PUBLIC STORAGE, 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Jun. 30, 2025
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-33519    
Entity Registrant Name PUBLIC STORAGE    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 93-2834996    
Entity Address, Address Line One 2811 Internet Boulevard    
Entity Address, City or Town Frisco    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75034    
City Area Code 818    
Local Phone Number 244-8080    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 44,239,441
Entity Common Stock, Shares Outstanding   175,506,447  
Documents Incorporated by Reference
Portions of the definitive proxy statement to be filed in connection with the Annual Meeting of Shareholders to be held in 2026 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001393311    
Common Shares      
Title of 12(b) Security Common Shares, $0.10 par value    
Trading Symbol PSA    
Security Exchange Name NYSE    
Series F Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.150% Cum Pref Share, Series F, $0.01 par value    
Trading Symbol PSAPrF    
Security Exchange Name NYSE    
Series G Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.050% Cum Pref Share, Series G, $0.01 par value    
Trading Symbol PSAPrG    
Security Exchange Name NYSE    
Series H Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 5.600% Cum Pref Share, Series H, $0.01 par value    
Trading Symbol PSAPrH    
Security Exchange Name NYSE    
Series I Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.875% Cum Pref Share, Series I, $0.01 par value    
Trading Symbol PSAPrI    
Security Exchange Name NYSE    
Series J Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.700% Cum Pref Share, Series J, $0.01 par value    
Trading Symbol PSAPrJ    
Security Exchange Name NYSE    
Series K Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.750% Cum Pref Share, Series K, $0.01 par value    
Trading Symbol PSAPrK    
Security Exchange Name NYSE    
Series L Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.625% Cum Pref Share, Series L, $0.01 par value    
Trading Symbol PSAPrL    
Security Exchange Name NYSE    
Series M Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.125% Cum Pref Share, Series M, $0.01 par value    
Trading Symbol PSAPrM    
Security Exchange Name NYSE    
Series N Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 3.875% Cum Pref Share, Series N, $0.01 par value    
Trading Symbol PSAPrN    
Security Exchange Name NYSE    
Series O Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 3.900% Cum Pref Share, Series O, $0.01 par value    
Trading Symbol PSAPrO    
Security Exchange Name NYSE    
Series P Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series P, $0.01 par value    
Trading Symbol PSAPrP    
Security Exchange Name NYSE    
Series Q Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 3.950% Cum Pref Share, Series Q, $0.01 par value    
Trading Symbol PSAPrQ    
Security Exchange Name NYSE    
Series R Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.000% Cum Pref Share, Series R, $0.01 par value    
Trading Symbol PSAPrR    
Security Exchange Name NYSE    
Series S Preferred Stock      
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value    
Trading Symbol PSAPrS    
Security Exchange Name NYSE    
Notes Due 2032      
Title of 12(b) Security Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company    
Trading Symbol PSA/32    
Security Exchange Name NYSE    
Notes Due 2030      
Title of 12(b) Security Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company    
Trading Symbol PSA/30    
Security Exchange Name NYSE    
Notes Due 2034      
Title of 12(b) Security Guarantee of 3.500% Senior Notes due 2034 issued by Public Storage Operating Company    
Trading Symbol PSA/34    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Los Angeles, California
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and equivalents $ 318,095 $ 447,416
Real estate facilities, at cost:    
Land 5,952,072 5,711,685
Buildings 24,126,185 22,767,053
Total land and buildings, at cost 30,078,257 28,478,738
Accumulated depreciation (11,468,054) (10,426,186)
Total land and buildings, net 18,610,203 18,052,552
Construction in process 194,355 308,101
Total real estate facilities, net 18,804,558 18,360,653
Investment in unconsolidated real estate entity 388,586 382,490
Goodwill and other intangible assets, net 251,613 282,187
Notes receivable 142,108 9,976
Other assets 303,644 272,212
Total assets 20,208,604 19,754,934
LIABILITIES AND EQUITY    
Notes payable 10,253,881 9,353,034
Accrued and other liabilities 612,889 588,248
Total liabilities 10,866,770 9,941,282
Commitments and contingencies (Note 16)
Public Storage shareholders’ equity:    
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 174,000 shares issued (in series) and outstanding, (174,000 shares at December 31, 2024) at liquidation preference 4,350,000 4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,462,847 shares issued (175,408,393 shares at December 31, 2024) 17,550 17,541
Paid-in capital 6,147,650 6,116,113
Accumulated deficit (1,219,273) (699,083)
Accumulated other comprehensive loss (47,799) (71,965)
Total Public Storage shareholders’ equity 9,248,128 9,712,606
Noncontrolling interests 93,706 101,046
Total equity 9,341,834 9,813,652
Total liabilities and equity $ 20,208,604 $ 19,754,934
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 174,000 174,000
Preferred stock, shares outstanding (in shares) 174,000 174,000
Common stock, par value (in USD per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 650,000,000 650,000,000
Common stock, shares issued (in shares) 175,500,243 175,408,393
Notes receivable $ 142,108 $ 9,976
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 4,824,113 $ 4,695,616 $ 4,517,690
Expenses:      
