EXTRA SPACE STORAGE INC., 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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, $0.01 par value  
Trading Symbol EXR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   211,260,936
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001289490  
Current Fiscal Year End Date --12-31  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Real estate assets, net $ 24,926,765 $ 25,004,350
Real estate assets - operating lease right-of-use assets 737,606 732,176
Investments in unconsolidated real estate entities 1,069,602 1,066,783
Investments in debt securities and notes receivable 1,758,534 1,806,526
Cash and cash equivalents 138,986 138,920
Other assets, net 467,877 515,291
Total assets 29,099,370 29,264,046
Liabilities, Noncontrolling Interests and Equity:    
Secured notes payable, net 1,076,443 1,079,565
Unsecured term loans, net 1,495,012 1,494,659
Unsecured senior notes, net 9,446,570 9,432,427
Revolving lines of credit and commercial paper 1,152,500 1,224,000
Operating lease liabilities 769,688 761,106
Cash distributions in unconsolidated real estate ventures 74,288 73,701
Accounts payable and accrued expenses 374,814 357,583
Other liabilities 497,553 516,969
Total liabilities 14,886,868 14,940,010
Commitments and contingencies
Extra Space Storage Inc. stockholders’ equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding 0 0
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,197,111 and 211,155,322 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 2,112 2,112
Additional paid-in capital 14,882,445 14,880,646
Accumulated other comprehensive income (loss) 314 (420)
Accumulated deficit (1,552,391) (1,449,172)
Total Extra Space Storage Inc. stockholders’ equity 13,332,480 13,433,166
Noncontrolling interest represented by Preferred Operating Partnership units 47,827 53,827
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 832,195 837,043
Total noncontrolling interests and equity 14,212,502 14,324,036
Total liabilities, noncontrolling interests and equity $ 29,099,370 $ 29,264,046
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 211,197,111 211,155,322
Common stock, outstanding (in shares) 211,197,111 211,155,322
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Property rental $ 733,213 $ 704,380
Tenant reinsurance 89,119 84,712
Management fees and other income 33,695 30,905
Total revenues 856,027 819,997
Expenses:    
Property operations 238,303 223,582
Tenant reinsurance 17,867 17,116
General and administrative 46,509 45,974
Depreciation and amortization 185,795 180,356
Total expenses 488,474 467,028
Gain on real estate assets held for sale and sold, net 0 35,761
Income from operations 367,553 388,730
Interest expense (147,299) (142,399)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net (12,555) (11,313)
Interest income 39,543 38,967
Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense 247,242 273,985
Equity in earnings and dividend income from unconsolidated real estate entities 15,760 19,931
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest 207 0
Income tax expense (10,789) (8,991)
Net income 252,420 284,925
Net income allocated to Preferred Operating Partnership noncontrolling interests (673) (724)
Net income allocated to Operating Partnership and other noncontrolling interests (10,770) (13,326)
Net income attributable to common stockholders $ 240,977 $ 270,875
Earnings per common share    
Basic (in dollars per share) $ 1.14 $ 1.28
Diluted (in dollars per share) $ 1.14 $ 1.28
Weighted average number of shares    
Basic (in shares) 210,896,947 211,850,618
Diluted (in shares) 220,322,872 212,052,742
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 252,420 $ 284,925
Other comprehensive income:    
Change in fair value of interest rate swaps 764 (6,937)
Total comprehensive income 253,184 277,988
Less: comprehensive income attributable to noncontrolling interests 11,473 13,715
Comprehensive income attributable to common stockholders $ 241,711 $ 264,273
v3.26.1
Condensed Consolidated Statements of Noncontrolling Interests and Equity - USD ($)
$ in Thousands
Total
Redemption Of Units For Common Stock
Redemption Of Units For Cash
Preferred Operating Partnership
Preferred Operating Partnership
Redemption Of Units For Common Stock
Preferred Operating Partnership
Redemption Of Units For Cash
Operating Partnership
Operating Partnership
Redemption Of Units For Common Stock
Operating Partnership
Redemption Of Units For Cash
Other
Common Stock
Common Stock
Redemption Of Units For Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Redemption Of Units For Common Stock
Additional Paid-in Capital
Redemption Of Units For Cash
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
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            
Increase (Decrease) in Stockholders' Equity                                  
Issuance of common stock for share based compensation and taxes paid upon net settlement 400                       400        
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)                     74,513            
Redemption of Operating Partnership units for stock   $ 0     $ (22,265)     $ (1,085)       $ 2   $ 23,348      
Redemption of Operating Partnership units for stock (in shares)                       155,330          
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 income (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            
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            
Increase (Decrease) in Stockholders' Equity                                  
Repurchase of common stock (in shares) (1,158,244)                                
Ending balance at Dec. 31, 2025 $ 14,324,036     53,827     822,869     14,174 $ 2,112   14,880,646     (420) (1,449,172)
Ending balance (in shares) at Dec. 31, 2025 211,155,322                   211,155,322            
Increase (Decrease) in Stockholders' Equity                                  
Issuance of common stock for share based compensation and taxes paid upon net settlement $ 2,375                       2,375        
Issuance of common stock for share based compensation and taxes paid upon net settlement (in shares)                     52,898            
Redemption of noncontrolling interests for cash     $ (7,656)     $ (6,000)     $ (1,080)           $ (576)    
Noncontrolling interest in consolidated joint ventures 763                 763              
Net income (loss) 252,420     673     10,740     30             240,977
Other comprehensive income (loss) 764           30                 734  
Distributions to Operating Partnership units and other noncontrolling interests (16,004)     (673)     (15,263)     (68)              
Dividends paid on common stock $ (342,753)                               (342,753)
Repurchase of common stock (in shares) (11,109)                   (11,109)            
Repurchase of common stock $ (1,443)                               (1,443)
Ending balance at Mar. 31, 2026 $ 14,212,502     $ 47,827     $ 817,296     $ 14,899 $ 2,112   $ 14,882,445     $ 314 $ (1,552,391)
Ending balance (in shares) at Mar. 31, 2026 211,197,111                   211,197,111            
v3.26.1
Condensed Consolidated Statements of Noncontrolling Interests and Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Cash dividends paid per common share (in dollars per share) $ 1.62 $ 1.62
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 252,420 $ 284,925
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 185,795 180,356
Amortization of deferred financing costs 3,228 2,790
Non-cash lease expense 3,152 3,295
Non-cash interest expense related to amortization of discount on unsecured senior notes, net 12,555 11,313
Compensation expense related to share-based awards 7,606 7,167
