EXTRA SPACE STORAGE INC., 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 28, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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, $0.01 par value  
Trading Symbol EXR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   212,210,881
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001289490  
Current Fiscal Year End Date --12-31  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Real estate assets, net $ 24,683,924 $ 24,587,627
Real estate assets - operating lease right-of-use assets 685,393 689,803
Investments in unconsolidated real estate entities 1,320,849 1,332,338
Investments in debt securities and notes receivable 1,675,464 1,550,950
Cash and cash equivalents 119,559 138,222
Other assets, net 508,729 548,986
Total assets 28,993,918 28,847,926
Liabilities, Noncontrolling Interests and Equity:    
Secured notes payable, net 999,062 1,010,541
Unsecured term loans, net 1,948,161 2,192,507
Unsecured senior notes, net 8,616,517 7,756,968
Revolving lines of credit and commercial paper 978,000 1,362,000
Operating lease liabilities 704,730 705,845
Cash distributions in unconsolidated real estate ventures 76,097 75,319
Accounts payable and accrued expenses 359,495 346,519
Other liabilities 533,353 538,865
Total liabilities 14,215,415 13,988,564
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, 212,225,353 and 211,995,510 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 2,122 2,120
Additional paid-in capital 14,851,126 14,831,946
Accumulated other comprehensive income 6,204 12,806
Accumulated deficit (972,665) (899,337)
Total Extra Space Storage Inc. stockholders' equity 13,886,787 13,947,535
Noncontrolling interest represented by Preferred Operating Partnership units 53,827 76,092
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 837,889 835,735
Total noncontrolling interests and equity 14,778,503 14,859,362
Total liabilities, noncontrolling interests and equity $ 28,993,918 $ 28,847,926
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
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) 212,225,353 211,995,510
Common stock, outstanding (in shares) 212,225,353 211,995,510
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Property rental $ 704,380 $ 688,044
Tenant reinsurance 84,712 81,347
Management fees and other income 30,905 30,148
Total revenues 819,997 799,539
Expenses:    
Property operations 223,582 204,518
Tenant reinsurance 17,116 18,505
General and administrative 45,974 43,722
Depreciation and amortization 180,356 196,966
Total expenses 467,028 463,711
Gain on real estate assets held for sale and sold, net 35,761 0
Income from operations 388,730 335,828
Interest expense (142,399) (132,887)
Interest income 38,967 23,573
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 273,985 215,809
Equity in earnings and dividend income from unconsolidated real estate entities 19,931 15,007
Income tax expense (8,991) (6,742)
Net income 284,925 224,074
Net income allocated to Preferred Operating Partnership noncontrolling interests (724) (2,208)
Net income allocated to Operating Partnership and other noncontrolling interests (13,326) (8,754)
Net income attributable to common stockholders $ 270,875 $ 213,112
Earnings per common share    
Basic (in dollars per share) $ 1.28 $ 1.01
Diluted (in dollars per share) $ 1.28 $ 1.01
Weighted average number of shares    
Basic (in shares) 211,850,618 211,283,335
Diluted (in shares) 212,052,742 220,018,777
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62
Unsecured senior notes    
Expenses:    
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes $ (11,313) $ (10,705)
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 284,925 $ 224,074
Other comprehensive income:    
Change in fair value of interest rate swaps (6,937) 11,202
Total comprehensive income 277,988 235,276
Less: comprehensive income attributable to noncontrolling interests 13,715 11,408
Comprehensive income attributable to common stockholders $ 264,273 $ 223,868
v3.25.1
Condensed Consolidated Statements of Noncontrolling Interests and Equity - USD ($)
$ in Thousands
Total
Redemption of units for stock
Preferred Operating Partnership
Preferred Operating Partnership
Redemption of units for stock
Operating Partnership
Operating Partnership
Redemption of units for stock
Other
Common Stock
Common Stock
Redemption of units for stock
Additional Paid-in Capital
Additional Paid-in Capital
Redemption of units for stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance at Dec. 31, 2023 $ 15,413,949   $ 222,360   $ 791,754   $ 8,914 $ 2,113   $ 14,750,388   $ 17,435 $ (379,015)
Beginning balance (in shares) at Dec. 31, 2023               211,278,803          
Increase (Decrease) in Stockholders' Equity                          
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)               96,927          
Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement (391)             $ 1   (392)      
Issuance of common stock, net of offering costs (in shares)               2,310          
Issuance of common stock, net of offering costs 365                 365      
Redemption of Operating Partnership units for stock (in shares)                 280,772        
Redemption of Operating Partnership units for stock   $ 3   $ (3,536)   $ (22,991)     $ 3   $ 26,527    
Noncontrolling interest in consolidated joint ventures 206           206            
Net income (loss) 224,074   2,208   8,737   17           213,112
Other comprehensive loss 11,202       446             10,756  
Distributions to Operating Partnership units and other noncontrolling interests (16,183)   (2,208)   (13,975)                
Dividends paid on common stock (344,247)                       (344,247)
Ending balance at Mar. 31, 2024 15,288,978   218,824   763,971   9,137 $ 2,117   14,776,888   28,191 (510,150)
Ending balance (in shares) at Mar. 31, 2024               211,658,812          
Beginning balance at Dec. 31, 2024 $ 14,859,362   76,092   823,898   11,837 $ 2,120   14,831,946   12,806 (899,337)
Beginning balance (in shares) at Dec. 31, 2024 211,995,510             211,995,510          
Increase (Decrease) in Stockholders' Equity                          
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)               74,513          
Issuance of common stock for share based compensation and taxes paid upon net settlement $ 400                 400      
Redemption of Operating Partnership units for stock (in shares)                 155,330        
Redemption of Operating Partnership units for stock   $ 0   $ (22,265)   (1,085)     $ 2   23,348    
Issuance of Operating Partnership units in conjunction with acquisitions (5,878)         $ (5,878)              
Purchase of remaining equity interest in existing consolidated joint venture (4,568)                   $ (4,568)    
Noncontrolling interest in consolidated joint ventures (275)           (275)            
Net income (loss) 284,925   723   13,335   (8)           270,875
Other comprehensive loss (6,937)       (335)             (6,602)  
Distributions to Operating Partnership units and other noncontrolling interests (16,079)   (723)   (15,339)   (17)            
Dividends paid on common stock (344,203)                       (344,203)
Ending balance at Mar. 31, 2025 $ 14,778,503   $ 53,827   $ 826,352   $ 11,537 $ 2,122   $ 14,851,126   $ 6,204 $ (972,665)
Ending balance (in shares) at Mar. 31, 2025 212,225,353             212,225,353          
v3.25.1
Condensed Consolidated Statements of Noncontrolling Interests and Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 284,925 $ 224,074
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 180,356 196,966
Amortization of deferred financing costs 2,790 4,008
Compensation expense related to share-based awards 7,167 5,912
Accrual of interest income added to principal of debt securities and notes receivable (8,273) (7,555)
Gain on real estate assets held for sale and sold, net (35,761) 0
Distributions from unconsolidated real estate ventures 9,192 8,300
Changes in operating assets and liabilities:    
Other assets 10,218 19,663
Accounts payable and accrued expenses 4,998 1,112
Other liabilities 14,479 2,371
Net cash provided by operating activities 481,404 465,556
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (208,624) (91,050)
Development and redevelopment of real estate assets (35,237) (35,825)