Depreciation and amortization 1,151,840 1,129,766 970,056
Real estate acquisition and development expense 19,550 15,506 26,451
General and administrative 106,682 106,677 80,632
Interest expense 304,495 287,401 201,132
Total expenses 2,892,542 2,797,351 2,426,217
Other increases (decreases) to net income:      
Interest and other income 63,099 67,212 85,590
Equity in earnings (loss) of unconsolidated real estate entity 9,604 19,821 27,897
Foreign currency exchange gain (loss) (215,583) 102,244 (51,197)
Gain (Loss) on sale of real estate 1,113 1,537 17,178
Income before income taxes 1,789,804 2,089,079 2,170,941
Income tax (provision) benefit 7,228 (4,669) (10,821)
Net income 1,797,032 2,084,410 2,160,120
Allocation to noncontrolling interests (12,684) (12,399) (11,793)
Net income allocable to Public Storage shareholders 1,784,348 2,072,011 2,148,327
Allocation of net income to:      
Preferred shareholders (194,703) (194,703) (194,703)
Restricted share units and unvested LTIP units (4,060) (4,623) (4,883)
Net income allocable to common shareholders $ 1,585,585 $ 1,872,685 $ 1,948,741
Net income per common share:      
Basic (in USD per share) $ 9.04 $ 10.68 $ 11.11
Diluted (in USD per share) $ 9.01 $ 10.64 $ 11.06
Basic weighted average common shares outstanding (in shares) 175,447 175,351 175,472
Diluted weighted average common shares outstanding (in shares) 175,902 176,038 176,143
Self-storage facilities      
Revenues:      
Revenues $ 4,489,413 $ 4,395,993 $ 4,259,613
Expenses:      
Self-storage cost of operations 1,177,038 1,136,720 1,061,950
Ancillary operations      
Revenues:      
Revenues 334,700 299,623 258,077
Expenses:      
Ancillary cost of operations $ 132,937 $ 121,281 $ 85,996
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 1,797,032 $ 2,084,410 $ 2,160,120
Foreign currency translation gain (loss) on investment in Shurgard 24,214 (4,739) 13,078
Total comprehensive income 1,821,246 2,079,671 2,173,198
Allocation to noncontrolling interests (12,732) (12,386) (11,793)
Comprehensive income allocable to Public Storage shareholders $ 1,808,514 $ 2,067,285 $ 2,161,405
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Equity
Total Public Storage Shareholders' Equity
Cumulative Preferred Shares
Common Shares
Paid-in Capital
Accumulated Deficit
Accumulated Deficit Including Noncontrolling Interest
Accumulated Deficit, NCI Portion
Accumulated Other Comprehensive Loss
Parent Including Noncontrolling Interest
Parent, NCI Portion
Noncontrolling Interests
Cumulative Preferred Shares
Cumulative Preferred Shares
Common Shares
Common Shares
Total Public Storage Shareholders' Equity
Common Shares
Common Shares
Common Shares
Paid-in Capital
Beginning balance at Dec. 31, 2022 $ 10,166,801   $ 10,073,402 $ 4,350,000 $ 17,527 $ 5,896,423 $ (110,231)     $ (80,317)     $ 93,399          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Issuance of common shares in connection with share-based compensation 53,386                           $ 53,386 $ 53,386 $ 40 $ 53,346
Taxes withheld upon net share settlement of restricted share units (13,950)   (13,950)     (13,950)                        
Share-based compensation expense 44,941   44,941     44,941                        
Repurchase of common shares 0                                  
Contributions by noncontrolling interests 3,203                       3,203          
Net income 2,160,120 $ 0           $ 2,160,120 $ (11,793)   $ 2,160,120 $ (11,793) 11,793          
Distributions to:                                    
Preferred shareholders (194,703)   (194,703)       (194,703)                      
Noncontrolling interests (14,627)                       (14,627)          
Common shareholders and restricted share unitholders (2,111,303)   (2,111,303)       (2,111,303)                      
Other comprehensive income (loss) 13,078   13,078             13,078                
Ending balance at Dec. 31, 2023 10,106,946   10,013,178 4,350,000 17,567 5,980,760 (267,910)     (67,239)     93,768          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Issuance of common shares                           $ 0 60,321 60,321 18 60,303
Issuance of common shares in connection with share-based compensation 47,411                           47,411 47,411 29 47,382
Taxes withheld upon net share settlement of restricted share units (12,667)   (12,667)     (12,667)                        
Share-based compensation expense 49,317   49,317     49,317                        
Repurchase of common shares (200,000)             (199,927)             (200,000) (200,000) (73)  
Acquisition of noncontrolling interests (1,591)   (1,602)     (1,602)                        
Acquisition of noncontrolling interests                         11          
Contributions by noncontrolling interests 2,938                       2,938          
Net income 2,084,410             2,084,410 (12,399)   2,084,410 (12,399) 12,399          
Distributions to:                                    
Preferred shareholders (194,703)   (194,703)       (194,703)                      
Noncontrolling interests (15,437)                       (15,437)          
Common shareholders and restricted share unitholders (2,108,554)   (2,108,554)       (2,108,554)                      
Other comprehensive income (loss) (4,739)   (4,726)             (4,726)     (13)          
Reallocation of equity 0   (7,380)     (7,380)             7,380          
Ending balance at Dec. 31, 2024 9,813,652   9,712,606 4,350,000 17,541 6,116,113 (699,083)     (71,965)     101,046          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Issuance of common shares in connection with share-based compensation 9,544                           $ 9,544 $ 9,544 $ 9 $ 9,535
Taxes withheld upon net share settlement of restricted share units (8,646)   (8,646)     (8,646)                        
