Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Balance Sheets [Abstract] | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
| Preferred stock, shares issued | 165,400 | 162,600 |
| Preferred stock, shares outstanding | 165,400 | 162,600 |
| Common stock, par value | $ 0.10 | $ 0.10 |
| Common stock, shares authorized | 650,000,000 | 650,000,000 |
| Common stock, shares issued | 174,498,918 | 174,418,615 |
| Common stock, shares outstanding | 174,498,918 | 174,418,615 |
Statements Of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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| Revenues: | ||||
| Revenues | $ 709,285 | $ 710,950 | $ 1,425,367 | $ 1,399,988 |
| Expenses: | ||||
| Self-storage cost of operations | 213,825 | 196,083 | 421,750 | 389,739 |
| Ancillary cost of operations | 11,782 | 11,653 | 22,727 | 22,198 |
| Depreciation and amortization | 137,618 | 126,859 | 273,518 | 248,800 |
| General and administrative | 20,294 | 15,264 | 41,358 | 34,767 |
| Interest expense | 14,145 | 12,254 | 27,766 | 20,397 |
| Operating expenses | 397,664 | 362,113 | 787,119 | 715,901 |
| Other increases to net income: | ||||
| Interest and other income | 5,831 | 8,582 | 12,310 | 15,547 |
| Equity in earnings of unconsolidated real estate entities | 17,655 | 18,914 | 41,623 | 36,586 |
| Foreign currency exchange (loss) gain | (19,295) | (5,218) | (10,350) | 2,573 |
| Gain on sale of real estate | 341 | 1,117 | 341 | |
| Net income | 315,812 | 371,456 | 682,948 | 739,134 |
| Allocation to noncontrolling interests | (889) | (1,400) | (1,869) | (2,557) |
| Net income allocable to Public Storage shareholders | 314,923 | 370,056 | 681,079 | 736,577 |
| Allocation of net income to: | ||||
| Preferred shareholders- distributions | (52,952) | (53,525) | (104,957) | (108,537) |
| Preferred shareholders - redemptions (Note 8) | (15,069) | (8,861) | (15,069) | (17,394) |
| Restricted share units | (783) | (1,259) | (1,800) | (2,492) |
| Net income allocable to common shareholders | $ 246,119 | $ 306,411 | $ 559,253 | $ 608,154 |
| Net income per common share: | ||||
| Basic | $ 1.41 | $ 1.76 | $ 3.21 | $ 3.49 |
| Diluted | $ 1.41 | $ 1.76 | $ 3.20 | $ 3.49 |
| Basic weighted average common shares outstanding | 174,493 | 174,253 | 174,470 | 174,215 |
| Diluted weighted average common shares outstanding | 174,575 | 174,542 | 174,596 | 174,459 |
| Self-Storage Operations [Member] | ||||
| Revenues: | ||||
| Revenues | $ 664,542 | $ 669,339 | $ 1,338,743 | $ 1,319,747 |
| Ancillary Operations [Member] | ||||
| Revenues: | ||||
| Revenues | $ 44,743 | $ 41,611 | $ 86,624 | $ 80,241 |
Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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| Statements Of Comprehensive Income [Abstract] | ||||
| Net income | $ 315,812 | $ 371,456 | $ 682,948 | $ 739,134 |
| Other comprehensive income (loss): | ||||
| Aggregate foreign currency exchange loss | (14,426) | (6,796) | (18,596) | (916) |
| Adjust for aggregate foreign currency exchange loss (gain) included in net income | 19,295 | 5,218 | 10,350 | (2,573) |
| Other comprehensive income (loss) | 4,869 | (1,578) | (8,246) | (3,489) |
| Total comprehensive income | 320,681 | 369,878 | 674,702 | 735,645 |
| Allocation to noncontrolling interests | (889) | (1,400) | (1,869) | (2,557) |
| Comprehensive income allocable to Public Storage shareholders | $ 319,792 | $ 368,478 | $ 672,833 | $ 733,088 |
Statement Of Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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| Statement Of Equity [Abstract] | ||||
| Issuance of preferred shares, shares | 22,600 | 22,600 | 11,400 | |
| Redemption of preferred shares, shares | 19,800 | 11,500 | 19,800 | 22,900 |
| Issuance of common shares in connection with share-based compensation, shares | 23,896 | 79,231 | 80,303 | 163,642 |
| Common shareholders and restricted share unitholders, per share distribution | $ 2.00 | $ 2.00 | $ 4.00 | $ 4.00 |
Description Of The Business |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Description Of The Business [Abstract] | |
| Description Of The Business | 1.Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as merchandise sales and tenant reinsurance to the tenants at our self-storage facilities, as well as the acquisition and development of additional self-storage space. At June 30, 2020, we have direct and indirect equity interests in 2,500 self-storage facilities (with approximately 171 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name, and 0.9 million net rentable square feet of commercial and retail space. We own 31.3 million common shares (an approximate 35% interest) of Shurgard Self Storage SA (“Shurgard”) a public company traded on Euronext Brussels under the “SHUR” symbol, which owns 238 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also own an approximate 42% common equity interest in PS Business Parks, Inc. (“PSB”), a REIT traded on the New York Stock Exchange under the “PSB” symbol, which owns 27.5 million net rentable square feet of commercial properties, primarily multi-tenant industrial, flex, and office space, located in six states. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 12) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). |
Summary Of Significant Accounting Policies |
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| Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary Of Significant Accounting Policies | 2.Summary of Significant Accounting Policies Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Certain amounts previously reported in our June 30, 2019 financial statements have been reclassified to conform to the June 30, 2020 presentation. Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2020, the Company and the Subsidiaries own 2,500 self-storage facilities and four commercial facilities in the U.S. At June 30, 2020, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2020, we had no tax benefits that were not recognized. Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value.
Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, restricted cash and right-to-use assets. At December 31, 2019, other assets included a note receivable, which was amortized on the effective interest method with a book value of $2.9 million at the time it was repaid in June 2020 at its $4.9 million contractual note balance. The $2.0 million excess proceeds were recorded as interest and other income during the three and six months ended June 30, 2020. Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2020, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $174.6 million at June 30, 2020 and December 31, 2019. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $18.8 million at June 30, 2020 and December 31, 2019. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At June 30, 2020, these intangibles had a net book value of $13.5 million ($12.5 million at December 31, 2019). Accumulated amortization totaled $31.3 million at June 30, 2020 ($27.5 million at December 31, 2019). A total of $4.3 million and $9.0 million in amortization expense was recorded in the three and six months ended June 30, 2020, respectively, and $4.5 million and $8.4 million in the same periods in 2019. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2020 is approximately $4.6 million in the remainder of 2020, $2.8 million in 2021 and $6.1 million thereafter. During the six months ended June 30, 2020, intangibles increased $10.0 million in connection with the acquisition of self-storage facilities (Note 3). Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary.
We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.123 U.S. Dollars per Euro at June 30, 2020 (1.122 at December 31, 2019), and average exchange rates of 1.101 and 1.124 for the three months ended June 30, 2020 and 2019, respectively, and average exchange rates of 1.102 and 1.130 for the six months ended June 30, 2020 and 2019, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros. Recent Accounting Pronouncements and Guidance In November 2018, the FASB issued ASU 2018- 19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that credit losses with respect to receivables arising from operating leases are to be evaluated within the scope of the leasing standard (ASU 2016-02), rather than within the scope of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” We adopted this new standard on its effective date for us of January 1, 2020, which did not have a material impact on our consolidated financial statements.
COVID-19 Pandemic
During the six months ended June 30, 2020, the global economy was severely impacted by the COVID-19 pandemic (the “COVID Pandemic”), and continues to be severely impacted. We are actively monitoring the impact of the COVID Pandemic, which has negatively impacted our business and results of operations during the six months ended June 30, 2020 and we anticipate will negatively impact our business and results of operations for the remainder of 2020 and likely beyond. The extent to which the COVID Pandemic will continue to impact our operations will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning the severity and duration of the COVID Pandemic and actions by government authorities to contain the COVID Pandemic or treat its impact, as well as resurgences of the virus, among other factors.
Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands):
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Real Estate Facilities |
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| Real Estate Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Facilities | 3.Real Estate Facilities
Activity in real estate facilities during the six months ended June 30, 2020 is as follows:
During the six months ended June 30, 2020, we acquired 15 self-storage facilities (1,167,000 net rentable square feet of storage space), for a total cost of $253.3 million in cash. Approximately $10.0 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $70.0 million during the six months ended June 30, 2020, adding 0.5 million net rentable square feet of self-storage space. Included in general and administrative expense in the three and six months ended June 30, 2020 is $3.2 million in development projects which were cancelled. Construction in process at June 30, 2020 consists of projects to develop new self-storage facilities and expand existing self-storage facilities. During the six months ended June 30, 2020, our accrual for unpaid construction costs decreased $4.0 million (a $16.6 million decrease for the same period in 2019). During the six months ended June 30, 2020, our accrual for capital expenditures to maintain real estate facilities decreased $4.3 million (a $1.5 million increase for the same period in 2019). |
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| Investments In Unconsolidated Real Estate Entities | 4.Investments in Unconsolidated Real Estate Entities The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):
Investment in PSB Throughout all periods presented, we owned 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units in an operating partnership controlled by PSB, representing an approximate 42% common equity interest. The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at June 30, 2020 ($132.40) per share of PSB common stock), the shares and units we owned had a market value of approximately $1.9 billion. Our equity in earnings of PSB is comprised of our equity share of PSB’s net income, less amortization of the PSB Basis Differential (defined below). During each of the six month periods ended June 30, 2020 and 2019, we received cash distributions from PSB totaling $30.4 million. At June 30, 2020, our pro-rata investment in PSB’s real estate assets included in investment in unconsolidated real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet by approximately $3.8 million ($4.2 million at December 31, 2019). This differential (the “PSB Basis Differential”) is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $0.4 million and $0.4 million during the six months ended June 30, 2020 and 2019, respectively. PSB is a publicly held entity traded on the New York Stock Exchange under the symbol “PSB”. Investment in Shurgard Throughout all periods presented, we effectively owned, directly and indirectly 31,268,459 Shurgard common shares, representing an approximate 35% equity interest in Shurgard. Based upon the closing price at June 30, 2020 (€33.45 per share of Shurgard common stock, at 1.123 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $1.2 billion.