Accrual of interest income added to principal of debt securities and notes receivable (7,710) (8,273)
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest (207) 0
Gain on real estate assets held for sale and sold, net 0 (35,761)
Distributions in excess of earnings from unconsolidated real estate ventures 3,332 9,192
Changes in operating assets and liabilities:    
Other assets 38,187 6,923
Accounts payable and accrued expenses 9,989 4,998
Other liabilities (18,492) 14,479
Net cash provided by operating activities 489,855 481,404
Cash flows from investing activities:    
Acquisition of real estate assets and improvements (74,469) (208,624)
Development and redevelopment of real estate assets (26,419) (35,237)
Proceeds from sale of real estate assets 6,103 124,730
Investment in unconsolidated real estate entities (5,563) (102,397)
Issuance of notes receivable (14,590) (182,079)
Payments received on notes receivable 40,957 39,963
Proceeds from sale of notes receivable 29,335 25,875
Purchase of equipment and fixtures (2,855) (4,269)
Net cash used in investing activities (47,501) (342,038)
Cash flows from financing activities:    
Proceeds from secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper 4,173,770 3,979,431
Principal payments on secured and unsecured term loans, senior notes, revolving lines of credit and commercial paper (4,248,783) (4,615,810)
Proceeds from issuance of public bonds, net 0 850,000
Deferred financing costs (48) (13,528)
Repurchase of common stock (1,443) 0
Redemption of Operating Partnership units for cash (1,656) 0
Redemption of Preferred OP units for cash (6,000) 0
Dividends paid on common stock (342,753) (344,203)
Distributions to noncontrolling interests, net of contributions (15,216) (15,511)
Net cash used in financing activities (442,129) (159,621)
Net change in cash, cash equivalents, and restricted cash 225 (20,255)
Cash, cash equivalents, and restricted cash, beginning of the period 143,180 143,303
Cash, cash equivalents, and restricted cash, end of the period 143,405 123,048
Cash and equivalents 138,986 119,559
Restricted cash included in other assets 4,419 3,489
Cash, cash equivalents, and restricted cash 143,405 123,048
Supplemental schedule of cash flow information    
Interest paid 161,182 116,751
Redemption of Operating Partnership units held by noncontrolling interests for common stock    
Noncontrolling interests in Operating Partnership 0 (22,265)
Common stock and paid-in capital 0 22,265
Remeasurement of lease right of use assets and lease liabilities    
Real estate assets - operating lease right-of-use assets 10,525 0
Operating lease liabilities (10,525) 0
Real estate assets, net (4,586) 0
Other liabilities 4,586 0
Acquisitions of real estate assets    
Real estate assets, net 0 111,984
Value of OP units issued 0 (5,878)
Value of investment in consolidated real estate ventures 0 (105,471)
Net debt assumed 0 (635)
Accrued construction costs and capital expenditures    
Acquisition of real estate assets 7,242 7,978
Accounts payable and accrued expenses $ (7,242) $ (7,978)
v3.26.1
Organization
 3 Months Ended
Mar. 31, 2026
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 real estate investment trust (“REIT”), formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties (“stores”) and provide lending to owners of 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, 2026, the Company had direct and indirect equity interests in 2,428 stores. In addition, the Company managed 1,916 stores for third parties, bringing the total number of stores which it owns and/or manages to 4,344. These stores are located in 42 states and Washington, D.C. The Company offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units and also offers bridge loan financing to certain third-party self-storage owners for whom it manages properties.
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
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, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 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, 2025, as filed with the Securities and Exchange Commission (the “SEC”).
Recently Issued Accounting Standards
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. Although the adoption is not expected to have a significant impact on the Company's financial statements, it is expected to result in incremental disclosures within the notes to the financial statements.
v3.26.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures FAIR VALUE DISCLOSURES
Derivative Financial Instruments
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 fair value measurement guidance by the Financial Accounting Standards Board (the “FASB”), 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, 2026, 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, 2026, 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$— $2,712 $— 
Other liabilities - Cash flow hedge swap agreements$— $1,183 $— 
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, 2026 or December 31, 2025.

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, including the Company’s assumptions about the use of the asset, 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 that do not have positive net operating cash flows. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely generate positive net operating cash flows in the short term.
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 their estimated fair value, supported by current third-party appraisal or broker market data (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, 2026, the Company had four stores classified as held for sale, which are included in real estate assets, net. Refer to note 4 for additional details on disposition and held for sale activity.
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, investments in debt securities and notes receivable, accounts payable and accrued expenses, variable-rate notes payable, revolving lines of credit and commercial paper and other liabilities reflected in the condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 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, 2026December 31, 2025
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Note receivable from Common Operating Partnership unit holder$50,430 $50,000 $51,122 $50,000 
Fixed rate notes receivable66,653 66,735 62,307 62,207 
Fixed rate debt10,821,993 10,977,859 10,967,415 10,966,511 
v3.26.1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Dispositions ACQUISITIONS AND DISPOSITIONS
The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2026 and 2025. 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.”
PeriodNumber of StoresCash PaidLoans AssumedBridge Loan PayoffFair Value Adjustment of Debt AssumedInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedTotal
Real Estate Assets
Q1 20261$12,360 $— $— $— $— $148 $— $12,508 
Q1 202517$117,075 $— $18,950 $— $105,471 $847 $5,878 $248,221 
Disposition and Held for Sale Activity
The following table presents the Company’s disposition and held for sale activity for the periods indicated:
Carrying Value of Assets Held for Sale(Gain) / Loss RecognizedNumber of Stores
2026 Activity
Q1 2026 beginning balance$27,140 $— 5 
Additions— — — 
Disposals(6,421)— (1)
Q1 2026 ending balance$20,719 $— 4 
2025 Activity
Q1 2025 beginning balance$103,756 $— 13 
Additions8,019 3,759 3 
Disposals(83,537)(39,520)(11)
Q1 2025 ending balance$28,238 $(35,761)5 
The net gain for the three months ended March 31, 2025 is shown on the Company’s condensed consolidated statements of operations as gain on real estate assets held for sale and sold, net. Assets held for sale are included in real estate assets, net, as well as in the self-storage operations segment of the Company’s segment information.