Share-based compensation expense 43,545   43,545     43,545                        
Repurchase of common shares 0                                  
Acquisition of noncontrolling interests (9,864)   (8,953)     (8,953)             (911)          
Contributions by noncontrolling interests 4,588                       4,588          
Net income 1,797,032 $ 0           $ 1,797,032 $ (12,684)   $ 1,797,032 $ (12,684) 12,684          
Distributions to:                                    
Preferred shareholders (194,703)   (194,703)       (194,703)                      
Noncontrolling interests (27,693)                       (27,693)          
Common shareholders and restricted share unitholders (2,109,835)   (2,109,835)       (2,109,835)                      
Other comprehensive income (loss) 24,214   24,166             24,166     48          
Reallocation of equity 0   (3,944)     (3,944)             3,944          
Ending balance at Dec. 31, 2025 $ 9,341,834   $ 9,248,128 $ 4,350,000 $ 17,550 $ 6,147,650 $ (1,219,273)     $ (47,799)     $ 93,706          
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Issuance of common shares in connection with share-based compensation (in shares) 280,141
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares $ 12.00
Shares repurchased (in shares) 726,865
Common Shares  
Issuance of common shares in connection with share-based compensation (in shares) 280,141
Issuance of preferred shares (in shares) 184,390
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,797,032 $ 2,084,410 $ 2,160,120
Adjustments to reconcile net income to net cash flows from operating activities:      
Gain on sale of real estate (1,113) (1,537) (17,178)
Depreciation and amortization 1,151,840 1,129,766 970,056
Equity in earnings of unconsolidated real estate entity (9,604) (19,821) (27,897)
Distributions from cumulative equity in earnings of unconsolidated real estate entity 1,823 11,039 29,333
Unrealized foreign currency exchange (gain) loss 185,169 (101,974) 51,239
Share-based compensation expense 39,902 44,747 41,566
Impairment of real estate investments 4,348 0 0
Amortization of debt issuance costs 10,349 9,728 7,974
Other non-cash adjustments 4,902 1,682 12,534
Changes in operating assets and liabilities, excluding the impact of acquisitions:      
Other assets (24,639) (44,968) (16,365)
Accrued and other liabilities 26,440 15,183 35,266
Net cash flows from operating activities 3,186,449 3,128,255 3,246,648
Cash flows from investing activities:      
Capital expenditures to maintain real estate facilities (218,464) (239,655) (236,572)
Capital expenditures for property enhancements 0 (126,757) (159,939)
Capital expenditures for energy efficiencies (LED lighting, solar) (70,914) (53,612) (64,626)
Development and expansion of real estate facilities (310,737) (326,854) (364,445)
Acquisition of real estate facilities and intangible assets (945,585) (267,473) (473,176)
Acquisition of BREIT Simply Storage LLC, net of cash acquired 0 0 (2,178,151)
Issuance of notes receivable (131,227) (9,960) 0
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity 0 13,285 10,975
Contributions to unconsolidated real estate entity 0 0 (112,554)
Acquisition of non-operating real estate assets (16,313) 0 0
Proceeds from sale of real estate investments 8,151 8,388 39,986
Net cash flows used in investing activities (1,685,089) (1,002,638) (3,538,502)
Cash flows from financing activities:      
Issuance costs on amendment of credit facility 0 0 (8,377)
Repayments of notes payable (651,517) (808,505) (8,259)
Issuance of notes payable, net of issuance costs 1,356,420 1,151,022 2,181,273
Issuance of common shares 0 60,321 0
Issuance of common shares in connection with share-based compensation 9,412 47,278 53,131
Taxes paid upon net share settlement of restricted share units (8,646) (12,667) (13,950)
Repurchase of common shares 0 (200,000) 0
Acquisition of noncontrolling interests (9,864) (1,591) 0
Contributions by noncontrolling interests 4,588 2,938 3,203
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders (2,303,381) (2,301,935) (2,305,322)
Distributions paid to noncontrolling interests (27,693) (15,437) (14,627)
Net cash flows used in financing activities (1,630,681) (2,078,576) (112,928)
Net (decrease) increase in cash and equivalents, including restricted cash (129,321) 47,041 (404,782)
Cash and equivalents, including restricted cash at beginning of the period:      
Cash and equivalents 447,416 370,002 775,253
Restricted cash included in other assets 0 30,373 29,904
Cash, equivalents, and restricted cash 447,416 400,375 805,157
Cash and equivalents, including restricted cash at end of the period:      
Cash and equivalents 318,095 447,416 370,002
Restricted cash included in other assets 0 0 30,373
Cash, equivalents, and restricted cash 318,095 447,416 400,375
Costs incurred during the period remaining unpaid at period end for:      
Capital expenditures to maintain real estate facilities (8,764) (7,324) (10,798)
Capital expenditures for property enhancements 0 (1,087) (3,046)
Capital expenditures for energy efficiencies (LED lighting, solar) (886) (1,179) (386)
Construction or expansion of real estate facilities (19,111) (47,159) (68,099)
Supplemental cash flow information:      
Cash paid for interest, net of amounts capitalized (273,007) (269,498) (146,213)
Cash paid for income taxes, net of refunds (6,350) (6,877) (11,056)
Cash received for sale of solar tax credits $ 15,847 $ 0 $ 0
v3.25.4
Description of the Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business
1. Description of the Business
Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and other related operations such as tenant reinsurance, merchandise sales, third party management, and bridge lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space.
