Capital
Redemption of units for cash
Additional Paid-in Capital
Series D Units
Redemption of units for stock
Additional Paid-in Capital
Series A Units
Redemption of units for stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance at Dec. 31, 2021 $ 3,785,976                 $ 259,110               $ 410,053       $ 317 $ 1,339       $ 3,285,948         $ (42,546) $ (128,245)
Beginning balance (in shares) at Dec. 31, 2021                                             133,922,305                    
Increase (Decrease) in Stockholders' Equity                                                                  
Issuance of common stock in connection with share based compensation (in shares)                                             204,349                    
Issuance of common stock in connection with share based compensation 21,388                                           $ 2       21,386            
Restricted stock grants canceled (in shares)                                             (10,614)                    
Redemption of Operating Partnership units     $ (4,617) $ (4,500)               $ (4,500)               $ (1,654)                 $ (2,963)        
Issuance of Operating Partnership units in conjunction with business combinations 16,000                                 16,000                              
Issuance of Operating Partnership units in conjunction with acquisitions 125,000                                 125,000                              
Issuance of Preferred D units in the Operating Partnership in conjunction with business combination         $ 6,000               $ 6,000                                        
Issuance of common stock in conjunction with acquisitions (in shares)                                             186,766                    
Issuance of common stock in conjunction with acquisitions 40,963                                           $ 2       40,961            
Repurchase of common stock, net of offering costs (in shares)                                             (381,786)                    
Repurchase of common stock, net of offering costs (63,008)                                           $ (4)                   (63,004)
Noncontrolling interest in consolidated joint ventures 771                                         771                      
Net income (loss) 921,156                 17,623               42,853       (8)                     860,688
Other comprehensive income (loss) 96,249                 577               4,328                           91,344  
Distributions to Operating Partnership units and other noncontrolling interests (57,793)                 (17,308)               (40,485)                              
Dividends paid on common stock (805,311)                                                               (805,311)
Ending balance at Dec. 31, 2022 4,078,274                 261,502               556,095       1,080 $ 1,339       3,345,332         48,798 (135,872)
Ending balance (in shares) at Dec. 31, 2022                                             133,921,020                    
Increase (Decrease) in Stockholders' Equity                                                                  
Issuance of common stock in connection with share based compensation (in shares)                                             149,995                    
Issuance of common stock in connection with share based compensation 26,638                                           $ 2       26,636            
Taxes paid upon net settlement of share based compensation (in shares)                                             (8,295)                    
Taxes paid upon net settlement of share based compensation (7,640)                                                   (7,640)            
Restricted stock grants canceled (in shares)                                             (10,084)                    
Redemption of Operating Partnership units (in shares)                                               2,803 154,307 851,698              
Redemption of Operating Partnership units   $ 0 (108)     $ 0 $ (377)   $ (5,316)         $ (22,265) $ (377)   $ (16,339)   $ (225) (89)         $ 2 $ 8   $ 225 (19) $ 22,263 $ 11,015    
Life Storage Merger issuance of common stock and Operating Partnership units (in shares)                                             76,217,359                    
Life Storage Merger issuance of common stock and Operating Partnership units $ 11,602,808                                 249,470         $ 762       11,352,576            
Repurchase of common stock, net of offering costs (in shares) 0                                                                
Noncontrolling interest in consolidated joint ventures $ 7,959                                         7,959                      
Net income (loss) 850,453                 9,011               38,369       (125)                     803,198
Other comprehensive income (loss) (32,752)                                 (1,389)                           (31,363)  
Distributions to Operating Partnership units and other noncontrolling interests (59,649)                 (9,172)               (50,477)                              
Dividends paid on common stock (1,046,341)                                                               (1,046,341)
Ending balance at Dec. 31, 2023 $ 15,413,949                 222,360               791,754       8,914 $ 2,113       14,750,388         17,435 (379,015)
Ending balance (in shares) at Dec. 31, 2023 211,278,803                                           211,278,803                    
Increase (Decrease) in Stockholders' Equity                                                                  
Issuance of common stock in connection with share based compensation (in shares)                                             177,545                    
Issuance of common stock in connection with share based compensation $ 22,906                                           $ 2       22,904            
Issuance of common stock, net of offering costs (in shares)                                             2,310                    
Issuance of common stock, net of offering costs 365                                                   365            
Offering costs associated with previous stock issuance (522)                                                   (522)            
Redemption of Operating Partnership units (in shares)                                               536,852                  
Redemption of Operating Partnership units   $ 0 $ (2,341)         $ (87,696)     $ (31,054)         $ (87,696)     $ (28,658) $ (1,445)       $ 5       $ 59,707 $ (896)        
Conversion of Preferred D Units in the Operating Partnership for Operating Partnership units         $ 0               $ (27,518)               $ 27,518                        
Issuance of Operating Partnership units in conjunction with business combinations 100,417                                 100,417                              
Issuance of note receivable to Operating Partnership unit holder (50,000)                                 (50,000)                              
Repayment of receivable with Operating Partnership units pledged as collateral $ 1,900                                 1,900                              
Repurchase of common stock, net of offering costs (in shares) 0                                                                
Noncontrolling interest in consolidated joint ventures $ 3,078                                         3,078                      
Net income (loss) 900,232                 7,262               38,239       50                     854,681
Other comprehensive income (loss) (4,746)                                 (117)                           (4,629)  
Distributions to Operating Partnership units and other noncontrolling interests (63,177)                 (7,262)               (55,710)       (205)                      
Dividends paid on common stock (1,375,003)                                                               (1,375,003)
Ending balance at Dec. 31, 2024 $ 14,859,362                 $ 76,092               $ 823,898       $ 11,837 $ 2,120       $ 14,831,946         $ 12,806 $ (899,337)
Ending balance (in shares) at Dec. 31, 2024 211,995,510                                           211,995,510                    
v3.25.0.1
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends paid on common stock (in dollars per share) $ 6.48 $ 6.48 $ 6.00
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 900,232 $ 850,453 $ 921,156
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 783,023 506,053 288,316
Amortization of deferred financing costs 16,673 18,949 8,773
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes 43,720 18,786 0
Non-cash item - Amortization of Premium Portion of Dec 2024 $300M Bond Add-On (197) 0 0
Accrual of interest income added to principal of debt securities and notes receivable (31,367) (37,907) (38,412)
Compensation expense related to share-based awards 22,906 26,638 21,386
(Gain) loss on real estate assets held for sale and sold, net 25,906 0 (14,249)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest (13,730) 0 0
Impairment of Life Storage trade name 51,763 0 0
Distributions from unconsolidated real estate ventures 30,745 20,060 13,162
Changes in operating assets and liabilities:      
Other assets (12,043) (32,507) 695
Accounts payable and accrued expenses 964 35,031 29,027
Other liabilities 68,835 (3,082) 8,285
Net cash provided by operating activities 1,887,430 1,402,474 1,238,139
Cash flows from investing activities:      
Acquisition of real estate assets and improvements (650,535) (320,711) (1,291,491)
Life Storage Merger, net of cash acquired 0 (1,182,411) 0
Cash paid for business combination 0 0 (157,302)
Development and redevelopment of real estate assets (128,618) (100,181) (62,019)
Proceeds from sale of real estate assets and investments in real estate ventures 124,928 2,132 39,367
Investment in unconsolidated real estate entities (301,917) (180,279) (118,963)
Return of investment in unconsolidated real estate ventures 15,413 0 342
Issuance of notes receivable (960,272) (330,499) (529,245)
Proceeds from sale of notes receivable 183,632 167,495 210,048
Principal payments received from notes receivable 140,963 142,192 283,636
Issuance of loan collateralized with OP units (50,000) 0 0
Purchase of equipment and fixtures (20,514) (15,994) (22,832)
Net cash used in investing activities (1,646,920) (1,818,256) (1,648,459)
Cash flows from financing activities:      
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper 8,685,933 7,113,003 5,188,011
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper (8,724,444) (7,088,984) (4,207,700)
Proceeds from issuance of public bonds, net 1,300,000 1,550,000 396,100
Deferred financing costs (23,130) (39,418) (9,321)
Proceeds from share issuances 365 0 0
Repurchase of common stock 0 0 (63,008)
Redemption of Preferred OP units for cash 0 (5,377) (4,500)
Offering costs associated with shelf registration (522) 0 0
Redemption of Operating Partnership units for cash (2,341) (108) (4,617)
Contributions from noncontrolling interests 29 74 0
Dividends paid on common stock (1,375,003) (1,046,341) (805,311)
Distributions to noncontrolling interests (63,177) (59,719) (57,793)
Net cash (used in) provided by financing activities (202,290) 423,130 431,861
Net (decrease) increase in cash, cash equivalents, and restricted cash 38,220 7,348 21,541
Cash, cash equivalents, and restricted cash, beginning of the period 105,083 97,735 76,194
Cash, cash equivalents, and restricted cash, end of the period 143,303 105,083 97,735
Cash and equivalents 138,222 99,062 92,868
Restricted cash included in other assets 5,081 6,021 4,867
Cash, cash equivalents, and restricted cash 143,303 105,083 97,735
Supplemental schedule of cash flow information      
Interest paid 499,417 338,552 197,069
Income taxes paid 33,772 22,753 18,957
Redemption of Operating Partnership units held by noncontrolling interests for common stock      
Noncontrolling interests in Operating Partnership (32,954) (116,336) 0
Common stock and paid-in capital 31,054 16,336 0
Noncontrolling interests in Operating Partnership Note Receivable Payoff 1,900 100,000 0
Acquisition and establishment of operating lease right of use assets and lease liabilities      
Real estate assets - operating lease right-of-use assets 486,266 265 16,298
Operating lease liabilities (486,266) (265) (16,298)
Acquisitions of real estate assets      
Real estate assets, net 101,403 0 171,703
Value of equity issued (100,414) 0 (165,965)
Net liabilities assumed (2,842) 0 0
Investment in unconsolidated real estate ventures 1,853 0 1,085
Finance lease liability 0 0 (6,823)
Life Storage Merger real estate assets      
Real estate assets, net 0 13,575,501 0
Unsecured senior notes 0 (2,106,866) 0
Net liabilities assumed 0 (191,077) 0
Investment in unconsolidated real estate ventures 0 325,250 0
Accrued construction costs and capital expenditures      
Acquisition of real estate assets 11,037 10,508 368
Accounts payable and accrued expenses (11,037) (10,508) (368)
Buyback of bridge loan      
Real estate assets, net 39,200 0 0
Bridge loan receivable (39,200) 0 0
Preferred Operating Partnership      
Cash flows from operating activities:      
Net income 7,262 9,011 17,623
Preferred OP Units      
Redemption of Preferred D Units in the Operating Partnership for loans      
Preferred OP units redeemed (87,696) 0 0
Note Payable 87,696 0 0
Issuance of OP and Preferred OP units in conjunction with business combination      
Equity interests issued 0 0 (6,000)
Conversion of Preferred OP Units to common OP Units      
Conversion of equity interests 27,518 0 0
Common OP Units      
Issuance of OP and Preferred OP units in conjunction with business combination      
Equity interests issued 0 0 (16,000)
Conversion of Preferred OP Units to common OP Units      
Conversion of equity interests (27,518) 0 0
Common stock      
Life Storage Merger real estate assets      
Value of common stock issued 0 (11,353,338) 0
Value of OP units issued 0 (11,353,338) 0
Operating Partnership      
Life Storage Merger real estate assets      
Value of common stock issued 0 (249,470) 0
Value of OP units issued $ 0 $ (249,470) $ 0
v3.25.0.1
Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business DESCRIPTION OF BUSINESS
Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership, which meets the definition of a variable interest entity and is consolidated. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At December 31, 2024, the Company had direct and indirect equity interests in 2,436 storage facilities. In addition, the Company managed 1,575 stores for third parties bringing the total number of stores which it owns and/or manages to 4,011. These stores are located in 42 states and Washington, D.C. The Company offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units and also offers bridge loan financing to certain of its third-party self-storage owners.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation
The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.
The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii), (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements.
The Company determined that its operating partnership met the definition of a VIE and is consolidated. Additionally, as of December 31, 2024 the Company determined in addition to its operating partnership that it had one consolidated joint venture VIE, consisting of one store.
Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of the VIE can only be used to satisfy the VIE's own contractual obligations, and the VIE's creditors have no recourse to the general credit of the Company.
The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures
Derivative financial instruments
Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall:
  Fair Value Measurements at Reporting Date Using
DescriptionDecember 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements$15,733 $— $15,733 $— 
Other liabilities - Cash flow hedge swap agreements710 — 710 — 
There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2024. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2024 or 2023.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections.
When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.
When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the discounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations. Refer to the Real Estate Assets footnote below for further discussion on the Company's held for sale properties for the year ended December 31, 2024.
The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.
The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded for the amount in which the carrying value of the reporting unit exceeds the fair value. No impairments of goodwill were recorded for any period presented herein.
As of December 31, 2024 and 2023, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments
The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, net, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and commercial paper and other liabilities reflected in the consolidated balance sheets at December 31, 2024 and 2023, approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States primarily relating to operating cash reserve for the Company's captive insurance subsidiary and earnest money deposits on potential acquisitions.
The fair values of the Company’s notes receivable from Common Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.
The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:
 December 31, 2024December 31, 2023
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Notes receivable from Preferred and Common Operating Partnership unit holders$52,112 $50,000 $1,886 $1,900 
Fixed rate notes receivable40,818 42,000 — — 
Fixed rate debt8,949,297 9,420,848 7,482,054 8,048,605 
Real Estate Assets
Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.
Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.
The purchase of stores is considered an asset acquisition. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price.

Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on nine stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.
Real Estate Sales
In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.
Investments in Unconsolidated Real Estate Entities
Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. (“SmartStop”) and Strategic Storage Trust VI, Inc. (“Strategic Storage”), an affiliate of SmartStop. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.
Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally
recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).
The Company evaluated its investment in preferred stock of non-public real estate entities and determined it did not have significant influence over the entity, and the investment in preferred stock does not have a readily determinable fair value, therefore it has been recorded at the transaction price. The Company periodically evaluates the investment for impairment. No impairments were recorded in our evaluations for any period presented herein.
Investments in Debt Securities and Notes Receivable
The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment.
Cash and Cash Equivalents
The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.
Derivative Instruments and Hedging Activities
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Risk Management and Use of Financial Instruments
In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants or bridge loan borrowers to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements and issued variable-rate bridge loans to manage a portion of its interest rate risk.
Redemption of Common Operating Partnership Units
The Company has the option to redeem common Operating Partnership Units in cash or shares of common stock. Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, is accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Redemption of common Operating Partnership units for cash is accounted for by reducing the underlying net book value of the units from noncontrolling interest.
Revenue and Expense Recognition
Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned.
The Company's management fees are earned subject to the terms of the related management services agreements (“MSAs”). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three to five years, after which management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided.
The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented.
Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected.
Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts up to ten thousand dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2024, the total number of tenant insurance policies was 1.7 million, which was an aggregate coverage of approximately $5.3 billion. The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant.
Advertising Costs
The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $50,519, $32,795 and $19,285 in advertising expense for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Income Taxes
The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In order to maintain its qualification as a REIT, among other requirements, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2024, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.
The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were
to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions.
The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that is subject to U.S. federal corporate income tax and state insurance premiums tax and pays certain insurance royalties to the Company.
Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2024 and 2023, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2024 and 2023, the Company had no interest or penalties related to uncertain tax provisions.
Stock-Based Compensation
The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.
Earnings Per Common Share
Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using the two-class, treasury stock or if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units”) and together with the Series A Units and Series B Units, the (“Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.
For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $156.25 for the year ended December 31, 2024.
The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:
 For the Year Ended December 31,
 202420232022
 Equivalent Shares (if converted)Equivalent Shares (if converted)Equivalent Shares (if converted)
Common OP Units8,659,092 7,970,487 — 
Series B Units214,836 236,130 187,664 
Series D Units928,637 1,332,049 1,140,513 
9,802,565 9,538,666 1,328,177 
For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series A Units for common shares upon redemption, where the Company had the option to redeem in cash or shares and where the Company had stated the positive intent and ability to settle at least $101,700 of the instrument in cash (or net settle a portion of the Series A Units against the related outstanding note receivable), only the amount of the instrument in excess of $101,700 was considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46. Accordingly, the number of shares included in the computation for diluted earnings per share related to the Series A Units in the relevant periods is equal to the number of Series A Units that were outstanding, with no additional shares included related to the $101,700 fixed amount.

The computation of earnings per share is as follows for the periods presented:
 For the Year Ended December 31,
 202420232022
Net income attributable to common stockholders$854,681 $803,198 $860,688 
Earnings and dividends allocated to participating securities(1,495)(1,230)(1,201)
Earnings for basic computations853,186 801,968 859,487 
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units— — 50,706 
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)— — (2,288)
Net income for diluted computations$853,186 $801,968 $907,905 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 211,575,240 169,216,989 134,050,815 
OP Units— — 6,749,995 
Series A Units— — 875,480 
Shares related to dilutive stock options2,440 3,893 5,098 
Average number of common shares outstanding - diluted211,577,680 169,220,882 141,681,388 
Earnings per common share
Basic$4.03 $4.74 $6.41 
Diluted$4.03 $4.74 $6.41 
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment
performance and to allocate resources. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements include incremental disclosures related to its two reportable segments: (1) self-storage operations and (2) tenant reinsurance. The Company has adopted this standard as of December 31, 2024. Refer to note 17 for further discussion of the Company's reportable segments.
In December 2023, the FASB issued ASU No. 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amended guidance focuses on providing more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements may include incremental disclosures related to income taxes. This standard is effective for annual periods beginning after December 15, 2024, therefore, compliance with this ASU will be required beginning with the Company's annual report on Form 10-K for the year ending December 31, 2025, with early adoption permitted. The Company expects to adopt this ASU for its annual report on Form 10-K for the year ending December 31, 2025, and is continuing to research the impact of this amended guidance, however, does not expect this standard to have a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03 – “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The guidance requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, therefore, compliance with this ASU will be required beginning with the Company's annual report on Form 10-K for the year ending December 31, 2027. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
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Real Estate Assets
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Real Estate Assets REAL ESTATE ASSETS
The components of real estate assets are summarized as follows:
December 31, 2024December 31, 2023
Land$4,994,642 $4,904,705 
Buildings, improvements and other intangibles22,336,386 21,664,224 
Right of use assets - finance lease140,259 143,842 
Intangible assets - tenant relationships326,440 321,019 
Intangible lease rights27,743 27,743 
27,825,470 27,061,533 
Less: accumulated depreciation and amortization(3,339,136)(2,624,405)
Net operating real estate assets24,486,334 24,437,128 
Real estate under development/redevelopment101,293 118,745 
Real estate assets, net$24,587,627 $24,555,873 
Real estate assets held for sale included in real estate assets, net$103,756 $— 
During the year ended December 31, 2024, the Company had 18 stores classified as held for sale. Of the 18 stores, 10 had an estimated fair value, net of selling costs, which was less than their net carrying value. As a result, during the year ended December 31, 2024, the Company recorded estimated losses of $63,250 on its consolidated statements of operations. This amount is shown net of the sale of a property which generated a gain of $37,344. As of December 31, 2024, the Company had 13 stores classified as held for sale which are included in real estate assets, net. Of the 13 stores, five had an estimated fair value, net of selling costs, of $43,107, which was less than the net carrying value of the assets. The loss on these stores is included in gain (loss) on real estate assets held for sale and sold, net. Assets held for sale are included in the self-storage operations segment of the Company’s segment information.
In September 2024, the Company amended existing triple-net lease agreements for land and buildings related to 27 stores that had initially been entered into in June and August 2019. The Company also entered into new triple-net lease agreements for land and buildings related to 12 additional stores. Both the initial 27 stores and the additional 12 stores added to the triple net lease structure are categorized as operating leases and have been presented in real estate assets - operating lease right-of-use assets and operating lease liabilities on the Company's consolidated balance sheets.
The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $114,614, $59,807, and $13,981 for the years ended December 31, 2024, 2023 and 2022, respectively. The remaining balance of the unamortized lease rights will be amortized over the next four to 38 years. Accumulated amortization related to intangibles was $363,916 and $317,511 as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets OTHER ASSETS
The components of other assets are summarized as follows:
December 31, 2024December 31, 2023
Goodwill$170,811 $170,811 
Receivables, net129,748 134,716 
Prepaid expenses and deposits137,494 85,153 
Other intangible assets, net32,206 66,332 
Trade name— 50,000 
Fair value of interest rate swaps15,733 26,183 
Equipment and fixtures, net50,365 48,697 
Deferred line of credit financing costs, net7,548 9,787 
Restricted cash5,081 6,021 
$548,986 $597,700 
During the year ended December 31, 2024, the Company decided to operate all stores under a single brand. As a result of that decision, the Company deemed the Life Storage trade name intangible asset to be impaired and recognized a loss for the full value of the asset. A loss of 51,763 for the write-off of the asset and related costs has been recorded in impairment of Life Storage trade name on the Company's consolidated statements of operations for the year ended December 31, 2024. The trade name was originally recorded at fair value based on royalty payments avoided had the trade name been owned by a third party. This was determined using market royalty rates and a discounted cash flow analysis under the relief-from-royalty method. Intangible assets are included in the self-storage operations segment of the Company’s segment information.
Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. The Company capitalizes certain costs during the application development stage when developing software for internal use. As of December 31, 2024 and 2023, unamortized software costs were $16,254 and $18,844. During the year ended December 31, 2024 and 2023, the Company recorded amortization expense of $5,307 and $5,377, respectively, relating to capitalized software costs.
v3.25.0.1
Property Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Property Acquisitions and Dispositions PROPERTY ACQUISITIONS AND DISPOSITIONS
The Life Storage Merger
On July 20, 2023, the Company closed its merger with Life Storage (the “Life Storage Merger”), which included 757 wholly-owned stores and one consolidated joint venture store. Under the terms of the Life Storage Merger, Life Storage stockholders and holders of units of the Life Storage operating partnership received 0.895 of a share of common stock (or OP Unit, as applicable) of the Company for each issued and outstanding share (or operating partnership unit) of Life Storage they owned for total equity consideration of $11,602,808, based on the Company's closing share price on July 19, 2023. At closing, the Company retired $1,160,000 in balances on Life Storage's line of credit which included $375,000 that Life Storage used to pay off its private placement notes in connection with the closing of the Life Storage Merger. The Company also paid off $32,000 in secured loans. On July 25, 2023, the Company completed obligor exchange offers and consent solicitations (together the “Exchange Offers”) related to Life Storage's various senior notes. Upon the closing of the Exchange Offers, a total of $2,351,100 of Life Storage's senior notes were exchanged for senior notes of the same tenor of Extra Space Storage L.P. The remaining Life Storage senior note balances which were not exchanged total $48,900 and no longer have any financial reporting requirements or covenants.
Consideration and Purchase Price Allocation
The Life Storage Merger was accounted for as an asset acquisition in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:
Consideration TypeJuly 20, 2023
Common stock$11,353,338 
OP units249,470 
Cash for payoff of Life Storage credit facility and debt1,192,000 
Transaction Costs55,318 
Total consideration$12,850,127 
The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:
July 20, 2023
Real estate assets$14,587,735 
Equity investment in joint venture partnerships325,250 
Cash and other assets107,423 
Intangible assets - other82,000 
Trade name50,000 
Unsecured senior notes(2,106,866)
Accounts payable, accrued expenses and other liabilities(191,077)
Noncontrolling interests(4,338)
Fair value of net assets acquired$12,850,127 