Our equity in earnings of Shurgard is comprised of our equity share of Shurgard’s net income, plus $0.5 million for each of the six month periods ended June 30, 2020 and 2019, representing our equity share of the trademark license fees that Shurgard pays to us for the use of the “Shurgard” trademark. We classify the remaining license fees we receive from Shurgard as interest and other income on our income statement. The dividends we receive from Shurgard, combined with our equity share of trademark license fees collected from Shurgard, are reflected on our statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” Shurgard paid €0.50 per share and €0.22 per share in dividends to its shareholders during the six months ended June 30, 2020 and 2019, respectively, of which our share totaled $17.0 million and $7.7 million, respectively. Changes in foreign currency exchange rates decreased our investment in Shurgard by approximately $8.2 million and $3.5 million in the six months ended June 30, 2020 and 2019, respectively. Shurgard is a publicly held entity trading on Euronext Brussels under the symbol “SHUR”. |
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Credit Facility |
6 Months Ended |
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Jun. 30, 2020 | |
| Credit Facility [Abstract] | |
| Credit Facility | 5.Credit FacilityWe have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit, which matures on April 19, 2024. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.7% to LIBOR plus 1.350% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.7% at June 30, 2020). We are also required to pay a quarterly facility fee ranging from 0.07% per annum to 0.25% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.07% per annum at June 30, 2020). At June 30, 2020 and August 5, 2020, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $19.3 million at June 30, 2020 ($15.9 million at December 31, 2019). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at June 30, 2020. |
Notes Payable |
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| Notes Payable | 6.Notes Payable Our notes payable are reflected net of issuance costs, which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at June 30, 2020 and December 31, 2019 are set forth in the tables below:
U.S. Dollar Denominated Unsecured Notes On September 18, 2017, we issued, in a public offering, two tranches each totaling $500.0 million of U.S. Dollar denominated unsecured notes. In connection with the offering, we incurred a total of $7.9 million in costs. Interest on such notes is payable semi-annually on March 15 and September 15 of each year. On April 12, 2019, we completed a public offering of $500 million in aggregate principal amount of senior notes. In connection with the offering, we incurred a total of $3.1 million in costs. Interest on such notes is payable semi-annually on May 1 and November 1 of each year. The notes issued on April 12, 2019 and on September 18, 2017 are referred to hereinafter as the “U.S. Dollar Notes.” The U.S. Dollar Notes have various financial covenants, all of which we were in compliance with at June 30, 2020. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 8% at June 30, 2020) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 40x for the twelve months ended June 30, 2020) as well as covenants limiting the amount we can encumber our properties with mortgage debt. Euro Denominated Unsecured Notes Our Euro denominated unsecured notes (the “Euro Notes”) consist of three tranches: (i) €242.0 million issued to institutional investors on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars, (ii) €100.0 million issued to institutional investors on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U.S. Dollars, and (iii) €500.0 million issued in a public offering on January 24, 2020 for $545.2 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually on the notes issued November 3, 2015 and April 12, 2016, and annually on the notes issued January 24, 2020. The Euro Notes have financial covenants similar to those of the U.S. Dollar Notes. We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange (loss) gain” on our income statement (losses of $19.3 million and $10.4 million for the three and six months ended June 30, 2020, respectively, as compared to losses of $5.2 million and gains of $2.6 million for the three and six months ended June 30, 2019, respectively). Mortgage Notes Our non-recourse mortgage debt was assumed in connection with property acquisitions, and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method. At June 30, 2020, the related contractual interest rates are fixed, ranging between 3.2% and 7.1%, and mature between January 1, 2022 and July 1, 2030. At June 30, 2020 approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
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Noncontrolling Interests |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Noncontrolling Interests [Abstract] | |
| Noncontrolling Interests | 7.Noncontrolling Interests At June 30, 2020, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 20 operating self-storage facilities and six self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At June 30, 2020, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During the six months ended June 30, 2020 and 2019, we allocated a total of $1.9 million and $2.6 million, respectively, of income to these interests; and we paid $2.6 million and $3.5 million, respectively, in distributions to these interests. During the six months ended June 30, 2020 and 2019, Noncontrolling Interests contributed $1.4 million and $1.3 million, respectively, to our subsidiaries. |
Shareholders' Equity |
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| Shareholders' Equity | 8.Shareholders’ Equity
Preferred Shares At June 30, 2020 and December 31, 2019, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:
The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except as noted below, holders of the Preferred Shares do not have voting rights. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At June 30, 2020, there were no dividends in arrears. The affirmative vote of at least 66.67% of the outstanding shares of a series of Preferred Shares is required for any material and adverse amendment to the terms of such series. The affirmative vote of at least 66.67% of the outstanding shares of all of our Preferred Shares, voting as a single class, is required to issue shares ranking senior to our Preferred Shares. Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares. Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital. On March 11, 2019, we issued 11.4 million depositary shares, each representing 0.001 of a share of our 5.600% Series H Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $285.0 million in gross proceeds, and we incurred $8.3 million in issuance costs.