Proceeds from sale of real estate assets 124,730 0
Investment in unconsolidated real estate entities (102,397) (2,412)
Issuance and repurchase of notes receivable (182,079) (158,005)
Payments received on notes receivable 39,963 11,823
Proceeds from sale of notes receivable 25,875 0
Purchase of equipment and fixtures (4,269) (6,602)
Net cash used in investing activities (342,038) (282,071)
Cash flows from financing activities:    
Proceeds from unsecured term loans, senior notes, revolving lines of credit and commercial paper 3,979,431 1,679,470
Principal payments on unsecured term loans, senior notes, revolving lines of credit and commercial paper (4,615,810) (2,147,191)
Proceeds from issuance of public bonds, net 850,000 600,000
Deferred financing costs (13,528) (5,614)
Proceeds from share issuances 0 592
Dividends paid on common stock (344,203) (344,208)
Distributions to noncontrolling interests, net of contributions (15,511) (16,231)
Net cash used in financing activities (159,621) (233,182)
Net decrease in cash, cash equivalents, and restricted cash (20,255) (49,697)
Cash, cash equivalents, and restricted cash, beginning of the period 143,303 105,083
Cash, cash equivalents, and restricted cash, end of the period 123,048 55,386
Cash and equivalents 119,559 50,816
Restricted cash included in other assets 3,489 4,570
Cash, cash equivalents, and restricted cash 123,048 55,386
Supplemental schedule of cash flow information    
Interest paid 116,751 107,758
Income taxes paid 1,353 1,539
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership (22,265) (30,063)
Common stock and paid-in capital 22,265 30,063
Acquisitions of real estate assets    
Real estate assets, net 111,984 0
Value of investment in consolidated real estate ventures (105,471) 0
Net liabilities assumed (635) 0
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 7,978 2,397
Accounts payable and accrued expenses (7,978) (2,397)
Operating Partnership    
Acquisitions of real estate assets    
Value of OP units issued (5,878) 0
Unsecured senior notes    
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes $ 11,313 $ 10,705
v3.25.1
ORGANIZATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION
Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed REIT, formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties (“stores”) 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 March 31, 2025, the Company had direct and indirect equity interests in 2,424 stores. In addition, the Company managed 1,675 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,099. These stores are located in 43 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.
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2025 are not necessarily indicative of results that may be expected for the year ending December 31, 2025. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission.
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 condensed 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 15 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, is continuing to research the impact of this amended guidance, and 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.
v3.25.1
FAIR VALUE DISCLOSURES
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
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 FASB’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 March 31, 2025, 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 were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety were 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 March 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall. 
Fair Value Measurements at Reporting Date Using
DescriptionQuoted 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$— $10,137 $— 
Other liabilities - Cash flow hedge swap agreements$— $2,261 $— 
The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of March 31, 2025 or December 31, 2024.
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, 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. As of March 31, 2025, the Company had five stores classified as held for sale which are included in real estate assets, net. Of the five stores, three had an estimated fair value, net of selling costs, of $8,018. During the three months ended March 31, 2025, the Company recorded a loss of $3,759 as the fair value of these three stores was less than the net carrying value.
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 the 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.
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 condensed consolidated balance sheets at March 31, 2025 and December 31, 2024 approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States and the Cayman Islands, 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 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:
March 31, 2025December 31, 2024
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Note receivable from Common Operating Partnership unit holder$51,610 $50,000 $52,112 $50,000 
Fixed rate notes receivable41,309 42,000 40,818 42,000 
Fixed rate debt9,607,398 9,976,730 8,949,297 9,420,848 
v3.25.1
ACQUISITIONS AND DISPOSITIONS
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2025 and 2024. 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.”
Total
PeriodNumber of StoresCash PaidLoan AssumedFinance Lease LiabilityInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Q1 202517136,025 — — 105,471 847 $5,878 248,221 
Q1 2024635,084 — — — 171 $— 35,255 
On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture. The Company exchanged its 25% ownership interest in 17 properties for its partner's 75% ownership interest in six properties. The portfolio consisted of 23 properties; therefore, the Company now owns 100% of the six properties, and its partner now owns 100% of the 17 properties, which the Company will continue to manage.
Dispositions
The Company disposed of 11 previously held for sale stores during the three months ended March 31, 2025 for approximately $124,855, resulting in a gain of $39,520. This amount is shown net of $3,759 in losses related to the sale of three land parcels and three properties listed for sale during the quarter where the estimated fair value, net of selling costs, was less than the net carrying value of the assets. The net gain is shown on the Company’s condensed consolidated statements of operations for the three months ended March 31, 2025, presented as gain on real estate assets held for sale and sold, net.
v3.25.1
REAL ESTATE ASSETS
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
REAL ESTATE ASSETS REAL ESTATE ASSETS
The components of real estate assets are summarized as follows:
March 31, 2025December 31, 2024
Land$5,015,490 $4,994,642 
Buildings, improvements and other intangibles22,554,373 22,336,386 
Right of use assets - finance lease140,259 140,259 
Intangible assets - tenant relationships328,413 326,440 
Intangible lease rights27,743 27,743 
28,066,278 27,825,470 
Less: accumulated depreciation and amortization(3,494,166)(3,339,136)
Net operating real estate assets24,572,112 24,486,334 
Real estate under development/redevelopment111,812 101,293 
Real estate assets, net$24,683,924 $24,587,627 
Real estate assets held for sale included in real estate assets, net$28,238 $103,756 
As of March 31, 2025, the Company had five stores classified as held for sale which are included in real estate assets, net.
v3.25.1
OTHER ASSETS
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS OTHER ASSETS
The components of other assets are summarized as follows:
March 31, 2025December 31, 2024
Goodwill$170,811 $170,811 
Receivables, net116,059 129,748 
Prepaid expenses and deposits124,814 137,494 
Other intangible assets, net26,469 32,206 
Fair value of interest rate swaps10,137 15,733 
Equipment and fixtures, net49,962 50,365 
Deferred line of credit financing costs, net6,988 7,548 
Restricted cash3,489 5,081 
$508,729 $548,986 
v3.25.1
EARNINGS PER COMMON SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
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 Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the 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.
In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included.
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 for the period presented. The average share price for the three months ended March 31, 2025 and 2024 was $151.64 and $145.80, respectively.