Fair Value Measurement
The estimated fair values of assets acquired and liabilities assumed were primarily based on information that was available as of the closing date of the Life Storage Merger. The methodology used to estimate the fair values to apply purchase accounting and the ongoing financial statement impact, if any, are summarized below:
•Real estate assets – Real estate assets acquired were recorded at fair value using standard valuation methodologies, including the cost and market approaches. The remaining useful lives for real estate assets, excluding land, were reset to 39 years. Tenant relationships for storage leases were recorded at fair value based on estimated costs the Company
avoided to replace them. Tenant relationships are amortized to expense over 18 months, which is based on the Company’s historical experience with turnover in its stores.
•Equity investment in joint venture partnerships - Equity investment in joint venture partnerships were recorded at fair value based on a direct capitalization of net operating income.
•Intangible assets - other – Customer relationships relating to tenant reinsurance contracts were recorded at fair value based on the income approach which estimates the potential revenue loss the Company avoided to replace them. These assets are amortized to expense over 36 months, which is based on the Company’s historical experience with average length of stay for tenants.
•Trade name – Trade names were recorded at fair value based on royalty payments avoided had the trade name been owned by a third party. This is determined using market royalty rates and a discounted cash flow analysis under the relief-from-royalty method. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized. The trade name is an indefinite lived asset and as such is not amortized. During the year ended December 31, 2024, the Company decided to operate all stores under a single brand. As a result of that decision, the Company deemed the Life Storage trade name intangible asset to be impaired and recognized a loss for the full value of the asset.
•Unsecured senior notes – Unsecured senior notes were recorded at fair value using readily available market data. The below-market value of debt is recorded as a debt discount and reported as a reduction of the unsecured senior notes, net balance on the consolidated balance sheets. The discount is amortized using the effective interest method as an increase to interest expense over the remaining terms of the unsecured senior notes.
•Other assets and liabilities – The carrying values of cash, accounts receivable, prepaids and other assets, accounts payable, accrued expenses and other liabilities represented the fair values.
The Company amortizes to expense intangible assets - other on a straight-line basis. The following table summarizes the accumulated amortization related to intangible assets - other:
December 31, 2024For the Year Ended December 31, 2024For the Year Ended December 31, 2023
Intangible Assets:Gross Carrying AmountAccumulated AmortizationAmortization ExpenseAmortization Expense
Intangible assets - other$82,000 $49,819 $34,124 $15,695 
Estimated Aggregate Amortization Expense
Intangible Assets:20252026
Intangible assets - other$19,833 $11,569 
Store Acquisitions
The following table shows the Company’s acquisitions of stores for the years ended December 31, 2024 and 2023. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”
Consideration PaidTotal
PeriodNumber of StoresTotalCash PaidLoan AssumedFinance Lease LiabilityInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Total 202458$584,168 $479,059 $— $— $1,853 $2,842 $100,414 $584,168 
Total 202314$147,729 $135,577 $12,000 $— $— $152 $— $147,729 
On September 15, 2022, the Company completed the acquisition of multiple entities doing business as Storage Express for a purchase price of $590.0 million. A portion of the consideration paid was in the form of the issuance of 619,294 OP units (a total value of $125 million) and the remainder in cash. The portfolio included 106 operating stores and eight parcels of land for future development, all located in Illinois, Indiana, Kentucky and Ohio. This acquisition did not meet the definition of a business under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business” and was therefore recorded as an asset acquisition.
Other Investments
On June 1, 2022, the Company completed the acquisition of Bargold Storage Systems, LLC (“Bargold”) for a purchase price of approximately $179.3 million. Bargold leases space in apartment buildings, primarily in New York City and its boroughs, builds out the space as storage units, and subleases the units to tenants. As of June 1, 2022, Bargold had approximately 17,000 storage units with an approximate occupancy of 97%. This acquisition is considered a business combination under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”
The following table summarizes the total consideration transferred to acquire Bargold:
Total cash paid by the company$157,302 
Fair value of Series D Units issued16,000 
Fair value of OP Units issued6,000 
Total consideration transferred$179,302 

As part of this acquisition, the Company recorded an expense of $1,465 related to transaction costs.
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
Cash and cash equivalents$175 
Fixed assets6,411 
Developed technology500 
Trademarks500 
Customer relationships1,870 
Other assets125 
Accounts payables and accrued liabilities assumed(1,090)
Nets asset acquired8,491 
Goodwill170,811 
Total assets acquired$179,302 

The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:
Total revenues$9,374 
Net income from operations$1,718 

Pro Forma Information

As noted above, during the year ended December 31, 2022, the Company acquired Bargold. The following pro forma financial information is based on the combined historical financial statements of the Company and Bargold, however, only includes revenue and presents the Company's results as if the acquisition had occurred on January 1, 2022. Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.
For the Year Ended December 31, 2022
Pro Forma
Total revenues$1,930,816 
Store Dispositions

During the year ended December 31, 2024, the Company closed on the sale of six stores for total consideration of $102,484. Five of the six stores had been classified as held for sale. The five stores previously held for sale had been written down, resulting in a loss of $33,662, while the sale of the sixth store resulted in a $37,344 gain. These amounts have been recognized on the Company's consolidated statements of operations at December 31, 2024, presented within gain (loss) on real estate assets held for sale and sold, net.

The Company disposed of one store on May 18, 2022 and one on June 21, 2022, for a total cash consideration of approximately $38,745, resulting in a gain of approximately $14,200. Both had been classified as held for sale.
v3.25.0.1
Investments in Unconsolidated Real Estate Entities
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Real Estate Entities INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop and Strategic Storage, an affiliate of SmartStop, and the Company's noncontrolling interest in real estate joint ventures. The Company accounts for its investments in SmartStop and Strategic Storage preferred stock, which do not have a readily determinable fair value, at the transaction price less impairment, if any. The Company accounts for its investments in joint ventures using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement.
In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits, as applicable, than its equity interest.
The Company separately reports investments with net equity less than zero in cash distributions in unconsolidated real estate ventures in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not.
Net investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:
 Number of StoresEquity Ownership %
Excess Profit % (1)
December 31,
 20242023
PRISA Self Storage LLC 854%4%$8,967 $9,435 
HF1 Sovran HHF Storage Holdings LLC (2)
3749%
49%-59%
304,526 105,339 
Storage Portfolio II JV LLC 3610%30%(9,584)(8,314)
Storage Portfolio IV JV LLC3210%30%47,150 48,184 
Storage Portfolio I LLC 2434%49%(43,803)(42,487)
PR II EXR JV LLC2325%25%105,909 108,160 
HF2 Sovran HHF Storage Holdings II LLC (2)
2249%
49%-59%
114,034 41,613 
HF5 Life Storage-HIERS Storage LLC 1720%20%25,192 26,051 
HF6 191 V Life Storage Holdings LLC 1720%20%10,821 12,702 
ESS-CA TIVS JV LP1655%
55%-65%
27,217 29,128 
VRS Self Storage, LLC 1645%54%(17,557)(16,386)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%19,295 20,019 
Other unconsolidated real estate ventures (3) (4)
119
10%-50%
10%-50%
314,852 317,104 
SmartStop Self Storage REIT, Inc. Preferred Stock (6)
n/an/an/a200,000 200,000 
Strategic Storage Trust VI, Inc. Preferred Stock (5)
n/an/an/a150,000 150,000 
Net Investments in and Cash distributions in unconsolidated real estate entities460$1,257,019 $1,000,548 
Investments in unconsolidated real estate entities$1,332,338 $1,071,617 
Cash distributions in unconsolidated real estate ventures(75,319)(71,069)
Net Investments in and Cash distributions in unconsolidated real estate entities$1,257,019 $1,000,548 
(1)Includes pro-rata equity ownership share and promoted interest.
(2)In November 2024, the Company acquired additional ownership interest in HF1 Sovran HHF Storage Holdings LLC and HF2 Sovran HHF Storage Holdings II LLC from its partner in the unconsolidated joint ventures for cash consideration of $251,235. The transaction increased the equity ownership percentages from 20% and 15%, respectively, to 49% in each unconsolidated joint venture. The additional investment is presented on the Company's consolidated balance sheets under investments in unconsolidated real estate entities.
(3)In September 2024, the Company sold its membership interest in the Alan Jathoo JV LLC unconsolidated joint venture, which held nine stores, to its partner in such joint venture and recognized a gain of $3,406 on the transaction. This gain and the gain from the ESS Bristol Investments LLC transaction referenced below are presented in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest on the Company's consolidated statements of operations for the year ended December 31, 2024.
(4)In August 2024, the ESS Bristol Investments LLC unconsolidated joint venture sold five of its eight stores to another of the Company's unconsolidated joint ventures, and the Company recognized a gain of $10,324 for its pro rata share of the transaction. The Company then acquired its partner's membership interest in the remaining three stores held by ESS Bristol Investments LLC, which is now presented under real estate assets, net on the Company's consolidated balance sheets.
(5)In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage with a dividend rate of 8.35% per annum, subject to increase after five years. The preferred shares are generally not redeemable for three years, except in the case of a change of control or initial listing of Strategic Storage. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities on the Company's consolidated statements of operations.
(6)In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 6.25% per annum. On November 1, 2024, the dividend rate increased to 7.00% per annum, and is now subject to increase each year. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's consolidated statements of operations.
Subsequent to year end, on February 4, 2025, the Company invested $100,000 in shares of newly issued convertible preferred stock of Strategic Storage Growth Trust III, Inc., an affiliate of SmartStop Self Storage REIT, Inc. The dividend rate for the preferred shares is 8.85% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing, and are redeemable thereafter subject to a redemption premium.
In accordance with ASC 810, the Company reviews all of its joint venture relationships annually to ensure that there are no entities that require consolidation. As of December 31, 2024, there were no previously unconsolidated entities that were required to be consolidated as a result of this review. The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.
Equity in earnings and dividend income from unconsolidated real estate entities consists of the following:
 For the Year Ended December 31,
 202420232022
Equity in earnings of PRISA Self Storage LLC$3,212 $3,320 $3,272 
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1)
4,977 1,553 — 
Equity in earnings of Storage Portfolio II JV LLC2,661 3,094 3,398 
Equity in earnings of Storage Portfolio IV JV LLC1,440 1,319 917 
Equity in earnings of Storage Portfolio I LLC4,822 5,182 4,684 
Equity in earnings of PR II EXR JV LLC2,351 2,227 1,229 
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1)
2,466 691 — 
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1)
761 377 — 
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1)
(891)(735)— 
Equity in earnings of ESS-CA TIVS JV LP3,574 3,873 2,753 
Equity in earnings of VRS Self Storage, LLC5,186 5,253 5,401 
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1)
598 40 — 
Equity in earnings of other minority owned stores (1)
10,847 7,740 7,265 
Dividend income from SmartStop preferred stock12,755 12,500 12,509 
Dividend income from Strategic Storage preferred stock12,513 8,401 — 
$67,272 $54,835 $41,428 
(1)For the year ended December 31, 2023, the earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.
Equity in earnings of certain of our joint ventures includes the amortization of the Company’s excess purchase price of $60,253 of these equity investments over its original basis. The excess basis is amortized over 39 years.
The Company provides management services to joint ventures for a fee. Management fee revenues for affiliated real estate joint ventures for the years ended December 31, 2024, 2023 and 2022 were $38,940, $31,755 and $24,389, respectively.
v3.25.0.1
Investments in Debt Securities and Notes Receivable
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities and Notes Receivable INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE
Investments in debt securities and notes receivable consists of the Company's investment in mandatorily redeemable preferred stock of Jernigan Capital, Inc. (“JCAP”) in connection with JCAP's acquisition by affiliates of NexPoint Advisors, L.P. (“NexPoint”) and receivables due to the Company under its bridge loan program. Information about these balances is as follows:
December 31, 2024December 31, 2023
Debt securities - Preferred Stock$300,000 $300,000 
Notes Receivable - Bridge Loans1,244,575 594,727 
Dividends and Interest Receivable 6,375 10,042 
$1,550,950 $904,769 
In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by NexPoint. This investment consisted of 200,000 Series A Preferred Shares valued at a total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. In December 2022, the Company completed a modification with Nexpoint Storage Partners (as successor in interest to JCAP) that exchanged the Series A and Series B Preferred Shares for 300,000 Series D Preferred Shares, valued at a total of $300,000. The Series D Preferred Shares are mandatorily redeemable after six years from the modification in December 2022, with two one-year extension options. NexPoint may redeem the Series D Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the Series D Preferred Shares as a held to maturity debt security at amortized cost and evaluates whether the fair value is below the amortized cost basis at each reporting period. The Series D Preferred Shares have an initial dividend rate of 8.5%. If the investment is not retired after six years, the preferred dividends increase annually.
In July 2020, the Company purchased a senior mezzanine note receivable with a principal amount of $103,000. The note receivable bore interest at 5.5%, with a maturity in December 2023 and was collateralized through an equity interest in which it or its subsidiaries wholly own 62 storage facilities. The Company paid cash of $101,142 for the note receivable and accounted for the discount at amortized cost. The discount was being amortized over the term of the note receivable. In February 2022, a junior mezzanine lender exercised its right to buy the Company’s position for the full principal balance plus interest due, as a result of which the Company sold this note for a total of $103,315 in cash. The remaining unamortized discount was recognized in that quarter as interest income.
The Company offers bridge loan financing to certain of its third-party self-storage owners. These notes receivable consist of mortgage loans receivable, which are collateralized by self-storage properties that the Company manages, and mezzanine loans receivable, which are secured by equity interest pledges. As of December 31, 2024, 74% of the notes held are mortgage receivables. The Company may sell a portion of the mortgage receivables. These notes receivable typically have a term of three years with two one-year extensions and have variable interest rates. During the year ended December 31, 2024, the Company sold a total principal amount of $183,632 of its mortgage bridge loans receivable to third parties for a total of $183,632 in cash, closed on $845,760 in initial loan draws, and recorded $54,545 of draws for interest payments.
The bridge loans typically have a loan to value ratio between 70% and 80% at origination. During the year ended December 31, 2024, one of the notes receivable entered nonaccrual status. Subsequent to year end, the Company purchased the property that collateralized the note, which was paid off at the time of close, with no gain or loss recognized. No other notes receivable are in past-due or nonaccrual status. The allowance for potential credit losses is immaterial.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt DEBT
The components of term debt are summarized as follows:
Term DebtDecember 31, 2024December 31, 2023
Secured notes payable (1)
$1,013,661 $1,279,105 
Unsecured term loans2,200,000 2,660,000 
Unsecured senior notes8,025,000 6,725,000 
Total11,238,661 10,664,105 
Less: Discount on unsecured senior notes, net (2)
(222,254)(274,350)
Less: Unamortized debt issuance costs(56,391)(55,007)
Total$10,960,016 $10,334,748 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2024:
2025$780,922 
20261,409,467 
20271,311,163 
20281,627,800 
20291,516,380 
20301,342,929 
20311,650,000 
2032600,000 
2033— 
2034600,000 
Thereafter400,000 
Total$11,238,661 

On November 20, 2024, the Company established a commercial paper note program. Under the terms of the program, the Company may issue up to $1 billion of unsecured commercial paper notes that bear interest at variable rates with a maturity of varying amounts (generally 30 days or less, with a maximum of 397 days). The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. The net proceeds from the issuances of the notes will be used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. Outstanding commercial paper notes have been included in revolving lines of credit and commercial paper on the Company's consolidated balance sheets. The commercial paper notes sold during the year ended December 31, 2024 had a weighted-average maturity term of 20 days. At December 31, 2024, there were $500 million in issuances outstanding under the commercial paper program.
All of the Company’s lines of credit and commercial paper are guaranteed by the Company. The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:
As of December 31, 2024
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$25,000 $140,000 5.8%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
837,000 2,000,000 5.4%6/22/2027
SOFR plus 0.875%
Commercial paper500,000 1,000,000 
4.8% (3)
Various
$1,362,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of December 31, 2024. Rate is subject to change based on the Company's investment grade rating.
(3) Commercial paper interest rate is variable based on market rates at the time of each issuance. Therefore, interest rate shown in the table above is a weighted average interest rate.
On June 22, 2023, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”). Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions. On August 11, 2023, the capacity was increased by $60 million.
On August 21, 2024, the Company entered into Amendment 1 to the Third Amended and Restated Credit Agreement, which increased the overall term debt borrowings by $275,000 and reduced the spread on a portion of term debt borrowings by 30 basis points.
As of December 31, 2024, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term or Daily Simple SOFR plus the applicable margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 2.2% per annum and the applicable base rate margin ranging from 0.00% to 1.20% per annum.
The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2024, the Company was in compliance with all of its financial covenants.
As of December 31, 2024, the Company’s percentage of fixed-rate debt to total debt was 75.8%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.1% and 5.4%, respectively. The combined weighted average interest rate was 4.4%.
v3.25.0.1
Derivatives
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the years ended December 31, 2024, 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2025, the Company estimates that $9,869 will be reclassified as an increase to interest income.
The following table summarizes the terms of the Company’s 13 active derivative financial instruments, which had a total current notional amount of $1,381,834 as of December 31, 2024, and one forward-starting derivative financial instruments with an effective date of July 14, 2025.
 
Hedge ProductRange of Notional AmountsStrikeEffective DatesMaturity Dates
Swap Agreements
$32,000 - $245,000
0.96% - 4.33%
11/30/2022 - 7/14/20251/30/2025 - 2/1/2028

Fair Values of Derivative Instruments
The table below presents the fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets:
Asset / Liability Derivatives
Derivatives designated as hedging instruments:December 31, 2024December 31, 2023
Other assets$15,733 $26,183 
Other liabilities$710 $5,030 
Effect of Derivative Instruments
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:

 
 Gain (loss) recognized in OCI for the Year Ended December 31,Location of amounts reclassified from OCI into incomeGain (loss) reclassified from OCI for the Year Ended December 31,
Type20242023202420232022
Swap Agreements$22,141 $8,730 Interest expense$26,885 $41,541 $(7,877)
Credit-Risk-Related Contingent Features
The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.
The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.
As of December 31, 2024, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was immaterial. As of December 31, 2024, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2024, it could have been required to cash settle its obligations under these agreements at their termination value.
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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
The Company’s charter provides that it can issue up to 500,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2024, 211,995,510 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding.

All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company’s common stock is Broadridge Corporate Issuer Solutions, LLC.

During the year ended December 31, 2024, the Company sold no shares of common stock.

On April 15, 2024, the Company filed its $800,000 “at the market” equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into an equity distribution agreement with nine sales agents. No shares have been sold under the current “at the market” equity program, and no shares were sold under the previous “at the market” equity program, which spanned from August 9, 2021 through April 14, 2024.

On November 13, 2023, the Company's board of directors authorized a share repurchase program allowing for the repurchase of shares with an aggregate value up to $500,000. During the year ended December 31, 2023 and the year ended December 31, 2024, no shares were repurchased. As of December 31, 2024, the Company had remaining authorization to repurchase shares with an aggregate value up to $500,000.

On July 20, 2023, the Company issued 76,217,359 shares of its common stock at $148.96 for a total value of $11,353,338 as part of the Life Storage Merger. See Property Acquisitions and Dispositions note above.