We are structured as an umbrella partnership REIT, or UPREIT, under which substantially all of our business is conducted through Public Storage OP, L.P. (“PSA OP”), an operating partnership, and its subsidiaries, including Public Storage Operating Company (“PSOC”). The primary assets of the parent entity, Public Storage, are general partner and limited partner interests in PSA OP, which holds all of the Company’s assets through its ownership of all of the equity interests in PSOC. As a limited partnership, PSA OP is a variable interest entity and is consolidated by Public Storage as its primary beneficiary. As of December 31, 2025, Public Storage owned all of the general partner interests and approximately 99.80% of the limited partnership interests of PSA OP, with the remaining 0.20% of limited partnership interests owned by certain trustees and officers of the Company.
Unless stated otherwise or the context otherwise requires, references to “Public Storage” mean the parent entity, Public Storage, and references to “the Company,” “we,” “us,” and “our” mean collectively Public Storage, PSA OP, PSOC, and those entities/subsidiaries owned or controlled by Public Storage, PSA OP, and PSOC.
At December 31, 2025, we owned interests in 3,171 self-storage facilities (with approximately 229.4 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.0 million net rentable square feet of commercial and retail space. In addition, we managed 362 facilities (with approximately 28.2 million net rentable square feet) for third parties at December 31, 2025.
At December 31, 2025, we owned an approximate 35% common equity interest in Shurgard Self Storage Limited (“Shurgard”), a public company traded on the Euronext Brussels under the “SHUR” symbol, which owned 332 self-storage facilities (with approximately 18 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name. In recording our share of equity in earnings or loss from Shurgard, we adjust Shurgard’s operating results, which are reported under International Financial Reporting Standards (“IFRS”), to conform with U.S. generally accepted accounting principles (“GAAP”).
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
We have prepared the accompanying consolidated financial statements in accordance with U.S. GAAP as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 16) are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
Summary of Significant Accounting Policies
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. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. 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. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2025. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances.
We account for our investment in an entity that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to this entity, for the periods in which the reference applies, as the “Unconsolidated Real Estate Entity,” and we eliminate intra-entity profits and losses and amortize 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 was a consolidated subsidiary.
Equity in earnings of unconsolidated real estate entity presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entity. The dividends we receive from the Unconsolidated Real Estate Entity are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entity” 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 entity.”
Use of Estimates
The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions.
Cash Equivalents
Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as 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.
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. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date.
Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:
Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data.
Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities.
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Our financial instruments consist of cash and cash equivalents, notes receivable, other assets, other liabilities, and notes payable and related interest rate swaps. Cash equivalents, notes receivable, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity or variable interest rates.
We estimate and disclose the fair value of our notes payable and related interest rate swaps using Level 2 inputs 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.
We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation.
Real Estate Facilities
We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. 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.
We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 40 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.
Goodwill and Other Intangible Assets
Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist 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, (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense on our income statement.
Notes Receivable
We account for notes receivable from bridge loans we originate to third-party self-storage owners at amortized cost. The bridge loans, collateralized by operating self-storage properties, typically have a term of three years or four years with two one-year extensions, and have variable interest rates. We recognize interest income and other fee income related to the bridge loans using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. We recognize an allowance for expected credit losses for outstanding notes receivable and unfunded loan commitments.
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 investment in unconsolidated real estate entity for impairment quarterly. 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 it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. 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 it is more likely than not that the asset is impaired. When we conclude that it is not more likely than not that the asset is 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.
During 2025, we recognized $4.3 million of impairment write-down of certain land development parcels that are or will be marketed for sale. These land development parcels are included in other assets on the Consolidated Balance Sheet, and the related impairment write-down is included in real estate acquisition and development expense on the Consolidated Statements of Income.
Revenue and Expense Recognition
We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues 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. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense as incurred.
Foreign Currency Exchange Translation
The local currency (the Euro) is the functional currency for our equity interests in Shurgard. 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 consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, are included in equity as a component of accumulated other comprehensive income (loss).
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.
At December 31, 2025, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 8), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, against the U.S. Dollar. The Euro was translated at exchange rates of approximately 1.174 U.S. Dollars per Euro at December 31, 2025 (1.039 at December 31, 2024), and average exchange rates of 1.130, 1.082 and 1.081 for the years ended December 31, 2025, 2024, and 2023, respectively.
Income Taxes
We and a subsidiary of PSOC have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income.
We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, third party management operations and our equity investment in Shurgard are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future.
We recognize tax benefits of uncertain income tax positions 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 December 31, 2025, we had no uncertain tax positions.
We also incur income taxes in certain state and local jurisdictions, which are included in income tax (provision) benefit in the Consolidated Statements of Income.
Share-Based Compensation
Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, restricted share units (“RSUs”), deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation.
In February 2024, we amended our 2021 Equity and Performance-Based Incentive Plan to further provide for the grant of awards to certain officers and trustees of the Company in the form of Long-Term Incentive Plan units (“LTIP units”) and appreciation-only LTIP units (“AO LTIP units”) of PSA OP. LTIP units are structured as “profit interests” for U.S. federal income tax purposes.
We estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of RSUs, DSUs, and LTIP units with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options and AO LTIP units with no market conditions at the grant date using the Black-Scholes option-pricing model. We value awards with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options and AO LTIP units, variables also include actual and projected stock option exercise and AO LTIP unit conversion behaviors. For awards with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved.
We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected 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 market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment.
Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.