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 Three Months Ended March 31,
20252024
Equivalent Shares (if converted)Equivalent Shares (if converted)
Common OP Units9,369,704 — 
Series B Units221,368 230,234 
Series D Units— 1,272,862 
9,591,072 1,503,096 
The computation of earnings per common share is as follows for the periods presented:
For the Three Months Ended March 31,
20252024
Net income attributable to common stockholders$270,875 $213,112 
Earnings and dividends allocated to participating securities(416)(354)
Earnings for basic computations270,459 212,758 
Income allocated to noncontrolling interest - Preferred OP Units and OP Units220 8,764 
Net income for diluted computations$270,679 $221,522 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 211,850,618 211,283,335 
Common OP Units— 8,731,738 
Series D Units202,124 — 
Shares related to dilutive stock options— 3,704 
Average number of common shares outstanding - diluted212,052,742 220,018,777 
Earnings per common share
Basic$1.28 $1.01 
Diluted$1.28 $1.01 
v3.25.1
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES
 3 Months Ended
Mar. 31, 2025
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 Self Storage REIT, Inc. (“SmartStop”), Strategic Storage Trust VI, Inc. and Strategic Storage Growth Trust III, Inc. (collectively, “Strategic Storage”), affiliates 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 condensed 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)
March 31,December 31,
 20252024
PRISA Self Storage LLC 854%4%$8,640 $8,967 
HF1 Sovran HHF Storage Holdings LLC3749%
49%-59%
302,982 304,526 
Storage Portfolio II JV LLC 3610%30%(9,777)(9,584)
Storage Portfolio IV JV LLC3210%30%46,832 47,150 
Storage Portfolio I LLC 2434%49%(43,913)(43,803)
PR II EXR JV LLC (2)
—25%25%— 105,909 
HF2 Sovran HHF Storage Holdings II LLC2249%
49%-59%
113,180 114,034 
HF5 Life Storage-HIERS Storage LLC 1720%20%25,047 25,192 
HF6 191 V Life Storage Holdings LLC 1720%20%10,532 10,821 
ESS-CA TIVS JV LP1655%
55%-65%
27,097 27,217 
VRS Self Storage, LLC 1645%54%(17,913)(17,557)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%18,913 19,295 
Other unconsolidated real estate ventures121
10%-50%
10%-50%
313,132 314,852 
SmartStop Self Storage REIT, Inc. Preferred Stock (5)
n/an/an/a200,000 200,000 
Strategic Storage Trust VI, Inc. Preferred Stock (4)
n/an/an/a150,000 150,000 
Strategic Storage Growth Trust III, Inc. Preferred Stock (3)
n/an/an/a100,000 — 
Net Investments in and Cash distributions in unconsolidated real estate entities439$1,244,752 $1,257,019 
Investments in unconsolidated real estate entities$1,320,849 $1,332,338 
Cash distributions in unconsolidated real estate ventures(76,097)(75,319)
Net Investments in and Cash distributions in unconsolidated real estate entities$1,244,752 $1,257,019 
(1)    Includes pro-rata equity ownership share and promoted interest.
(2)    On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture. The Company exchanged its 25% ownership interest in 17 properties for its partner’s 75% ownership interest in six properties. The portfolio consisted of 23 properties; therefore, the Company now owns 100% of the six properties, and its partner now owns 100% of the 17 properties.
(3)    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. 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. 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 condensed consolidated statements of operations.
(4)    In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage Trust VI, Inc. 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 condensed consolidated statements of operations.
(5)    In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 7.00% 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 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
condensed consolidated statements of operations. Subsequent to quarter end, the Company was repaid its $200,000 preferred equity investment in SmartStop.
v3.25.1
INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025December 31, 2024
Debt securities - Preferred Stock$300,000 $300,000 
Notes Receivable - Bridge Loans1,369,089 1,244,575 
Dividends and Interest Receivable 6,375 6,375 
$1,675,464 $1,550,950 
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.
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 March 31, 2025, 77% 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 three months ended March 31, 2025, the Company sold a total principal amount of $25,875 of its mortgage bridge loans receivable to third parties for par, closed on $49,870 in initial loan draws, and recorded $12,855 of draws for interest payments.
The bridge loans typically have a loan to value ratio between 70% and 80% at origination. As of March 31, 2025, none of the notes receivable are in past-due or nonaccrual status, and the allowance for potential credit losses is immaterial.
v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The components of term debt are summarized as follows:
Term DebtMarch 31, 2025December 31, 2024
Secured notes payable (1)
$1,001,851 $1,013,661 
Unsecured term loans1,955,000 2,200,000 
Unsecured senior notes8,875,000 8,025,000 
Total11,831,851 11,238,661 
Less: Discount on unsecured senior notes, net (2)
(206,461)(222,254)
Less: Unamortized debt issuance costs(61,650)(56,391)
Total$11,563,740 $10,960,016 
(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 March 31, 2025:
2025$534,123 
20261,402,104 
20271,309,675 
20281,627,500 
20291,515,976 
20301,692,473 
20311,650,000 
2032600,000 
2033— 
2034600,000 
Thereafter900,000 
$11,831,851 
On November 20, 2024, the Company established a commercial paper note program. Under the terms of the program, the Company may issue up to $1,000,000 of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (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 three months ended March 31, 2025 had a weighted-average maturity term of 13 days. At March 31, 2025, there were $580,000 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 March 31, 2025
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$8,000 $140,000 5.76%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
390,000 2,000,000 5.29%6/22/2027
SOFR plus 0.875%
Commercial paper580,000 1,000,000 
4.66% (3)
Various
$978,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2025. 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 August 21, 2024, the Company entered into Amendment 1 to the Third Amended and Restated Credit Agreement (the “Credit Agreement”). 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 March 31, 2025, the Company was in compliance with all of its financial covenants.
As of March 31, 2025, the Company’s percentage of fixed-rate debt to total debt was 78.8%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 5.3%, respectively. The combined weighted average interest rate was 4.4%.
v3.25.1
DERIVATIVES
 3 Months Ended
Mar. 31, 2025
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 three months ended March 31, 2025 and 2024, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. In the coming 12 months, the Company estimates that $7,518 will be reclassified as an increase to interest income.
The Company held 12 active derivative financial instruments, which had a total current notional amount of $1,079,466 as of March 31, 2025 and one forward-starting derivative financial instrument with an effective date of July 14, 2025.
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 condensed consolidated balance sheets:
 Asset / Liability Derivatives
Derivatives designated as hedging instruments:March 31, 2025December 31, 2024
Other assets$10,137 $15,733 
Other liabilities$2,261 $710 

Effect of Derivative Instruments
The table below presents the effect of the Company’s derivative financial instruments on the condensed 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 Three Months Ended March 31,Location of amounts reclassified from OCI into incomeGain (loss) reclassified from OCI for the Three Months Ended March 31,
Type2025202420252024
Swap Agreements$(3,467)$19,249 Interest expense$3,482 $8,017 
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 March 31, 2025, 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 March 31, 2025, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2025, it could have been required to cash settle its obligations under these agreements at their termination value.
v3.25.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
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, 2024 and the three months ended March 31, 2025, no shares were repurchased. As of March 31, 2025, the Company had remaining authorization to repurchase shares with an aggregate value up to $500,000. Subsequent to quarter end, the Company repurchased 68,585 shares at an average price of $125.62 per share, paying a total of $8,616.
v3.25.1
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS
 3 Months Ended
Mar. 31, 2025
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 condensed 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 condensed 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 March 31, 2025 and December 31, 2024, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company’s condensed 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 Statements of Noncontrolling Interests and Equity as of the periods indicated are as follows:

March 31, 2025December 31, 2024
Series B Units$33,567 $33,567 
Series D Units20,260 42,525 
$53,827 $76,092 

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 March 31, 2025 and December 31, 2024, 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 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 March 31, 2025. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became 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 March 31, 2025 and December 31, 2024, 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 $20,260, which represents 810,395 Series D Units. 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 three months ended March 31, 2025, 890,594 Series D Units were redeemed for 143,830 shares of common stock.