On January 7, 2022, the Company issued 186,766 shares of its common stock to acquire two stores for $40,965.
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Noncontrolling Interest Represented By Preferred Operating Partnership Units
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Represented By Preferred Operating Partnership Units NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS
Classification of Noncontrolling Interests
GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.
The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

At December 31, 2024 and December 31, 2023, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the OP Units. The balances for each of the specific Preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated are as follows:
December 31, 2024December 31, 2023
Series B Units$33,567 $33,567 
Series D Units42,525 188,793 
$76,092 $222,360 
Series A Participating Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. As of December 31, 2024 and December 31, 2023, there were no outstanding Series A Units.
Series B Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units (defined below) and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.
The Series B Units were issued in 2013 and 2014. The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $33,567 which represents 1,342,727 Series B Units outstanding at December 31, 2024. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.
Series C Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units ranked
junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of
the Operating Partnership with respect to distributions and liquidation. As of December 31, 2024 and December 31, 2023, there were no outstanding Series C Units.
Series D Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.
The Series D Units have a liquidation value of $25.00 per unit, for a fixed liquidation value of $42,525, which represents 1,700,989 Series D Units outstanding at December 31, 2024. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.
During the year ended December 31, 2024, 1,242,168 Series D Units were redeemed for 213,661 shares of common stock.
On October 1, 2024, 3,507,844 Series D Units were liquidated and returned to the Company. In exchange, the former holders of the Series D Units were issued notes totaling $87,696, which represented the total liquidation value of the Units, due on January 1, 2050. Interest will be paid to the former Unit holders quarterly, commencing December 31, 2024, at the existing rate of 3.35%. The full liquidation value was reclassified from noncontrolling interest represented by preferred operating partnership units to other liabilities on the Company's consolidated balance sheets.
On December 27, 2024, 1,100,734 Series D Units were converted to 183,398 Common OP Units. As a result $27,518 was moved from noncontrolling interest represented by preferred operating partnership units to noncontrolling interests in operating partnership, net and other noncontrolling interests on the Company's consolidated balance sheets.
In January 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. In November 2023, 15,093 Series D units were redeemed for cash of $377.
The Series D Units have been issued at various times from 2014 to 2022. On June 1, 2022, the Operating Partnership
issued a total of 240,000 Series D Units valued at $6,000 in connection with the acquisition of Bargold.
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS
Noncontrolling Interest in Operating Partnership
The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 95.6% ownership interest in the Operating Partnership as of December 31, 2024. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.4% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2023, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a note receivable of $1,900 because a borrower under the note receivable was also a holder of OP Units. This note receivable originated in December 2014, bore interest at 5.0% per annum and matured on December 15, 2024. As of December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a new note receivable of $50,000 because a borrower under the note receivable is also a holder of OP Units. This note receivable originated in December 2024, bears interest at 10% per annum and matures on December 30, 2025.
The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership Agreement. As of December 31, 2024, the ten-day average closing price of the Company's common stock was $148.35 and there were 9,353,941 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2024 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,387,657 in cash consideration to redeem the units.
OP Unit activity is summarized as follows for the periods presented:
For the Year Ended December 31,
202420232022
OP Units redeemed for common stock323,191 2,803 — 
OP Units redeemed for cash15,481 1,000 24,824 
Cash paid for OP Units redeemed$2,341 $108 $4,617 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion807,019 1,674,748 711,037 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$127,932 $249,470 $141,000 
GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the Company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.
The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the
consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.
Other Noncontrolling Interests
Other noncontrolling interests represent the ownership interest of partners in ten consolidated joint ventures as of December 31, 2024. There are a total of 14 stores in consolidated joint ventures, nine of which are operating and the other five of which are under development. The voting interests of the partners are 17.0% or less.
Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at December 31, 2024 was a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has the power to direct the activities of the joint venture and is the primary beneficiary of the joint venture.
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Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS
Classification of Noncontrolling Interests
GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.
The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

At December 31, 2024 and December 31, 2023, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the OP Units. The balances for each of the specific Preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated are as follows:
December 31, 2024December 31, 2023
Series B Units$33,567 $33,567 
Series D Units42,525 188,793 
$76,092 $222,360 
Series A Participating Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. As of December 31, 2024 and December 31, 2023, there were no outstanding Series A Units.
Series B Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units (defined below) and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.
The Series B Units were issued in 2013 and 2014. The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $33,567 which represents 1,342,727 Series B Units outstanding at December 31, 2024. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.
Series C Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units ranked
junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of
the Operating Partnership with respect to distributions and liquidation. As of December 31, 2024 and December 31, 2023, there were no outstanding Series C Units.
Series D Redeemable Preferred Units
The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.
The Series D Units have a liquidation value of $25.00 per unit, for a fixed liquidation value of $42,525, which represents 1,700,989 Series D Units outstanding at December 31, 2024. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.
During the year ended December 31, 2024, 1,242,168 Series D Units were redeemed for 213,661 shares of common stock.
On October 1, 2024, 3,507,844 Series D Units were liquidated and returned to the Company. In exchange, the former holders of the Series D Units were issued notes totaling $87,696, which represented the total liquidation value of the Units, due on January 1, 2050. Interest will be paid to the former Unit holders quarterly, commencing December 31, 2024, at the existing rate of 3.35%. The full liquidation value was reclassified from noncontrolling interest represented by preferred operating partnership units to other liabilities on the Company's consolidated balance sheets.
On December 27, 2024, 1,100,734 Series D Units were converted to 183,398 Common OP Units. As a result $27,518 was moved from noncontrolling interest represented by preferred operating partnership units to noncontrolling interests in operating partnership, net and other noncontrolling interests on the Company's consolidated balance sheets.
In January 2023, 890,594 Series D units were redeemed for 154,307 shares of common stock. In November 2023, 15,093 Series D units were redeemed for cash of $377.
The Series D Units have been issued at various times from 2014 to 2022. On June 1, 2022, the Operating Partnership
issued a total of 240,000 Series D Units valued at $6,000 in connection with the acquisition of Bargold.
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS
Noncontrolling Interest in Operating Partnership
The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 95.6% ownership interest in the Operating Partnership as of December 31, 2024. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.4% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2023, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a note receivable of $1,900 because a borrower under the note receivable was also a holder of OP Units. This note receivable originated in December 2014, bore interest at 5.0% per annum and matured on December 15, 2024. As of December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a new note receivable of $50,000 because a borrower under the note receivable is also a holder of OP Units. This note receivable originated in December 2024, bears interest at 10% per annum and matures on December 30, 2025.
The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership Agreement. As of December 31, 2024, the ten-day average closing price of the Company's common stock was $148.35 and there were 9,353,941 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on December 31, 2024 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,387,657 in cash consideration to redeem the units.
OP Unit activity is summarized as follows for the periods presented:
For the Year Ended December 31,
202420232022
OP Units redeemed for common stock323,191 2,803 — 
OP Units redeemed for cash15,481 1,000 24,824 
Cash paid for OP Units redeemed$2,341 $108 $4,617 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion807,019 1,674,748 711,037 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$127,932 $249,470 $141,000 
GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the Company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.
The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the
consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.
Other Noncontrolling Interests
Other noncontrolling interests represent the ownership interest of partners in ten consolidated joint ventures as of December 31, 2024. There are a total of 14 stores in consolidated joint ventures, nine of which are operating and the other five of which are under development. The voting interests of the partners are 17.0% or less.
Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at December 31, 2024 was a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has the power to direct the activities of the joint venture and is the primary beneficiary of the joint venture.
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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
Lessee Accounting
The Company accounts for leases under ASC 842, “Leases.” Right-of-use assets associated with operating leases are included in real estate assets - operating lease right-of-use assets and operating lease liabilities are included in operating lease liabilities on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net and finance lease liabilities are included in other liabilities on the Company's consolidated balance sheets.
During the year ended December 31, 2024, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.
The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:
•Leases of real estate at 77 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years.
•Leases of its corporate offices and call center. These leases have original lease terms between five and 14 years, with no extension options. In 2021 the Company modified and extended the lease of its corporate offices to add additional space and extend the lease until 2034.
•Leases of 21 regional offices. These leases have original lease terms between two and five years. The Company has the option on certain of these leases to extend the lease term for up to three additional years.
•Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases.
The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise.
Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change.
One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred.
As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease
commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases.
The following is information on our total lease costs as of the period indicated:
For the Year Ended December 31,
20242023
Finance lease cost:
     Amortization of finance lease right-of-use assets$4,018$3,961
     Interest expense related to finance lease liabilities4,7224,483
Operating lease cost42,56035,783
Variable lease cost16,00511,632
Short-term lease cost2424
          Total lease cost$67,329$55,883
Cash paid for amounts included in the measurement of lease liabilities
    Operating cash outflows for finance lease payments$4,440$4,483
    Operating cash outflows for operating lease payments29,70529,234
Total cash flows for lease liability measurement$34,145$33,717
Right-of-use assets obtained in exchange for new operating lease liabilities$486,266 $265 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— 
Weighted average remaining lease term - finance leases (years)55.0054.00
Weighted average remaining lease term - operating leases (years)24.0018.68
Weighted average discount rate - finance leases3.32 %3.31 %
Weighted average discount rate - operating leases5.73 %3.91 %
The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:
Operating FinanceTotal
2025$47,392 $6,571 $53,963 
202648,322 6,715 55,037 
202748,724 6,842 55,566 
202849,186 6,955 56,141 
202949,863 7,094 56,957 
Thereafter1,129,756 346,684 1,476,440 
Total$1,373,243 $380,861 $1,754,104 
Present value adjustments (Less: future interest expense)(667,398)(239,078)(906,476)
Lease liabilities$705,845 $141,783 $847,628 
Lessor Accounting
The Company's property rental revenue is primarily related to rents received from tenants at its operating stores. The Company's leases with its self-storage tenants are generally on month-to-month terms, include automatic monthly renewals, allow flexibility to increase rental rates over time as market conditions permit, and provide for the collection of contingent fees such as late fees. These leases do not include any terms or conditions that allow the tenants to purchase the leased space. All self-storage leases for which the Company acts as lessor have been classified as operating leases. The real estate assets related to the Company's stores are included in real estate assets, net on the Company's consolidated balance sheets and are presented at historical cost less accumulated depreciation and impairment, if any. Rental income related to these operating leases is included in property rental revenue on the Company's consolidated statements of operations, and is recognized each month as part of the month-to-month terms at the rental rate in place during each month.
Leases LEASES
Lessee Accounting
The Company accounts for leases under ASC 842, “Leases.” Right-of-use assets associated with operating leases are included in real estate assets - operating lease right-of-use assets and operating lease liabilities are included in operating lease liabilities on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net and finance lease liabilities are included in other liabilities on the Company's consolidated balance sheets.
During the year ended December 31, 2024, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.
The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:
•Leases of real estate at 77 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years.
•Leases of its corporate offices and call center. These leases have original lease terms between five and 14 years, with no extension options. In 2021 the Company modified and extended the lease of its corporate offices to add additional space and extend the lease until 2034.
•Leases of 21 regional offices. These leases have original lease terms between two and five years. The Company has the option on certain of these leases to extend the lease term for up to three additional years.
•Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases.
The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise.
Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change.
One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred.
As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease
commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases.
The following is information on our total lease costs as of the period indicated:
For the Year Ended December 31,
20242023
Finance lease cost:
     Amortization of finance lease right-of-use assets$4,018$3,961
     Interest expense related to finance lease liabilities4,7224,483
Operating lease cost42,56035,783
Variable lease cost16,00511,632
Short-term lease cost2424
          Total lease cost$67,329$55,883
Cash paid for amounts included in the measurement of lease liabilities
    Operating cash outflows for finance lease payments$4,440$4,483
    Operating cash outflows for operating lease payments29,70529,234
Total cash flows for lease liability measurement$34,145$33,717
Right-of-use assets obtained in exchange for new operating lease liabilities$486,266 $265 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— 
Weighted average remaining lease term - finance leases (years)55.0054.00
Weighted average remaining lease term - operating leases (years)24.0018.68
Weighted average discount rate - finance leases3.32 %3.31 %
Weighted average discount rate - operating leases5.73 %3.91 %
The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:
Operating FinanceTotal
2025$47,392 $6,571 $53,963 
202648,322 6,715 55,037 
202748,724 6,842 55,566 
202849,186 6,955 56,141 
202949,863 7,094 56,957 
Thereafter1,129,756 346,684 1,476,440 
Total$1,373,243 $380,861 $1,754,104 
Present value adjustments (Less: future interest expense)(667,398)(239,078)(906,476)
Lease liabilities$705,845 $141,783 $847,628 
Lessor Accounting
The Company's property rental revenue is primarily related to rents received from tenants at its operating stores. The Company's leases with its self-storage tenants are generally on month-to-month terms, include automatic monthly renewals, allow flexibility to increase rental rates over time as market conditions permit, and provide for the collection of contingent fees such as late fees. These leases do not include any terms or conditions that allow the tenants to purchase the leased space. All self-storage leases for which the Company acts as lessor have been classified as operating leases. The real estate assets related to the Company's stores are included in real estate assets, net on the Company's consolidated balance sheets and are presented at historical cost less accumulated depreciation and impairment, if any. Rental income related to these operating leases is included in property rental revenue on the Company's consolidated statements of operations, and is recognized each month as part of the month-to-month terms at the rental rate in place during each month.
Leases LEASES
Lessee Accounting
The Company accounts for leases under ASC 842, “Leases.” Right-of-use assets associated with operating leases are included in real estate assets - operating lease right-of-use assets and operating lease liabilities are included in operating lease liabilities on the Company's consolidated balance sheets. Right-of-use assets associated with finance leases are included in real estate assets, net and finance lease liabilities are included in other liabilities on the Company's consolidated balance sheets.
During the year ended December 31, 2024, the Company recorded no new finance lease right-of-use assets and finance lease liabilities.
The Company is lessee under several types of lease agreements. Generally, these leases fall into the following categories:
•Leases of real estate at 77 stores classified as wholly-owned or in consolidated joint ventures. These leases generally have original lease terms between 10-99 years. Under these leases, the Company typically has the option to extend the lease term for additional terms of 5-35 years.
•Leases of its corporate offices and call center. These leases have original lease terms between five and 14 years, with no extension options. In 2021 the Company modified and extended the lease of its corporate offices to add additional space and extend the lease until 2034.
•Leases of 21 regional offices. These leases have original lease terms between two and five years. The Company has the option on certain of these leases to extend the lease term for up to three additional years.
•Leases of small district offices. These leases generally have terms of 12 months or less. The Company has made an election to account for these under the short-term lease exception outlined under ASC 842. Therefore, no lease assets or liabilities are recorded related to these leases.
The Company has included lease extension options in the lease term for calculations of its right-of-use assets and liabilities related to the real estate asset leases at its stores when it is reasonably certain that the Company plans to extend the lease terms as the options arise.
Several of the leases of real estate at the Company’s stores include escalation clauses based on an index or rate, such as the Consumer Price Index (CPI). The Company included these lease payments in its calculations of right-of-use assets and liabilities based on the prevailing index or rate as of the adoption date. The Company will recognize changes to these variable lease payments in earnings in the period of change.
One of the real estate leases includes variable lease payments that are based upon a percentage of gross revenues. Certain other leases include additional variable payments relating to a percentage of sales in excess of a specified amount, common area maintenance, property taxes, and similar items. These payments are variable lease payments that do not depend on an index or rate and are excluded from the measurement of the lease liabilities and right-of-use-assets for these leases. The Company will recognize costs from these variable lease payments in the period in which the obligation for those payments is incurred.
As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available surrounding the Company’s unsecured borrowing rates and implied secured spread at the lease
commencement date in determining the present value of lease payments. These discount rates vary depending on the term of the specific leases.
The following is information on our total lease costs as of the period indicated:
For the Year Ended December 31,
20242023
Finance lease cost:
     Amortization of finance lease right-of-use assets$4,018$3,961
     Interest expense related to finance lease liabilities4,7224,483
Operating lease cost42,56035,783
Variable lease cost16,00511,632
Short-term lease cost2424
          Total lease cost$67,329$55,883
Cash paid for amounts included in the measurement of lease liabilities
    Operating cash outflows for finance lease payments$4,440$4,483
    Operating cash outflows for operating lease payments29,70529,234
Total cash flows for lease liability measurement$34,145$33,717
Right-of-use assets obtained in exchange for new operating lease liabilities$486,266 $265 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— 
Weighted average remaining lease term - finance leases (years)55.0054.00
Weighted average remaining lease term - operating leases (years)24.0018.68
Weighted average discount rate - finance leases3.32 %3.31 %
Weighted average discount rate - operating leases5.73 %3.91 %
The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:
Operating FinanceTotal
2025$47,392 $6,571 $53,963 
202648,322 6,715 55,037 
202748,724 6,842 55,566 
202849,186 6,955 56,141 
202949,863 7,094 56,957 
Thereafter1,129,756 346,684 1,476,440 
Total$1,373,243 $380,861 $1,754,104 
Present value adjustments (Less: future interest expense)(667,398)(239,078)(906,476)
Lease liabilities$705,845 $141,783 $847,628 
Lessor Accounting
The Company's property rental revenue is primarily related to rents received from tenants at its operating stores. The Company's leases with its self-storage tenants are generally on month-to-month terms, include automatic monthly renewals, allow flexibility to increase rental rates over time as market conditions permit, and provide for the collection of contingent fees such as late fees. These leases do not include any terms or conditions that allow the tenants to purchase the leased space. All self-storage leases for which the Company acts as lessor have been classified as operating leases. The real estate assets related to the Company's stores are included in real estate assets, net on the Company's consolidated balance sheets and are presented at historical cost less accumulated depreciation and impairment, if any. Rental income related to these operating leases is included in property rental revenue on the Company's consolidated statements of operations, and is recognized each month as part of the month-to-month terms at the rental rate in place during each month.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
As of December 31, 2024, 156,341 shares were available for issuance under the Company’s 2015 Incentive Award Plan (the “Plan”).
Options are exercisable once vested. Options are exercisable at such times and subject to such terms as determined by the Compensation Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company’s charter. Options expire 10 years from the date of grant. All of the Company's remaining outstanding options were exercised during the year ended December 31, 2024.
As defined under the terms of the Plan, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plan; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the Compensation Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a one-year period or a four-year period beginning on the date of grant.
Option Grants
A summary of stock option activity is as follows:
OptionsNumber of SharesWeighted Average Exercise Price
Outstanding at December 31, 20219,272 $82.47 
Exercised— — 
Outstanding at December 31, 20229,272 $82.47 
Exercised— — 
Outstanding at December 31, 20239,272 $82.47 
Exercised(9,272)82.47 
Outstanding at December 31, 2024— $— 

The total intrinsic value of options exercised for the years ended December 31, 2024, 2023 and 2022 was $798, $0 and $0, respectively.
There have been no options granted since 2016. The Company recorded no compensation expense relating to outstanding options in general and administrative expense for the years ended December 31, 2024, 2023 and 2022. Net proceeds received for the years ended December 31, 2024, 2023 and 2022, related to option exercises was $765, $0 and $0, respectively. At December 31, 2024, there was no unrecognized compensation expense related to non-vested stock options under the Plan.
Common Stock Granted to Employees and Directors
The Company recorded $16,808, $14,205 and $12,086 of expense in general and administrative expense in its statement of operations related to restricted stock awards granted to employees and directors for the years ended December 31, 2024, 2023 and 2022, respectively. The forfeiture rate, which is estimated at a weighted-average of 6.4% of unvested awards outstanding as of December 31, 2024, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2024 there was $23,044 of total unrecognized compensation expense related to non-vested restricted stock awards under the Plan. That cost is expected to be recognized over a weighted-average period of 2.15 years. The fair value of common stock awards is determined based on the closing trading price of the Company’s common stock on the grant date.
A summary of the Company’s employee and director stock grant activity is as follows:
Restricted Stock GrantsSharesWeighted-Average Grant-Date Fair Value
Unreleased at December 31, 2021199,778 $115.16 
Granted105,677 201.12 
Released(86,781)112.31 
Canceled(10,614)147.03 
Unreleased at December 31, 2022208,060 $158.38 
Granted98,263 158.04 
Released(90,662)147.21 
Canceled(10,084)165.36 
Unreleased at December 31, 2023205,577 $162.81 
Granted142,324 147.87 
Released(93,453)153.78 
Canceled(6,365)155.37 
Unreleased at December 31, 2024248,083 $157.84 

Performance-based Stock Units
The performance-based stock units (the “PSUs”) granted to executives represent the right to earn shares of the Company's common stock. These awards have two financial performance components: (1) the Company's core FFO performance (“FFO Target”), and (2) the Company's total stockholder return relative to the performance of a defined group of peers (“TSR Target”). Each of these performance components are weighted 50% and are measured over the performance period, which is defined as the three-year period ending December 31 from the year of grant. At the end of the performance period, the financial performance components are reviewed to determine the number of shares actually granted to executives, which can be as low as zero shares and up to a maximum of two shares issued for each PSU. A summary of the PSU activity is as follows:
Performance-Based Stock UnitsUnitsWeighted-Average Grant-Date Fair Value
Unvested at December 31, 2021135,408 $111.69 
Granted61,085 223.96 
Released(49,334)$194.21 
Unvested at December 31, 2022147,159 $130.63 
Granted86,795 207.28 
Released(45,242)$162.18 
Unvested at December 31, 2023188,712 $158.32 
Granted 115,283 161.82 
Released(40,832)$143.36 
Unvested at December 31, 2024263,163 $162.17 
The Company recorded $12,183, $12,433 and $9,299 of expense in general and administrative expense in its statement of operations related to PSUs granted to employees for the years ended December 31, 2024, 2023 and 2022, respectively. The Company estimated the fair value of the PSUs as of the grant date, using the closing trading price of the Company's common stock on the grant date to value the FFO Target portion. A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions:
For the Year Ended December 31,
202420232022
Intrinsic value$39,369$30,256$21,659
Risk-free rate5.5%4.6%1.8%
Volatility29.9%29.3%29.3%
Expected term (in years)2.82.82.9
Dividend yield—%—%—%
Unrecognized compensation cost$19,642$18,798$13,241
Term over which compensation cost recognized (in years)333
Under the terms of the PSUs, dividends for the entire measurement period are paid in cash when the shares are released, therefore, a dividend yield of zero was used. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the probabilities associated with achieving the FFO Targets (categorized within Level 3 of the fair value hierarchy). Therefore, the amount of unrecognized compensation expense at December 31, 2024 noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.
v3.25.0.1
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plan EMPLOYEE BENEFIT PLAN
The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 60% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2024, 2023 and 2022, the Company made matching contributions to the plan of $8,145, $6,576, and $5,169 respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee’s compensation.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
As a REIT, the Company is generally not subject to U.S. federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat certain of its corporate subsidiaries, including Extra Space Management, Inc., as a TRS. In general, a TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may be subject to state and local income taxes. The Company accounts for income taxes in accordance with the provisions of ASC 740, “Income Taxes.” Deferred tax assets and liabilities are determined based on differences between
financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized.
On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). The provisions include the new Corporate Alternative Minimum Tax (“CAMT”) and an excise tax on stock buybacks, each effective beginning in tax year 2023, as well as significant tax incentives for energy and climate initiatives. The Company has evaluated the impact of these provisions and does not expect the enactment of these provisions to have a material impact on the Company's consolidated financial statements.
The income tax provision for the years ended December 31, 2024, 2023 and 2022, is comprised of the following components:
 For the Year Ended December 31, 2024
 Federal StateTotal
Current expense$37,320 $6,951 $44,271 
Tax credits/true-up(9,413)— (9,413)
Change in deferred expense/(benefit)(3,236)1,856 (1,380)
Total tax expense$24,671 $8,807 $33,478 
 
 For the Year Ended December 31, 2023
 Federal StateTotal
Current expense$26,516 $6,035 $32,551 
Tax credits/true-up(7,742)— (7,742)
Change in deferred expense(4,151)901 (3,250)
Total tax expense$14,623 $6,936 $21,559 
 
 For the Year Ended December 31, 2022
 Federal StateTotal
Current expense$20,592 $4,546 $25,138 
Tax credits/true-up(6,071)31 (6,040)
Change in deferred benefit1,909 (82)1,827 
Total tax expense$16,430 $4,495 $20,925 
A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:
 For the Year Ended December 31,
 202420232022
Expected tax at statutory rate$196,102 21.0 %$183,111 21.0 %$197,887 21.0 %
Non-taxable REIT income(161,989)(17.3)%(161,316)(18.5)%(172,966)(18.4)%
State and local tax expense - net of federal benefit8,851 0.9 %8,779 1.0 %4,160 0.4 %
Change in valuation allowance— — %(1,148)(0.1)%(1,093)(0.1)%
Tax credits/true-up (9,413)(1.0)%(7,742)(0.9)%(6,040)(0.6)%
Miscellaneous(73)— %(125)— %(1,023)(0.1)%
Total provision$33,478 3.6 %$21,559 2.5 %$20,925 2.2 %
The major sources of temporary differences stated at their deferred tax effects are as follows:
December 31, 2024December 31, 2023
Deferred tax liabilities:
Fixed assets$(34,846)$(36,572)
Operating and Finance lease right-of-use assets(6,495)(6,831)
Other(13,903)(10,797)
State deferred taxes(7,304)(4,564)
Total deferred tax liabilities(62,548)(58,764)
Deferred tax assets:
Captive insurance subsidiary2,119 509 
Accrued liabilities3,196 3,015 
Stock compensation4,787 3,961 
Operating and Finance lease liabilities9,249 9,013 
Other1,539 502 
State deferred taxes643 2,581 
Total deferred tax assets21,533 19,581 
Net deferred income tax liabilities$(41,015)$(39,183)
The state income tax net operating losses expire between 2025 and 2044. The valuation allowance associated with the state income tax net operating losses was released in 2023. The tax years 2020 through 2023 remain open related to the state returns, and 2021 through 2023 for the federal returns.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company’s segment disclosures present the measure used by the chief operating decision makers (“CODMs”) for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for the Company's self-storage operations represents total property revenue less direct property operating expenses. NOI for the Company's tenant reinsurance segment represents tenant reinsurance revenue less tenant reinsurance expenses.
The Company's consolidated revenues equal total segment revenues plus management fees and other income. The self-storage operations activities include rental operations of wholly-owned stores and self-storage units acquired in the Bargold transaction on June 1, 2022. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is management fees and other income.
The Chief Executive Officer (“CEO”) is the primary CODM for self-storage operations, and the Chief Financial Officer (“CFO”) is the primary CODM for tenant reinsurance. The CODM for each reportable operating segment regularly reviews NOI to assess the performance of each segment and make decisions about resources to be allocated to each segment. As part of this process, the CODM approves each operating segment’s budget, determines allocation of funds for capital expenditures, and reviews monthly discrete financial information. Based on each segment’s budgeted operating revenues and expenses, resources are allocated to each segment, and these budgeted amounts comprising NOI are compared against actual segment performance.