On March 28, 2019, we redeemed our 6.375% Series Y Preferred Shares, at par. We recorded an $8.5 million allocation of income from our common shareholders to the holders of our Preferred Shares in the six months ended June 30, 2019 in connection with this redemption. On June 27, 2019, we redeemed our 6.000% Series Z Preferred Shares, at par. We recorded an $8.9 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2019 in connection with this redemption. On June 17, 2020, we issued 22.6 million depositary shares, each representing 0.001 of a share of our 4.625% Series L Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $565.0 million in gross proceeds, and we incurred $15.8 million in issuance costs. In June 2020, we called for redemption of, and on July 10, 2020, we redeemed our 5.375% Series V Preferred Shares, at par. The liquidation value (at par) of $495.0 million was reclassified as a liability at June 30, 2020, and is not included in the table above. We recorded a $15.1 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three and six months ended June 30, 2020 in connection with this redemption. Dividends Common share dividends, including amounts paid to our restricted share unitholders, totaled $349.8 million ($2.00 per share) and $349.6 million ($2.00 per share) for the three months ended June 30, 2020 and 2019, respectively, and $699.6 million ($4.00 per share) and $699.1 million ($4.00 per share) for the six months ended June 30, 2020 and 2019, respectively. Preferred share dividends totaled $53.0 million and $53.5 million for the three months ended June 30, 2020 and 2019, respectively, and $105.0 million and $108.5 million for the six months ended June 30, 2020 and 2019, respectively. |
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Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 9.Related Party Transactions B. Wayne Hughes, our former Chairman, and his family, including his daughter Tamara Hughes Gustavson and his son B. Wayne Hughes, Jr., who are both members of our Board, collectively own approximately 14.1% of our common shares outstanding at June 30, 2020. At June 30, 2020, Tamara Hughes Gustavson owned and controlled 63 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $719,000 and $696,000 for the six months ended June 30, 2020 and 2019, respectively. Our right to continue receiving these premiums may be qualified. |
Share-Based Compensation |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Share-Based Compensation [Abstract] | |
| Share-Based Compensation | 10.Share-Based Compensation Under various share-based compensation plans and under terms established by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees.
Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance conditions will be met. We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends generally on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). The Codification previously stipulated that grants to nonemployee service providers (other than to trustees, where equity method treatment was permitted) were accounted for on the liability method, with expenses adjusted each period based upon changes in fair value. Recent changes in the Codification allows such grants to be accounted for on the equity award method, with compensation expense based upon grant date fair value. While we have no such grants to any such individuals for any periods presented, we will account for any future grants to nonemployee service providers based upon the equity award method. In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders. Stock Options Stock options vest over 3 to 5 years, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We use the Black-Scholes option valuation model to estimate the fair value of our stock options. Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation. For the three and six months ended June 30, 2020, we recorded $1.5 million and $2.4 million, respectively, in compensation expense related to stock options, as compared to $1.4 million and $2.2 million for the same periods in 2019. During the six months ended June 30, 2020, 55,000 stock options were granted, 27,500 options were exercised and 24,000 options were forfeited. A total of 2,343,167 stock options were outstanding at June 30, 2020, (2,339,667 at December 31, 2019) and have an average exercise price of $200.48. During the six months ended June 30, 2020, 740,000 stock options were awarded where vesting is dependent upon meeting certain performance targets with respect to 2020, 2021, and 2022. Because these targets are not expected to be met, these options are excluded from grants during the six months ended June 30, 2020 and from options outstanding at June 30, 2020. Compensation expense with respect to these 740,000 stock options represented a $0.2 million reduction for the three months ended June 30, 2020 (none for the six months ended June 30, 2020).
Restricted Share Units RSUs generally vest over 5 to 8 years from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting. The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares. During the six months ended June 30, 2020, 15,910 RSUs were granted, 19,180 RSUs were forfeited and 80,559 RSUs vested. This vesting resulted in the issuance of 52,803 common shares. In addition, tax deposits totaling $9.1 million ($10.0 million for the same period in 2019) were made on behalf of employees in exchange for 27,756 common shares withheld upon vesting. A total of 535,321 RSUs were outstanding at June 30, 2020 (619,150 at December 31, 2019). A total of $5.5 million and $11.2 million in RSU expense was recorded for the three and six months ended June 30, 2020, respectively, which includes approximately $0.1 million and $1.1 million, respectively in employer taxes incurred upon vesting, as compared to $4.3 million and $11.1 million for the same periods in 2019, which includes approximately $0.1 million and $1.1 million, respectively, in employer taxes incurred upon vesting. |
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| Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | 11.Segment Information Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.” Following is a description of and basis for presentation for each of our reportable segments. Self-Storage Operations The Self-Storage Operations segment reflects the rental operations from all self-storage facilities we own. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations segment. Ancillary Operations The Ancillary Operations segment reflects the sale of merchandise and reinsurance of policies against losses to goods stored by our self-storage tenants, activities which are incidental to our primary self-storage rental activities. Our CODM reviews the NOI of these operations in assessing performance and making resource allocation decisions. Investment in PSB This segment represents our approximate 42% equity interest in PSB, a publicly-traded REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team and board of directors that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC. The segment presentation in the tables below includes our equity earnings from PSB. Investment in Shurgard This segment represents our approximate 35% equity interest in Shurgard, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. Shurgard has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard, the CODM reviews Shurgard’s net income. The segment presentation below includes our equity earnings from Shurgard. Presentation of Segment Information The following table reconciles NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands):
(a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
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Commitments And Contingencies |
6 Months Ended |
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Jun. 30, 2020 | |
| Commitments And Contingencies [Abstract] | |
| Commitments And Contingencies | 12.Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At June 30, 2020, there were approximately 998,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $3.8 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $78.2 million at June 30, 2020. We expect to pay approximately $38.2 million in the remainder of 2020, $39.1 million in 2021 and $0.9 million in 2022 for these construction commitments. |
Subsequent Events |
6 Months Ended |
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Jun. 30, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 13.Subsequent Events Subsequent to June 30, 2020, we acquired or were under contract to acquire (subject to customary closing conditions) five self-storage facilities with 268,000 net rentable square feet, for $33.3 million.