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 March 31, 2025. 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 March 31, 2025 and December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a 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 Partnership Agreement. As of March 31, 2025, the ten-day average closing price of the Company’s common stock was $145.97 and there were 9,380,327 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2025 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,369,246 in cash consideration to redeem the units.

OP Unit activity is summarized as follows for the periods presented:
For the Three Months Ended March 31,
20252024
OP Units redeemed for common stock11,500 259,145 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion37,886 — 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$5,878 $— 
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 condensed 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 condensed 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 March 31, 2025. There are a total of 15 stores in consolidated joint ventures, ten of which are operating and five of which are under development. The voting interests of the partners are 25.0% 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 March 31, 2025 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.
v3.25.1
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTEREST 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 condensed 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 condensed 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 March 31, 2025 and December 31, 2024, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company’s condensed 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 Statements of Noncontrolling Interests and Equity as of the periods indicated are as follows:

March 31, 2025December 31, 2024
Series B Units$33,567 $33,567 
Series D Units20,260 42,525 
$53,827 $76,092 

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 March 31, 2025 and December 31, 2024, 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 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 March 31, 2025. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became 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 March 31, 2025 and December 31, 2024, 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 $20,260, which represents 810,395 Series D Units. 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 three months ended March 31, 2025, 890,594 Series D Units were redeemed for 143,830 shares of common stock.
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 March 31, 2025. 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 March 31, 2025 and December 31, 2024, the noncontrolling interest in the Operating Partnership is shown on the balance sheet net of a 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 Partnership Agreement. As of March 31, 2025, the ten-day average closing price of the Company’s common stock was $145.97 and there were 9,380,327 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2025 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,369,246 in cash consideration to redeem the units.

OP Unit activity is summarized as follows for the periods presented:
For the Three Months Ended March 31,
20252024
OP Units redeemed for common stock11,500 259,145 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion37,886 — 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$5,878 $— 
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 condensed 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 condensed 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 March 31, 2025. There are a total of 15 stores in consolidated joint ventures, ten of which are operating and five of which are under development. The voting interests of the partners are 25.0% 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 March 31, 2025 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.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is its Executive Committee (“EC”), which uses net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. The EC is comprised of the Chief Executive Officer, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Strategy and Partnership Officer, Chief Operating Officer, and Chief Legal Officer. 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. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Management fees and other income is excluded from segment revenues and net operating income.
The CODM regularly reviews NOI to assess the performance of each segment and makes 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 discrete financial information on a quarterly basis. 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:
For the Three Months Ended March 31,
20252024
Revenues
Self-Storage Operations$704,380 $688,044 
Tenant Reinsurance84,712 81,347 
Total segment revenues$789,092 $769,391 
Operating expenses
Self-Storage Operations:
Payroll and benefits$43,746 $43,399 
Marketing15,150 16,625 
Office expense34,994 29,454 
Property operating expense21,225 20,218 
Repairs and maintenance16,257 15,211 
Property taxes79,884 67,680 
Insurance8,432 8,245 
Other segment items (1)
3,894 3,686 
Total self-storage operations expenses223,582 204,518 
 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)
$17,116 $18,505 
 
Total segment operating expenses$240,698 $223,023 
 
Net operating income
Self-Storage Operations$480,798 $483,526 
Tenant Reinsurance67,596 62,842 
Total segment net operating income:$548,394 $546,368 
Other components of net income:
Management fees and other income30,905 30,148 
General and administrative expense(45,974)(43,722)
Depreciation and amortization expense(180,356)(196,966)
Gain on real estate assets held for sale and sold, net35,761 — 
Interest expense (142,399)(132,887)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes(11,313)(10,705)
Interest income 38,967 23,573 
Equity in earnings and dividend income from unconsolidated real estate entities19,931 15,007 
Income tax expense(8,991)(6,742)
Net income $284,925 $224,074 
(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 include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
As of March 31, 2025, the Company was under agreement to originate $106,484 in bridge loans in 2025.
As of March 31, 2025, 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.
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.
v3.25.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn April 30, 2025, the Company closed on the acquisition of 11 properties from the ESS-NYFL JV LP joint venture, where the Company purchased its joint venture partners’ equity interest of 84% for $99,512 in cash and $150,000 in assumed debt. Additionally, on April 30, 2025, the Company closed on the acquisition of 16 properties from the ESS CA-TIVS JV LP joint venture, where the Company purchased its joint venture partner’s equity interest of 45% for $53,662 in cash and $108,000 in assumed debt. These joint ventures are included in the Company’s condensed consolidated financial statements at March 31, 2025 in investments in unconsolidated real estate entities and accounted for under the equity method of accounting.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to common stockholders $ 270,875 $ 213,112
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2025 are not necessarily indicative of results that may be expected for the year ending December 31, 2025. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission.
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 condensed 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 15 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, is continuing to research the impact of this amended guidance, and 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.
v3.25.1
FAIR VALUE DISCLOSURES (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall. 
Fair Value Measurements at Reporting Date Using
DescriptionQuoted 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$— $10,137 $— 
Other liabilities - Cash flow hedge swap agreements$— $2,261 $— 
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:
March 31, 2025December 31, 2024
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Note receivable from Common Operating Partnership unit holder$51,610 $50,000 $52,112 $50,000 
Fixed rate notes receivable41,309 42,000 40,818 42,000 
Fixed rate debt9,607,398 9,976,730 8,949,297 9,420,848 
v3.25.1
ACQUISITIONS AND DISPOSITIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Asset Acquisitions
The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2025 and 2024. 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.”