For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below:
Year Ended December 31,
202420232022
Revenues
Self-Storage Operations$2,803,252 $2,222,578 $1,654,735 
Tenant Reinsurance332,795 235,680 185,531 
Total segment revenues$3,136,047 $2,458,258 $1,840,266 
Operating expenses
Self-Storage Operations:
Payroll and benefits$170,529 $127,300 $94,005 
Marketing64,146 44,117 26,349 
Office expense123,604 97,621 74,400 
Property operating expense74,498 57,376 38,982 
Repairs and maintenance55,097 38,750 27,834 
Property taxes292,413 212,360 153,558 
Insurance32,892 25,466 14,636 
Other segment items (1)
18,387 9,046 5,578 
Total self-storage operations expenses831,566 612,036 435,342 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)
$73,886 $58,874 $33,560 
Total segment operating expenses$905,452 $670,910 $468,902 
Net operating income
Self-Storage Operations$1,971,686 $1,610,542 $1,219,393 
Tenant Reinsurance258,909 176,806 151,971 
Total segment net operating income:$2,230,595 $1,787,348 $1,371,364 
Other components of net income:
Management fees and other income120,855 101,986 83,904 
Transaction costs— — (1,548)
Life Storage Merger transition costs— (66,732)— 
General and administrative expense(167,398)(146,408)(129,251)
Depreciation and amortization expense(783,023)(506,053)(288,316)
Gain (loss) on real estate assets held for sale and sold, net(25,906)— 14,249 
Impairment of Life Storage trade name(51,763)— — 
Interest expense (551,354)(419,035)(219,171)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes(43,720)(18,786)— 
Interest income 124,422 84,857 69,422 
Equity in earnings and dividend income from unconsolidated real estate entities67,272 54,835 41,428 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets13,730 — — 
Income tax expense(33,478)(21,559)(20,925)
Net income $900,232 $850,453 $921,156 
(1) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(2) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment includes claims expense, acquisition costs, claims service fees and miscellaneous administrative items.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
As of December 31, 2024, the Company was under agreement to acquire eight stores at a total purchase price of $81,533. Acquisitions of all eight stores are scheduled to close in 2025.
As of December 31, 2024, the Company was under contract to sell 13 stores at a total sales price of $144,550. The sales of all 13 stores are scheduled to close in 2025.
As of December 31, 2024, the Company was under agreement to originate $245,995 in bridge loans in 2025.
As of December 31, 2024, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could incur judgments or enter into settlements of claims in the future that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. In the opinion of management, such litigation, claims and complaints are not expected to have a material adverse effect on the Company’s financial condition or results of operations.
Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its properties could result in future material environmental liabilities.
v3.25.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
 Building and Improvements Initial Cost Adjustments and Costs to Land and Building Subsequent to Acquisition Gross carrying amount at December 31, 2024
Self - Storage Facilities by State:Store Count Land Initial Cost Building and ImprovementsAccumulated Depreciation
 Debt Land Total
AL38$5,686 $53,193 $384,033 $18,063 $53,191 $402,098 $455,289 $28,626 
AZ4922,102 147,273 567,989 18,431 147,272 586,421 733,693 59,998 
CA219202,634 914,399 2,286,177 287,455 914,618 2,573,413 3,488,031 501,397 
CO2725,798 49,985 192,497 22,640 50,703 214,419 265,122 39,143 
CT236,179 43,453 373,628 8,264 43,452 381,892 425,344 28,491 
FL256151,928 692,608 3,009,106 131,435 690,728 3,142,421 3,833,149 323,023 
GA12078,738 304,982 1,195,949 55,865 304,970 1,251,826 1,556,796 157,456 
HI14— 29,836 160,978 25,305 29,836 186,282 216,118 48,926 
ID2— 4,047 25,235 71 4,047 25,306 29,353 1,468 
IL10415,888 203,952 1,082,223 54,630 203,331 1,137,474 1,340,805 112,677 
IN92— 64,877 508,534 17,683 64,528 526,566 591,094 47,931 
KS1— 366 1,897 1,200 366 3,097 3,463 1,668 
KY1530,070 10,026 88,389 22,085 10,799 109,701 120,500 24,599 
LA10— 16,673 126,604 6,660 16,674 133,263 149,937 12,356 
MA6538,786 120,291 546,958 69,802 120,472 616,579 737,051 140,277 
MD4471,078 157,195 450,952 46,923 156,605 498,465 655,070 124,999 
ME5— 2,352 86,339 792 2,352 87,131 89,483 3,195 
MI114,199 13,162 89,881 7,467 13,162 97,348 110,510 15,525 
MN7— 9,696 74,960 7,143 9,696 82,103 91,799 12,120 
MO29— 33,809 357,853 15,112 33,768 373,006 406,774 24,006 
MS7— 9,053 82,098 2,646 9,052 84,745 93,797 7,868 
NC54— 93,492 557,728 17,743 93,489 575,473 668,962 47,845 
NH17— 50,952 195,719 3,393 51,015 199,049 250,064 10,291 
NJ9078,795 310,950 1,081,676 84,560 317,420 1,159,766 1,477,186 242,193 
NM1224,572 32,248 72,559 8,450 32,247 81,010 113,257 19,464 
NV3315,783 98,798 477,649 14,252 98,973 491,726 590,699 35,384 
NY803,235 341,104 1,200,614 83,904 342,924 1,282,698 1,625,622 140,005 
OH509,920 71,460 388,236 27,786 71,459 416,023 487,482 36,109 
OK4— 3,917 28,534 458 3,917 28,992 32,909 1,191 
OR823,319 15,066 68,044 3,159 15,066 71,203 86,269 16,087 
PA3110,386 57,671 356,325 39,082 56,997 396,080 453,077 57,399 
RI63,585 6,132 55,033 2,124 6,131 57,158 63,289 6,045 
SC4627,568 65,032 385,333 16,162 65,036 401,491 466,527 52,193 
TN3130,338 55,637 259,210 17,107 55,637 276,317 331,954 44,087 
TX27461,631 587,514 2,788,363 117,215 587,843 2,905,249 3,493,092 285,874 
UT1015,895 9,008 39,295 10,751 9,008 50,046 59,054 16,988 
VA7343,618 198,998 842,848 46,577 198,998 889,425 1,088,423 152,288 
WA164,729 68,560 188,949 15,257 68,562 204,204 272,766 24,049 
WI2— 2,192 31,270 463 2,192 31,733 33,925 706 
DC17,201 14,394 18,172 739 14,394 18,911 33,305 4,429 
Other corporate assets— — 11,037 270,344 — 281,381 281,381 96,203 
Intangible tenant relationships and lease rights— — 354,183 — — 354,183 354,183 317,639 
Construction in Progress/Undeveloped Land— 25,002 4,383 100,446 23,712 106,188 129,900 1,191 
Right of use asset - finance lease— — — 140,259 — 140,259 140,259 15,727 
Totals (1)
1,976$1,013,661 $4,989,355 $21,097,440 $1,839,903 $4,994,642 $22,932,121 $27,926,763 $3,339,136 

(1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above.
Activity in real estate facilities during the years ended December 31, 2024, 2023 and 2022 is as follows:
202420232022
Operating facilities
Balance at beginning of year$27,061,533 $12,084,025 $10,643,722 
Acquisitions590,044 14,715,285 1,390,463 
Improvements200,333 175,932 95,282 
Transfers from construction in progress148,702 87,485 70,565 
Dispositions and other(175,142)(1,194)(116,007)
Balance at end of year$27,825,470 $27,061,533 $12,084,025 
Accumulated depreciation:
Balance at beginning of year$2,624,405 $2,138,395 $1,868,321 
Depreciation expense714,731 486,010 276,155 
Dispositions and other— — (6,081)
Balance at end of year$3,339,136 $2,624,405 $2,138,395 
Real estate under development/redevelopment:
Balance at beginning of year$118,745 $52,348 $59,248 
Current development131,249 153,920 63,597 
Transfers to operating facilities(148,701)(87,523)(70,565)
Dispositions and other— — 68 
Balance at end of year$101,293 $118,745 $52,348 
Net non-lease real estate assets (1)
$24,587,627 $24,555,873 $9,997,978 
(1) No right-of-use assets related to operating leases are included in the ending net real estate assets information above.
As of December 31, 2024, the aggregate cost of real estate for U.S. federal income tax purposes was $19,115,556.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income attributable to common stockholders $ 854,681 $ 803,198 $ 860,688
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information, which includes a cybersecurity Incident Response Plan (“IRP”). Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Identification and Management
We design and assess our program based on the Center for Internet Security Critical Security Controls Version 8 (CIS V8). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the CIS V8 controls as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program includes the following:
•third party risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
•end-user testing to assess the effectiveness of our security measures;
•cybersecurity awareness training of our employees, incident response personnel, and senior management, including mandatory computer-based training, phishing awareness campaigns, and internal communications;
•a cybersecurity IRP that includes procedures designed for identifying, analyzing, containing, remedying and otherwise responding to cybersecurity incidents;
•testing of our incident response readiness through Disaster Recovery and Business Continuity Plan exercises; and
•a third-party risk management process for service providers, suppliers, and vendors who have access to our critical systems and information.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For more information, see the section titled “Risk Factors–Risks Related to Our Stores and Operations–We and our vendors rely on information technology, and any material failure, inadequacy, interruption or security incident affecting that technology could harm our business, results of operations and financial condition.”
Our management team, including our Senior Vice President of Information Systems and Vice President of Information Security and Compliance, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team overseeing cybersecurity has over 25+ years of technology and cybersecurity experience, and certain of our team hold various cybersecurity certifications, including the Certified Information Systems Security Professional (CISSP) certification.
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
We are able to identify cybersecurity breaches through various channels, including but not limited to automated event detection alerts, reports from employees, notifications from external entities such as third-party IT service providers, and proactive threat investigations in collaboration with our external partners. Upon spotting a potential cybersecurity breach, including those involving third-party cyber events, our designated incident response team outlined in the IRP adheres to the policy's protocols to investigate the suspected incident. This investigation entails determining the nature of the event (e.g., ransomware attack or breach of personal data), evaluating the severity of the incident, and gauging the sensitivity of any compromised data.
In the event of a cybersecurity breach, our primary objective is to swiftly contain it by the procedures detailed in our IRP. Once containment is achieved, our focus shifts to remediation and recovery efforts. These actions are tailored to the specifics of the breach and may involve tasks such as rebuilding systems or hosts, replacing compromised files with clean versions, verifying the integrity of affected files or data, enhancing network surveillance or logging to detect future attacks, adjusting administrative account privileges, fortifying network security like firewall configurations, and providing additional training to employees. Additionally, we carry cybersecurity insurance to cover certain expenses associated with security lapses and specified cyber incidents that disrupt our network or those of our vendors, subject to predefined limits and exclusions.
Our IRP includes clear communication guidelines, outlining procedures for engaging executive management, internal and external legal counsel, the Audit Committee, and the Board. These protocols also encompass a framework for evaluating our regulatory reporting obligations to entities such as the SEC in the aftermath of a cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information, which includes a cybersecurity Incident Response Plan (“IRP”). Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and oversees management’s implementation of our cybersecurity risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Board receives briefings from management on our cyber risk management program on a quarterly basis. Board members receive presentations on cybersecurity topics from our Senior Vice President of Information Systems as well as our Vice President of Information Security and Compliance, internal security staff or external experts as part of the Board’s
continuing education on topics that impact public companies. The Audit Committee oversees required disclosures in the event of a cybersecurity breach.
As part of our board refreshment efforts in recent years, we have added directors with information technology governance skills. Currently, five members of our Board have cybersecurity experience from their principal occupation, other professional experience or third-party director education courses on cybersecurity, including cyber risk governance, and data privacy and security issues and trends.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board considers cybersecurity risk as part of its risk oversight function and oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board receives briefings from management on our cyber risk management program on a quarterly basis. Board members receive presentations on cybersecurity topics from our Senior Vice President of Information Systems as well as our Vice President of Information Security and Compliance, internal security staff or external experts as part of the Board’s
continuing education on topics that impact public companies. The Audit Committee oversees required disclosures in the event of a cybersecurity breach.
Cybersecurity Risk Role of Management [Text Block] oversees management’s implementation of our cybersecurity risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Board receives briefings from management on our cyber risk management program on a quarterly basis. Board members receive presentations on cybersecurity topics from our Senior Vice President of Information Systems as well as our Vice President of Information Security and Compliance, internal security staff or external experts as part of the Board’s
continuing education on topics that impact public companies. The Audit Committee oversees required disclosures in the event of a cybersecurity breach.
As part of our board refreshment efforts in recent years, we have added directors with information technology governance skills. Currently, five members of our Board have cybersecurity experience from their principal occupation, other professional experience or third-party director education courses on cybersecurity, including cyber risk governance, and data privacy and security issues and trends.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and oversees management’s implementation of our cybersecurity risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Board receives briefings from management on our cyber risk management program on a quarterly basis. Board members receive presentations on cybersecurity topics from our Senior Vice President of Information Systems as well as our Vice President of Information Security and Compliance, internal security staff or external experts as part of the Board’s
continuing education on topics that impact public companies. The Audit Committee oversees required disclosures in the event of a cybersecurity breach.
As part of our board refreshment efforts in recent years, we have added directors with information technology governance skills. Currently, five members of our Board have cybersecurity experience from their principal occupation, other professional experience or third-party director education courses on cybersecurity, including cyber risk governance, and data privacy and security issues and trends.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
As part of our board refreshment efforts in recent years, we have added directors with information technology governance skills. Currently, five members of our Board have cybersecurity experience from their principal occupation, other professional experience or third-party director education courses on cybersecurity, including cyber risk governance, and data privacy and security issues and trends.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board receives briefings from management on our cyber risk management program on a quarterly basis. Board members receive presentations on cybersecurity topics from our Senior Vice President of Information Systems as well as our Vice President of Information Security and Compliance, internal security staff or external experts as part of the Board’s
continuing education on topics that impact public companies. The Audit Committee oversees required disclosures in the event of a cybersecurity breach.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation
Principles of Consolidation
Principles of Consolidation
The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities (“VIEs”). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity’s equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity’s economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.
The Company has concluded that under certain circumstances when the Company enters into arrangements for the formation of joint ventures or when entering into a new bridge loan agreement, a VIE may be created under condition (i), (ii), (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company’s financial statements.
The Company determined that its operating partnership met the definition of a VIE and is consolidated. Additionally, as of December 31, 2024 the Company determined in addition to its operating partnership that it had one consolidated joint venture VIE, consisting of one store.
Substantially all of the assets and liabilities of the Company are related to the operating partnership VIE. The assets and credit of the VIE can only be used to satisfy the VIE's own contractual obligations, and the VIE's creditors have no recourse to the general credit of the Company.
The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures
Fair Value Disclosures
Derivative financial instruments
Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections.
When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.
When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. The Company compares the carrying value of the related long-lived assets to the discounted future net operating cash flows attributable to the assets (categorized within Level 3 of the fair value hierarchy). If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize a loss on the assets held for sale. The operations of assets held for sale or sold during the period are presented as part of normal operations. Refer to the Real Estate Assets footnote below for further discussion on the Company's held for sale properties for the year ended December 31, 2024.
The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate entities may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.
The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded for the amount in which the carrying value of the reporting unit exceeds the fair value. No impairments of goodwill were recorded for any period presented herein.
As of December 31, 2024 and 2023, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments
The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, net, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, revolving lines of credit and commercial paper and other liabilities reflected in the consolidated balance sheets at December 31, 2024 and 2023, approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States primarily relating to operating cash reserve for the Company's captive insurance subsidiary and earnest money deposits on potential acquisitions.
The fair values of the Company’s notes receivable from Common Operating Partnership unit holders were based on the discounted estimated future cash flow of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.
Real Estate Assets and Sales
Real Estate Assets
Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use.
Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.
The purchase of stores is considered an asset acquisition. As such, the purchase price is allocated to the real estate assets acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their relative fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of the acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price.