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Summary Of Significant Accounting Policies (Policy) |
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| Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation We have prepared the accompanying interim financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board (“FASB”), and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to fairly present the interim financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim financial statements should be read together with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Certain amounts previously reported in our June 30, 2019 financial statements have been reclassified to conform to the June 30, 2020 presentation. |
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| Consolidation and Equity Method of Accounting | Consolidation and Equity Method of Accounting We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances. We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities,” eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities. The dividends we receive from the Unconsolidated Real Estate Entities are reflected on our statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entities” to the extent of our cumulative equity in earnings, with any excess classified as “distributions in excess of cumulative equity in earnings from unconsolidated real estate entities.” When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively. Collectively, at June 30, 2020, the Company and the Subsidiaries own 2,500 self-storage facilities and four commercial facilities in the U.S. At June 30, 2020, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard. |
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| Use of Estimates | Use of Estimates The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions. |
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| Income Taxes | Income Taxes We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income. Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense. We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of June 30, 2020, we had no tax benefits that were not recognized. |
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| Real Estate Facilities | Real Estate Facilities Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values. Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years. When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a noncontrolling interest for the book value of the partial interest sold, and recognize additional paid-in capital for the difference between the consideration received and the partial interest at book value. |
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| Other Assets | Other Assets Other assets primarily consist of rents receivable from our tenants (net of an allowance for uncollectible amounts), prepaid expenses, restricted cash and right-to-use assets. At December 31, 2019, other assets included a note receivable, which was amortized on the effective interest method with a book value of $2.9 million at the time it was repaid in June 2020 at its $4.9 million contractual note balance. The $2.0 million excess proceeds were recorded as interest and other income during the three and six months ended June 30, 2020. |
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| Accrued and Other Liabilities | Accrued and Other Liabilities Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, lease liabilities, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due primarily to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure. |
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| Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments | Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity. |
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| Fair Value | Fair Value As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges. We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs. We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs. |
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| Currency and Credit Risk | Currency and Credit Risk Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants (net of an allowance for uncollectible receivables based upon expected losses in the portfolio) and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks. At June 30, 2020, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar. |
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets are comprised of goodwill, the “Shurgard” trade name, and finite-lived assets. Goodwill totaled $174.6 million at June 30, 2020 and December 31, 2019. The “Shurgard” trade name, which is used by Shurgard pursuant to a fee-based licensing agreement, has a book value of $18.8 million at June 30, 2020 and December 31, 2019. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized. Our finite-lived assets are comprised primarily of (i) acquired customers in place amortized relative to the benefit of the customers in place, with such amortization reflected as depreciation and amortization expense on our income statement and (ii) property tax abatements amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement. At June 30, 2020, these intangibles had a net book value of $13.5 million ($12.5 million at December 31, 2019). Accumulated amortization totaled $31.3 million at June 30, 2020 ($27.5 million at December 31, 2019). A total of $4.3 million and $9.0 million in amortization expense was recorded in the three and six months ended June 30, 2020, respectively, and $4.5 million and $8.4 million in the same periods in 2019. The estimated future amortization expense for our finite-lived intangible assets at June 30, 2020 is approximately $4.6 million in the remainder of 2020, $2.8 million in 2021 and $6.1 million thereafter. During the six months ended June 30, 2020, intangibles increased $10.0 million in connection with the acquisition of self-storage facilities (Note 3). |
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| Evaluation of Asset Impairment | Evaluation of Asset Impairment We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal. We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary.