Recently Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and income taxes paid annual disclosure. This standard became effective for the Company, for its fiscal year 2025 reporting and for interim periods beginning in 2026. The enhanced disclosures regarded the Company’s Income Taxes are provided in Note 14.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), to amend the criteria for capitalizing internal-use software costs. This update is intended to modernize the accounting for software costs by replacing the legacy guidance under which capitalization is based on the nature of costs and the project development stage. This update requires software capitalization to begin when (1) management has authorized and committed funding to the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The guidance may be applied prospectively, retrospectively, or via a modified prospective approach. Early adoption is permitted. The company adopted these amendments effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ("ASU 2024-03"), that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and related disclosures.
v3.25.4
Real Estate Facilities
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Facilities
3. Real Estate Facilities
Activity in real estate facilities during 2025, 2024, and 2023 is as follows:
Year Ended December 31,
202520242023
(Amounts in thousands)
Operating facilities, at cost:
Beginning balance $28,478,738 $27,465,238 $24,219,126 
Capital expenditures to maintain real estate facilities218,763 234,541 232,048 
Capital expenditures for property enhancements— 126,324 163,380 
Capital expenditures for energy efficiencies (LED lighting, solar)70,675 54,433 65,026 
Acquisitions 882,208 254,940 2,442,118 
Transfers, dispositions, and retirements, net19,011 (106)(19,322)
Developed or expanded facilities opened for operation408,862 343,368 362,862 
Ending balance 30,078,257 28,478,738 27,465,238 
Accumulated depreciation:
Beginning balance (10,426,186)(9,423,974)(8,554,155)
Depreciation expense (1,046,039)(1,002,212)(881,255)
Transfers, dispositions and retirements4,171 — 11,436 
Ending balance (11,468,054)(10,426,186)(9,423,974)
Construction in process:
Beginning balance 308,101 345,453 372,992 
Costs incurred to develop and expand real estate facilities302,214 307,650 356,788 
Acquisitions— — 2,922 
Transfer to Other Assets(7,026)— (12,666)
Write-off of cancelled projects(72)(1,634)(11,721)
Developed or expanded facilities opened for operation(408,862)(343,368)(362,862)
Ending balance 194,355 308,101 345,453 
Total real estate facilities at December 31, 2025$18,804,558 $18,360,653 $18,386,717 
During 2025, we acquired 87 self-storage facilities (6.1 million net rentable square feet of storage space), for a total cost of $945.6 million in cash. Approximately $63.4 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $408.9 million, adding 2.1 million net rentable square feet of self-storage space. Construction in process at December 31, 2025 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.
During 2024, we acquired 22 self-storage facilities (1.7 million net rentable square feet of storage space), for a total cost of $267.5 million in cash. Approximately $12.5 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $343.4 million, adding 1.5 million net rentable square feet of self-storage space. Construction in process at December 31, 2024 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.
During 2023, we acquired all the membership interests of BREIT Simply Storage LLC, a self-storage company that owns and operates 127 self-storage facilities (9.4 million net rentable square feet) and manages 25 self-storage facilities for third parties, for a purchase price of $2.2 billion in cash (the “Simply Acquisition”). Approximately $2 billion of the total costs was allocated to real estate facilities and $214.3 million was allocated to intangible assets.
During 2023, in addition to the Simply Acquisition, we acquired 37 self-storage facilities (2.7 million net rentable square feet of storage space), for a total cost of $473.2 million in cash. Approximately $23.2 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities costing $362.9 million during 2023, adding 1.7 million net rentable square feet of self-storage space. Construction in process at December 31, 2023 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities. During 2023, we wrote off $11.7 million of accumulated development costs for cancelled development and redevelopment projects in construction in process as real estate acquisition and development expense. We also transferred $12.7 million of land cost related to cancelled development projects to other assets at December 31, 2023.
During 2023, we completed a real estate transaction with a third-party, through which we sold an operating self-storage facility with a net book value of $7.1 million for gross proceeds of $40.0 million and acquired a nearby land parcel for $13.5 million. At the close of the transaction, we entered into a leaseback of the self-storage facility until we complete development of the acquired land into a self-storage facility, no later than December 31, 2026. Of the $40.0 million in gross proceeds, $24.3 million was allocated to the sale of the property based on its estimated fair value, resulting a net gain on sale of real estate of $17.1 million after direct transaction costs, and $15.7 million was classified as a reduction of costs to develop the acquired land included in construction in process. In 2025, the leaseback of the self-storage facility ended resulting in the disposal of the property.
During 2023, we also sold a land parcel for $0.1 million in cash and recorded a related gain on sale of real estate of $0.1 million.
At December 31, 2025, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $19.5 billion (unaudited).
v3.25.4
Investment in Unconsolidated Real Estate Entity
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Entity
4. Investment in Unconsolidated Real Estate Entity
Throughout all periods presented, we had an approximate 35% equity interest in Shurgard. On November 14, 2023, Shurgard issued 8,163,265 new common shares to institutional investors. We participated on a pro-rata basis in the offering and acquired 2,863,674 common shares for a cost of $112.6 million. On September 26, 2024, Shurgard issued 1,114,194 new common shares to its shareholders who opted to exchange the cash dividend rights declared on August 13, 2024 for additional shares. We received 487,600 new common shares in exchange for all of our dividend rights. On September 15 and June 13, 2025, Shurgard issued 1,192,066 and 1,267,459 new common shares to its shareholders who opted to exchange the cash dividend rights declared on August 13, 2025 and May 14, 2025, respectively, for additional shares. On September 15 and June 13, 2025, we received 576,984 and 576,992 new common shares, respectively, in exchange for all of our dividend rights. At December 31, 2025, we owned 35,773,710 common shares of Shurgard. Based upon the closing price at December 31, 2025 (€29.30 per share of Shurgard common stock, at 1.174 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.2 billion.