v3.26.1
Real Estate Assets
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Real Estate Assets REAL ESTATE ASSETS
The components of real estate assets are summarized as follows:
March 31, 2026December 31, 2025
Land$5,134,879 $5,135,719 
Buildings, improvements and other intangibles23,332,969 23,234,033 
Right of use assets - finance lease136,608 141,194 
Intangible assets - tenant relationships334,611 334,669 
Intangible lease rights37,779 37,771 
28,976,846 28,883,386 
Less: accumulated depreciation and amortization(4,156,137)(3,982,125)
Net operating real estate assets24,820,709 24,901,261 
Real estate under development/redevelopment106,056 103,089 
Real estate assets, net$24,926,765 $25,004,350 
v3.26.1
Other Assets
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets OTHER ASSETS
The components of other assets are summarized as follows:
March 31, 2026December 31, 2025
Goodwill$170,811 $170,811 
Receivables, net115,380 142,120 
Prepaid expenses and deposits91,480 102,656 
Equipment and fixtures, net61,950 65,154 
Deferred line of credit financing costs, net14,490 15,335 
Other intangible assets, net6,635 11,593 
Restricted cash4,419 4,260 
Fair value of interest rate swaps2,712 3,362 
$467,877 $515,291 
v3.26.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2026
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 redemption 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 is also 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, 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, 2026 and 2025 was $140.96 and $151.64, 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,
20262025
Equivalent Shares
(if converted)		Equivalent Shares
(if converted)
Common OP Units— 9,369,704 
Series B Units238,140 221,368 
Series D Units110,149 — 
348,289 9,591,072 

The computation of earnings per common share is as follows for the periods presented:
For the Three Months Ended March 31,
20262025
Net income attributable to common stockholders$240,977 $270,875 
Earnings and dividends allocated to participating securities(425)(416)
Net income for basic computations240,552 270,459 
Income allocated to noncontrolling interest - Preferred OP Units and OP Units10,739 220 
Net income for diluted computations$251,291 $270,679 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 210,896,947 211,850,618 
Common OP Units9,425,925 — 
Series D Units— 202,124 
Average number of common shares outstanding - diluted220,322,872 212,052,742 
Earnings per common share
Basic$1.14 $1.28 
Diluted$1.14 $1.28 
v3.26.1
Investments in Unconsolidated Real Estate Entities
 3 Months Ended
Mar. 31, 2026
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 Strategic Storage Trust VI, Inc. and Strategic Storage Growth Trust III, Inc. (collectively, “Strategic Storage”), affiliates of SmartStop Self Storage REIT, Inc., and the Company’s noncontrolling interest in real estate joint ventures. The Company accounts for its investments in 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. Equity in earnings and dividend income from these investments is included in the equity in earnings and dividend income from unconsolidated real estate entities on the Company’s condensed consolidated statements of operations.
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,
 20262025
PRISA Self Storage LLC 854%4%$8,716 $8,736 
HF1 Sovran HHF Storage Holdings LLC3749%
49%-59%
300,789 301,794 
Storage Portfolio II JV LLC 3610%30%(10,835)(10,588)
Storage Portfolio IV JV LLC3210%30%46,153 46,310 
Storage Portfolio I LLC 2434%49%(44,829)(44,537)
HF2 Sovran HHF Storage Holdings II LLC2249%
49%-59%
112,330 112,551 
HF5 Life Storage-HIERS Storage LLC 1720%20%24,417 24,580 
HF6 191 V Life Storage Holdings LLC 1720%20%9,178 9,525 
VRS Self Storage, LLC 1645%54%(18,623)(18,576)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%17,853 18,082 
Other unconsolidated real estate ventures106
10%-50%
10%-50%
300,165 295,205 
Strategic Storage Growth Trust III, Inc. Preferred Stock (2)
n/an/an/a100,000 100,000 
Strategic Storage Trust VI, Inc. Preferred Stock (3)
n/an/an/a150,000 150,000 
Net Investments in and Cash distributions in unconsolidated real estate entities408$995,314 $993,082 
Investments in unconsolidated real estate entities$1,069,602 $1,066,783 
Cash distributions in unconsolidated real estate ventures(74,288)(73,701)
Net Investments in and Cash distributions in unconsolidated real estate entities$995,314 $993,082 
(1)    Includes pro-rata equity ownership share and promoted interest.
(2)    On February 4, 2025, the Company invested $100,000 in shares of convertible preferred stock with a dividend rate of 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.
(3)    In May 2023, the Company invested $150,000 in shares of convertible preferred stock 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
v3.26.1
Investments in Debt Securities and Notes Receivable
 3 Months Ended
Mar. 31, 2026
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, 2026December 31, 2025
Debt securities - preferred stock$300,000 $300,000 
Notes receivable - bridge loans1,452,159 1,500,151 
Dividends and interest receivable 6,375 6,375 
$1,758,534 $1,806,526 
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 third-party self-storage owners for whom it manages properties. 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, 2026, 79% 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, 2026, the Company sold a total principal amount of $29,335 of its mortgage bridge loans receivable to third parties for par, closed on $8,955 in initial loan draws, and recorded $6,400 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, 2026, none of the notes receivable are in nonaccrual status, and any notes receivable where the monthly payments are delinquent are immaterial and less than 90 days past due, with one exception that is in forbearance. The allowance for potential credit losses is immaterial.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
The components of term debt are summarized as follows:
Term DebtMarch 31, 2026December 31, 2025
Secured notes payable (1)
$1,079,385 $1,082,899 
Unsecured term loans1,500,000 1,500,000 
Unsecured senior notes9,675,000 9,675,000 
Total12,254,385 12,257,899 
Less: Discount on unsecured senior notes, net (2)
(176,032)(187,742)
Less: Unamortized debt issuance costs(60,328)(63,506)
Total$12,018,025 $12,006,651 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Company’s merger with Life Storage were recorded at fair value, resulting in a discount of $293,134 to be amortized over the term of the debt. Also includes net premium from bond offerings of $13,853 offset by discount from assumed debt of $15,018.
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2026:
2026$1,314,124 
2027903,673 
20281,882,692 
20291,764,360 
20301,690,634 
20311,777,702 
2032600,000 
2033800,000 
2034600,000 
2035900,000 
Thereafter21,200 
$12,254,385 
The Company has established a commercial paper note program and 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 are 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 condensed consolidated balance sheets. At March 31, 2026, there were $850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 days.
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, 2026
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$17,500 $140,000 5.03%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
285,000 3,000,000 4.46%8/21/2029
SOFR plus 0.775%
Commercial paper850,000 1,000,000 
4.07% (3)
Various
$1,152,500 $4,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2026. 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.
The Company's unsecured debt is not secured by any assets of the Company and is subject to certain financial covenants. As of March 31, 2026, the Company was in compliance with all of its financial covenants.