We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value. We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value. No impairments were recorded in any of our evaluations for any period presented herein. |
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| Revenue and Expense Recognition | Revenue and Expense Recognition Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned. We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred. |
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| Foreign Currency Exchange Translation | Foreign Currency Exchange Translation The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.123 U.S. Dollars per Euro at June 30, 2020 (1.122 at December 31, 2019), and average exchange rates of 1.101 and 1.124 for the three months ended June 30, 2020 and 2019, respectively, and average exchange rates of 1.102 and 1.130 for the six months ended June 30, 2020 and 2019, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss). |
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| Comprehensive Income | Comprehensive Income Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard and our unsecured notes denominated in Euros. |
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| Recent Accounting Pronouncements And Guidance | Recent Accounting Pronouncements and Guidance In November 2018, the FASB issued ASU 2018- 19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," which clarified that credit losses with respect to receivables arising from operating leases are to be evaluated within the scope of the leasing standard (ASU 2016-02), rather than within the scope of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” We adopted this new standard on its effective date for us of January 1, 2020, which did not have a material impact on our consolidated financial statements. |
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| COVID-19 Pandemic | COVID-19 Pandemic
During the six months ended June 30, 2020, the global economy was severely impacted by the COVID-19 pandemic (the “COVID Pandemic”), and continues to be severely impacted. We are actively monitoring the impact of the COVID Pandemic, which has negatively impacted our business and results of operations during the six months ended June 30, 2020 and we anticipate will negatively impact our business and results of operations for the remainder of 2020 and likely beyond. The extent to which the COVID Pandemic will continue to impact our operations will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning the severity and duration of the COVID Pandemic and actions by government authorities to contain the COVID Pandemic or treat its impact, as well as resurgences of the virus, among other factors. |
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| Net Income Per Common Share | Net Income per Common Share Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings. Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands):
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Summary Of Significant Accounting Policies (Tables) |
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| Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Common Share |
|
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Real Estate Facilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Real Estate Activities |
|
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Investments In Unconsolidated Real Estate Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments In Unconsolidated Real Estate Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities |
|
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Notes Payable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable |
|
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| Maturities Of Notes Payable |
|
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders’ Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Shares Outstanding |
|
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Segment Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary Of Segment Information |
(a) See Note 4 for a reconciliation of these amounts to our total Equity in Earnings of Unconsolidated Real Estate Entities on our income statements. |
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Description Of The Business (Narrative) (Details) ft² in Millions |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2020
ft²
item
state
country
shares
|
Dec. 31, 2019
shares
|
|
| Public Storage [Member] | ||
| Nature Of Business [Line Items] | ||
| PSA self-storage facilities | item | 2,500 | |
| Net rentable square feet | 171.0 | |
| Number of states with facilities | state | 38 | |
| Public Storage [Member] | Commercial and Retail Space [Member] | ||
| Nature Of Business [Line Items] | ||
| Net rentable square feet | 0.9 | |
| Shurgard [Member] | ||
| Nature Of Business [Line Items] | ||
| Net rentable square feet | 13.0 | |
| Shares owned | shares | 31,268,459 | 31,268,459 |
| Ownership interest, percentage | 35.00% | |
| Number of facilities owned by Shurgard | item | 238 | |
| Number of countries in which entity operates | country | 7 | |
| PSB [Member] | ||
| Nature Of Business [Line Items] | ||
| Net rentable square feet | 27.5 | |
| Number of states with facilities | state | 6 | |
| Ownership interest, percentage | 42.00% |
Summary Of Significant Accounting Policies (Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member] |
Jun. 30, 2020
item
|
|---|---|
| Summary Of Significant Accounting Policies [Line Items] | |
| Number of self-storage facilities owned | 2,500 |