Intangible lease rights represent: (1) purchase price amounts allocated to leases on three stores that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on nine stores where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.
Real Estate Sales
In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.
Investments in Unconsolidated Real Estate Entities
Investments in Unconsolidated Real Estate Entities
Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's noncontrolling interest in real estate joint ventures that own stores and the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. (“SmartStop”) and Strategic Storage Trust VI, Inc. (“Strategic Storage”), an affiliate of SmartStop. The Company’s investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.
Under the equity method, the Company’s investment in real estate ventures is stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally
recognized based on the Company’s ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the “nature of distribution” approach for classification of distributions from joint ventures. Under this approach, cash flows are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as a cash inflow from operating activities) or a return of investment (classified as a cash inflow from investing activities).
The Company evaluated its investment in preferred stock of non-public real estate entities and determined it did not have significant influence over the entity, and the investment in preferred stock does not have a readily determinable fair value, therefore it has been recorded at the transaction price. The Company periodically evaluates the investment for impairment. No impairments were recorded in our evaluations for any period presented herein.
Investments in Debt Securities and Notes Receivable
Investments in Debt Securities and Notes Receivable
The Company accounts for its investment in debt securities and loans receivable at amortized cost. The Company recognizes interest income related to the debt securities and notes receivable using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company’s cash is deposited with financial institutions located throughout the United States and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Risk Management and Use of Financial Instruments
Risk Management and Use of Financial Instruments
In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants or bridge loan borrowers to make contractually required payments. Market risk is the risk of declines in the value of stores due to changes in rental rates, interest rates or other market factors affecting the value of stores held by the Company. The Company has entered into interest rate swap agreements and issued variable-rate bridge loans to manage a portion of its interest rate risk.
Redemption of Common Operating Partnership Units
Redemption of Common Operating Partnership Units
The Company has the option to redeem common Operating Partnership Units in cash or shares of common stock. Redemption of common Operating Partnership units for shares of common stock, when redeemed under the original provisions of the Operating Partnership agreement, is accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company’s equity. Redemption of common Operating Partnership units for cash is accounted for by reducing the underlying net book value of the units from noncontrolling interest.
Revenue and Expense Recognition
Revenue and Expense Recognition
Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees and merchandise sales are recognized as income when earned.
The Company's management fees are earned subject to the terms of the related management services agreements (“MSAs”). These MSAs provide that the Company will perform management services, which include leasing and operating the property and providing accounting, marketing, banking, maintenance and other services. These services are provided in exchange for monthly management fees, which are based on a percentage of revenues collected from stores owned by third parties and unconsolidated joint ventures. MSAs generally have original terms from three to five years, after which management services are provided on a month-to-month basis unless terminated. Management fees are due on the last day of each calendar month that management services are provided.
The Company accounts for the management services provided to a customer as a single performance obligation which are rendered over time each month. The total amount of consideration from the contract is variable as it is based on monthly revenues, which are influenced by multiple factors, some of which are outside the Company's control. Therefore, the Company recognizes the revenue at the end of each month once the uncertainty is resolved. Due to the standardized terms of the MSAs, the Company accounts for all MSAs in a similar, consistent manner. Therefore, no disaggregated information relating to MSAs is presented.
Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts and estimates. If these estimates are incorrect, the timing of expense recognition could be affected.
Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Each tenant chooses the amount of insurance coverage they want through the tenant reinsurance program. Tenants can purchase policies in amounts up to ten thousand dollars of insurance coverage in exchange for a monthly fee. As of December 31, 2024, the total number of tenant insurance policies was 1.7 million, which was an aggregate coverage of approximately $5.3 billion. The Company’s exposure per claim is limited by the maximum amount of coverage chosen by each tenant.
Advertising Costs
Advertising Costs
The Company incurs advertising costs primarily attributable to digital and other advertising. These costs are expensed as incurred. The Company recognized $50,519, $32,795 and $19,285 in advertising expense for the years ended December 31, 2024, 2023 and 2022, respectively, which are included in property operating expenses on the Company’s consolidated statements of operations.
Income Taxes
Income Taxes
The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). In order to maintain its qualification as a REIT, among other requirements, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to U.S. federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. For any taxable year that the Company fails to qualify as a REIT and for which applicable statutory relief provisions did not apply, the Company would be subject to U.S. federal corporate income tax on all of its taxable income for at least that year and the ensuing four years. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company’s consolidated statements of operations. For the year ended December 31, 2024, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.
The Company owns and may acquire direct or indirect interests in entities that have elected or will elect to be taxed as REITs under the Internal Revenue Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to the Company. If a Subsidiary REIT were
to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that the Company would fail certain of the asset tests applicable to REITs, in which event the Company would fail to qualify as a REIT unless it could avail itself of certain relief provisions.
The Company has elected to treat certain corporate subsidiaries, including Extra Space Management, Inc. (“ESMI”), as a taxable REIT subsidiary (“TRS”). In general, a TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may also be subject to state and local income taxes. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that is subject to U.S. federal corporate income tax and state insurance premiums tax and pays certain insurance royalties to the Company.
Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2024 and 2023, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2024 and 2023, the Company had no interest or penalties related to uncertain tax provisions.
Stock-Based Compensation
Stock-Based Compensation
The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation expense is recognized over the service periods of each award.
Earnings Per Common Share
Earnings Per Common Share
Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using the two-class, treasury stock or if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units”) and together with the Series A Units and Series B Units, the (“Preferred OP Units") and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.
For the purposes of computing the diluted impact of the potential exchange of the Preferred OP Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total liquidation value of the Preferred OP Units by the average share price of $156.25 for the year ended December 31, 2024.
The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:
 For the Year Ended December 31,
 202420232022
 Equivalent Shares (if converted)Equivalent Shares (if converted)Equivalent Shares (if converted)
Common OP Units8,659,092 7,970,487 — 
Series B Units214,836 236,130 187,664 
Series D Units928,637 1,332,049 1,140,513 
9,802,565 9,538,666 1,328,177 
For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series A Units for common shares upon redemption, where the Company had the option to redeem in cash or shares and where the Company had stated the positive intent and ability to settle at least $101,700 of the instrument in cash (or net settle a portion of the Series A Units against the related outstanding note receivable), only the amount of the instrument in excess of $101,700 was considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46. Accordingly, the number of shares included in the computation for diluted earnings per share related to the Series A Units in the relevant periods is equal to the number of Series A Units that were outstanding, with no additional shares included related to the $101,700 fixed amount.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment
performance and to allocate resources. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements include incremental disclosures related to its two reportable segments: (1) self-storage operations and (2) tenant reinsurance. The Company has adopted this standard as of December 31, 2024. Refer to note 17 for further discussion of the Company's reportable segments.
In December 2023, the FASB issued ASU No. 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amended guidance focuses on providing more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements may include incremental disclosures related to income taxes. This standard is effective for annual periods beginning after December 15, 2024, therefore, compliance with this ASU will be required beginning with the Company's annual report on Form 10-K for the year ending December 31, 2025, with early adoption permitted. The Company expects to adopt this ASU for its annual report on Form 10-K for the year ending December 31, 2025, and is continuing to research the impact of this amended guidance, however, does not expect this standard to have a material impact on its consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03 – “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The guidance requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition of selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, therefore, compliance with this ASU will be required beginning with the Company's annual report on Form 10-K for the year ending December 31, 2027. The guidance may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall:
  Fair Value Measurements at Reporting Date Using
DescriptionDecember 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements$15,733 $— $15,733 $— 
Other liabilities - Cash flow hedge swap agreements710 — 710 — 
Schedule of Fair Value of Financial Instruments
The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:
 December 31, 2024December 31, 2023
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Notes receivable from Preferred and Common Operating Partnership unit holders$52,112 $50,000 $1,886 $1,900 
Fixed rate notes receivable40,818 42,000 — — 
Fixed rate debt8,949,297 9,420,848 7,482,054 8,048,605 
Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share
The following table presents the number of weighted OP Units and Preferred OP Units, and the potential common shares, that were excluded from the computation of earnings per share as their effect would have been anti-dilutive:
 For the Year Ended December 31,
 202420232022
 Equivalent Shares (if converted)Equivalent Shares (if converted)Equivalent Shares (if converted)
Common OP Units8,659,092 7,970,487 — 
Series B Units214,836 236,130 187,664 
Series D Units928,637 1,332,049 1,140,513 
9,802,565 9,538,666 1,328,177 
Schedule of Computation of Earnings Per Common Share
The computation of earnings per share is as follows for the periods presented:
 For the Year Ended December 31,
 202420232022
Net income attributable to common stockholders$854,681 $803,198 $860,688 
Earnings and dividends allocated to participating securities(1,495)(1,230)(1,201)
Earnings for basic computations853,186 801,968 859,487 
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units— — 50,706 
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)— — (2,288)
Net income for diluted computations$853,186 $801,968 $907,905 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 211,575,240 169,216,989 134,050,815 
OP Units— — 6,749,995 
Series A Units— — 875,480 
Shares related to dilutive stock options2,440 3,893 5,098 
Average number of common shares outstanding - diluted211,577,680 169,220,882 141,681,388 
Earnings per common share
Basic$4.03 $4.74 $6.41 
Diluted$4.03 $4.74 $6.41 
v3.25.0.1
Real Estate Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Components of Real Estate Assets
The components of real estate assets are summarized as follows:
December 31, 2024December 31, 2023
Land$4,994,642 $4,904,705 
Buildings, improvements and other intangibles22,336,386 21,664,224 
Right of use assets - finance lease140,259 143,842 
Intangible assets - tenant relationships326,440 321,019 
Intangible lease rights27,743 27,743 
27,825,470 27,061,533 
Less: accumulated depreciation and amortization(3,339,136)(2,624,405)
Net operating real estate assets24,486,334 24,437,128 
Real estate under development/redevelopment101,293 118,745 
Real estate assets, net$24,587,627 $24,555,873 
Real estate assets held for sale included in real estate assets, net$103,756 $— 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
The components of other assets are summarized as follows:
December 31, 2024December 31, 2023
Goodwill$170,811 $170,811 
Receivables, net129,748 134,716 
Prepaid expenses and deposits137,494 85,153 
Other intangible assets, net32,206 66,332 
Trade name— 50,000 
Fair value of interest rate swaps15,733 26,183 
Equipment and fixtures, net50,365 48,697 
Deferred line of credit financing costs, net7,548 9,787 
Restricted cash5,081 6,021 
$548,986 $597,700 
v3.25.0.1
Property Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisitions The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:
Consideration TypeJuly 20, 2023
Common stock$11,353,338 
OP units249,470 
Cash for payoff of Life Storage credit facility and debt1,192,000 
Transaction Costs55,318 
Total consideration$12,850,127 
The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:
July 20, 2023
Real estate assets$14,587,735 
Equity investment in joint venture partnerships325,250 
Cash and other assets107,423 
Intangible assets - other82,000 
Trade name50,000 
Unsecured senior notes(2,106,866)
Accounts payable, accrued expenses and other liabilities(191,077)
Noncontrolling interests(4,338)
Fair value of net assets acquired$12,850,127 
The following table summarizes the accumulated amortization related to intangible assets - other:
December 31, 2024For the Year Ended December 31, 2024For the Year Ended December 31, 2023
Intangible Assets:Gross Carrying AmountAccumulated AmortizationAmortization ExpenseAmortization Expense
Intangible assets - other$82,000 $49,819 $34,124 $15,695 
Estimated Aggregate Amortization Expense
Intangible Assets:20252026
Intangible assets - other$19,833 $11,569 
Schedule of Operating Properties Acquired
The following table shows the Company’s acquisitions of stores for the years ended December 31, 2024 and 2023. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.”
Consideration PaidTotal
PeriodNumber of StoresTotalCash PaidLoan AssumedFinance Lease LiabilityInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Total 202458$584,168 $479,059 $— $— $1,853 $2,842 $100,414 $584,168 
Total 202314$147,729 $135,577 $12,000 $— $— $152 $— $147,729 
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
Cash and cash equivalents$175 
Fixed assets6,411 
Developed technology500 
Trademarks500 
Customer relationships1,870 
Other assets125 
Accounts payables and accrued liabilities assumed(1,090)
Nets asset acquired8,491 
Goodwill170,811 
Total assets acquired$179,302 
Schedule of Revenues and Earnings of Acquired Company
The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:
Total revenues$9,374 
Net income from operations$1,718 
Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.
For the Year Ended December 31, 2022
Pro Forma
Total revenues$1,930,816 
Schedule of Reconciliation of Purchase Price
The following table summarizes the total consideration transferred to acquire Bargold:
Total cash paid by the company$157,302 
Fair value of Series D Units issued16,000 
Fair value of OP Units issued6,000 
Total consideration transferred$179,302 
v3.25.0.1
Investments in Unconsolidated Real Estate Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments in Unconsolidated Real Estate Entities
Net investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures consist of the following:
 Number of StoresEquity Ownership %
Excess Profit % (1)
December 31,
 20242023
PRISA Self Storage LLC 854%4%$8,967 $9,435 
HF1 Sovran HHF Storage Holdings LLC (2)
3749%
49%-59%
304,526 105,339 
Storage Portfolio II JV LLC 3610%30%(9,584)(8,314)
Storage Portfolio IV JV LLC3210%30%47,150 48,184 
Storage Portfolio I LLC 2434%49%(43,803)(42,487)
PR II EXR JV LLC2325%25%105,909 108,160 
HF2 Sovran HHF Storage Holdings II LLC (2)
2249%
49%-59%
114,034 41,613 
HF5 Life Storage-HIERS Storage LLC 1720%20%25,192 26,051 
HF6 191 V Life Storage Holdings LLC 1720%20%10,821 12,702 
ESS-CA TIVS JV LP1655%
55%-65%
27,217 29,128 
VRS Self Storage, LLC 1645%54%(17,557)(16,386)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%19,295 20,019 
Other unconsolidated real estate ventures (3) (4)
119
10%-50%
10%-50%
314,852 317,104 
SmartStop Self Storage REIT, Inc. Preferred Stock (6)
n/an/an/a200,000 200,000 
Strategic Storage Trust VI, Inc. Preferred Stock (5)
n/an/an/a150,000 150,000 
Net Investments in and Cash distributions in unconsolidated real estate entities460$1,257,019 $1,000,548 
Investments in unconsolidated real estate entities$1,332,338 $1,071,617 
Cash distributions in unconsolidated real estate ventures(75,319)(71,069)
Net Investments in and Cash distributions in unconsolidated real estate entities$1,257,019 $1,000,548 
(1)Includes pro-rata equity ownership share and promoted interest.
(2)In November 2024, the Company acquired additional ownership interest in HF1 Sovran HHF Storage Holdings LLC and HF2 Sovran HHF Storage Holdings II LLC from its partner in the unconsolidated joint ventures for cash consideration of $251,235. The transaction increased the equity ownership percentages from 20% and 15%, respectively, to 49% in each unconsolidated joint venture. The additional investment is presented on the Company's consolidated balance sheets under investments in unconsolidated real estate entities.
(3)In September 2024, the Company sold its membership interest in the Alan Jathoo JV LLC unconsolidated joint venture, which held nine stores, to its partner in such joint venture and recognized a gain of $3,406 on the transaction. This gain and the gain from the ESS Bristol Investments LLC transaction referenced below are presented in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest on the Company's consolidated statements of operations for the year ended December 31, 2024.
(4)In August 2024, the ESS Bristol Investments LLC unconsolidated joint venture sold five of its eight stores to another of the Company's unconsolidated joint ventures, and the Company recognized a gain of $10,324 for its pro rata share of the transaction. The Company then acquired its partner's membership interest in the remaining three stores held by ESS Bristol Investments LLC, which is now presented under real estate assets, net on the Company's consolidated balance sheets.
(5)In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage with a dividend rate of 8.35% per annum, subject to increase after five years. The preferred shares are generally not redeemable for three years, except in the case of a change of control or initial listing of Strategic Storage. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities on the Company's consolidated statements of operations.
(6)In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 6.25% per annum. On November 1, 2024, the dividend rate increased to 7.00% per annum, and is now subject to increase each year. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's consolidated statements of operations.
Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures
Equity in earnings and dividend income from unconsolidated real estate entities consists of the following:
 For the Year Ended December 31,
 202420232022
Equity in earnings of PRISA Self Storage LLC$3,212 $3,320 $3,272 
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC (1)
4,977 1,553 — 
Equity in earnings of Storage Portfolio II JV LLC2,661 3,094 3,398 
Equity in earnings of Storage Portfolio IV JV LLC1,440 1,319 917 
Equity in earnings of Storage Portfolio I LLC4,822 5,182 4,684 
Equity in earnings of PR II EXR JV LLC2,351 2,227 1,229 
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC (1)
2,466 691 — 
Equity in earnings of HF5 Life Storage-HIERS Storage LLC (1)
761 377 — 
Equity in earnings of HF6 191 V Life Storage Holdings LLC (1)
(891)(735)— 
Equity in earnings of ESS-CA TIVS JV LP3,574 3,873 2,753 
Equity in earnings of VRS Self Storage, LLC5,186 5,253 5,401 
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC (1)
598 40 — 
Equity in earnings of other minority owned stores (1)
10,847 7,740 7,265 
Dividend income from SmartStop preferred stock12,755 12,500 12,509 
Dividend income from Strategic Storage preferred stock12,513 8,401 — 
$67,272 $54,835 $41,428 
(1)For the year ended December 31, 2023, the earnings of the 16 joint ventures from the Life Storage Merger are from the close of acquisition on July 20, 2023.
v3.25.0.1
Investments in Debt Securities and Notes Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Debt Securities and Bridge Loans Receivable Information about these balances is as follows:
December 31, 2024December 31, 2023
Debt securities - Preferred Stock$300,000 $300,000 
Notes Receivable - Bridge Loans1,244,575 594,727 
Dividends and Interest Receivable 6,375 10,042 
$1,550,950 $904,769 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Unsecured Senior Notes and Components of Debt
The components of term debt are summarized as follows:
Term DebtDecember 31, 2024December 31, 2023
Secured notes payable (1)
$1,013,661 $1,279,105 
Unsecured term loans2,200,000 2,660,000 
Unsecured senior notes8,025,000 6,725,000 
Total11,238,661 10,664,105 
Less: Discount on unsecured senior notes, net (2)
(222,254)(274,350)
Less: Unamortized debt issuance costs(56,391)(55,007)
Total$10,960,016 $10,334,748 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.
Schedule of Maturities of Long-Term Debt
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2024:
2025$780,922 
20261,409,467 
20271,311,163 
20281,627,800 
20291,516,380 
20301,342,929 
20311,650,000 
2032600,000 
2033— 
2034600,000 
Thereafter400,000 
Total$11,238,661 
Schedule of Information on Lines of Credit The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:
As of December 31, 2024
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$25,000 $140,000 5.8%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
837,000 2,000,000 5.4%6/22/2027
SOFR plus 0.875%
Commercial paper500,000 1,000,000 
4.8% (3)
Various
$1,362,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of December 31, 2024. Rate is subject to change based on the Company's investment grade rating.
(3) Commercial paper interest rate is variable based on market rates at the time of each issuance. Therefore, interest rate shown in the table above is a weighted average interest rate.
v3.25.0.1
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Summarizing Terms of Entity's Derivative Financial Instruments
The following table summarizes the terms of the Company’s 13 active derivative financial instruments, which had a total current notional amount of $1,381,834 as of December 31, 2024, and one forward-starting derivative financial instruments with an effective date of July 14, 2025.
 
Hedge ProductRange of Notional AmountsStrikeEffective DatesMaturity Dates
Swap Agreements
$32,000 - $245,000
0.96% - 4.33%
11/30/2022 - 7/14/20251/30/2025 - 2/1/2028
Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments
The table below presents the fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets:
Asset / Liability Derivatives
Derivatives designated as hedging instruments:December 31, 2024December 31, 2023
Other assets$15,733 $26,183 
Other liabilities$710 $5,030 
Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:

 
 Gain (loss) recognized in OCI for the Year Ended December 31,Location of amounts reclassified from OCI into incomeGain (loss) reclassified from OCI for the Year Ended December 31,
Type20242023202420232022
Swap Agreements$22,141 $8,730 Interest expense$26,885 $41,541 $(7,877)
v3.25.0.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Schedule of Balances of OP Units The balances for each of the specific Preferred OP units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated are as follows:
December 31, 2024December 31, 2023
Series B Units$33,567 $33,567 
Series D Units42,525 188,793 
$76,092 $222,360 
v3.25.0.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
OP Unit activity is summarized as follows for the periods presented:
For the Year Ended December 31,
202420232022
OP Units redeemed for common stock323,191 2,803 — 
OP Units redeemed for cash15,481 1,000 24,824 
Cash paid for OP Units redeemed$2,341 $108 $4,617 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion807,019 1,674,748 711,037 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$127,932 $249,470 $141,000 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Costs
The following is information on our total lease costs as of the period indicated:
For the Year Ended December 31,
20242023
Finance lease cost:
     Amortization of finance lease right-of-use assets$4,018$3,961
     Interest expense related to finance lease liabilities4,7224,483
Operating lease cost42,56035,783
Variable lease cost16,00511,632
Short-term lease cost2424
          Total lease cost$67,329$55,883
Cash paid for amounts included in the measurement of lease liabilities
    Operating cash outflows for finance lease payments$4,440$4,483
    Operating cash outflows for operating lease payments29,70529,234
Total cash flows for lease liability measurement$34,145$33,717
Right-of-use assets obtained in exchange for new operating lease liabilities$486,266 $265 
Right-of-use assets obtained in exchange for new finance lease liabilities$— $— 
Weighted average remaining lease term - finance leases (years)55.0054.00
Weighted average remaining lease term - operating leases (years)24.0018.68
Weighted average discount rate - finance leases3.32 %3.31 %
Weighted average discount rate - operating leases5.73 %3.91 %
Schedule of Undiscounted Cash Flows on an Annual Basis, Operating Leases
The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:
Operating FinanceTotal
2025$47,392 $6,571 $53,963 
202648,322 6,715 55,037 
202748,724 6,842 55,566 
202849,186 6,955 56,141 
202949,863 7,094 56,957 
Thereafter1,129,756 346,684 1,476,440 
Total$1,373,243 $380,861 $1,754,104 
Present value adjustments (Less: future interest expense)(667,398)(239,078)(906,476)
Lease liabilities$705,845 $141,783 $847,628 
Schedule of Undiscounted Cash Flows on an Annual Basis, Financing Leases
The following table presents information about the Company’s undiscounted cash flows on an annual basis for operating and finance leases, including a reconciliation of the undiscounted cash flows to the finance lease and operating lease liabilities recognized in the Company’s consolidated balance sheets:
Operating FinanceTotal
2025$47,392 $6,571 $53,963 
202648,322 6,715 55,037 
202748,724 6,842 55,566 
202849,186 6,955 56,141 
202949,863 7,094 56,957 
Thereafter1,129,756 346,684 1,476,440 
Total$1,373,243 $380,861 $1,754,104 
Present value adjustments (Less: future interest expense)(667,398)(239,078)(906,476)
Lease liabilities$705,845 $141,783 $847,628 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity
A summary of stock option activity is as follows:
OptionsNumber of SharesWeighted Average Exercise Price
Outstanding at December 31, 20219,272 $82.47 
Exercised— — 
Outstanding at December 31, 20229,272 $82.47 
Exercised— — 
Outstanding at December 31, 20239,272 $82.47 
Exercised(9,272)82.47 
Outstanding at December 31, 2024— $— 
Summary of Company's Employee and Director Share Grant Activity
A summary of the Company’s employee and director stock grant activity is as follows:
Restricted Stock GrantsSharesWeighted-Average Grant-Date Fair Value
Unreleased at December 31, 2021199,778 $115.16 
Granted105,677 201.12 
Released(86,781)112.31 
Canceled(10,614)147.03 
Unreleased at December 31, 2022208,060 $158.38 
Granted98,263 158.04 
Released(90,662)147.21 
Canceled(10,084)165.36 
Unreleased at December 31, 2023205,577 $162.81 
Granted142,324 147.87 
Released(93,453)153.78 
Canceled(6,365)155.37 
Unreleased at December 31, 2024248,083 $157.84 
Schedule of Nonvested Performance-based Units Activity A summary of the PSU activity is as follows:
Performance-Based Stock UnitsUnitsWeighted-Average Grant-Date Fair Value
Unvested at December 31, 2021135,408 $111.69 
Granted61,085 223.96 
Released(49,334)$194.21 
Unvested at December 31, 2022147,159 $130.63 
Granted86,795 207.28 
Released(45,242)$162.18 
Unvested at December 31, 2023188,712 $158.32 
Granted 115,283 161.82 
Released(40,832)$143.36 
Unvested at December 31, 2024263,163 $162.17 
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Awards A Monte Carlo simulation model was used to calculate the fair value of the TSR Target portion of the PSUs, using the following assumptions:
For the Year Ended December 31,
202420232022
Intrinsic value$39,369$30,256$21,659
Risk-free rate5.5%4.6%1.8%
Volatility29.9%29.3%29.3%
Expected term (in years)2.82.82.9
Dividend yield—%—%—%
Unrecognized compensation cost$19,642$18,798$13,241
Term over which compensation cost recognized (in years)333
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summarized Statement of Components of Income Tax Provision
The income tax provision for the years ended December 31, 2024, 2023 and 2022, is comprised of the following components:
 For the Year Ended December 31, 2024
 Federal StateTotal
Current expense$37,320 $6,951 $44,271 
Tax credits/true-up(9,413)— (9,413)
Change in deferred expense/(benefit)(3,236)1,856 (1,380)
Total tax expense$24,671 $8,807 $33,478 
 
 For the Year Ended December 31, 2023
 Federal StateTotal
Current expense$26,516 $6,035 $32,551 
Tax credits/true-up(7,742)— (7,742)
Change in deferred expense(4,151)901 (3,250)
Total tax expense$14,623 $6,936 $21,559 
 