Total
PeriodNumber of StoresCash PaidLoan AssumedFinance Lease LiabilityInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedReal estate assets
Q1 202517136,025 — — 105,471 847 $5,878 248,221 
Q1 2024635,084 — — — 171 $— 35,255 
v3.25.1
REAL ESTATE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Components of Real Estate Assets
The components of real estate assets are summarized as follows:
March 31, 2025December 31, 2024
Land$5,015,490 $4,994,642 
Buildings, improvements and other intangibles22,554,373 22,336,386 
Right of use assets - finance lease140,259 140,259 
Intangible assets - tenant relationships328,413 326,440 
Intangible lease rights27,743 27,743 
28,066,278 27,825,470 
Less: accumulated depreciation and amortization(3,494,166)(3,339,136)
Net operating real estate assets24,572,112 24,486,334 
Real estate under development/redevelopment111,812 101,293 
Real estate assets, net$24,683,924 $24,587,627 
Real estate assets held for sale included in real estate assets, net$28,238 $103,756 
v3.25.1
OTHER ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Components of Other Assets
The components of other assets are summarized as follows:
March 31, 2025December 31, 2024
Goodwill$170,811 $170,811 
Receivables, net116,059 129,748 
Prepaid expenses and deposits124,814 137,494 
Other intangible assets, net26,469 32,206 
Fair value of interest rate swaps10,137 15,733 
Equipment and fixtures, net49,962 50,365 
Deferred line of credit financing costs, net6,988 7,548 
Restricted cash3,489 5,081 
$508,729 $548,986 
v3.25.1
EARNINGS PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
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 Three Months Ended March 31,
20252024
Equivalent Shares (if converted)Equivalent Shares (if converted)
Common OP Units9,369,704 — 
Series B Units221,368 230,234 
Series D Units— 1,272,862 
9,591,072 1,503,096 
Schedule of Computation of Earnings Per Common Share
The computation of earnings per common share is as follows for the periods presented:
For the Three Months Ended March 31,
20252024
Net income attributable to common stockholders$270,875 $213,112 
Earnings and dividends allocated to participating securities(416)(354)
Earnings for basic computations270,459 212,758 
Income allocated to noncontrolling interest - Preferred OP Units and OP Units220 8,764 
Net income for diluted computations$270,679 $221,522 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 211,850,618 211,283,335 
Common OP Units— 8,731,738 
Series D Units202,124 — 
Shares related to dilutive stock options— 3,704 
Average number of common shares outstanding - diluted212,052,742 220,018,777 
Earnings per common share
Basic$1.28 $1.01 
Diluted$1.28 $1.01 
v3.25.1
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of investments in unconsolidated real estate ventures
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)
March 31,December 31,
 20252024
PRISA Self Storage LLC 854%4%$8,640 $8,967 
HF1 Sovran HHF Storage Holdings LLC3749%
49%-59%
302,982 304,526 
Storage Portfolio II JV LLC 3610%30%(9,777)(9,584)
Storage Portfolio IV JV LLC3210%30%46,832 47,150 
Storage Portfolio I LLC 2434%49%(43,913)(43,803)
PR II EXR JV LLC (2)
—25%25%— 105,909 
HF2 Sovran HHF Storage Holdings II LLC2249%
49%-59%
113,180 114,034 
HF5 Life Storage-HIERS Storage LLC 1720%20%25,047 25,192 
HF6 191 V Life Storage Holdings LLC 1720%20%10,532 10,821 
ESS-CA TIVS JV LP1655%
55%-65%
27,097 27,217 
VRS Self Storage, LLC 1645%54%(17,913)(17,557)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%18,913 19,295 
Other unconsolidated real estate ventures121
10%-50%
10%-50%
313,132 314,852 
SmartStop Self Storage REIT, Inc. Preferred Stock (5)
n/an/an/a200,000 200,000 
Strategic Storage Trust VI, Inc. Preferred Stock (4)
n/an/an/a150,000 150,000 
Strategic Storage Growth Trust III, Inc. Preferred Stock (3)
n/an/an/a100,000 — 
Net Investments in and Cash distributions in unconsolidated real estate entities439$1,244,752 $1,257,019 
Investments in unconsolidated real estate entities$1,320,849 $1,332,338 
Cash distributions in unconsolidated real estate ventures(76,097)(75,319)
Net Investments in and Cash distributions in unconsolidated real estate entities$1,244,752 $1,257,019 
(1)    Includes pro-rata equity ownership share and promoted interest.
(2)    On March 31, 2025, the Company closed on the transfer and distribution of membership interests in its PR II EXR JV LLC joint venture. The Company exchanged its 25% ownership interest in 17 properties for its partner’s 75% ownership interest in six properties. The portfolio consisted of 23 properties; therefore, the Company now owns 100% of the six properties, and its partner now owns 100% of the 17 properties.
(3)    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. 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. 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 condensed consolidated statements of operations.
(4)    In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage Trust VI, Inc. 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 condensed consolidated statements of operations.
(5)    In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 7.00% 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 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
condensed consolidated statements of operations. Subsequent to quarter end, the Company was repaid its $200,000 preferred equity investment in SmartStop.
v3.25.1
INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt Securities and Bridge Loans Receivable Information about these balances is as follows:
March 31, 2025December 31, 2024
Debt securities - Preferred Stock$300,000 $300,000 
Notes Receivable - Bridge Loans1,369,089 1,244,575 
Dividends and Interest Receivable 6,375 6,375 
$1,675,464 $1,550,950 
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Unsecured Senior Notes and Components of Debt
The components of term debt are summarized as follows:
Term DebtMarch 31, 2025December 31, 2024
Secured notes payable (1)
$1,001,851 $1,013,661 
Unsecured term loans1,955,000 2,200,000 
Unsecured senior notes8,875,000 8,025,000 
Total11,831,851 11,238,661 
Less: Discount on unsecured senior notes, net (2)
(206,461)(222,254)
Less: Unamortized debt issuance costs(61,650)(56,391)
Total$11,563,740 $10,960,016 
(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 Notes Payable
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2025:
2025$534,123 
20261,402,104 
20271,309,675 
20281,627,500 
20291,515,976 
20301,692,473 
20311,650,000 
2032600,000 
2033— 
2034600,000 
Thereafter900,000 
$11,831,851 
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 March 31, 2025
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$8,000 $140,000 5.76%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
390,000 2,000,000 5.29%6/22/2027
SOFR plus 0.875%
Commercial paper580,000 1,000,000 
4.66% (3)
Various
$978,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2025. 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.
v3.25.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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 condensed consolidated balance sheets:
 Asset / Liability Derivatives
Derivatives designated as hedging instruments:March 31, 2025December 31, 2024
Other assets$10,137 $15,733 
Other liabilities$2,261 $710 
Schedule of information relating to gain (loss) recognized on swap agreements
The table below presents the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:
Gain (loss) recognized in OCI for the Three Months Ended March 31,Location of amounts reclassified from OCI into incomeGain (loss) reclassified from OCI for the Three Months Ended March 31,
Type2025202420252024
Swap Agreements$(3,467)$19,249 Interest expense$3,482 $8,017 
v3.25.1
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Balances of OP Units The balances for each of the specific Preferred OP Units as presented in the Statements of Noncontrolling Interests and Equity as of the periods indicated are as follows:
March 31, 2025December 31, 2024
Series B Units$33,567 $33,567 
Series D Units20,260 42,525 
$53,827 $76,092 
v3.25.1
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
OP Unit activity is summarized as follows for the periods presented:
For the Three Months Ended March 31,
20252024
OP Units redeemed for common stock11,500 259,145 
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion37,886 — 
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion$5,878 $— 
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information of Business Segments Financial information for the Company’s business segments is set forth below:
For the Three Months Ended March 31,
20252024
Revenues
Self-Storage Operations$704,380 $688,044 
Tenant Reinsurance84,712 81,347 
Total segment revenues$789,092 $769,391 
Operating expenses
Self-Storage Operations:
Payroll and benefits$43,746 $43,399 
Marketing15,150 16,625 
Office expense34,994 29,454 
Property operating expense21,225 20,218 
Repairs and maintenance16,257 15,211 
Property taxes79,884 67,680 
Insurance8,432 8,245 
Other segment items (1)
3,894 3,686 
Total self-storage operations expenses223,582 204,518 
 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (2)
$17,116 $18,505 
 
Total segment operating expenses$240,698 $223,023 
 
Net operating income
Self-Storage Operations$480,798 $483,526 
Tenant Reinsurance67,596 62,842 
Total segment net operating income:$548,394 $546,368 
Other components of net income:
Management fees and other income30,905 30,148 
General and administrative expense(45,974)(43,722)
Depreciation and amortization expense(180,356)(196,966)
Gain on real estate assets held for sale and sold, net35,761 — 
Interest expense (142,399)(132,887)
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes(11,313)(10,705)
Interest income 38,967 23,573 
Equity in earnings and dividend income from unconsolidated real estate entities19,931 15,007 
Income tax expense(8,991)(6,742)
Net income $284,925 $224,074 
(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 include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.