Our equity in earnings of Shurgard comprise our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During 2025, 2024, and 2023, we received $5.0 million, $4.3 million, and $3.8 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.8 million, $1.5 million, and $1.3 million of intra-entity profits and losses for 2025, 2024, and 2023, respectively, representing our equity share of the trademark license fees. We classify the remaining license fees we receive from Shurgard as interest and other income on our Consolidated Statements of Income.
During 2025, we elected to receive our dividend distributions entirely in the form of additional shares as described above. In 2024, and 2023, we received cash dividend distributions from Shurgard totaling $22.8 million, and $39.0 million, respectively. Approximately $13.3 million, and $11.0 million of total cash distributions from Shurgard during the year ended 2024, and 2023, respectively, represented distributions in excess of cumulative equity in earnings from Shurgard, which was classified within cash flows from investing activities in the Consolidated Statements of Cash Flows.
At December 31, 2025, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $37.7 million ($62.6 million at December 31, 2024). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. During 2025, we transferred $25.7 million of the Shurgard Basis Differential to Real Estate Facilities. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entity. Such amortization totaled approximately $8.0 million, $4.5 million, and $4.1 million during 2025, 2024, and 2023, respectively.
As of December 31, 2025, 2024 and 2023, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $24.2 million in other comprehensive income, $4.7 million in other comprehensive loss and $13.1 million in other comprehensive income during the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
5. Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:
At December 31, 2025At December 31, 2024
Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book Value
(Amounts in thousands)
Goodwill$165,843 $— $165,843 $165,843 $— $165,843 
Shurgard® Trade Name18,824 — 18,824 18,824 — 18,824 
Finite-lived intangible assets, subject to amortization1,071,488 (1,004,542)66,946 1,008,111 (910,591)97,520 
Total goodwill and other intangible assets$1,256,155 $(1,004,542)$251,613 $1,192,778 $(910,591)$282,187 
Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $94.0 million, $117.6 million and $82.7 million in 2025, 2024, and 2023, respectively. During 2025, 2024, and 2023, intangibles increased $63.4 million, $12.5 million, and $237.5 million, respectively, in connection with the acquisition of real estate facilities and Simply Acquisition (Note 3).
The remaining amortization expense will be recognized over a weighted average life of approximately 1.2 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2025 is as follows:
YearAmount
(Amounts in Thousands)
2026$51,993 
202710,545 
2028965 
2029212 
2030212 
Thereafter3,019 
Total$66,946 
v3.25.4
Notes Receivable
 12 Months Ended
Dec. 31, 2025
Notes Payable [Abstract]  
Notes Receivable
6. Notes Receivable
We offer bridge loan financing to third-party self-storage owners for operating properties that we manage. The bridge loans, collateralized by operating self-storage properties, typically have a term of three or four years with two one-year extensions, and have variable interest rates. At December 31, 2025 and December 31, 2024, we had notes receivable of $142.1 million and $10.0 million with average annual interest rates of 7.9% and 8.1%, respectively. At December 31, 2025, we had unfunded loan commitments of $43.9 million expected to close in the next twelve months, subject to the satisfaction of certain conditions. As of December 31, 2025 and 2024, none of the notes receivable were in past-due or nonaccrual status and the allowance for expected credit losses was immaterial.
8. Notes Payable
Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2025 and December 31, 2024 are set forth in the tables below:
Amounts at December 31, 2025Amounts at December 31, 2024
Coupon RateEffective RatePrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
(Dollar amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due July 25, 2025
SOFR+0.60%
4.940%$— $— $— $— $399,537 $400,714 
Notes due February 15, 20260.875%1.030%500,000 (99)499,901 497,958 499,160 479,639 
Notes due November 9, 20261.500%1.640%650,000 (747)649,253 636,828 648,383 614,981 
Notes due April 16, 2027
 SOFR+0.70%
4.645%700,000 (1,416)698,584 703,891 697,544 706,119 
Notes due September 15, 20273.094%3.218%500,000 (908)499,092 494,206 498,564 480,904 
Notes due May 1, 20281.850%1.962%650,000 (1,567)648,433 620,402 647,756 592,876 
Notes due November 9, 20281.950%2.044%550,000 (1,375)548,625 520,843 548,144 494,867 
Notes due January 15, 20295.125%5.260%500,000 (1,775)498,225 516,660 497,639 506,074 
Notes due May 1, 20293.385%3.459%500,000 (1,017)498,983 489,405 498,673 472,031 
Notes due July 1, 2030 (a)
4.375%4.568%475,000 (3,645)471,497 478,958 — — 
Notes due May 1, 20312.300%2.419%650,000 (3,642)646,358 588,030 645,673 555,387 
Notes due November 9, 20312.250%2.322%550,000 (2,078)547,922 490,580 547,570 459,682 
Notes due August 1, 20335.100%5.207%700,000 (4,392)695,608 724,886 695,028 695,171 
Notes due July 1, 20355.000%5.143%400,000 (4,184)395,816 406,046 — — 
Notes due August 1, 20535.350%5.474%900,000 (15,224)884,776 870,986 884,224 856,992 
8,225,000 (42,069)8,183,073 8,039,679 7,707,895 7,315,437 
Euro Denominated Unsecured Debt
Notes due November 3, 20252.175%2.175%— — — — 251,385 249,979 
Notes due September 9, 20300.500%0.640%821,758 (5,252)816,506 727,308 720,735 630,159 
Notes due January 24, 20320.875%0.978%586,970 (3,250)583,720 508,532 515,575 443,113 
Notes due January 20, 20343.500%3.836%498,925 (5,945)492,980 441,580 — — 
Notes due April 11, 20394.080%4.080%176,091 (65)176,026 177,535 155,736 166,979 
2,083,744 (14,512)2,069,232 1,854,955 1,643,431 1,490,230 
Mortgage Debt, secured by 2 real estate facilities with a net book value of 10.8 million
4.240%4.240%1,576 — 1,576 1,545 1,708 1,591 
$10,310,320 $(56,581)$10,253,881 $9,896,179 $9,353,034 $8,807,258 

(a) The book value includes $0.1 million in adjustments related to changes in fair value attributable to hedging instruments on these notes as of December 31, 2025. See below for further discussion.
Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes.
U.S. Dollar Denominated Unsecured Notes
On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. Interest on the senior notes is payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. In connection with the offering, we received approximately $867 million in net proceeds.
In connection with our public offering of senior notes due July 1, 2030, we entered into three separate interest rate swap agreements, with a combined notional amount of $475 million, which effectively convert the debt’s fixed interest rate to a variable rate (SOFR + 0.92%). The swaps were designated in combination as a fair value hedge of interest rate risk and mature on July 1, 2030. The Company’s hedging relationship is assumed to be perfectly effective. As of December 31, 2025, the fair value of the swaps was an asset position of $0.1 million. There was no impact to earnings for the year ended December 31, 2025. The estimated fair values of our swaps are based upon changes in benchmark interest rates related to these notes. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to these financial instruments is categorized as level 2 in the fair value hierarchy.
On July 25, 2025, we repaid PSOC’s outstanding $400 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.60% at maturity.
On April 16, 2024, PSOC completed a public offering of $1.0 billion aggregate principal amount of senior notes, including $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.70% (reset quarterly) maturing on April 16, 2027 and $300 million aggregate principal amount of senior notes bearing interest at a fixed annual rate of 5.350% maturing on August 1, 2053. The 2053 notes issued at a discount of $5.3 million constitute a further issuance of, and form a single series with, PSOC’s outstanding 5.350% senior notes due 2053 issued on July 26, 2023 in the aggregate principal amount of $600 million. Interest on the floating rate senior notes is payable quarterly, commencing on July 16, 2024. Interest on the 2053 notes is payable semi-annually, commencing on August 1, 2024. In connection with the offering, we received $988.5 million in net proceeds.
On April 23, 2024, we repaid PSOC’s outstanding $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.470% at maturity.
On July 26, 2023, PSOC completed a public offering of $400 million, $500 million, $700 million, and $600 million aggregate principal amount of unsecured senior notes bearing interest at an annual rate of Compounded SOFR + 0.60% (reset quarterly), 5.125%, 5.100%, and 5.350%, respectively, and maturing on July 25, 2025, January 15, 2029, August 1, 2033, and August 1, 2053, respectively. Interest on the 2025 notes is payable quarterly, commencing on October 25, 2023. Interest on the 2029 notes is payable semi-annually, commencing on January 15, 2024. Interest on the 2033 notes and 2053 notes is payable semi-annually, commencing on February 1, 2024. In connection with the offering, we incurred a total of $18.7 million in costs.
The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at December 31, 2025. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 19% at December 31, 2025) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 12x for the trailing twelve months ended December 31, 2025) as well as covenants limiting the amount we can encumber our properties with mortgage debt.
Euro Denominated Unsecured Notes
At December 31, 2025, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) €500.0 million issued in a public offering on January 24, 2020, (ii) €700.0 million issued in a public offering on September 9, 2021, (iii) €150.0 million issued to institutional investors on April 11, 2024, and (iv) €425.0 million issued in a public offering on October 3, 2025. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.
On October 3, 2025, PSOC completed a public offering of €425.0 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 3.500% maturing on January 20, 2034. We received €420.8 million in net proceeds from the offering. On November 3, 2025, we used the net proceeds to repay PSOC’s outstanding €242.0 million aggregate principal amount 2.175% senior notes due November 3, 2025 to institutional investors.
The €150.0 million notes issued to institutional investors on April 11, 2024 bear interest at a fixed rate of 4.080% and mature on April 11, 2039. We received $162.5 million in net proceeds upon converting the Euros to U.S. Dollars. On April 11, 2024, we repaid PSOC’s outstanding €100.0 million aggregate principal amount 1.540% senior notes due April 12, 2024 to the same institutional investors for $108.4 million.
We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (losses of $213.5 million in 2025, as compared to gains of $103.0 million in 2024 and losses of $51.6 million in 2023).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
At December 31, 2025, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030.