 For the Year Ended December 31, 2022
 Federal StateTotal
Current expense$20,592 $4,546 $25,138 
Tax credits/true-up(6,071)31 (6,040)
Change in deferred benefit1,909 (82)1,827 
Total tax expense$16,430 $4,495 $20,925 
Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions
A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:
 For the Year Ended December 31,
 202420232022
Expected tax at statutory rate$196,102 21.0 %$183,111 21.0 %$197,887 21.0 %
Non-taxable REIT income(161,989)(17.3)%(161,316)(18.5)%(172,966)(18.4)%
State and local tax expense - net of federal benefit8,851 0.9 %8,779 1.0 %4,160 0.4 %
Change in valuation allowance— — %(1,148)(0.1)%(1,093)(0.1)%
Tax credits/true-up (9,413)(1.0)%(7,742)(0.9)%(6,040)(0.6)%
Miscellaneous(73)— %(125)— %(1,023)(0.1)%
Total provision$33,478 3.6 %$21,559 2.5 %$20,925 2.2 %
Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects
The major sources of temporary differences stated at their deferred tax effects are as follows:
December 31, 2024December 31, 2023
Deferred tax liabilities:
Fixed assets$(34,846)$(36,572)
Operating and Finance lease right-of-use assets(6,495)(6,831)
Other(13,903)(10,797)
State deferred taxes(7,304)(4,564)
Total deferred tax liabilities(62,548)(58,764)
Deferred tax assets:
Captive insurance subsidiary2,119 509 
Accrued liabilities3,196 3,015 
Stock compensation4,787 3,961 
Operating and Finance lease liabilities9,249 9,013 
Other1,539 502 
State deferred taxes643 2,581 
Total deferred tax assets21,533 19,581 
Net deferred income tax liabilities$(41,015)$(39,183)
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information of Business Segments Financial information for the Company’s business segments is set forth below:
Year Ended December 31,
202420232022
Revenues
Self-Storage Operations$2,803,252 $2,222,578 $1,654,735 
Tenant Reinsurance332,795 235,680 185,531 
Total segment revenues$3,136,047 $2,458,258 $1,840,266 
Operating expenses
Self-Storage Operations:
Payroll and benefits$170,529 $127,300 $94,005 
Marketing64,146 44,117 26,349 
Office expense123,604 97,621 74,400 
Property operating expense74,498 57,376 38,982 
Repairs and maintenance55,097 38,750 27,834 
Property taxes292,413 212,360 153,558 
Insurance32,892 25,466 14,636 
Other segment items (1)
18,387 9,046 5,578 
Total self-storage operations expenses831,566 612,036 435,342 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)
$73,886 $58,874 $33,560 
Total segment operating expenses$905,452 $670,910 $468,902 
Net operating income
Self-Storage Operations$1,971,686 $1,610,542 $1,219,393 
Tenant Reinsurance258,909 176,806 151,971 
Total segment net operating income:$2,230,595 $1,787,348 $1,371,364 
Other components of net income:
Management fees and other income120,855 101,986 83,904 
Transaction costs— — (1,548)
Life Storage Merger transition costs— (66,732)— 
General and administrative expense(167,398)(146,408)(129,251)
Depreciation and amortization expense(783,023)(506,053)(288,316)
Gain (loss) on real estate assets held for sale and sold, net(25,906)— 14,249 
Impairment of Life Storage trade name(51,763)— — 
Interest expense (551,354)(419,035)(219,171)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes(43,720)(18,786)— 
Interest income 124,422 84,857 69,422 
Equity in earnings and dividend income from unconsolidated real estate entities67,272 54,835 41,428 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets13,730 — — 
Income tax expense(33,478)(21,559)(20,925)
Net income $900,232 $850,453 $921,156 
(1) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(2) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment includes claims expense, acquisition costs, claims service fees and miscellaneous administrative items.
v3.25.0.1
Description of Business (Details)
Dec. 31, 2024
state
store
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of storage facilities in which the entity had equity interests 2,436
Number of stores managed for third parties 1,575
Number of stores owned and/or managed 4,011
Number of states in which storage facilities are located | state 42
v3.25.0.1
Summary of Significant Accounting Policies - Variable Interest Entities (Details)
Dec. 31, 2024
variable_interest_entity
store
Accounting Policies [Abstract]  
Number of consolidated VIEs | variable_interest_entity 1
Consolidated VIEs, number of stores | store 1
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring
$ in Thousands
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Other assets - Cash flow hedge swap agreements $ 15,733
Other liabilities - Cash flow hedge swap agreements 710
Quoted Prices in Active Markets for Identical Assets (Level 1)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Other assets - Cash flow hedge swap agreements 0
Other liabilities - Cash flow hedge swap agreements 0
Significant Other Observable Inputs (Level 2)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Other assets - Cash flow hedge swap agreements 15,733
Other liabilities - Cash flow hedge swap agreements 710
Significant Unobservable Inputs (Level 3)  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Other assets - Cash flow hedge swap agreements 0
Other liabilities - Cash flow hedge swap agreements $ 0
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value    
Fair Value of Financial Instruments [Line Items]    
Notes receivable from Preferred and Common Operating Partnership unit holders $ 52,112 $ 1,886
Fixed rate notes receivable 40,818 0
Fixed rate debt 8,949,297 7,482,054
Carrying Value    
Fair Value of Financial Instruments [Line Items]    
Notes receivable from Preferred and Common Operating Partnership unit holders 50,000 1,900
Fixed rate notes receivable 42,000 0
Fixed rate debt $ 9,420,848 $ 8,048,605
v3.25.0.1
Summary of Significant Accounting Policies - Real Estate Assets (Details)
 12 Months Ended
Dec. 31, 2024
store
Property, Plant and Equipment [Line Items]  
Number of properties whereby leases cannot be classified as ground or building leases 3
Number of properties whereby leases have been assumed at rates lower than the current market rates 9
Buildings, improvements and other intangibles | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Buildings, improvements and other intangibles | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 39 years
v3.25.0.1
Summary of Significant Accounting Policies - Risk Management and Use of Financial Instruments (Details)
 12 Months Ended
Dec. 31, 2024
item
Accounting Policies [Abstract]  
Number of main components of economic risk 3
v3.25.0.1
Summary of Significant Accounting Policies - Revenue and Expense Recognition (Details)
claim in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
claim
Disaggregation of Revenue [Line Items]  
Maximum amount of insurance coverage $ 10,000
Number of claims made | claim 1.7
Average amount of insurance coverage $ 5,300,000,000
Management Services Agreements (MSA) | Minimum  
Disaggregation of Revenue [Line Items]  
Contract term 3 years
Management Services Agreements (MSA) | Maximum  
Disaggregation of Revenue [Line Items]  
Contract term 5 years
v3.25.0.1
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Advertising expense $ 50,519 $ 32,795 $ 19,285
v3.25.0.1
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Percentage of all distributions to stockholders which qualified as a return of capital 0.00%  
Unrecognized tax benefits $ 0 $ 0
Interest or penalties related to uncertain tax provisions $ 0 $ 0
v3.25.0.1
Summary of Significant Accounting Policies - Earnings Per Common Share (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Average share price (in dollars per share) | $ / shares $ 156.25
Series A Units  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Instruments to be settled in cash (at least) | $ $ 101,700
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Equivalent Shares (if converted) (in shares) 9,802,565 9,538,666 1,328,177
Common OP Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Equivalent Shares (if converted) (in shares) 8,659,092 7,970,487 0
Series B Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Equivalent Shares (if converted) (in shares) 214,836 236,130 187,664
Series D Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Equivalent Shares (if converted) (in shares) 928,637 1,332,049 1,140,513
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Computation of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Net income attributable to common stockholders $ 854,681 $ 803,198 $ 860,688
Earnings and dividends allocated to participating securities (1,495) (1,230) (1,201)
Earnings for basic computations 853,186 801,968 859,487
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units 0 0 50,706
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) 0 0 (2,288)
Net income for diluted computations $ 853,186 $ 801,968 $ 907,905
Weighted average common shares outstanding:      
Average number of common shares outstanding - basic (in shares) 211,575,240 169,216,989 134,050,815
OP Units (in shares) 0 0 6,749,995
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Shares related to dilutive stock options (in shares) 2,440 3,893 5,098
Average number of common shares outstanding - diluted (in shares) 211,577,680 169,220,882 141,681,388
Earnings per common share      
Basic (in dollars per share) $ 4.03 $ 4.74 $ 6.41
Diluted (in dollars per share) $ 4.03 $ 4.74 $ 6.41
Series A Units      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Series A Units (in shares) 0 0 875,480
v3.25.0.1
Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details)
 12 Months Ended
Dec. 31, 2024
segment
Accounting Policies [Abstract]  
Number of reportable segments 2
v3.25.0.1
Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real Estate [Abstract]    
Land $ 4,994,642 $ 4,904,705
Buildings, improvements and other intangibles 22,336,386 21,664,224
Right of use assets - finance lease 140,259 143,842
Intangible assets - tenant relationships 326,440 321,019
Intangible lease rights 27,743 27,743
Gross operating real estate assets 27,825,470 27,061,533
Less: accumulated depreciation and amortization (3,339,136) (2,624,405)
Net operating real estate assets 24,486,334 24,437,128
Real estate under development/redevelopment 101,293 118,745
Net real estate assets 24,587,627 24,555,873
Real estate assets held for sale included in real estate assets, net $ 103,756 $ 0
v3.25.0.1
Real Estate Assets - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 21, 2022
USD ($)
Sep. 30, 2024
store
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Real Estate Properties [Line Items]          
Number of operating stores held-for-sale | store     18    
Gain (loss) on real estate assets held for sale and sold, net     $ 25,906 $ 0 $ (14,249)
Number of operating stores held-for-sale, included in real estate assets | store     13    
Real estate assets held for sale included in real estate assets, net     $ 103,756 0  
Number of stores with amended leases | store   27      
Number of stores with new triple-net lease agreement | store   12      
Amortization Expense     114,614 59,807 $ 13,981
Accumulated Amortization     363,916 $ 317,511  
Five Stores          
Real Estate Properties [Line Items]          
Real estate assets held for sale included in real estate assets, net     $ 43,107    
Minimum          
Real Estate Properties [Line Items]          
Remaining amortization period     4 years    
Maximum          
Real Estate Properties [Line Items]          
Remaining amortization period     38 years    
Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Real Estate Properties [Line Items]          
Gain (loss) on real estate assets held for sale and sold, net     $ 63,250    
Gain (loss) on disposition of assets $ 14,200        
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ten Stores          
Real Estate Properties [Line Items]          
Gain (loss) on disposition of assets     $ 37,344    
v3.25.0.1
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Goodwill $ 170,811 $ 170,811    
Receivables, net 129,748 134,716    
Prepaid expenses and deposits 137,494 85,153    
Other intangible assets, net 32,206 66,332    
Trade name 0 50,000    
Fair value of interest rate swaps 15,733 26,183    
Equipment and fixtures, net 50,365 48,697    
Deferred line of credit financing costs, net 7,548 9,787    
Restricted cash 5,081 6,021 $ 4,867 $ 5,068
Other assets, net $ 548,986 $ 597,700    
v3.25.0.1
Other Assets - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Assets [Line Items]      
Impairment of Life Storage trade name $ (51,763) $ 0 $ 0
Equipment and fixtures, net 50,365 48,697  
Software development      
Other Assets [Line Items]      
Equipment and fixtures, net 16,254 18,844  
Depreciation and amortization $ 5,307 $ 5,377  
Minimum | Equipment and fixtures      
Other Assets [Line Items]      
Estimated useful life 3 years    
Maximum | Equipment and fixtures      
Other Assets [Line Items]      
Estimated useful life 5 years    
v3.25.0.1
Property Acquisitions and Dispositions - Additional Information (Details)
 12 Months Ended
Jul. 25, 2023
USD ($)
Jul. 20, 2023
USD ($)
store
shares
Sep. 15, 2022
USD ($)
store
shares
Jun. 21, 2022
USD ($)
store
Jun. 01, 2022
USD ($)
store
May 18, 2022
USD ($)
store
Dec. 31, 2024
USD ($)
store
shares
Dec. 31, 2023
USD ($)
store
shares
Dec. 31, 2022
USD ($)
Asset Acquisition [Line Items]                  
Repayments of debt             $ 8,724,444,000 $ 7,088,984,000 $ 4,207,700,000
Total purchase price     $ 590,000,000       $ 584,168,000 $ 147,729,000  
Preferred stock, issued (in shares) | shares             0 0  
Value of units issued             $ 100,414,000 $ 0  
Number of stores acquired | store     106       58 14  
Parcels of land acquired | store     8            
Transaction costs             $ 0 $ 0 $ 1,548,000
Number of stores sold that were classified as held for sale | store             5    
Number of stores sold | store             6    
Number of operating stores held-for-sale | store             18    
Number of stores disposed of | store       1   1      
Proceeds from sale of real estate assets and investments in real estate ventures           $ 38,745,000 $ 102,484,000    
Loss on sale             33,662,000    
Disposal Group, Disposed of by Sale, Not Discontinued Operations                  
Asset Acquisition [Line Items]                  
Gain (loss) on disposition of assets       $ 14,200,000          
Operating Partnership                  
Asset Acquisition [Line Items]                  
Preferred stock, issued (in shares) | shares     619,294            
Value of units issued     $ 125,000,000            
Bargold                  
Asset Acquisition [Line Items]                  
Total consideration transferred         $ 179,302,000        
Transaction costs         $ 1,465,000        
Life Storage, Inc                  
Asset Acquisition [Line Items]                  
Repayments of debt   $ 375,000,000              
Bargold                  
Asset Acquisition [Line Items]                  
Number of storage units | store         17,000        
Occupancy rate         0.97        
Unsecured senior notes                  
Asset Acquisition [Line Items]                  
Senior note balances             $ 8,025,000,000 $ 6,725,000,000  
Unsecured senior notes | Senior Notes, Assumed From Life Storage                  
Asset Acquisition [Line Items]                  
Repayments of debt $ 2,351,100,000                
Senior note balances $ 48,900,000                
Life Storage, Inc                  
Asset Acquisition [Line Items]                  
Number of wholly owned stores acquired | store   757              
Number of consolidated joint venture stores acquired | store   1              
Equity interest issued conversion ratio | shares   0.895              
Consideration transferred   $ 11,602,808,000              
Real estate assets, estimated useful life   39 years              
Tenant relationships, estimated useful life   18 months              
Intangible assets, amortization period   36 months              
Total purchase price   $ 12,850,127,000              
Life Storage, Inc | Line of Credit                  
Asset Acquisition [Line Items]                  
Extinguishment of debt   1,160,000,000              
Life Storage, Inc | Secured Debt                  
Asset Acquisition [Line Items]                  
Repayments of debt   $ 32,000,000              
v3.25.0.1
Property Acquisitions and Dispositions - Asset Acquisition - Life Storage (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jul. 20, 2023
Sep. 15, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Asset Acquisition [Line Items]          
Total consideration   $ 590,000 $ 584,168 $ 147,729  
Equity investment in joint venture partnerships     0 325,250 $ 0
Unsecured senior notes     0 (2,106,866) 0
Accounts payable, accrued expenses and other liabilities     $ 0 $ (191,077) $ 0
Life Storage, Inc          
Asset Acquisition [Line Items]          
Equity $ 11,602,808        
Cash for payoff of Life Storage credit facility and debt 1,192,000        
Transaction Costs 55,318        
Total consideration 12,850,127        
Real estate assets 14,587,735        
Equity investment in joint venture partnerships 325,250        
Cash and other assets 107,423        
Intangible assets - other 82,000        
Trade name 50,000        
Unsecured senior notes (2,106,866)        
Accounts payable, accrued expenses and other liabilities (191,077)        
Noncontrolling interests (4,338)        
Fair value of net assets acquired 12,850,127        
Life Storage, Inc | Common stock          
Asset Acquisition [Line Items]          
Equity 11,353,338        
Life Storage, Inc | OP units          
Asset Acquisition [Line Items]          
Equity $ 249,470        
v3.25.0.1
Property Acquisitions and Dispositions - Asset Acquisition, Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Asset Acquisition [Line Items]      
Accumulated Amortization $ 363,916 $ 317,511  
Amortization Expense 114,614 59,807 $ 13,981
Life Storage, Inc      
Asset Acquisition [Line Items]      
Intangible assets - other 82,000    
Accumulated Amortization 49,819    
Amortization Expense 34,124 $ 15,695  
2025 19,833    
2026 $ 11,569    
v3.25.0.1
Property Acquisitions and Dispositions - Asset Acquisitions - Schedule of Operating Properties Acquired (Details)
$ in Thousands
 12 Months Ended
Sep. 15, 2022
USD ($)
store
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
store
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]      
Number of Stores | store 106 58 14
Total   $ 584,168 $ 147,729
Cash Paid   479,059 135,577
Loan Assumed   0 12,000
Finance Lease Liability   0 0
Investments in Real Estate Ventures   1,853 0
Net Liabilities/ (Assets) Assumed   2,842 152
Value of Equity Issued   100,414 0
Total purchase price $ 590,000 $ 584,168 $ 147,729
v3.25.0.1
Property Acquisitions and Dispositions - Reconciliation of Purchase Price (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common OP Units        
Business Acquisition [Line Items]        
Equity interests issued   $ 0 $ 0 $ 16,000
Bargold        
Business Acquisition [Line Items]        
Total cash paid by the company $ 157,302      
Total consideration transferred 179,302      
Bargold | Series D Units        
Business Acquisition [Line Items]        
Equity interests issued 16,000      
Bargold | Common OP Units        
Business Acquisition [Line Items]        
Equity interests issued $ 6,000      
v3.25.0.1
Property Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jun. 01, 2022
Business Acquisition [Line Items]      
Goodwill $ 170,811 $ 170,811  
Bargold      
Business Acquisition [Line Items]      
Cash and cash equivalents     $ 175
Fixed assets     6,411
Other assets     125
Accounts payables and accrued liabilities assumed     (1,090)
Nets asset acquired     8,491
Goodwill     170,811
Total assets acquired     179,302
Bargold | Developed technology      
Business Acquisition [Line Items]      
Finite-lived intangible assets     500
Bargold | Trademarks      
Business Acquisition [Line Items]      
Finite-lived intangible assets     500
Bargold | Customer relationships      
Business Acquisition [Line Items]      
Finite-lived intangible assets     $ 1,870
v3.25.0.1
Property Acquisitions and Dispositions - Revenues and Earnings of Acquired Company (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Total revenues   $ 1,930,816
Bargold    
Business Acquisition [Line Items]    
Total revenues $ 9,374  
Net income from operations $ 1,718  
v3.25.0.1
Investments in Unconsolidated Real Estate Entities - Schedule of Investments in Unconsolidated Real Estate Ventures (Details)
$ in Thousands
 1 Months Ended
Nov. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
joint_venture
Aug. 31, 2024
USD ($)
store
May 31, 2023
USD ($)
Oct. 31, 2019
USD ($)
Dec. 31, 2024
USD ($)
property
Oct. 31, 2024
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           460    
Investment balance           $ 1,257,019   $ 1,000,548
Investments in unconsolidated real estate entities           1,332,338   1,071,617
Cash distributions in unconsolidated real estate ventures           (75,319)   (71,069)
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 1,257,019   1,000,548
ESS Bristol Investments LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | store     8          
Number of stores sold | store     5          
Gain on sale of joint ventures     $ 10,324          
PRISA Self Storage LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           85    
Equity Ownership %           4.00%    
Excess Profit %           4.00%    
Investment balance           $ 8,967   9,435
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 8,967   9,435
HF1 Sovran HHF Storage Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           37    
Equity Ownership % 49.00%         49.00% 20.00%  
Investment balance           $ 304,526   105,339
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 304,526   105,339
HF1 Sovran HHF Storage Holdings LLC | Minimum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           49.00%    
HF1 Sovran HHF Storage Holdings LLC | Maximum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           59.00%    
Storage Portfolio II JV LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           36    
Equity Ownership %           10.00%    
Excess Profit %           30.00%    
Investment balance           $ (9,584)   (8,314)
Net Investments in and Cash distributions in unconsolidated real estate entities           $ (9,584)   (8,314)
Storage Portfolio IV JV LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           32    
Equity Ownership %           10.00%    
Excess Profit %           30.00%    
Investment balance           $ 47,150   48,184
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 47,150   48,184
Storage Portfolio I LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           24    
Equity Ownership %           34.00%    
Excess Profit %           49.00%    
Investment balance           $ (43,803)   (42,487)
Net Investments in and Cash distributions in unconsolidated real estate entities           $ (43,803)   (42,487)
PR II EXR JV LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           23    
Equity Ownership %           25.00%    
Excess Profit %           25.00%    
Investment balance           $ 105,909   108,160
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 105,909   108,160
HF2 Sovran HHF Storage Holdings II LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           22    
Equity Ownership % 49.00%         49.00% 15.00%  
Investment balance           $ 114,034   41,613
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 114,034   41,613
HF2 Sovran HHF Storage Holdings II LLC | Minimum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           49.00%    
HF2 Sovran HHF Storage Holdings II LLC | Maximum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           59.00%    
HF5 Life Storage-HIERS Storage LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           17    
Equity Ownership %           20.00%    
Excess Profit %           20.00%    
Investment balance           $ 25,192   26,051
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 25,192   26,051
HF6 191 V Life Storage Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           17    
Equity Ownership %           20.00%    
Excess Profit %           20.00%    
Investment balance           $ 10,821   12,702
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 10,821   12,702
ESS-CA TIVS JV LP                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           16    
Equity Ownership %           55.00%    
Investment balance           $ 27,217   29,128
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 27,217   29,128
ESS-CA TIVS JV LP | Minimum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           55.00%    
ESS-CA TIVS JV LP | Maximum                
Schedule of Equity Method Investments [Line Items]                
Excess Profit %           65.00%    
VRS Self Storage, LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           16    
Equity Ownership %           45.00%    
Excess Profit %           54.00%    
Investment balance           $ (17,557)   (16,386)
Net Investments in and Cash distributions in unconsolidated real estate entities           $ (17,557)   (16,386)
HF10 Life Storage HHF Wasatch Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           16    
Equity Ownership %           20.00%    
Excess Profit %           20.00%    
Investment balance           $ 19,295   20,019
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 19,295   20,019
Other unconsolidated real estate ventures                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property           119    
Investment balance           $ 314,852   317,104
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 314,852   317,104
Other unconsolidated real estate ventures | Minimum                
Schedule of Equity Method Investments [Line Items]                
Equity Ownership %           10.00%    
Excess Profit %           10.00%    
Other unconsolidated real estate ventures | Maximum                
Schedule of Equity Method Investments [Line Items]                
Equity Ownership %           50.00%    
Excess Profit %           50.00%    
SmartStop Self Storage REIT Inc Preferred Stock                
Schedule of Equity Method Investments [Line Items]                
Investment balance         $ 200,000 $ 200,000   200,000
Net Investments in and Cash distributions in unconsolidated real estate entities         $ 200,000 200,000   200,000
Dividend rate, percentage         6.25%      
Investment, preferred dividend rate         7.00%      
Redemption restriction period         5 years      
Alan Jathoo JV LLC                
Schedule of Equity Method Investments [Line Items]                
Number of stores sold | joint_venture   9            
Gain on sale of joint ventures   $ 3,406            
ESS Bristol Investments LLC                
Schedule of Equity Method Investments [Line Items]                
Number of stores purchased | store     3          
Strategic Storage Trust VI, Inc. Preferred Stock                
Schedule of Equity Method Investments [Line Items]                
Investment balance           150,000   150,000