v3.25.1
ORGANIZATION (Detail)
Mar. 31, 2025
store
state
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating storage facilities in which the entity has equity interests (in stores) 2,424
Number of stores owned by franchisees and third parties 1,675
Number of operating stores owned and/or managed 4,099
Number of states in which operating storage facilities are located | state 43
v3.25.1
BASIS OF PRESENTATION (Details)
 3 Months Ended
Mar. 31, 2025
segment
Accounting Policies [Abstract]  
Number of reportable segments 2
v3.25.1
FAIR VALUE DISCLOSURES - Assets and Liabilities on a Recurring Basis (Detail) - Recurring Basis
$ in Thousands
Mar. 31, 2025
USD ($)
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 10,137
Other liabilities - Cash flow hedge swap agreements 2,261
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
v3.25.1
FAIR VALUE DISCLOSURES - Additional Information (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
store
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Fair Value of Financial Instruments [Line Items]      
Number of operating stores held-for-sale | store 5    
Real estate assets held for sale included in real estate assets, net $ 28,238   $ 103,756
Loss on real estate assets held for sale and sold, net (35,761) $ 0  
Three Stores      
Fair Value of Financial Instruments [Line Items]      
Real estate assets held for sale included in real estate assets, net 8,018    
Loss on real estate assets held for sale and sold, net $ 3,759    
v3.25.1
FAIR VALUE DISCLOSURES - Schedule of Financial Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value    
Fair Value of Financial Instruments [Line Items]    
Fixed rate debt $ 9,607,398 $ 8,949,297
Fair Value | Note receivable from Common Operating Partnership unit holder    
Fair Value of Financial Instruments [Line Items]    
Fixed rate notes receivable 51,610 52,112
Fair Value | Fixed rate notes receivable    
Fair Value of Financial Instruments [Line Items]    
Fixed rate notes receivable 41,309 40,818
Carrying Value    
Fair Value of Financial Instruments [Line Items]    
Fixed rate debt 9,976,730 9,420,848
Carrying Value | Note receivable from Common Operating Partnership unit holder    
Fair Value of Financial Instruments [Line Items]    
Fixed rate notes receivable 50,000 50,000
Carrying Value | Fixed rate notes receivable    
Fair Value of Financial Instruments [Line Items]    
Fixed rate notes receivable $ 42,000 $ 42,000
v3.25.1
ACQUISITIONS AND DISPOSITIONS - Asset Acquisitions - Schedule of Operating Properties Acquired (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
store
Mar. 31, 2024
USD ($)
store
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]    
Number of Stores | store 17 6
Cash Paid $ 136,025 $ 35,084
Loan Assumed 0 0
Finance Lease Liability 0 0
Investments in Real Estate Ventures 105,471 0
Net Liabilities/ (Assets) Assumed 847 171
Value of Equity Issued 5,878 0
Total $ 248,221 $ 35,255
v3.25.1
ACQUISITIONS AND DISPOSITIONS - Additional Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
property
Mar. 31, 2025
USD ($)
store
land_parcel
property
Mar. 31, 2024
USD ($)
Mar. 31, 2025
store
Mar. 31, 2025
Asset Acquisition [Line Items]          
Number of Stores | property 439 439      
Number of properties disposed   11      
Proceeds from sale of real estate | $   $ 124,855      
Gain (loss) on disposition of assets | $   39,520      
Loss on real estate assets held for sale and sold, net | $   $ (35,761) $ 0    
Number of land parcels sold | land_parcel   3      
Number of properties listed for sale | property   3      
Disposal Group, Disposed of by Sale, Not Discontinued Operations          
Asset Acquisition [Line Items]          
Loss on real estate assets held for sale and sold, net | $   $ 3,759      
PR II EXR JV LLC          
Asset Acquisition [Line Items]          
Equity Ownership %         25.00%
Number of properties exchanged       17  
Number of stores in portfolio       23  
Ownership percentage after transaction 100.00%        
Number of Stores 0 0   6  
PR II EXR JV LLC | Partner          
Asset Acquisition [Line Items]          
Number of properties exchanged       6  
Equity ownership percentage exchanged         75.00%
Number of Stores       17  
v3.25.1
REAL ESTATE ASSETS - Schedule of Components of Real Estate Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real Estate [Abstract]    
Land $ 5,015,490 $ 4,994,642
Buildings, improvements and other intangibles 22,554,373 22,336,386
Right of use assets - finance lease 140,259 140,259
Intangible assets - tenant relationships 328,413 326,440
Intangible lease rights 27,743 27,743
Gross operating real estate assets 28,066,278 27,825,470
Less: accumulated depreciation and amortization (3,494,166) (3,339,136)
Net operating real estate assets 24,572,112 24,486,334
Real estate under development/redevelopment 111,812 101,293
Real estate assets, net 24,683,924 24,587,627
Real estate assets held for sale included in real estate assets, net $ 28,238 $ 103,756
v3.25.1
REAL ESTATE ASSETS - Additional Information (Details)
Mar. 31, 2025
store
Real Estate [Abstract]  
Number of operating stores held-for-sale 5
v3.25.1
OTHER ASSETS (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Goodwill $ 170,811 $ 170,811    
Receivables, net 116,059 129,748    
Prepaid expenses and deposits 124,814 137,494    
Other intangible assets, net 26,469 32,206    
Fair value of interest rate swaps 10,137 15,733    
Equipment and fixtures, net 49,962 50,365    
Deferred line of credit financing costs, net 6,988 7,548    
Restricted cash 3,489 5,081 $ 4,570 $ 6,021
Other assets, net $ 508,729 $ 548,986    
v3.25.1
EARNINGS PER COMMON SHARE - Additional Information (Detail) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Average share price (in dollars per share) $ 151.64 $ 145.80
v3.25.1
EARNINGS PER COMMON SHARE - Antidilutive Shares (Detail) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per common share (in shares) 9,591,072 1,503,096
Common OP Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per common share (in shares) 9,369,704 0
Series B Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per common share (in shares) 221,368 230,234
Series D Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per common share (in shares) 0 1,272,862
v3.25.1
EARNINGS PER COMMON SHARE - Schedule of Computation (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Net income attributable to common stockholders $ 270,875 $ 213,112
Earnings and dividends allocated to participating securities (416) (354)
Earnings for basic computations 270,459 212,758
Income allocated to noncontrolling interest - Preferred OP Units and OP Units 220 8,764
Net income for diluted computations $ 270,679 $ 221,522
Weighted average common shares outstanding:    
Average number of common shares outstanding - basic 211,850,618 211,283,335
Common OP Units (in shares) 0 8,731,738
Shares related to dilutive stock options (in shares) 0 3,704
Average number of common shares outstanding - diluted (in shares) 212,052,742 220,018,777
Earnings per common share    
Basic (in dollars per share) $ 1.28 $ 1.01
Diluted (in dollars per share) $ 1.28 $ 1.01
Series D Units    
Weighted average common shares outstanding:    
Series D Units (in shares) 202,124 0
v3.25.1
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES (Details)
$ in Thousands
 1 Months Ended
Mar. 31, 2025
USD ($)
Feb. 04, 2025
USD ($)
May 31, 2023
USD ($)
Oct. 31, 2019
USD ($)
Mar. 31, 2025
store
Mar. 31, 2025
Mar. 31, 2025
property
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property             439  
Investment balance $ 1,244,752             $ 1,257,019
Investments in unconsolidated real estate entities 1,320,849             1,332,338
Cash distributions in unconsolidated real estate ventures (76,097)             (75,319)