| Commercial facilities in U.S. | 4 |
Summary Of Significant Accounting Policies (Income Taxes) (Narrative) (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2020
USD ($)
| |
| Summary Of Significant Accounting Policies [Abstract] | |
| Percentage of taxable income distributed for exemption of federal income tax | 100.00% |
| Income tax expense | $ 0 |
| Unrecognized tax benefits | $ 0 |
Summary Of Significant Accounting Policies (Real Estate Facilities) (Narrative) (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Percentage of interest in real estate sold at fair value | 100.00% |
| Maximum [Member] | |
| Estimated useful lives of buildings and improvements | 25 years |
| Minimum [Member] | |
| Estimated useful lives of buildings and improvements | 5 years |
Summary Of Significant Accounting Policies (Other Assets) (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 18, 2020 |
Jun. 30, 2020 |
|
| Summary Of Significant Accounting Policies [Abstract] | ||
| Repayment of note receivable | $ 2,900 | $ 4,860 |
| Note receivable, contractual value | $ 4,900 | |
| Interest and other income | $ 2,000 |
Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Summary Of Significant Accounting Policies [Abstract] | |||||
| Goodwill balance | $ 174.6 | $ 174.6 | $ 174.6 | ||
| Shurgard trade name, book value | 18.8 | 18.8 | 18.8 | ||
| In-place and leasehold interests in land, net book value | 13.5 | 13.5 | 12.5 | ||
| In-place and leasehold interests in land, accumulated amortization | 31.3 | 31.3 | $ 27.5 | ||
| In-place and leasehold interests in land, amortization expense | 4.3 | $ 4.5 | 9.0 | $ 8.4 | |
| Estimated future amortization expense, remainder of 2020 | 4.6 | 4.6 | |||
| Estimated future amortization expense, 2021 | 2.8 | 2.8 | |||
| Estimated future amortization expense, thereafter | $ 6.1 | 6.1 | |||
| Increase in in-place and leasehold interests in land | $ 10.0 | ||||
Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment) (Narrative) (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
| Summary Of Significant Accounting Policies [Abstract] | ||
| Impairments | $ 0 | $ 0 |
Summary Of Significant Accounting Policies (Foreign Currency Exchange Translation) (Narrative) (Details) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Trading Activity, Gains and Losses, Net [Line Items] | |||||
| Exchange rate translation | 1.123 | 1.123 | 1.122 | ||
| Weighted Average [Member] | |||||
| Trading Activity, Gains and Losses, Net [Line Items] | |||||
| Exchange rate | 1.101 | 1.124 | 1.102 | 1.130 | |
Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Summary Of Significant Accounting Policies [Abstract] | ||||
| Basic weighted average common shares outstanding | 174,493 | 174,253 | 174,470 | 174,215 |
| Net effect of dilutive stock options - based on treasury stock method | 82 | 289 | 126 | 244 |
| Diluted weighted average common shares outstanding | 174,575 | 174,542 | 174,596 | 174,459 |
Real Estate Facilities (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
ft²
item
|
Jun. 30, 2019
USD ($)
|
|
| Schedule Of Real Estate Facilities [Line Items] | |||
| Write-off of cancelled projects | $ 3,200 | $ 3,226 | |
| Increase (decrease) in accrued unpaid construction costs | (4,000) | $ (16,600) | |
| Increase (decrease) in accrued capital expenditures to maintain real estate facilities | $ (4,300) | $ 1,500 | |
| Acquisition Of Self-Storage Facilities Other Investments [Member] | |||
| Schedule Of Real Estate Facilities [Line Items] | |||
| Number of operating self-storage facilities | item | 15 | ||
| Net rentable square feet | ft² | 1,167,000 | ||
| Total cost of acquisition | $ 253,300 | ||
| Allocated to intangible assets | $ 10,000 | 10,000 | |
| Newly Developed and Expansion Projects [Member] | Completed Developed and Expansion Project [Member] | |||
| Schedule Of Real Estate Facilities [Line Items] | |||
| Aggregate costs to develop and expand | $ 70,000 | ||
| Addtional net rentable square feet | ft² | 500,000 | ||
Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Common stock owned of PSB | 7,158,354 | 7,158,354 | |
| Limited partnership units in PSB | 7,305,355 | 7,305,355 | |
| Ownership interest, percentage | 42.00% | ||
| Limited partnership units option to convert to common stock, conversion basis. | 1 | ||
| Closing price per share | $ 132.40 | ||
| Market value | $ 1,900.0 | ||
| Cash distribution received | 30.4 | $ 30.4 | |
| Basis differential | 3.8 | $ 4.2 | |
| Amortization of basis differential | $ 0.4 | $ 0.4 | |
Investments In Unconsolidated Real Estate Entities (Investment In Shurgard) (Narrative) (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2019
$ / shares
|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2020
USD ($)
€ / shares
shares
|
Jun. 30, 2019
USD ($)
$ / shares
|
Jun. 30, 2019
€ / shares
|
Jun. 30, 2020
€ / shares
|
Dec. 31, 2019
shares
|
|
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Exchange rate translation | 1.123 | 1.123 | 1.123 | 1.122 | ||||
| Common stock dividends paid per share | $ / shares | $ 2.00 | $ 2.00 | $ 4.00 | $ 4.00 | ||||
| Shurgard [Member] | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Shares owned | shares | 31,268,459 | 31,268,459 | 31,268,459 | 31,268,459 | ||||
| Ownership interest, percentage | 35.00% | 35.00% | 35.00% | |||||
| Closing price per share | € / shares | € 33.45 | |||||||
| Exchange rate translation | 1.123 | 1.123 | 1.123 | |||||
| Market value | $ 1,200.0 | $ 1,200.0 | $ 1,200.0 | |||||
| Cash distribution received | 17.0 | $ 7.7 | ||||||
| Change in investment from foreign currency exchange rates | (8.2) | (3.5) | ||||||