Net Investments in and Cash distributions in unconsolidated real estate entities           $ 150,000   $ 150,000
Payments to acquire investments       $ 150,000        
Dividend rate, percentage       8.35%        
Dividend rate increase threshold       5 years        
Redemption period       3 years        
Sovran HHF Storage Holdings LLC and HF2 Sovran HHF Storage Holdings II LLC                
Schedule of Equity Method Investments [Line Items]                
Cash consideration $ 251,235              
v3.25.0.1
Investments in Unconsolidated Real Estate Entities - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 04, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Investment balance   $ 1,257,019 $ 1,000,548  
Amortization amount of excess purchase price included in equity earnings   $ 60,253    
Amortization period of excess purchase price included in equity earnings   39 years    
Management fee revenues   $ 38,940 $ 31,755 $ 24,389
Strategic Storage Growth Trust III, Inc. | Subsequent Event        
Schedule of Equity Method Investments [Line Items]        
Investment balance $ 100,000      
Dividend rate, percentage 8.85%      
Dividend rate increase threshold 5 years      
Redemption period 5 years      
v3.25.0.1
Investments in Unconsolidated Real Estate Entities - Schedule of Equity in Earnings of Unconsolidated Real Estate Ventures (Details)
$ in Thousands
 12 Months Ended
Jul. 20, 2023
store
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   $ 67,272 $ 54,835 $ 41,428
Life Storage, Inc        
Schedule of Equity Method Investments [Line Items]        
Interest purchased, number of unconsolidated joint ventures | store 16      
Equity in earnings of PRISA Self Storage LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   3,212 3,320 3,272
Equity in earnings of HF1 Sovran HHF Storage Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   4,977 1,553 0
Equity in earnings of Storage Portfolio II JV LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   2,661 3,094 3,398
Equity in earnings of Storage Portfolio IV JV LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   1,440 1,319 917
Equity in earnings of Storage Portfolio I LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   4,822 5,182 4,684
Equity in earnings of PR II EXR JV LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   2,351 2,227 1,229
Equity in earnings of HF2 Sovran HHF Storage Holdings II LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   2,466 691 0
Equity in earnings of HF5 Life Storage-HIERS Storage LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   761 377 0
Equity in earnings of HF6 191 V Life Storage Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   (891) (735) 0
Equity in earnings of ESS-CA TIVS JV LP        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   3,574 3,873 2,753
Equity in earnings of VRS Self Storage, LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   5,186 5,253 5,401
Equity in earnings of HF10 Life Storage HHF Wasatch Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   598 40 0
Equity in earnings of other minority owned stores        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   10,847 7,740 7,265
Dividend income from SmartStop preferred stock        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   12,755 12,500 12,509
Dividend income from Strategic Storage preferred stock        
Schedule of Equity Method Investments [Line Items]        
Equity in earnings and dividend income from unconsolidated real estate entities   $ 12,513 $ 8,401 $ 0
v3.25.0.1
Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]    
Dividends and Interest Receivable $ 6,375 $ 10,042
Investments in debt securities and notes receivable 1,550,950 904,769
Notes Receivable - Bridge Loans    
Schedule of Held-to-maturity Securities [Line Items]    
Notes Receivable - Bridge Loans 1,244,575 594,727
NexPoint Preferred Stock    
Schedule of Held-to-maturity Securities [Line Items]    
Debt securities - Preferred Stock $ 300,000 $ 300,000
v3.25.0.1
Investments in Debt Securities and Notes Receivable - Additional Information (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2022
USD ($)
extension_option
shares
Feb. 28, 2022
USD ($)
Nov. 30, 2020
USD ($)
shares
Jul. 31, 2020
USD ($)
store
Dec. 31, 2024
USD ($)
debt_security
extension_option
Rate
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
extension_option
shares
Schedule of Held-to-maturity Securities [Line Items]              
Investment in debt securities     $ 300,000        
Debt securities, term 6 years            
Debt securities, extension option | extension_option 2           2
Debt securities, extension term 1 year            
Debt securities, period after which preferred dividends increase annually 6 years            
Number of stores held as collateral | store       62      
Payments to purchase notes receivable         $ 960,272 $ 330,499 $ 529,245
Proceeds from sale of notes receivable         $ 183,632 $ 167,495 $ 210,048
Bridge loans, percent of notes held as mortgage receivables | Rate         74.00%    
Bridge loans, extension option | extension_option         2    
Bridge loans, extension term         1 year    
Number of debt securities past due or nonaccrual status | debt_security         1    
Maximum              
Schedule of Held-to-maturity Securities [Line Items]              
Loan to value ratio         80.00%    
Minimum              
Schedule of Held-to-maturity Securities [Line Items]              
Loan to value ratio         70.00%    
Notes Receivable - Bridge Loans              
Schedule of Held-to-maturity Securities [Line Items]              
Payments to purchase notes receivable         $ 845,760    
Proceeds from sale of notes receivable         $ 183,632    
Bridge loans, original maturities         3 years    
Principal amount of notes sold         $ 183,632    
Payment for draw on interest holdback         $ 54,545    
Notes Receivable - Senior Mezzanine Loan, net              
Schedule of Held-to-maturity Securities [Line Items]              
Purchase of note receivable       $ 103,000      
Note receivable interest rate       5.50%      
Payments to purchase notes receivable       $ 101,142      
Proceeds from sale of notes receivable   $ 103,315          
JCAP Series A Preferred Stock              
Schedule of Held-to-maturity Securities [Line Items]              
Investment in debt securities     $ 200,000        
Investment in debt securities (in shares) | shares     200,000        
JCAP Series B Preferred Stock              
Schedule of Held-to-maturity Securities [Line Items]              
Investment in debt securities     $ 100,000        
Investment in debt securities (in shares) | shares     100,000        
JCAP Series D Preferred Stock              
Schedule of Held-to-maturity Securities [Line Items]              
Shares exchanged (in shares) | shares 300,000           300,000
Shares exchanged, value (in dollars) $ 300,000            
Debt securities, dividend rate 8.50%            
v3.25.0.1
Debt - Schedule of Components of Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Secured notes payable    
Debt Instrument [Line Items]    
Total $ 1,013,661 $ 1,279,105
Less: Unamortized debt issuance costs (56,391) (55,007)
Unsecured term loans    
Debt Instrument [Line Items]    
Total 2,200,000 2,660,000
Unsecured senior notes    
Debt Instrument [Line Items]    
Total 8,025,000 6,725,000
Less: Discount on unsecured senior notes, net (222,254) (274,350)
Term Debt    
Debt Instrument [Line Items]    
Total 11,238,661 10,664,105
Total $ 10,960,016 $ 10,334,748
v3.25.0.1
Debt - Schedule of Maturities of Notes Payable (Details) - Term Debt - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
2025 $ 780,922  
2026 1,409,467  
2027 1,311,163  
2028 1,627,800  
2029 1,516,380  
2030 1,342,929  
2031 1,650,000  
2032 600,000  
2033 0  
2034 600,000  
Thereafter 400,000  
Total $ 11,238,661 $ 10,664,105
v3.25.0.1
Debt - Additional Information (Details)
 12 Months Ended
Nov. 20, 2024
USD ($)
Aug. 21, 2024
USD ($)
Dec. 31, 2024
USD ($)
extension_option
Aug. 11, 2023
USD ($)
Debt Instrument [Line Items]        
Commercial paper     $ 500,000,000  
Fixed-rate debt to total debt percentage     75.80%  
Weighted average interest rate, fixed debt     4.10%  
Weighted average interest rate, variable debt     5.40%  
Variable rate     4.40%  
Commercial paper        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity $ 1,000,000,000      
Line of Credit        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity       $ 60,000,000
Number of extensions available | extension_option     2  
Extension term     6 months  
Line of Credit | Base rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.00%  
Line of Credit | Base rate | Specified Investment Grade Rating And Elects To Use Alternative Rates | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.00%  
Line of Credit | Base rate | Specified Investment Grade Rating And Elects To Use Alternative Rates | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.20%  
Line of Credit | Federal funds rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.50%  
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.00%  
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Specified Investment Grade Rating And Elects To Use Alternative Rates | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.70%  
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Specified Investment Grade Rating And Elects To Use Alternative Rates | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.20%  
Commercial paper        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity     $ 1,000,000,000  
Debt instrument, term 30 days      
Weighted-average maturity term     20 days  
Commercial paper | Maximum        
Debt Instrument [Line Items]        
Debt instrument, term 397 days      
Third Amended and Restated Credit Agreement        
Debt Instrument [Line Items]        
Increase in debt borrowings   $ 275,000,000    
Third Amended and Restated Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Decrease in spread of a portion of term debt   0.0030    
v3.25.0.1
Debt - Schedule of Information on Lines of Credit (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Amount Drawn $ 1,362,000,000 $ 682,000,000
Lines Of Credit    
Debt Instrument [Line Items]    
Amount Drawn 1,362,000,000  
Capacity 3,140,000,000  
Secured credit line    
Debt Instrument [Line Items]    
Amount Drawn 25,000,000  
Capacity $ 140,000,000  
Interest Rate 5.80%  
Basis spread on variable rate 1.35%  
Unsecured Credit Line    
Debt Instrument [Line Items]    
Amount Drawn $ 837,000,000  
Capacity $ 2,000,000,000  
Interest Rate 5.40%  
Basis spread on variable rate 0.875%  
Commercial paper    
Debt Instrument [Line Items]    
Amount Drawn $ 500,000,000  
Capacity $ 1,000,000,000  
Interest Rate 4.80%  
v3.25.0.1
Derivatives - Additional Information (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Amount reclassified as an increase to interest income $ (9,869)
v3.25.0.1
Derivatives - Schedule Summarizing Terms of Entity's Derivative Financial Instruments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
derivative
Derivative [Line Items]  
Number of derivative financial instruments | derivative 13
Range of Notional Amounts $ 1,381,834
Interest Rate Swap, Forward-Starting  
Derivative [Line Items]  
Number of derivative financial instruments | derivative 1
Swap Agreements | Cash flow hedging | Minimum  
Derivative [Line Items]  
Range of Notional Amounts $ 32,000
Strike 0.96%
Swap Agreements | Cash flow hedging | Maximum  
Derivative [Line Items]  
Range of Notional Amounts $ 245,000
Strike 4.33%
v3.25.0.1
Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other assets    
Derivative [Line Items]    
Asset derivatives $ 15,733 $ 26,183
Other liabilities    
Derivative [Line Items]    
Liability derivatives $ 710 $ 5,030
v3.25.0.1
Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Gain (loss) recognized in OCI $ 22,141 $ 8,730  
Gain (loss) reclassified from OCI $ 26,885 $ 41,541 $ (7,877)
v3.25.0.1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended 32 Months Ended
Apr. 15, 2024
USD ($)
sales_agent
shares
Jul. 20, 2023
USD ($)
shares
Jan. 07, 2022
USD ($)
store
shares
Dec. 31, 2024
USD ($)
item
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Dec. 31, 2022
USD ($)
Apr. 14, 2024
shares
Nov. 13, 2023
USD ($)
Jul. 19, 2023
$ / shares
Class of Stock [Line Items]                  
Common stock, authorized (in shares)       500,000,000 500,000,000        
Common stock, par value (dollars per share) | $ / shares       $ 0.01 $ 0.01        
Preferred stock, authorized (in shares)       50,000,000 50,000,000        
Preferred stock, par value (dollars per share) | $ / shares       $ 0.01 $ 0.01        
Common stock, issued (in shares)       211,995,510 211,278,803        
Common stock, outstanding (in shares)       211,995,510 211,278,803        
Preferred stock, issued (in shares)       0 0        
Preferred stock, outstanding (in shares)       0 0        
Number of votes, common stockholder rights | item       1          
Common stock sold (in shares)       0          
Share repurchase program, aggregate value | $               $ 500,000  
Shares repurchased (in shares)       0 0        
Share repurchase program, remaining authorization value | $       $ 500,000          
Issuance of common stock in conjunction with acquisitions (in shares)   76,217,359 186,766            
Shares issued, price (in dollars per share) | $ / shares                 $ 148.96
Issuance of common stock in conjunction with acquisitions | $   $ 11,353,338 $ 40,965     $ 40,963      
Number of stores acquired with issuance of common stock | store     2            
“At the market” equity program                  
Class of Stock [Line Items]                  
Common stock sold (in shares) 0           0    
Aggregate offering price | $ $ 800,000                
Number of sales agents | sales_agent 9                
v3.25.0.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units - Preferred OP Units (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units $ 76,092 $ 222,360
Series B Units    
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units 33,567 33,567
Series D Units    
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units $ 42,525 $ 188,793
v3.25.0.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended 24 Months Ended
Dec. 31, 2024
Jan. 03, 2023
Jun. 01, 2022
Nov. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2014
Dec. 27, 2024
Oct. 01, 2024
Noncontrolling Interest [Line Items]                    
Preferred units outstanding (in shares) 9,353,941       9,353,941          
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests $ 835,735,000       $ 835,735,000 $ 800,668,000        
Redemption of units for cash                    
Noncontrolling Interest [Line Items]                    
Redemption of noncontrolling interests for cash         $ 2,341,000 $ 108,000 $ 4,617,000      
Series A Units                    
Noncontrolling Interest [Line Items]                    
Preferred units outstanding (in shares) 0       0 0        
Series B Units                    
Noncontrolling Interest [Line Items]                    
Preferred units outstanding (in shares) 1,342,727       1,342,727          
Liquidation value (in dollars per share) $ 25.00       $ 25.00          
Fixed liquidation value $ 33,567,000       $ 33,567,000          
Annual rate of return percent               6.00%    
Series D Units                    
Noncontrolling Interest [Line Items]                    
Liquidation value (in dollars per share) $ 25.00       $ 25.00          
Fixed liquidation value $ 42,525,000       $ 42,525,000          
Annual rate of return percent 3.35%                  
Fixed liquidation value (in shares) 1,700,989       1,700,989          
Redemption of noncontrolling interests (in shares)   890,594   15,093 1,242,168          
Stock issued for redemption (in shares)   154,307     213,661          
Liquidated shares (in shares)                   3,507,844
Liquidation value                   $ 87,696,000
Conversion of shares (in shares)                 1,100,734  
Converted shares of common OP units (in shares)                 183,398  
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests                 $ 27,518,000  
Noncontrolling interest, increase from subsidiary issuance (in shares)     240,000              
Noncontrolling interest, increase from subsidiary issuance     $ 6,000,000              
Series D Units | Redemption of units for cash                    
Noncontrolling Interest [Line Items]                    
Redemption of noncontrolling interests for cash       $ 377,000            
Series D Units | Minimum                    
Noncontrolling Interest [Line Items]                    
Annual rate of return percent 3.00%                  
Series D Units | Maximum                    
Noncontrolling Interest [Line Items]                    
Annual rate of return percent 5.00%                  
Series C Units                    
Noncontrolling Interest [Line Items]                    
Preferred units outstanding (in shares) 0       0 0        
v3.25.0.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
joint_venture
store
$ / shares
shares
Dec. 31, 2014
Dec. 31, 2024
USD ($)
joint_venture
store
$ / shares
shares
Dec. 31, 2023
USD ($)
Noncontrolling Interest [Line Items]        
Note receivable interest rate 10.00% 5.00%    
Period used as a denomination to determine the average closing price of common stock     10 days  
Ten day average closing stock price (in dollars per share) | $ / shares $ 148.35   $ 148.35  
Preferred units outstanding (in shares) | shares 9,353,941   9,353,941  
Consideration to be paid on redemption of common OP units | $ $ 1,387,657   $ 1,387,657  
Number of consolidated joint ventures | joint_venture 10   10  
Total number of stores in consolidated joint venture | store 14   14  
Number of joint ventures operating store | joint_venture 9   9  
Number of joint ventures with property under development | store 5   5  
Operating Partnership        
Noncontrolling Interest [Line Items]        
Reduction of noncontrolling interest for note receivable | $ $ 50,000   $ 50,000 $ 1,900
Common stock        
Noncontrolling Interest [Line Items]        
Unit conversion ratio     1  
Operating Partnership        
Noncontrolling Interest [Line Items]        
Ownership interest held by entity (as a percent) 95.60%   95.60%  
Noncontrolling interest, noncontrolling owners, percent 4.40%   4.40%  
Other | Maximum        
Noncontrolling Interest [Line Items]        
Noncontrolling interest, noncontrolling owners, percent 17.00%   17.00%  
v3.25.0.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Abstract]      
OP Units redeemed for common stock (in shares) 323,191 2,803 0
OP Units redeemed for cash (in shares) 15,481 1,000 24,824
Cash paid for OP Units redeemed $ 2,341 $ 108 $ 4,617
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion (in shares) 807,019 1,674,748 711,037
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion $ 127,932 $ 249,470 $ 141,000
v3.25.0.1
Leases - Additional Information (Details) - lease
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Real Estate Investment Property, Net Real Estate Investment Property, Net
Finance Lease, Liability, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Store Lease    
Lessee, Lease, Description [Line Items]    
Number of leases 77  
Store Lease | Minimum    
Lessee, Lease, Description [Line Items]    
Operating and finance lease, original lease term 10 years  
Operating and finance lease, extension term 5 years  
Store Lease | Maximum    
Lessee, Lease, Description [Line Items]    
Operating and finance lease, original lease term 99 years  
Operating and finance lease, extension term 35 years  
Corporate Office And Call Center Lease | Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease, original lease term 5 years 4 months  
Corporate Office And Call Center Lease | Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease, original lease term 14 years  
Regional Office Lease    
Lessee, Lease, Description [Line Items]    
Number of leases 21  
Operating lease, renewal term 3 years  
Regional Office Lease | Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease, original lease term 2 years  
Regional Office Lease | Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease, original lease term 5 years  
District Office Lease    
Lessee, Lease, Description [Line Items]    
Operating lease, original lease term 12 months  
v3.25.0.1
Leases - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance lease cost:      
Amortization of finance lease right-of-use assets $ 4,018 $ 3,961  
Interest expense related to finance lease liabilities 4,722 4,483  
Operating lease cost 42,560 35,783  
Variable lease cost 16,005 11,632  
Short-term lease cost 24 24  
Total lease cost 67,329 55,883  
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash outflows for finance lease payments 4,440 4,483  
Operating cash outflows for operating lease payments 29,705 29,234  
Total cash flows for lease liability measurement 34,145 33,717  
Right-of-use assets obtained in exchange for new operating lease liabilities 486,266 265 $ 16,298
Right-of-use assets obtained in exchange for new finance lease liabilities $ 0 $ 0 $ 6,823
Weighted average remaining lease term - finance leases (years) 55 years 54 years  
Weighted average remaining lease term - operating leases (years) 24 years 18 years 8 months 4 days  
Weighted average discount rate - finance leases 3.32% 3.31%  
Weighted average discount rate - operating leases 5.73% 3.91%  
v3.25.0.1
Leases - Undiscounted Cash Flows on an Annual Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating    
2025 $ 47,392  
2026 48,322  
2027 48,724  
2028 49,186  
2029 49,863  
Thereafter 1,129,756  
Total 1,373,243  
Present value adjustments (Less: future interest expense) (667,398)  
Lease liabilities 705,845 $ 236,515
Finance    
2025 6,571  
2026 6,715  
2027 6,842  
2028 6,955  
2029 7,094  
Thereafter 346,684  
Total 380,861  
Present value adjustments (Less: future interest expense) (239,078)  
Lease liabilities 141,783  
Total    
2025 53,963  
2026 55,037  
2027 55,566  
2028 56,141  
2029 56,957  
Thereafter 1,476,440  
Total 1,754,104  
Present value adjustments (Less: future interest expense) (906,476)  
Lease liabilities $ 847,628  
v3.25.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended 108 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for issuance under plans (in shares) 156,341     156,341
Intrinsic value of options exercised $ 798 $ 0 $ 0  
Options granted (in shares)       0
Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expiration period 10 years      
Proceeds from share issuances $ 765 0 0  
Unrecognized compensation cost 0     $ 0
Restricted Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Compensation cost $ 16,808 14,205 12,086  
Weighted average forfeiture rate 6.40%      
Unrecognized compensation cost $ 23,044     23,044
Unrecognized compensation cost, period of recognition 2 years 1 month 24 days      
Restricted Stock | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 1 year      
Restricted Stock | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 4 years      
Performance-Based Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Compensation cost $ 12,183 12,433 9,299  
Unrecognized compensation cost $ 19,642 $ 18,798 $ 13,241 $ 19,642
Unrecognized compensation cost, period of recognition 3 years 3 years 3 years  
Performance component weight percentage 50.00%      
Minimum shares issued for each PSU (in shares) 0      
Maximum shares issued for each PSU (in shares) 2      
Dividend yield 0.00% 0.00% 0.00%  
v3.25.0.1
Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Balance at the beginning of the period (in shares) 9,272 9,272 9,272
Exercised (in shares) (9,272) 0 0
Balance at the end of the period (in shares) 0 9,272 9,272
Weighted Average Exercise Price      
Balance at the beginning of the period (in dollars per share) $ 82.47 $ 82.47 $ 82.47
Exercised (in dollars per share) 82.47 0 0
Balance at the end of the period (in dollars per share) $ 0 $ 82.47 $ 82.47
v3.25.0.1
Stock-Based Compensation - Summary of Employee and Director Share Grant Activity (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Balance at the beginning of the period (in shares) 205,577 208,060 199,778
Granted (in shares) 142,324 98,263 105,677
Released (in shares) (93,453) (90,662) (86,781)
Canceled (in shares) (6,365) (10,084) (10,614)
Balance at the end of the period (in shares) 248,083 205,577 208,060
Weighted-Average Grant-Date Fair Value      
Balance at the beginning of the period (in dollars per share) $ 162.81 $ 158.38 $ 115.16
Granted (in dollars per share) 147.87 158.04 201.12
Released (in dollars per share) 153.78 147.21 112.31
Canceled (in dollars per share) 155.37 165.36 147.03
Balance at the end of the period (in dollars per share) $ 157.84 $ 162.81 $ 158.38
v3.25.0.1
Stock-Based Compensation - Summary of PSU Activity (Details) - Performance-Based Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Units      
Balance at the beginning of the period (in shares) 188,712 147,159 135,408
Granted (in shares) 115,283 86,795 61,085
Released (in shares) (40,832) (45,242) (49,334)
Balance at the end of the period (in shares) 263,163 188,712 147,159
Weighted-Average Grant-Date Fair Value      
Balance at the beginning of the period (in dollars per share) $ 158.32 $ 130.63 $ 111.69
Granted (in dollars per share) 161.82 207.28 223.96
Released (in dollars per share) 143.36 162.18 194.21
Balance at the end of the period (in dollars per share) $ 162.17 $ 158.32 $ 130.63
v3.25.0.1
Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Awards (Details) - Performance-Based Stock Units - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value $ 39,369 $ 30,256 $ 21,659
Risk-free rate 5.50% 4.60% 1.80%
Volatility 29.90% 29.30% 29.30%
Expected term (in years) 2 years 9 months 18 days 2 years 9 months 18 days 2 years 10 months 24 days
Dividend yield 0.00% 0.00% 0.00%
Unrecognized compensation cost $ 19,642 $ 18,798 $ 13,241
Term over which compensation cost recognized (in years) 3 years 3 years 3 years
v3.25.0.1
Employee Benefit Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Employee contribution to retirement saving plan as a percentage of annual salary, maximum 60.00%    
Matching contributions made by the entity during the period $ 8,145 $ 6,576 $ 5,169
Percentage of company's matching contributions of first 3 percent of employee's compensation 100.00%    
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company 3.00%    
Maximum percentage of the company's matching contributions of next 2 percent of employee's compensation 50.00%    
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company 2.00%    
v3.25.0.1
Income Taxes - Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal      
Current expense $ 37,320 $ 26,516 $ 20,592
Tax credits/true-up (9,413) (7,742) (6,071)
Change in deferred expense (3,236) (4,151) 1,909
Total tax expense 24,671 14,623 16,430
State      
Current expense 6,951 6,035 4,546
Tax credits/true-up 0 0 31
Change in deferred expense 1,856 901 (82)