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 8,640             8,967
HF1 Sovran HHF Storage Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property             37  
Equity Ownership %           49.00%    
Investment balance 302,982             304,526
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 (9,777)             (9,584)
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 46,832             47,150
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 (43,913)             (43,803)
PR II EXR JV LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores         6   0  
Equity Ownership %           25.00%    
Excess Profit %           25.00%    
Investment balance $ 0             105,909
Number of properties exchanged | store         17      
Number of stores in portfolio | store         23      
Ownership percentage after transaction 100.00%              
PR II EXR JV LLC | Partner                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | store         17      
Number of properties exchanged | store         6      
HF2 Sovran HHF Storage Holdings II LLC                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property             22  
Equity Ownership %           49.00%    
Investment balance $ 113,180             114,034
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 25,047             25,192
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 10,532             10,821
ESS-CA TIVS JV LP                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property             16  
Equity Ownership %           55.00%    
Investment balance 27,097             27,217
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 (17,913)             (17,557)
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 18,913             19,295
Other unconsolidated real estate ventures                
Schedule of Equity Method Investments [Line Items]                
Number of Stores | property             121  
Investment balance 313,132             314,852
Other unconsolidated real estate ventures | Minimum                
Schedule of Equity Method Investments [Line Items]                
Equity Ownership %           10.00%    
Other unconsolidated real estate ventures | Maximum                
Schedule of Equity Method Investments [Line Items]                
Equity Ownership %           50.00%    
SmartStop Self Storage REIT, Inc. Preferred Stock                
Schedule of Equity Method Investments [Line Items]                
Investment balance 200,000     $ 200,000       200,000
Investment, preferred dividend rate       7.00%        
Period after which preferred stock dividend is subject to increase       5 years        
Investment redemption restriction period       5 years        
Strategic Storage Trust VI, Inc. Preferred Stock                
Schedule of Equity Method Investments [Line Items]                
Investment balance 150,000             150,000
Dividend rate, percentage     8.35%          
Dividend rate increase, threshold     5 years          
Redemption period     3 years          
Investment in shares     $ 150,000          
Strategic Storage Growth Trust III, Inc. Preferred Stock                
Schedule of Equity Method Investments [Line Items]                
Investment balance $ 100,000             $ 0
Strategic Storage Growth Trust III, Inc.                
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            
v3.25.1
INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE - Schedule (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule of Held-to-maturity Securities [Line Items]    
Dividends and Interest Receivable $ 6,375 $ 6,375
Investments in debt securities and notes receivable 1,675,464 1,550,950
Notes Receivable-Bridge Loans    
Schedule of Held-to-maturity Securities [Line Items]    
Notes Receivable - Bridge Loans 1,369,089 1,244,575
JCAP Series A Preferred Stock    
Schedule of Held-to-maturity Securities [Line Items]    
Debt securities - Preferred Stock $ 300,000 $ 300,000
v3.25.1
INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2022
USD ($)
extension_option
shares
Nov. 30, 2020
USD ($)
shares
Mar. 31, 2025
USD ($)
debt_security
extension_option
Rate
Mar. 31, 2024
USD ($)
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      
Debt securities, extension term 1 year      
Debt securities, period after which preferred dividends increase annually 6 years      
Bridge loans, percent of notes held as mortgage receivables | Rate     77.00%  
Bridge loans, extension option | extension_option     2  
Bridge loans, extension term     1 year  
Issuance and repurchase of notes receivable     $ 182,079 $ 158,005
Number of debt securities past due or nonaccrual status | debt_security     0  
Minimum        
Schedule of Held-to-maturity Securities [Line Items]        
Loan to value ratio     0.70  
Maximum        
Schedule of Held-to-maturity Securities [Line Items]        
Loan to value ratio     0.80  
Notes Receivable-Bridge Loans        
Schedule of Held-to-maturity Securities [Line Items]        
Bridge loans, original maturities     3 years  
Principal amount of notes sold     $ 25,875  
Issuance and repurchase of notes receivable     49,870  
Payment of draws from interest holdbacks     $ 12,855  
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    
Debt securities, dividend rate 8.50%      
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      
Shares exchanged, value $ 300,000      
v3.25.1
DEBT - Schedule of Components of Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Notes Payable    
Debt Instrument [Line Items]    
Term debt $ 1,001,851 $ 1,013,661
Less: Unamortized debt issuance costs (61,650) (56,391)
Unsecured Term Loans    
Debt Instrument [Line Items]    
Term debt 1,955,000 2,200,000
Unsecured senior notes    
Debt Instrument [Line Items]    
Term debt 8,875,000 8,025,000
Discount on unsecured senior notes (206,461) (222,254)
Term Debt    
Debt Instrument [Line Items]    
Term debt 11,831,851 11,238,661
Total $ 11,563,740 $ 10,960,016
v3.25.1
DEBT - Schedule of Maturities of Notes Payable (Details) - Term Debt - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2025 $ 534,123  
2026 1,402,104  
2027 1,309,675  
2028 1,627,500  
2029 1,515,976  
2030 1,692,473  
2031 1,650,000  
2032 600,000  
2033 0  
2034 600,000  
Thereafter 900,000  
Total $ 11,831,851 $ 11,238,661
v3.25.1
DEBT - Additional Information (Details) - USD ($)
 3 Months Ended
Nov. 20, 2024
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Commercial paper   $ 978,000,000 $ 1,362,000,000
Fixed rate to total debt percentage   78.80%  
Fixed rate debt   4.20%  
Variable rate debt   5.30%  
Weighted average interest rate   4.40%  
Commercial paper      
Debt Instrument [Line Items]      
Revolving credit facility, maximum borrowing capacity $ 1,000,000,000 $ 1,000,000,000  
Debt instrument, term 30 days    
Weighted-average maturity term   13 days  
Commercial paper   $ 580,000,000  
Maximum | Commercial paper      
Debt Instrument [Line Items]      
Debt instrument, term 397 days    
v3.25.1
DEBT - Schedule of Information on Lines of Credit (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Nov. 20, 2024
Debt Instrument [Line Items]      
Amount Drawn $ 978,000,000 $ 1,362,000,000  
Lines Of Credit      
Debt Instrument [Line Items]      
Amount Drawn 978,000,000    
Capacity 3,140,000,000    
Secured credit line      
Debt Instrument [Line Items]      
Amount Drawn 8,000,000    
Capacity $ 140,000,000    
Interest Rate 5.76%    
Basis spread on variable rate 1.35%    
Unsecured Credit Line      
Debt Instrument [Line Items]      
Amount Drawn $ 390,000,000    
Capacity $ 2,000,000,000    
Interest Rate 5.29%    
Basis spread on variable rate 0.875%    
Commercial paper      
Debt Instrument [Line Items]      