As of March 31, 2026, the Company’s percentage of fixed-rate debt to total debt was 82.5%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 4.6%, respectively. The combined weighted average interest rate was 4.3%.
v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
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, 2026 and 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. In the next 12 months, the Company estimates that $1,126 will be reclassified as a decrease to interest expense. As of March 31, 2026, the Company held 7 active derivative financial instruments, which had a total current notional amount of $952,000.
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, 2026December 31, 2025
Other assets$2,712 $3,362 
Other liabilities$1,183 $2,538 

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,
Type2026202520262025
Swap Agreements$2,083 $(3,467)Interest expense$1,320 $3,482 
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, 2026, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of March 31, 2026, it could have been required to cash settle its obligations under these agreements at their termination value.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
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 SEC 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.
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, 2025, the Company repurchased 1,158,244 shares at an average price of $129.10 per share, paying a total of $149,525. During the three months ended March 31, 2026, the Company repurchased 11,109 shares at an average price of $129.80 per share, paying a total of $1,442. As of March 31, 2026, the Company had remaining authorization to repurchase shares with an aggregate value up to $349,033.
v3.26.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units
 3 Months Ended
Mar. 31, 2026
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, or (2) its redemption value as of the end of the period in which the determination is made.
At March 31, 2026 and December 31, 2025, 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, 2026December 31, 2025
Series B Units$33,567 $33,567 
Series D Units14,260 20,260 
$47,827 $53,827 

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, 2026 and December 31, 2025, 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, 2026. 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, 2026 and December 31, 2025, 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 $14,260, which represents 570,395 Series D Units outstanding at March 31, 2026. Holders of the Series D Units receive distributions at an annual rate between 4.0% 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, 2026, 240,000 Series D Units were redeemed for $6,000 in cash.
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, 2026. 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, 2026 and December 31, 2025, 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 June 30, 2026.
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, 2026, the ten-day average closing price of the Company’s common stock was $131.31 and there were 9,421,211 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2026 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,237,099 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,
20262025
OP Units redeemed for common stock— 11,500 
OP Units redeemed for cash11,779 — 
Cash paid for OP Units redeemed$1,656 $— 
OP Units issued in conjunction with acquisitions— 37,886 
Value of OP Units issued in conjunction with acquisitions$— $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 12 consolidated joint ventures as of March 31, 2026. There are a total of 16 stores in these consolidated joint ventures, 12 of which are operating and four 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, 2026 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.
v3.26.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS
Classification of Noncontrolling Interests
GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the Company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.
The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying 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, or (2) its redemption value as of the end of the period in which the determination is made.
At March 31, 2026 and December 31, 2025, 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, 2026December 31, 2025
Series B Units$33,567 $33,567 
Series D Units14,260 20,260 
$47,827 $53,827 

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, 2026 and December 31, 2025, 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, 2026. 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, 2026 and December 31, 2025, 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 $14,260, which represents 570,395 Series D Units outstanding at March 31, 2026. Holders of the Series D Units receive distributions at an annual rate between 4.0% 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, 2026, 240,000 Series D Units were redeemed for $6,000 in cash.
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, 2026. 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, 2026 and December 31, 2025, 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 June 30, 2026.
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, 2026, the ten-day average closing price of the Company’s common stock was $131.31 and there were 9,421,211 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on March 31, 2026 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,237,099 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,
20262025
OP Units redeemed for common stock— 11,500 
OP Units redeemed for cash11,779 — 
Cash paid for OP Units redeemed$1,656 $— 
OP Units issued in conjunction with acquisitions— 37,886 
Value of OP Units issued in conjunction with acquisitions$— $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 12 consolidated joint ventures as of March 31, 2026. There are a total of 16 stores in these consolidated joint ventures, 12 of which are operating and four 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, 2026 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.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
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, President, Chief Financial Officer, Chief Investment Officer, Chief Digital Officer, Chief Operations 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 stores that are wholly-owned and in consolidated joint ventures. 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,
20262025
Revenues
Self-Storage Operations$733,213 $704,380 
Tenant Reinsurance89,119 84,712 
Total segment revenues$822,332 $789,092 
Operating expenses
Self-Storage Operations:
Payroll and benefits$45,542 $43,746 
Marketing15,758 15,150 
Office expense (1)
19,594 18,854 
Property operating expense (1)
41,107 37,365 
Repairs and maintenance17,968 16,257 
Property taxes83,975 79,884 
Insurance9,714 8,432 
Other segment items (2)
4,645 3,894 
Total self-storage operations expenses238,303 223,582 
 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (3)
$17,867 $17,116 
 
Total segment operating expenses$256,170 $240,698 
 
Net operating income
Self-Storage Operations$494,910 $480,798 
Tenant Reinsurance71,252 67,596 
Total segment net operating income:$566,162 $548,394 
Other components of net income:
Management fees and other income33,695 30,905 
General and administrative expense(46,509)(45,974)
Depreciation and amortization expense(185,795)(180,356)
Gain on real estate assets held for sale and sold, net— 35,761 
Interest expense (147,299)(142,399)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net(12,555)(11,313)
Interest income 39,543 38,967 
Equity in earnings and dividend income from unconsolidated real estate entities15,760 19,931 
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest207 — 
Income tax expense(10,789)(8,991)
Net income $252,420 $284,925 
(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three months ended March 31, 2025 for comparability.
(2) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(3) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
As of March 31, 2026, the Company was under agreement to originate $70,710 in bridge loans in 2026 and $31,300 in 2027.
As of March 31, 2026, 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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
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, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026. The condensed consolidated balance sheet as of December 31, 2025 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, 2025, as filed with the Securities and Exchange Commission (the “SEC”).
Recently Issued Accounting Standards
Recently Issued Accounting Standards
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. Although the adoption is not expected to have a significant impact on the Company's financial statements, it is expected to result in incremental disclosures within the notes to the financial statements.
v3.26.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026, 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$— $2,712 $— 
Other liabilities - Cash flow hedge swap agreements$— $1,183 $— 
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, 2026December 31, 2025
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
Note receivable from Common Operating Partnership unit holder$50,430 $50,000 $51,122 $50,000 
Fixed rate notes receivable66,653 66,735 62,307 62,207 
Fixed rate debt10,821,993 10,977,859 10,967,415 10,966,511 
v3.26.1
Acquisitions and Dispositions (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisitions
The following table shows the Company’s acquisitions of stores for the three months ended March 31, 2026 and 2025. 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.”