Total tax expense 8,807 6,936 4,495
Current expense 44,271 32,551 25,138
Tax credits/true-up (9,413) (7,742) (6,040)
Change in deferred expense (1,380) (3,250) 1,827
Total provision $ 33,478 $ 21,559 $ 20,925
v3.25.0.1
Income Taxes - Reconciliation of Statutory Income Tax Provision (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected tax at statutory rate $ 196,102 $ 183,111 $ 197,887
Non-taxable REIT income (161,989) (161,316) (172,966)
State and local tax expense - net of federal benefit 8,851 8,779 4,160
Change in valuation allowance 0 (1,148) (1,093)
Tax credits/true-up (9,413) (7,742) (6,040)
Miscellaneous (73) (125) (1,023)
Total provision $ 33,478 $ 21,559 $ 20,925
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Expected tax at statutory rate 21.00% 21.00% 21.00%
Non-taxable REIT income (17.30%) (18.50%) (18.40%)
State and local tax expense - net of federal benefit 0.90% 1.00% 0.40%
Change in valuation allowance 0.00% (0.10%) (0.10%)
Tax credits/true-up (1.00%) (0.90%) (0.60%)
Miscellaneous 0.00% 0.00% (0.10%)
Total provision 3.60% 2.50% 2.20%
v3.25.0.1
Income Taxes - Sources of Temporary Differences (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax liabilities:    
Fixed assets $ (34,846) $ (36,572)
Operating and Finance lease right-of-use assets (6,495) (6,831)
Other (13,903) (10,797)
State deferred taxes (7,304) (4,564)
Total deferred tax liabilities (62,548) (58,764)
Deferred tax assets:    
Captive insurance subsidiary 2,119 509
Accrued liabilities 3,196 3,015
Stock compensation 4,787 3,961
Operating and Finance lease liabilities 9,249 9,013
Other 1,539 502
State deferred taxes 643 2,581
Total deferred tax assets 21,533 19,581
Net deferred income tax liabilities $ (41,015) $ (39,183)
v3.25.0.1
Segment Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.0.1
Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Revenues $ 3,256,902 $ 2,560,244 $ 1,924,170
Operating expenses      
Total self-storage operations expenses 1,855,873 1,390,103 888,017
Net operating income      
Net operating income 1,323,360 1,170,141 1,050,402
Other components of net income:      
Management fees and other income 120,855 101,986 83,904
Transaction costs 0 0 (1,548)
Life Storage Merger transition costs 0 (66,732) 0
General and administrative expense (167,398) (146,408) (129,251)
Depreciation and amortization expense (783,023) (506,053) (288,316)
Gain (loss) on real estate assets held for sale and sold, net (25,906) 0 14,249
Impairment of Life Storage trade name (51,763) 0 0
Interest expense (551,354) (419,035) (219,171)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (43,720) (18,786) 0
Interest income 124,422 84,857 69,422
Equity in earnings and dividend income from unconsolidated real estate entities 67,272 54,835 41,428
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and sale of a joint venture interest 13,730 0 0
Income tax expense (33,478) (21,559) (20,925)
Net income (loss) 900,232 850,453 921,156
Operating Segments      
Revenues:      
Revenues 3,136,047 2,458,258 1,840,266
Operating expenses      
Total segment operating expenses 905,452 670,910 468,902
Net operating income      
Net operating income 2,230,595 1,787,348 1,371,364
Operating Segments | Self-Storage Operations      
Revenues:      
Revenues 2,803,252 2,222,578 1,654,735
Operating expenses      
Payroll and benefits 170,529 127,300 94,005
Marketing 64,146 44,117 26,349
Office expense 123,604 97,621 74,400
Property operating expense 74,498 57,376 38,982
Repairs and maintenance 55,097 38,750 27,834
Property taxes 292,413 212,360 153,558
Insurance 32,892 25,466 14,636
Other segment items 18,387 9,046 5,578
Total segment operating expenses 831,566 612,036 435,342
Net operating income      
Net operating income 1,971,686 1,610,542 1,219,393
Operating Segments | Tenant Reinsurance      
Revenues:      
Revenues 332,795 235,680 185,531
Operating expenses      
Other segment items 73,886 58,874 33,560
Net operating income      
Net operating income $ 258,909 $ 176,806 $ 151,971
v3.25.0.1
Commitments and Contingencies (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
store
Commitment to acquire stores  
Other Commitments [Line Items]  
Number of properties to be acquired | store 8
Other commitment | $ $ 81,533
Commitment to acquire stores, scheduled to close in current fiscal year  
Other Commitments [Line Items]  
Number of properties to be acquired | store 8
Commitment to sale stores  
Other Commitments [Line Items]  
Other commitment | $ $ 144,550
Number of properties to be sold | store 13
Agreement to originate bridge loans  
Other Commitments [Line Items]  
Other commitment | $ $ 245,995
v3.25.0.1
Schedule III - Real Estate and Accumulated Depreciation - Property Summary (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
store
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 1,976      
Debt $ 1,013,661      
Land Initial Cost 4,989,355      
Building and Improvements Initial Cost 21,097,440      
Adjustments and Costs to Land and Building Subsequent to Acquisition 1,839,903      
Gross carrying amount - Land 4,994,642      
Gross carrying amount - Building and improvements 22,932,121      
Gross carrying amount - Total 27,926,763      
Accumulated Depreciation $ 3,339,136      
Self storage facilities | AL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 38      
Debt $ 5,686      
Land Initial Cost 53,193      
Building and Improvements Initial Cost 384,033      
Adjustments and Costs to Land and Building Subsequent to Acquisition 18,063      
Gross carrying amount - Land 53,191      
Gross carrying amount - Building and improvements 402,098      
Gross carrying amount - Total 455,289      
Accumulated Depreciation $ 28,626      
Self storage facilities | AZ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 49      
Debt $ 22,102      
Land Initial Cost 147,273      
Building and Improvements Initial Cost 567,989      
Adjustments and Costs to Land and Building Subsequent to Acquisition 18,431      
Gross carrying amount - Land 147,272      
Gross carrying amount - Building and improvements 586,421      
Gross carrying amount - Total 733,693      
Accumulated Depreciation $ 59,998      
Self storage facilities | CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 219      
Debt $ 202,634      
Land Initial Cost 914,399      
Building and Improvements Initial Cost 2,286,177      
Adjustments and Costs to Land and Building Subsequent to Acquisition 287,455      
Gross carrying amount - Land 914,618      
Gross carrying amount - Building and improvements 2,573,413      
Gross carrying amount - Total 3,488,031      
Accumulated Depreciation $ 501,397      
Self storage facilities | CO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 27      
Debt $ 25,798      
Land Initial Cost 49,985      
Building and Improvements Initial Cost 192,497      
Adjustments and Costs to Land and Building Subsequent to Acquisition 22,640      
Gross carrying amount - Land 50,703      
Gross carrying amount - Building and improvements 214,419      
Gross carrying amount - Total 265,122      
Accumulated Depreciation $ 39,143      
Self storage facilities | CT        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 23      
Debt $ 6,179      
Land Initial Cost 43,453      
Building and Improvements Initial Cost 373,628      
Adjustments and Costs to Land and Building Subsequent to Acquisition 8,264      
Gross carrying amount - Land 43,452      
Gross carrying amount - Building and improvements 381,892      
Gross carrying amount - Total 425,344      
Accumulated Depreciation $ 28,491      
Self storage facilities | FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 256      
Debt $ 151,928      
Land Initial Cost 692,608      
Building and Improvements Initial Cost 3,009,106      
Adjustments and Costs to Land and Building Subsequent to Acquisition 131,435      
Gross carrying amount - Land 690,728      
Gross carrying amount - Building and improvements 3,142,421      
Gross carrying amount - Total 3,833,149      
Accumulated Depreciation $ 323,023      
Self storage facilities | GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 120      
Debt $ 78,738      
Land Initial Cost 304,982      
Building and Improvements Initial Cost 1,195,949      
Adjustments and Costs to Land and Building Subsequent to Acquisition 55,865      
Gross carrying amount - Land 304,970      
Gross carrying amount - Building and improvements 1,251,826      
Gross carrying amount - Total 1,556,796      
Accumulated Depreciation $ 157,456      
Self storage facilities | HI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 14      
Debt $ 0      
Land Initial Cost 29,836      
Building and Improvements Initial Cost 160,978      
Adjustments and Costs to Land and Building Subsequent to Acquisition 25,305      
Gross carrying amount - Land 29,836      
Gross carrying amount - Building and improvements 186,282      
Gross carrying amount - Total 216,118      
Accumulated Depreciation $ 48,926      
Self storage facilities | ID        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 2      
Debt $ 0      
Land Initial Cost 4,047      
Building and Improvements Initial Cost 25,235      
Adjustments and Costs to Land and Building Subsequent to Acquisition 71      
Gross carrying amount - Land 4,047      
Gross carrying amount - Building and improvements 25,306      
Gross carrying amount - Total 29,353      
Accumulated Depreciation $ 1,468      
Self storage facilities | IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 104      
Debt $ 15,888      
Land Initial Cost 203,952      
Building and Improvements Initial Cost 1,082,223      
Adjustments and Costs to Land and Building Subsequent to Acquisition 54,630      
Gross carrying amount - Land 203,331      
Gross carrying amount - Building and improvements 1,137,474      
Gross carrying amount - Total 1,340,805      
Accumulated Depreciation $ 112,677      
Self storage facilities | IN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 92      
Debt $ 0      
Land Initial Cost 64,877      
Building and Improvements Initial Cost 508,534      
Adjustments and Costs to Land and Building Subsequent to Acquisition 17,683      
Gross carrying amount - Land 64,528      
Gross carrying amount - Building and improvements 526,566      
Gross carrying amount - Total 591,094      
Accumulated Depreciation $ 47,931      
Self storage facilities | KS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 1      
Debt $ 0      
Land Initial Cost 366      
Building and Improvements Initial Cost 1,897      
Adjustments and Costs to Land and Building Subsequent to Acquisition 1,200      
Gross carrying amount - Land 366      
Gross carrying amount - Building and improvements 3,097      
Gross carrying amount - Total 3,463      
Accumulated Depreciation $ 1,668      
Self storage facilities | KY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 15      
Debt $ 30,070      
Land Initial Cost 10,026      
Building and Improvements Initial Cost 88,389      
Adjustments and Costs to Land and Building Subsequent to Acquisition 22,085      
Gross carrying amount - Land 10,799      
Gross carrying amount - Building and improvements 109,701      
Gross carrying amount - Total 120,500      
Accumulated Depreciation $ 24,599      
Self storage facilities | LA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 10      
Debt $ 0      
Land Initial Cost 16,673      
Building and Improvements Initial Cost 126,604      
Adjustments and Costs to Land and Building Subsequent to Acquisition 6,660      
Gross carrying amount - Land 16,674      
Gross carrying amount - Building and improvements 133,263      
Gross carrying amount - Total 149,937      
Accumulated Depreciation $ 12,356      
Self storage facilities | MA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 65      
Debt $ 38,786      
Land Initial Cost 120,291      
Building and Improvements Initial Cost 546,958      
Adjustments and Costs to Land and Building Subsequent to Acquisition 69,802      
Gross carrying amount - Land 120,472      
Gross carrying amount - Building and improvements 616,579      
Gross carrying amount - Total 737,051      
Accumulated Depreciation $ 140,277      
Self storage facilities | MD        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 44      
Debt $ 71,078      
Land Initial Cost 157,195      
Building and Improvements Initial Cost 450,952      
Adjustments and Costs to Land and Building Subsequent to Acquisition 46,923      
Gross carrying amount - Land 156,605      
Gross carrying amount - Building and improvements 498,465      
Gross carrying amount - Total 655,070      
Accumulated Depreciation $ 124,999      
Self storage facilities | ME        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 5      
Debt $ 0      
Land Initial Cost 2,352      
Building and Improvements Initial Cost 86,339      
Adjustments and Costs to Land and Building Subsequent to Acquisition 792      
Gross carrying amount - Land 2,352      
Gross carrying amount - Building and improvements 87,131      
Gross carrying amount - Total 89,483      
Accumulated Depreciation $ 3,195      
Self storage facilities | MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 11      
Debt $ 4,199      
Land Initial Cost 13,162      
Building and Improvements Initial Cost 89,881      
Adjustments and Costs to Land and Building Subsequent to Acquisition 7,467      
Gross carrying amount - Land 13,162      
Gross carrying amount - Building and improvements 97,348      
Gross carrying amount - Total 110,510      
Accumulated Depreciation $ 15,525      
Self storage facilities | MN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 7      
Debt $ 0      
Land Initial Cost 9,696      
Building and Improvements Initial Cost 74,960      
Adjustments and Costs to Land and Building Subsequent to Acquisition 7,143      
Gross carrying amount - Land 9,696      
Gross carrying amount - Building and improvements 82,103      
Gross carrying amount - Total 91,799      
Accumulated Depreciation $ 12,120      
Self storage facilities | MO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 29      
Debt $ 0      
Land Initial Cost 33,809      
Building and Improvements Initial Cost 357,853      
Adjustments and Costs to Land and Building Subsequent to Acquisition 15,112      
Gross carrying amount - Land 33,768      
Gross carrying amount - Building and improvements 373,006      
Gross carrying amount - Total 406,774      
Accumulated Depreciation $ 24,006      
Self storage facilities | MS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 7      
Debt $ 0      
Land Initial Cost 9,053      
Building and Improvements Initial Cost 82,098      
Adjustments and Costs to Land and Building Subsequent to Acquisition 2,646      
Gross carrying amount - Land 9,052      
Gross carrying amount - Building and improvements 84,745      
Gross carrying amount - Total 93,797      
Accumulated Depreciation $ 7,868      
Self storage facilities | NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 54      
Debt $ 0      
Land Initial Cost 93,492      
Building and Improvements Initial Cost 557,728      
Adjustments and Costs to Land and Building Subsequent to Acquisition 17,743      
Gross carrying amount - Land 93,489      
Gross carrying amount - Building and improvements 575,473      
Gross carrying amount - Total 668,962      
Accumulated Depreciation $ 47,845      
Self storage facilities | NH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 17      
Debt $ 0      
Land Initial Cost 50,952      
Building and Improvements Initial Cost 195,719      
Adjustments and Costs to Land and Building Subsequent to Acquisition 3,393      
Gross carrying amount - Land 51,015      
Gross carrying amount - Building and improvements 199,049      
Gross carrying amount - Total 250,064      
Accumulated Depreciation $ 10,291      
Self storage facilities | NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 90      
Debt $ 78,795      
Land Initial Cost 310,950      
Building and Improvements Initial Cost 1,081,676      
Adjustments and Costs to Land and Building Subsequent to Acquisition 84,560      
Gross carrying amount - Land 317,420      
Gross carrying amount - Building and improvements 1,159,766      
Gross carrying amount - Total 1,477,186      
Accumulated Depreciation $ 242,193      
Self storage facilities | NM        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 12      
Debt $ 24,572      
Land Initial Cost 32,248      
Building and Improvements Initial Cost 72,559      
Adjustments and Costs to Land and Building Subsequent to Acquisition 8,450      
Gross carrying amount - Land 32,247      
Gross carrying amount - Building and improvements 81,010      
Gross carrying amount - Total 113,257      
Accumulated Depreciation $ 19,464      
Self storage facilities | NV        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 33      
Debt $ 15,783      
Land Initial Cost 98,798      
Building and Improvements Initial Cost 477,649      
Adjustments and Costs to Land and Building Subsequent to Acquisition 14,252      
Gross carrying amount - Land 98,973      
Gross carrying amount - Building and improvements 491,726      
Gross carrying amount - Total 590,699      
Accumulated Depreciation $ 35,384      
Self storage facilities | NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 80      
Debt $ 3,235      
Land Initial Cost 341,104      
Building and Improvements Initial Cost 1,200,614      
Adjustments and Costs to Land and Building Subsequent to Acquisition 83,904      
Gross carrying amount - Land 342,924      
Gross carrying amount - Building and improvements 1,282,698      
Gross carrying amount - Total 1,625,622      
Accumulated Depreciation $ 140,005      
Self storage facilities | OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 50      
Debt $ 9,920      
Land Initial Cost 71,460      
Building and Improvements Initial Cost 388,236      
Adjustments and Costs to Land and Building Subsequent to Acquisition 27,786      
Gross carrying amount - Land 71,459      
Gross carrying amount - Building and improvements 416,023      
Gross carrying amount - Total 487,482      
Accumulated Depreciation $ 36,109      
Self storage facilities | OK        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 4      
Debt $ 0      
Land Initial Cost 3,917      
Building and Improvements Initial Cost 28,534      
Adjustments and Costs to Land and Building Subsequent to Acquisition 458      
Gross carrying amount - Land 3,917      
Gross carrying amount - Building and improvements 28,992      
Gross carrying amount - Total 32,909      
Accumulated Depreciation $ 1,191      
Self storage facilities | OR        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 8      
Debt $ 23,319      
Land Initial Cost 15,066      
Building and Improvements Initial Cost 68,044      
Adjustments and Costs to Land and Building Subsequent to Acquisition 3,159      
Gross carrying amount - Land 15,066      
Gross carrying amount - Building and improvements 71,203      
Gross carrying amount - Total 86,269      
Accumulated Depreciation $ 16,087      
Self storage facilities | PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 31      
Debt $ 10,386      
Land Initial Cost 57,671      
Building and Improvements Initial Cost 356,325      
Adjustments and Costs to Land and Building Subsequent to Acquisition 39,082      
Gross carrying amount - Land 56,997      
Gross carrying amount - Building and improvements 396,080      
Gross carrying amount - Total 453,077      
Accumulated Depreciation $ 57,399      
Self storage facilities | RI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 6      
Debt $ 3,585      
Land Initial Cost 6,132      
Building and Improvements Initial Cost 55,033      
Adjustments and Costs to Land and Building Subsequent to Acquisition 2,124      
Gross carrying amount - Land 6,131      
Gross carrying amount - Building and improvements 57,158      
Gross carrying amount - Total 63,289      
Accumulated Depreciation $ 6,045      
Self storage facilities | SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 46      
Debt $ 27,568      
Land Initial Cost 65,032      
Building and Improvements Initial Cost 385,333      
Adjustments and Costs to Land and Building Subsequent to Acquisition 16,162      
Gross carrying amount - Land 65,036      
Gross carrying amount - Building and improvements 401,491      
Gross carrying amount - Total 466,527      
Accumulated Depreciation $ 52,193      
Self storage facilities | TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 31      
Debt $ 30,338      
Land Initial Cost 55,637      
Building and Improvements Initial Cost 259,210      
Adjustments and Costs to Land and Building Subsequent to Acquisition 17,107      
Gross carrying amount - Land 55,637      
Gross carrying amount - Building and improvements 276,317      
Gross carrying amount - Total 331,954      
Accumulated Depreciation $ 44,087      
Self storage facilities | TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 274      
Debt $ 61,631      
Land Initial Cost 587,514      
Building and Improvements Initial Cost 2,788,363      
Adjustments and Costs to Land and Building Subsequent to Acquisition 117,215      
Gross carrying amount - Land 587,843      
Gross carrying amount - Building and improvements 2,905,249      
Gross carrying amount - Total 3,493,092      
Accumulated Depreciation $ 285,874      
Self storage facilities | UT        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 10      
Debt $ 15,895      
Land Initial Cost 9,008      
Building and Improvements Initial Cost 39,295      
Adjustments and Costs to Land and Building Subsequent to Acquisition 10,751      
Gross carrying amount - Land 9,008      
Gross carrying amount - Building and improvements 50,046      
Gross carrying amount - Total 59,054      
Accumulated Depreciation $ 16,988      
Self storage facilities | VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 73      
Debt $ 43,618      
Land Initial Cost 198,998      
Building and Improvements Initial Cost 842,848      
Adjustments and Costs to Land and Building Subsequent to Acquisition 46,577      
Gross carrying amount - Land 198,998      
Gross carrying amount - Building and improvements 889,425      
Gross carrying amount - Total 1,088,423      
Accumulated Depreciation $ 152,288      
Self storage facilities | WA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 16      
Debt $ 4,729      
Land Initial Cost 68,560      
Building and Improvements Initial Cost 188,949      
Adjustments and Costs to Land and Building Subsequent to Acquisition 15,257      
Gross carrying amount - Land 68,562      
Gross carrying amount - Building and improvements 204,204      
Gross carrying amount - Total 272,766      
Accumulated Depreciation $ 24,049      
Self storage facilities | WI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 2      
Debt $ 0      
Land Initial Cost 2,192      
Building and Improvements Initial Cost 31,270      
Adjustments and Costs to Land and Building Subsequent to Acquisition 463      
Gross carrying amount - Land 2,192      
Gross carrying amount - Building and improvements 31,733      
Gross carrying amount - Total 33,925      
Accumulated Depreciation $ 706      
Self storage facilities | DC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Store Count | store 1      
Debt $ 7,201      
Land Initial Cost 14,394      
Building and Improvements Initial Cost 18,172      
Adjustments and Costs to Land and Building Subsequent to Acquisition 739      
Gross carrying amount - Land 14,394      
Gross carrying amount - Building and improvements 18,911      
Gross carrying amount - Total 33,305      
Accumulated Depreciation 4,429      
Other corporate assets        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Debt 0      
Land Initial Cost 0      
Building and Improvements Initial Cost 11,037      
Adjustments and Costs to Land and Building Subsequent to Acquisition 270,344      
Gross carrying amount - Land 0      
Gross carrying amount - Building and improvements 281,381      
Gross carrying amount - Total 281,381      
Accumulated Depreciation 96,203      
Intangible tenant relationships and lease rights        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Debt 0      
Land Initial Cost 0      
Building and Improvements Initial Cost 354,183      
Adjustments and Costs to Land and Building Subsequent to Acquisition 0      
Gross carrying amount - Land 0      
Gross carrying amount - Building and improvements 354,183      
Gross carrying amount - Total 354,183      
Accumulated Depreciation 317,639      
Construction in Progress/Undeveloped Land        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Debt 0      
Land Initial Cost 25,002      
Building and Improvements Initial Cost 4,383      
Adjustments and Costs to Land and Building Subsequent to Acquisition 100,446      
Gross carrying amount - Land 23,712      
Gross carrying amount - Building and improvements 106,188      
Gross carrying amount - Total 129,900      
Accumulated Depreciation 1,191      
Right of use asset - finance lease        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Debt 0      
Land Initial Cost 0      
Building and Improvements Initial Cost 0      
Adjustments and Costs to Land and Building Subsequent to Acquisition 140,259      
Gross carrying amount - Land 0      
Gross carrying amount - Building and improvements 140,259      
Gross carrying amount - Total 140,259      
Accumulated Depreciation 15,727      
Real estate under development/redevelopment        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Gross carrying amount - Total $ 101,293 $ 118,745 $ 52,348 $ 59,248
v3.25.0.1
Schedule III - Real Estate and Accumulated Depreciation - Activity in Real Estate Facilities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real estate, gross:      
Balance at end of year $ 27,926,763,000    
Accumulated depreciation:      
Balance at end of year 3,339,136,000    
Net real estate assets:      
Net non-lease real estate assets (1) 24,587,627,000 $ 24,555,873,000 $ 9,997,978,000
Aggregate cost of real estate for U.S. federal income tax purposes 19,115,556,000    
Operating facilities      
Real estate, gross:      
Balance at beginning of year 27,061,533,000 12,084,025,000 10,643,722,000
Acquisitions 590,044,000 14,715,285,000 1,390,463,000
Improvements 200,333,000 175,932,000 95,282,000
Transfers from construction in progress 148,702,000 87,485,000 70,565,000
Dispositions and other (175,142,000) (1,194,000) (116,007,000)
Balance at end of year 27,825,470,000 27,061,533,000 12,084,025,000
Accumulated depreciation:      
Balance at beginning of year 2,624,405,000 2,138,395,000 1,868,321,000
Depreciation expense 714,731,000 486,010,000 276,155,000
Dispositions and other 0 0 (6,081,000)
Balance at end of year 3,339,136,000 2,624,405,000 2,138,395,000
Real estate under development/redevelopment      
Real estate, gross:      
Balance at beginning of year 118,745,000 52,348,000 59,248,000
Current development 131,249,000 153,920,000 63,597,000
Transfers from construction in progress (148,701,000) (87,523,000) (70,565,000)
Dispositions and other 0 0 68,000
Balance at end of year $ 101,293,000 $ 118,745,000 $ 52,348,000