Amount Drawn $ 580,000,000    
Capacity $ 1,000,000,000   $ 1,000,000,000
Interest Rate 4.66%    
v3.25.1
DERIVATIVES - Additional Information (Detail)
$ in Thousands
Mar. 31, 2025
USD ($)
derivative
Derivative [Line Items]  
Amount reclassified as an increase to interest income | $ $ (7,518)
Number of derivative financial instruments | derivative 12
Combined notional amount | $ $ 1,079,466
Interest Rate Swap, Forward-Starting  
Derivative [Line Items]  
Number of derivative financial instruments | derivative 1
v3.25.1
DERIVATIVES - Schedule of Balance Sheet Classification and Fair Value of Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other assets    
Derivative [Line Items]    
Other assets $ 10,137 $ 15,733
Other liabilities    
Derivative [Line Items]    
Other liabilities $ 2,261 $ 710
v3.25.1
DERIVATIVES - Gain (Loss) Recognized on Swap Agreements (Detail) - Swap Agreements - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative [Line Items]    
Gain (loss) recognized in OCI $ (3,467) $ 19,249
Gain (loss) reclassified from OCI $ 3,482 $ 8,017
v3.25.1
STOCKHOLDERS’ EQUITY (Detail)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended 32 Months Ended
Apr. 15, 2024
USD ($)
sales_agent
shares
May 02, 2025
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2024
shares
Apr. 14, 2024
shares
Nov. 13, 2023
USD ($)
Class of Stock [Line Items]            
Share repurchase program, authorized amount           $ 500,000
Repurchase of common stock (in shares) | shares     0 0    
Share repurchase program, remaining authorization     $ 500,000      
Subsequent Event            
Class of Stock [Line Items]            
Repurchase of common stock (in shares) | shares   68,585        
Average cost (dollars per share) | $ / shares   $ 125.62        
Payments for repurchase of common stock (in shares)   $ 8,616        
At the Market Equity Distribution Agreement            
Class of Stock [Line Items]            
Aggregate offering price of common shares $ 800,000          
Number of sales agents | sales_agent 9          
Shares issued (in shares) | shares 0       0  
v3.25.1
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS - Balances of OP Units (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units $ 53,827 $ 76,092
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 $ 20,260 $ 42,525
v3.25.1
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]    
Preferred units outstanding (in shares) 9,380,327  
Series A Units    
Noncontrolling Interest [Line Items]    
Preferred units outstanding (in shares) 0 0
Series B Units    
Noncontrolling Interest [Line Items]    
Preferred units outstanding (in shares) 1,342,727  
Liquidation value (in dollars per share) $ 25.00  
Fixed liquidation value $ 33,567  
Annual rate of return percentage 6.00%  
Series C Units    
Noncontrolling Interest [Line Items]    
Preferred units outstanding (in shares) 0 0
Series D Units    
Noncontrolling Interest [Line Items]    
Liquidation value (in dollars per share) $ 25.00  
Fixed liquidation value $ 20,260  
Fixed liquidation value (in shares) 810,395  
Redemption of Operating Partnership units (in shares) 890,594  
Redemption of operating partnership units for common stock (in shares) 143,830  
Series D Units | Minimum    
Noncontrolling Interest [Line Items]    
Annual rate of return percentage 3.00%  
Series D Units | Maximum    
Noncontrolling Interest [Line Items]    
Annual rate of return percentage 5.00%  
v3.25.1
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
joint_venture
store
$ / shares
shares
Noncontrolling Interest [Line Items]    
Note receivable interest rate 10.00%  
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   $ 145.97
Preferred units outstanding (in shares) | shares   9,380,327
Consideration to be paid on redemption of common OP units | $   $ 1,369,246
Number of consolidated joint ventures | joint_venture   10
Total number of stores in consolidated joint venture | store   15
Number of joint ventures operating store | joint_venture   10
Number of joint ventures with property under development | store   5
Operating Partnership    
Noncontrolling Interest [Line Items]    
Loan receivable, reduction of noncontrolling interests | $ $ 50,000 $ 50,000
Common Stock    
Noncontrolling Interest [Line Items]    
OP units conversion ratio   1
Operating Partnership    
Noncontrolling Interest [Line Items]    
Ownership interest held   95.60%
Ownership interest held by joint venture partner   4.40%
Other noncontrolling interests | Maximum    
Noncontrolling Interest [Line Items]    
Ownership interest held by joint venture partner   25.00%
v3.25.1
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS - Schedule of OP Unit Activity (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Noncontrolling Interest [Abstract]    
OP Units redeemed for common stock (in shares) 11,500 259,145
OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion (in units) 37,886 0
Value of OP Units issued in conjunction with business combination, acquisitions, and preferred unit conversion $ 5,878 $ 0
v3.25.1
SEGMENT INFORMATION - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.1
SEGMENT INFORMATION - Schedule of Financial Information of Business Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Revenues $ 819,997 $ 799,539
Net operating income    
Net operating income 388,730 335,828
Other components of net income:    
Management fees and other income 30,905 30,148
General and administrative expense (45,974) (43,722)
Depreciation and amortization expense (180,356) (196,966)
Gain on real estate assets held for sale and sold, net 35,761 0
Interest expense (142,399) (132,887)
Interest income 38,967 23,573
Equity in earnings and dividend income from unconsolidated real estate entities 19,931 15,007
Income tax expense (8,991) (6,742)
Net income 284,925 224,074
Unsecured senior notes    
Other components of net income:    
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes (11,313) (10,705)
Operating Segments    
Revenues    
Revenues 789,092 769,391
Operating expenses    
Total segment operating expenses 240,698 223,023
Net operating income    
Net operating income 548,394 546,368
Operating Segments | Self-Storage Operations    
Revenues    
Revenues 704,380 688,044
Operating expenses    
Payroll and benefits 43,746 43,399
Marketing 15,150 16,625
Office expense 34,994 29,454
Property operating expense 21,225 20,218
Repairs and maintenance 16,257 15,211
Property taxes 79,884 67,680
Insurance 8,432 8,245
Other segment items 3,894 3,686
Total segment operating expenses 223,582 204,518
Net operating income    
Net operating income 480,798 483,526
Operating Segments | Tenant Reinsurance    
Revenues    
Revenues 84,712 81,347
Operating expenses    
Other segment items 17,116 18,505
Net operating income    
Net operating income $ 67,596 $ 62,842
v3.25.1
COMMITMENTS AND CONTINGENCIES (Detail)
$ in Thousands
Mar. 31, 2025
USD ($)
Agreement To Originate Bridge Loans  
Other Commitments [Line Items]  
Purchase price $ 106,484
v3.25.1
SUBSEQUENT EVENTS (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2025
USD ($)
property
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Subsequent Event [Line Items]      
Assumed debt   $ 0 $ 0
ESS-CA TIVS JV LP      
Subsequent Event [Line Items]      
Equity method ownership percentage   55.00%  
Subsequent Event | ESS-NYFL JV LP      
Subsequent Event [Line Items]      
Number of properties acquired | property 11    
Equity method ownership percentage 84.00%    
Payments to acquire equity method investments $ 99,512    
Assumed debt $ 150,000    
Subsequent Event | ESS-CA TIVS JV LP      
Subsequent Event [Line Items]      
Number of properties acquired | property 16    
Equity method ownership percentage 45.00%    
Payments to acquire equity method investments $ 53,662    
Assumed debt $ 108,000