PeriodNumber of StoresCash PaidLoans AssumedBridge Loan PayoffFair Value Adjustment of Debt AssumedInvestments in Real Estate VenturesNet Liabilities/ (Assets) AssumedValue of Equity IssuedTotal
Real Estate Assets
Q1 20261$12,360 $— $— $— $— $148 $— $12,508 
Q1 202517$117,075 $— $18,950 $— $105,471 $847 $5,878 $248,221 
Schedule of Held For Sale Activity
The following table presents the Company’s disposition and held for sale activity for the periods indicated:
Carrying Value of Assets Held for Sale(Gain) / Loss RecognizedNumber of Stores
2026 Activity
Q1 2026 beginning balance$27,140 $— 5 
Additions— — — 
Disposals(6,421)— (1)
Q1 2026 ending balance$20,719 $— 4 
2025 Activity
Q1 2025 beginning balance$103,756 $— 13 
Additions8,019 3,759 3 
Disposals(83,537)(39,520)(11)
Q1 2025 ending balance$28,238 $(35,761)5 
v3.26.1
Real Estate Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Components of Real Estate Assets
The components of real estate assets are summarized as follows:
March 31, 2026December 31, 2025
Land$5,134,879 $5,135,719 
Buildings, improvements and other intangibles23,332,969 23,234,033 
Right of use assets - finance lease136,608 141,194 
Intangible assets - tenant relationships334,611 334,669 
Intangible lease rights37,779 37,771 
28,976,846 28,883,386 
Less: accumulated depreciation and amortization(4,156,137)(3,982,125)
Net operating real estate assets24,820,709 24,901,261 
Real estate under development/redevelopment106,056 103,089 
Real estate assets, net$24,926,765 $25,004,350 
v3.26.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Components of Other Assets
The components of other assets are summarized as follows:
March 31, 2026December 31, 2025
Goodwill$170,811 $170,811 
Receivables, net115,380 142,120 
Prepaid expenses and deposits91,480 102,656 
Equipment and fixtures, net61,950 65,154 
Deferred line of credit financing costs, net14,490 15,335 
Other intangible assets, net6,635 11,593 
Restricted cash4,419 4,260 
Fair value of interest rate swaps2,712 3,362 
$467,877 $515,291 
v3.26.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
Equivalent Shares
(if converted)		Equivalent Shares
(if converted)
Common OP Units— 9,369,704 
Series B Units238,140 221,368 
Series D Units110,149 — 
348,289 9,591,072 
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,
20262025
Net income attributable to common stockholders$240,977 $270,875 
Earnings and dividends allocated to participating securities(425)(416)
Net income for basic computations240,552 270,459 
Income allocated to noncontrolling interest - Preferred OP Units and OP Units10,739 220 
Net income for diluted computations$251,291 $270,679 
Weighted average common shares outstanding:
Average number of common shares outstanding - basic 210,896,947 211,850,618 
Common OP Units9,425,925 — 
Series D Units— 202,124 
Average number of common shares outstanding - diluted220,322,872 212,052,742 
Earnings per common share
Basic$1.14 $1.28 
Diluted$1.14 $1.28 
v3.26.1
Investments in Unconsolidated Real Estate Entities (Tables)
 3 Months Ended
Mar. 31, 2026
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,
 20262025
PRISA Self Storage LLC 854%4%$8,716 $8,736 
HF1 Sovran HHF Storage Holdings LLC3749%
49%-59%
300,789 301,794 
Storage Portfolio II JV LLC 3610%30%(10,835)(10,588)
Storage Portfolio IV JV LLC3210%30%46,153 46,310 
Storage Portfolio I LLC 2434%49%(44,829)(44,537)
HF2 Sovran HHF Storage Holdings II LLC2249%
49%-59%
112,330 112,551 
HF5 Life Storage-HIERS Storage LLC 1720%20%24,417 24,580 
HF6 191 V Life Storage Holdings LLC 1720%20%9,178 9,525 
VRS Self Storage, LLC 1645%54%(18,623)(18,576)
HF10 Life Storage HHF Wasatch Holdings LLC 1620%20%17,853 18,082 
Other unconsolidated real estate ventures106
10%-50%
10%-50%
300,165 295,205 
Strategic Storage Growth Trust III, Inc. Preferred Stock (2)
n/an/an/a100,000 100,000 
Strategic Storage Trust VI, Inc. Preferred Stock (3)
n/an/an/a150,000 150,000 
Net Investments in and Cash distributions in unconsolidated real estate entities408$995,314 $993,082 
Investments in unconsolidated real estate entities$1,069,602 $1,066,783 
Cash distributions in unconsolidated real estate ventures(74,288)(73,701)
Net Investments in and Cash distributions in unconsolidated real estate entities$995,314 $993,082 
(1)    Includes pro-rata equity ownership share and promoted interest.
(2)    On February 4, 2025, the Company invested $100,000 in shares of convertible preferred stock with a dividend rate of 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.
(3)    In May 2023, the Company invested $150,000 in shares of convertible preferred stock 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
v3.26.1
Investments in Debt Securities and Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Debt Securities and Bridge Loans Receivable Information about these balances is as follows:
March 31, 2026December 31, 2025
Debt securities - preferred stock$300,000 $300,000 
Notes receivable - bridge loans1,452,159 1,500,151 
Dividends and interest receivable 6,375 6,375 
$1,758,534 $1,806,526 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Unsecured Senior Notes and Components of Debt
The components of term debt are summarized as follows:
Term DebtMarch 31, 2026December 31, 2025
Secured notes payable (1)
$1,079,385 $1,082,899 
Unsecured term loans1,500,000 1,500,000 
Unsecured senior notes9,675,000 9,675,000 
Total12,254,385 12,257,899 
Less: Discount on unsecured senior notes, net (2)
(176,032)(187,742)
Less: Unamortized debt issuance costs(60,328)(63,506)
Total$12,018,025 $12,006,651 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Company’s merger with Life Storage were recorded at fair value, resulting in a discount of $293,134 to be amortized over the term of the debt. Also includes net premium from bond offerings of $13,853 offset by discount from assumed debt of $15,018.