| Common stock dividends paid per share | € / shares | $ 0.50 | € 0.22 | ||||||
| Trademark License [Member] | Shurgard [Member] | ||||||||
| Schedule of Equity Method Investments [Line Items] | ||||||||
| Cash distribution received | $ 0.5 | $ 0.5 | ||||||
Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate Entities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in Unconsolidated Real Estate Entities | $ 753,358 | $ 753,358 | $ 767,816 | ||
| Equity in Earnings of Unconsolidated Real Estate Entities | 17,655 | $ 18,914 | 41,623 | $ 36,586 | |
| PSB [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in Unconsolidated Real Estate Entities | 432,466 | 432,466 | 427,875 | ||
| Equity in Earnings of Unconsolidated Real Estate Entities | 13,228 | 14,864 | 34,965 | 28,584 | |
| Shurgard [Member] | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in Unconsolidated Real Estate Entities | 320,892 | 320,892 | $ 339,941 | ||
| Equity in Earnings of Unconsolidated Real Estate Entities | $ 4,427 | $ 4,050 | $ 6,658 | $ 8,002 | |
Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($) |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
Aug. 05, 2020 |
|
| Schedule Of Debt [Line Items] | |||
| Credit Facility borrowing capacity | $ 500,000,000 | ||
| Expiration of Credit Facility | Apr. 19, 2024 | ||
| Interest rate spread (LIBOR) | 0.70% | ||
| Frequency of commitment fee | quarterly | ||
| Commitment fee percentage | 0.07% | ||
| Outstanding borrowings | $ 0 | ||
| Reduction in borrowing capacity to amount of letters of credit | $ 19,300,000 | $ 15,900,000 | |
| Minimum [Member] | |||
| Schedule Of Debt [Line Items] | |||
| Interest rate spread (LIBOR) | 0.70% | ||
| Commitment fee percentage | 0.07% | ||
| Maximum [Member] | |||
| Schedule Of Debt [Line Items] | |||
| Interest rate spread (LIBOR) | 1.35% | ||
| Commitment fee percentage | 0.25% | ||
| Subsequent Event [Member] | |||
| Schedule Of Debt [Line Items] | |||
| Outstanding borrowings | $ 0 |
Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Total debt | $ 2,471,759 |
| Unsecured Debt [Member] | |
| Debt Instrument [Line Items] | |
| 2022 | 500,000 |
| 2024 | 112,290 |
| Thereafter | 1,833,204 |
| Total debt | $ 2,445,494 |
| Weighted average effective rate | 2.40% |
| Mortgage Debt [Member] | |
| Debt Instrument [Line Items] | |
| Remainder of 2020 | $ 1,019 |
| 2021 | 1,858 |
| 2022 | 2,584 |
| 2023 | 19,219 |
| 2024 | 124 |
| Thereafter | 1,461 |
| Total debt | $ 26,265 |
| Weighted average effective rate | 4.00% |
| Total [Member] | |
| Debt Instrument [Line Items] | |
| Remainder of 2020 | $ 1,019 |
| 2021 | 1,858 |
| 2022 | 502,584 |
| 2023 | 19,219 |
| 2024 | 112,414 |
| Thereafter | 1,834,665 |
| Total debt | $ 2,471,759 |
| Weighted average effective rate | 2.40% |
Noncontrolling Interests (Narrative) (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
item
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
item
shares
|
Jun. 30, 2019
USD ($)
|
|
| Noncontrolling Interest [Line Items] | ||||
| Distributions paid | $ 1,378 | $ 1,730 | $ 2,550 | $ 3,533 |
| Contributions by noncontrolling interests | $ 867 | 1,106 | $ 1,433 | 1,302 |
| Noncontrolling Interests [Member] | ||||
| Noncontrolling Interest [Line Items] | ||||
| Permanent noncontrolling interest in subsidiaries, number of self-storage facilities | item | 20 | 20 | ||
| Permanent noncontrolling interest in subsidiaries, number of self-storage facilities under construction | item | 6 | |||
| Partnership units conversion ratio | 1 | |||
| Convertible partnership units | shares | 231,978 | |||
| Income allocated to other permanent noncontrolling interest in subsidiaries | $ 1,900 | 2,600 | ||
| Distributions paid | $ 1,378 | 1,730 | 2,550 | 3,533 |
| Contributions by noncontrolling interests | $ 867 | $ 1,106 | $ 1,433 | $ 1,302 |
Shareholders’ Equity (Dividends) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Shareholders’ Equity [Abstract] | ||||
| Common stock dividends paid in aggregate | $ 349,800 | $ 349,600 | $ 699,600 | $ 699,100 |
| Common stock dividends paid per share | $ 2.00 | $ 2.00 | $ 4.00 | $ 4.00 |
| Preferred share dividends | $ 52,952 | $ 53,525 | $ 104,957 | $ 108,537 |
Related Party Transactions (Narrative) (Details) $ in Thousands |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2020
USD ($)
item
|
Jun. 30, 2019
USD ($)
|
|
| Related Party Transaction [Line Items] | ||
| Tenants reinsurance premiums earned by subsidiaries | $ | $ 719 | $ 696 |
| Hughes Family [Member] | ||
| Related Party Transaction [Line Items] | ||
| Percentage ownership of common shares outstanding | 14.10% | |
| Canada [Member] | ||
| Related Party Transaction [Line Items] | ||
| Number of self-storage facilities | 0 | |
| Canada [Member] | Hughes Family [Member] | ||
| Related Party Transaction [Line Items] | ||
| Number of self-storage facilities | 63 | |
| Ownership interest | 0.00% | |
Segment Information (Narrative) (Details) |
Jun. 30, 2020
country
|
|---|---|
| PSB [Member] | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership interest, percentage | 42.00% |
| Shurgard [Member] | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership interest, percentage | 35.00% |
| Number of countries in which entity operates | 7 |
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions |
1 Months Ended |
|---|---|
|
Aug. 05, 2020
USD ($)
ft²
item
| |
| Subsequent Event [Line Items] | |
| Number of self-storage facilities acquired or under contract to be acquired | item | 5 |
| Net rentable square feet | ft² | 268,000 |
| Total cost of acquisition | $ | $ 33.3 |