Schedule of Maturities of Notes Payable
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2026:
2026$1,314,124 
2027903,673 
20281,882,692 
20291,764,360 
20301,690,634 
20311,777,702 
2032600,000 
2033800,000 
2034600,000 
2035900,000 
Thereafter21,200 
$12,254,385 
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, 2026
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$17,500 $140,000 5.03%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
285,000 3,000,000 4.46%8/21/2029
SOFR plus 0.775%
Commercial paper850,000 1,000,000 
4.07% (3)
Various
$1,152,500 $4,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2026. 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.
v3.26.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026December 31, 2025
Other assets$2,712 $3,362 
Other liabilities$1,183 $2,538 
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,
Type2026202520262025
Swap Agreements$2,083 $(3,467)Interest expense$1,320 $3,482 
v3.26.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units (Tables)
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Schedule of 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, 2026December 31, 2025
Series B Units$33,567 $33,567 
Series D Units14,260 20,260 
$47,827 $53,827 
v3.26.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2026
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
OP Unit activity is summarized as follows for the periods presented:
For the Three Months Ended March 31,
20262025
OP Units redeemed for common stock— 11,500 
OP Units redeemed for cash11,779 — 
Cash paid for OP Units redeemed$1,656 $— 
OP Units issued in conjunction with acquisitions— 37,886 
Value of OP Units issued in conjunction with acquisitions$— $5,878 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
Revenues
Self-Storage Operations$733,213 $704,380 
Tenant Reinsurance89,119 84,712 
Total segment revenues$822,332 $789,092 
Operating expenses
Self-Storage Operations:
Payroll and benefits$45,542 $43,746 
Marketing15,758 15,150 
Office expense (1)
19,594 18,854 
Property operating expense (1)
41,107 37,365 
Repairs and maintenance17,968 16,257 
Property taxes83,975 79,884 
Insurance9,714 8,432 
Other segment items (2)
4,645 3,894 
Total self-storage operations expenses238,303 223,582 
 
Tenant Reinsurance:
Tenant reinsurance expense and other segment items (3)
$17,867 $17,116 
 
Total segment operating expenses$256,170 $240,698 
 
Net operating income
Self-Storage Operations$494,910 $480,798 
Tenant Reinsurance71,252 67,596 
Total segment net operating income:$566,162 $548,394 
Other components of net income:
Management fees and other income33,695 30,905 
General and administrative expense(46,509)(45,974)
Depreciation and amortization expense(185,795)(180,356)
Gain on real estate assets held for sale and sold, net— 35,761 
Interest expense (147,299)(142,399)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net(12,555)(11,313)
Interest income 39,543 38,967 
Equity in earnings and dividend income from unconsolidated real estate entities15,760 19,931 
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest207 — 
Income tax expense(10,789)(8,991)
Net income $252,420 $284,925 
(1) Amounts related to lease expense have been reclassified from Office expense to Property operating expense for the three months ended March 31, 2025 for comparability.
(2) Other segment items for the Self-Storage Operations segment include miscellaneous items such as legal and professional fees, capital expenditures, taxes, and casualty losses.
(3) Tenant reinsurance expense and other segment items for the Tenant Reinsurance segment include claims expense, acquisition costs, claims service fees, and miscellaneous administrative items.
v3.26.1
Organization (Details)
Mar. 31, 2026
store
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating storage facilities in which the entity has equity interests (in stores) 2,428
Number of stores owned by franchisees and third parties 1,916
Number of operating stores owned and/or managed 4,344
Number of states in which operating storage facilities are located 42
v3.26.1
Basis of Presentation (Details)
 3 Months Ended
Mar. 31, 2026
segment
Accounting Policies [Abstract]  
Number of reportable segments 2
v3.26.1
Fair Value Disclosures - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details)
$ in Thousands
Mar. 31, 2026
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 2,712
Other liabilities - Cash flow hedge swap agreements 1,183
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
v3.26.1
Fair Value Disclosures - Additional Information (Details)
Mar. 31, 2026
store
Fair Value Disclosures [Abstract]  
Number of operating stores held-for-sale 4
v3.26.1
Fair Value Disclosures - Schedule of Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value    
Fair Value of Financial Instruments [Line Items]    
Note receivable from Common Operating Partnership unit holder $ 50,430 $ 51,122
Fixed rate notes receivable 66,653 62,307
Fixed rate debt 10,821,993 10,967,415
Carrying Value    
Fair Value of Financial Instruments [Line Items]    
Note receivable from Common Operating Partnership unit holder 50,000 50,000
Fixed rate notes receivable 66,735 62,207
Fixed rate debt $ 10,977,859 $ 10,966,511
v3.26.1
Acquisitions and Dispositions - Asset Acquisitions - Schedule of Operating Properties Acquired (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
store
Mar. 31, 2025
USD ($)
store
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Number of Stores | store 1 17
Cash Paid $ 12,360 $ 117,075
Loans Assumed 0 0
Bridge Loan Payoff 0 18,950
Fair Value Adjustment of Debt Assumed 0 0
Investments in Real Estate Ventures 0 105,471
Net Liabilities/ (Assets) Assumed 148 847
Value of Equity Issued 0 5,878
Total Real Estate Assets $ 12,508 $ 248,221
v3.26.1
Acquisitions and Dispositions - Schedule of Held For Sale Activity (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
store
Mar. 31, 2025
USD ($)
store
Carrying Value of Assets Held for Sale    
Asset held for sale at beginning $ 27,140,000 $ 103,756,000
Assets held for sale, additions 0 8,019,000
Assets held for sale, disposals (6,421,000) (83,537,000)
Asset held for sale at ending 20,719,000 28,238,000
(Gain) / Loss Recognized    
(Gain) loss recognized at beginning 0 0
(Gain) loss recognized, additions 0 3,759,000
(Gain) loss recognized, disposals 0 (39,520,000)
(Gain) loss recognized at ending $ 0 $ (35,761,000)
Number of Stores    
Number of stores at beginning | store 5 13
Number of stores, additions | store 0 3
Number of stores, disposals | store (1) (11)
Number of stores at ending 4 5
v3.26.1
Real Estate Assets - Schedule of Components of Real Estate Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate [Abstract]    
Land $ 5,134,879 $ 5,135,719
Buildings, improvements and other intangibles 23,332,969 23,234,033
Right of use assets - finance lease 136,608 141,194
Intangible assets - tenant relationships 334,611 334,669
Intangible lease rights 37,779 37,771
Gross operating real estate assets 28,976,846 28,883,386
Less: accumulated depreciation and amortization (4,156,137) (3,982,125)
Net operating real estate assets 24,820,709 24,901,261
Real estate under development/redevelopment 106,056 103,089
Real estate assets, net $ 24,926,765 $ 25,004,350
v3.26.1
Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]        
Goodwill $ 170,811 $ 170,811    
Receivables, net 115,380 142,120    
Prepaid expenses and deposits 91,480 102,656    
Equipment and fixtures, net 61,950 65,154    
Deferred line of credit financing costs, net 14,490 15,335    
Other intangible assets, net 6,635 11,593    
Restricted cash 4,419 4,260 $ 3,489 $ 5,081
Fair value of interest rate swaps 2,712 3,362    
Other assets, net $ 467,877 $ 515,291    
v3.26.1
Earnings Per Common Share - Additional Information (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Average share price (in dollars per share) $ 140.96 $ 151.64
v3.26.1
Earnings Per Common Share - Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per common share (in shares) 348,289 9,591,072
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) 0 9,369,704
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) 238,140 221,368
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) 110,149 0
v3.26.1
Earnings Per Common Share - Schedule of Computation of Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to common stockholders $ 240,977 $ 270,875
Earnings and dividends allocated to participating securities (425) (416)
Net income for basic computations 240,552 270,459
Income allocated to noncontrolling interest - Preferred OP Units and OP Units 10,739 220
Net income for diluted computations $ 251,291 $ 270,679
Weighted average common shares outstanding:    
Average number of common shares outstanding - basic (in shares) 210,896,947 211,850,618
Common OP Units (in shares) 9,425,925 0
Average number of common shares outstanding - diluted (in shares) 220,322,872 212,052,742
Earnings per common share    
Basic (in dollars per share) $ 1.14 $ 1.28
Diluted (in dollars per share) $ 1.14 $ 1.28
Series D Units    
Weighted average common shares outstanding:    
Series D Units (in shares) 0 202,124
v3.26.1
Investments in Unconsolidated Real Estate Entities (Details)
$ in Thousands
 1 Months Ended
Feb. 04, 2025
USD ($)
May 31, 2023
USD ($)
Mar. 31, 2026
USD ($)
property
Dec. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]        
Number of Stores | property     408  
Investment balance     $ 995,314 $ 993,082
Investments in unconsolidated real estate entities     1,069,602 1,066,783
Cash distributions in unconsolidated real estate ventures     $ (74,288) (73,701)
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     $ 8,716 8,736
HF1 Sovran HHF Storage Holdings LLC        
Schedule of Equity Method Investments [Line Items]        
Number of Stores | property     37  
Equity Ownership %     49.00%  
Investment balance     $ 300,789 301,794
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     $ (10,835) (10,588)
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     $ 46,153 46,310
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     $ (44,829) (44,537)
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     $ 112,330 112,551
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     $ 24,417 24,580
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     $ 9,178 9,525
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     $ (18,623) (18,576)
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     $ 17,853 18,082
Other unconsolidated real estate ventures        
Schedule of Equity Method Investments [Line Items]        
Number of Stores | property     106  
Investment balance     $ 300,165 295,205
Other unconsolidated real estate ventures | Minimum        
Schedule of Equity Method Investments [Line Items]        
Equity Ownership %     10.00%  
Excess Profit %     10.00%  
Other unconsolidated real estate ventures | Maximum        
Schedule of Equity Method Investments [Line Items]        
Equity Ownership %     50.00%  
Excess Profit %     50.00%  
Strategic Storage Growth Trust III, Inc. Preferred Stock        
Schedule of Equity Method Investments [Line Items]        
Investment balance     $ 100,000 100,000
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.        
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      
v3.26.1
Investments in Debt Securities and Notes Receivable - Schedule of Investments in Debt Securities and Bridge Loans Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Schedule of Held-to-maturity Securities [Line Items]    
Dividends and interest receivable $ 6,375 $ 6,375
Investments in debt securities and notes receivable 1,758,534 1,806,526
Notes receivable - bridge loans    
Schedule of Held-to-maturity Securities [Line Items]    
Notes receivable - bridge loans 1,452,159 1,500,151
JCAP Series A Preferred Stock    
Schedule of Held-to-maturity Securities [Line Items]    
Debt securities - preferred stock $ 300,000 $ 300,000
v3.26.1
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, 2026
USD ($)
debt_security
extension_option
Rate
Mar. 31, 2025
USD ($)
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     79.00%  
Bridge loans, extension option | extension_option     2  
Bridge loans, extension term     1 year  
Issuance of notes receivable     $ 14,590 $ 182,079
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     $ 29,335  
Issuance of notes receivable     8,955  
Payment for draw on interest holdback     $ 6,400  
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      
v3.26.1
Debt - Schedule of Components of Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Secured notes payable    
Debt Instrument [Line Items]    
Total $ 1,079,385 $ 1,082,899
Less: Unamortized debt issuance costs (60,328) (63,506)
Unsecured term loans    
Debt Instrument [Line Items]    
Total 1,500,000 1,500,000
Unsecured senior notes    
Debt Instrument [Line Items]    
Total 9,675,000 9,675,000
Less: Discount on unsecured senior notes, net (176,032) (187,742)
Unsecured senior notes | Life Storage, Inc    
Debt Instrument [Line Items]    
Unamortized cash discount 293,134  
Term Debt    
Debt Instrument [Line Items]    
Total 12,254,385 12,257,899
Total 12,018,025 $ 12,006,651
Bonds    
Debt Instrument [Line Items]    
Unamortized debt premium 13,853  
Assumed Debt From Merger    
Debt Instrument [Line Items]    
Unamortized cash discount $ 15,018  
v3.26.1
Debt - Schedule of Maturities of Notes Payable (Details) - Term Debt - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
2026 $ 1,314,124  
2027 903,673  
2028 1,882,692  
2029 1,764,360  
2030 1,690,634  
2031 1,777,702  
2032 600,000  
2033 800,000  
2034 600,000  
2035 900,000  
Thereafter 21,200  
Total $ 12,254,385 $ 12,257,899
v3.26.1
Debt - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Commercial paper $ 1,152,500,000 $ 1,224,000,000
Fixed rate debt 4.20%  
Variable rate debt 4.60%  
Weighted average interest rate 4.30%  
Commercial paper    
Debt Instrument [Line Items]    
Revolving credit facility, maximum borrowing capacity $ 1,000,000,000  
Debt instrument, term 30 days  
Commercial paper $ 850,000,000  
Weighted-average maturity term 13 days  
Commercial paper | Maximum    
Debt Instrument [Line Items]    
Debt instrument, term 397 days  
Fourth Amended and Restated Credit Agreement    
Debt Instrument [Line Items]    
Fixed rate to total debt percentage 82.50%  
v3.26.1
Debt - Schedule of Information on Lines of Credit (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Amount Drawn $ 1,152,500,000 $ 1,224,000,000
Lines Of Credit    
Debt Instrument [Line Items]    
Amount Drawn 1,152,500,000  
Capacity 4,140,000,000  
Secured credit line    
Debt Instrument [Line Items]    
Amount Drawn 17,500,000  
Capacity $ 140,000,000  
Interest Rate 5.03%  
Basis spread on variable rate 1.35%  
Unsecured credit line    
Debt Instrument [Line Items]    
Amount Drawn $ 285,000,000  
Capacity $ 3,000,000,000  
Interest Rate 4.46%  
Basis spread on variable rate 0.775%  
Commercial paper    
Debt Instrument [Line Items]    
Amount Drawn $ 850,000,000  
Capacity $ 1,000,000,000  
Interest Rate 4.07%  
v3.26.1
Derivatives - Additional Information (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Amount reclassified as a decrease to interest income $ (1,126)
Number of derivative financial instruments | derivative 7
Combined notional amount $ 952,000
v3.26.1
Derivatives - Schedule of Balance Sheet Classification and Fair Value of Entity's Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other assets    
Derivative [Line Items]    
Other assets $ 2,712 $ 3,362
Other liabilities    
Derivative [Line Items]    
Other liabilities $ 1,183 $ 2,538
v3.26.1
Derivatives - Schedule of Information Relating to Gain (Loss) Recognized on Swap Agreements (Details) - Swap Agreements - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Gain (loss) recognized in OCI $ 2,083 $ (3,467)
Gain (loss) reclassified from OCI $ 1,320 $ 3,482
v3.26.1
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Apr. 15, 2024
USD ($)
sales_agent
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Nov. 13, 2023
USD ($)
Class of Stock [Line Items]        
Share repurchase program, aggregate value       $ 500,000
Repurchase of common stock (in shares) | shares   11,109 1,158,244  
Average cost (dollars per share) | $ / shares   $ 129.80 $ 129.10  
Repurchase of common stock, net of commissions paid   $ 1,442 $ 149,525  
Share repurchase program, remaining authorization value   $ 349,033    
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      
v3.26.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units - Schedule of Preferred of OP Units (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units $ 47,827 $ 53,827
Series B Units    
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units 33,567  
Series D Units    
Noncontrolling Interest [Line Items]    
Noncontrolling interest represented by Preferred Operating Partnership units $ 14,260 $ 20,260
v3.26.1
Noncontrolling Interest Represented By Preferred Operating Partnership Units - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Noncontrolling Interest [Line Items]    
Preferred units outstanding (in shares) 9,421,211  
Redemption Of Units For Cash    
Noncontrolling Interest [Line Items]    
Redemption of noncontrolling interests for cash $ 7,656  
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 $ 14,260  
Fixed liquidation value (in shares) 570,395  
Redemption of Operating Partnership units (in shares) 240,000  
Series D Units | Redemption Of Units For Cash    
Noncontrolling Interest [Line Items]    
Redemption of noncontrolling interests for cash $ 6,000  
Series D Units | Minimum    
Noncontrolling Interest [Line Items]    
Annual rate of return percentage 4.00%  
Series D Units | Maximum    
Noncontrolling Interest [Line Items]    
Annual rate of return percentage 5.00%  
v3.26.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Additional Information (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Dec. 31, 2024
Mar. 31, 2026
USD ($)
store
joint_venture
$ / shares
shares
Dec. 31, 2025
USD ($)
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   $ 131.31  
Preferred units outstanding (in shares) | shares   9,421,211  
Consideration to be paid on redemption of common OP units | $   $ 1,237,099  
Number of consolidated joint ventures | joint_venture   12  
Total number of stores in consolidated joint venture | store   16  
Number of joint ventures operating store | joint_venture   12  
Number of joint ventures with property under development | store   4  
Operating Partnership      
Noncontrolling Interest [Line Items]      
Loan receivable, reduction of noncontrolling interests | $   $ 50,000 $ 50,000
Common Stock      
Noncontrolling Interest [Line Items]      
Unit 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%  
v3.26.1
Noncontrolling Interests In Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Noncontrolling Interest [Abstract]    
OP Units redeemed for common stock (in shares) 0 11,500
OP Units redeemed for cash (in shares) 11,779 0
Cash paid for OP Units redeemed $ 1,656 $ 0
OP Units issued in conjunction with acquisitions (in units) 0 37,886
Value of OP Units issued in conjunction with acquisitions $ 0 $ 5,878
v3.26.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.26.1
Segment Information - Schedule of Financial Information of Business Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Revenues $ 856,027 $ 819,997
Net operating income    
Net operating income 367,553 388,730
Other components of net income:    
Management fees and other income 33,695 30,905
General and administrative expense (46,509) (45,974)
Depreciation and amortization expense (185,795) (180,356)
Gain on real estate assets held for sale and sold, net 0 35,761
Interest expense (147,299) (142,399)
Non-cash interest expense related to amortization of discount on unsecured senior notes, net (12,555) (11,313)
Interest income 39,543 38,967
Equity in earnings and dividend income from unconsolidated real estate entities 15,760 19,931
Equity in earnings of unconsolidated real estate ventures - gain on sale of a joint venture interest 207 0
Income tax expense (10,789) (8,991)
Net income 252,420 284,925
Operating Segments    
Revenues    
Revenues 822,332 789,092
Operating expenses    
Total segment operating expenses 256,170 240,698
Net operating income    
Net operating income 566,162 548,394
Operating Segments | Self-Storage Operations    
Revenues    
Revenues 733,213 704,380
Operating expenses    
Payroll and benefits 45,542 43,746
Marketing 15,758 15,150
Office expense 19,594 18,854
Property operating expense 41,107 37,365
Repairs and maintenance 17,968 16,257
Property taxes 83,975 79,884
Insurance 9,714 8,432
Other segment items 4,645 3,894
Total segment operating expenses 238,303 223,582
Net operating income    
Net operating income 494,910 480,798
Operating Segments | Tenant Reinsurance    
Revenues    
Revenues 89,119 84,712
Operating expenses    
Other segment items 17,867 17,116
Net operating income    
Net operating income $ 71,252 $ 67,596
v3.26.1
Commitments and Contingencies (Details) - Agreement to originate bridge loans
$ in Thousands
Mar. 31, 2026
USD ($)
Other Commitments [Line Items]  
Purchase price , 2026 $ 70,710
Purchase price , 2027 $ 31,300