At December 31, 2025, approximate principal maturities of our Notes Payable are as follows:
Unsecured DebtMortgage DebtTotal
(Amounts in thousands)
2026$1,150,000$138$1,150,138
20271,200,0001461,200,146
20281,200,0001291,200,129
20291,000,000881,000,088
20301,296,7581,0611,297,819
Thereafter 4,461,986144,462,000
$10,308,744$1,576$10,310,320
Weighted average effective rate 3.2%4.2%3.2%
Interest capitalized as real estate totaled $6.5 million, $10.5 million, and $9.3 million for 2025, 2024, and 2023, respectively.
v3.25.4
Credit Facility
 12 Months Ended
Dec. 31, 2025
Line of Credit Facility [Abstract]  
Credit Facility
7. Credit Facility
On June 12, 2023, PSOC entered into an amended revolving credit agreement (the “Credit Facility”), which increased our borrowing limit from $500 million to $1.5 billion and extended the maturity date from April 19, 2024 to June 12, 2027. We have the option to further extend the maturity date by up to one additional year with additional extension fees up to 0.125% of the extended commitment amount. Amounts drawn on the Credit Facility bear annual interest at rates ranging from SOFR plus 0.65% to SOFR plus 1.40% depending upon our credit rating (SOFR plus 0.70% at December 31, 2025). We are also required to pay a quarterly facility fee ranging from 0.10% per annum to 0.30% per annum depending upon our credit rating (0.10% per annum at December 31, 2025). At December 31, 2025, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $19.4 million at December 31, 2025 ($19.4 million at December 31, 2024). The Credit Facility has various customary restrictive covenants with which we were in compliance at December 31, 2025.
Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.
v3.25.4
Notes Payable
 12 Months Ended
Dec. 31, 2025
Notes Payable [Abstract]  
Notes Payable
6. Notes Receivable
We offer bridge loan financing to third-party self-storage owners for operating properties that we manage. The bridge loans, collateralized by operating self-storage properties, typically have a term of three or four years with two one-year extensions, and have variable interest rates. At December 31, 2025 and December 31, 2024, we had notes receivable of $142.1 million and $10.0 million with average annual interest rates of 7.9% and 8.1%, respectively. At December 31, 2025, we had unfunded loan commitments of $43.9 million expected to close in the next twelve months, subject to the satisfaction of certain conditions. As of December 31, 2025 and 2024, none of the notes receivable were in past-due or nonaccrual status and the allowance for expected credit losses was immaterial.
8. Notes Payable
Our notes payable (all of which were issued by PSOC), are reflected net of issuance costs (including original issue discounts), which are amortized as interest expense on the effective interest method over the term of each respective note. Our notes payable at December 31, 2025 and December 31, 2024 are set forth in the tables below:
Amounts at December 31, 2025Amounts at December 31, 2024
Coupon RateEffective RatePrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
(Dollar amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due July 25, 2025
SOFR+0.60%
4.940%$— $— $— $— $399,537 $400,714 
Notes due February 15, 20260.875%1.030%500,000 (99)499,901 497,958 499,160 479,639 
Notes due November 9, 20261.500%1.640%650,000 (747)649,253 636,828 648,383 614,981 
Notes due April 16, 2027
 SOFR+0.70%
4.645%700,000 (1,416)698,584 703,891 697,544 706,119 
Notes due September 15, 20273.094%3.218%500,000 (908)499,092 494,206 498,564 480,904 
Notes due May 1, 20281.850%1.962%650,000 (1,567)648,433 620,402 647,756 592,876 
Notes due November 9, 20281.950%2.044%550,000 (1,375)548,625 520,843 548,144 494,867 
Notes due January 15, 20295.125%5.260%500,000 (1,775)498,225 516,660 497,639 506,074 
Notes due May 1, 20293.385%3.459%500,000 (1,017)498,983 489,405 498,673 472,031 
Notes due July 1, 2030 (a)
4.375%4.568%475,000 (3,645)471,497 478,958 — — 
Notes due May 1, 20312.300%2.419%650,000 (3,642)646,358 588,030 645,673 555,387 
Notes due November 9, 20312.250%2.322%550,000 (2,078)547,922 490,580 547,570 459,682 
Notes due August 1, 20335.100%5.207%700,000 (4,392)695,608 724,886 695,028 695,171 
Notes due July 1, 20355.000%5.143%400,000 (4,184)395,816 406,046 — — 
Notes due August 1, 20535.350%5.474%900,000 (15,224)884,776 870,986 884,224 856,992 
8,225,000 (42,069)8,183,073 8,039,679 7,707,895 7,315,437 
Euro Denominated Unsecured Debt
Notes due November 3, 20252.175%2.175%— — — — 251,385 249,979 
Notes due September 9, 20300.500%0.640%821,758 (5,252)816,506 727,308 720,735 630,159 
Notes due January 24, 20320.875%0.978%586,970 (3,250)583,720 508,532 515,575 443,113 
Notes due January 20, 20343.500%3.836%498,925 (5,945)492,980 441,580 — — 
Notes due April 11, 20394.080%4.080%176,091 (65)176,026 177,535 155,736 166,979 
2,083,744 (14,512)2,069,232 1,854,955 1,643,431 1,490,230 
Mortgage Debt, secured by 2 real estate facilities with a net book value of 10.8 million
4.240%4.240%1,576 — 1,576 1,545 1,708 1,591 
$10,310,320 $(56,581)$10,253,881 $9,896,179 $9,353,034 $8,807,258 

(a) The book value includes $0.1 million in adjustments related to changes in fair value attributable to hedging instruments on these notes as of December 31, 2025. See below for further discussion.
Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under each series of unsecured notes.
U.S. Dollar Denominated Unsecured Notes
On June 30, 2025, PSOC completed a public offering of $875 million aggregate principal amount of senior notes, including $475 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 4.375% maturing on July 1, 2030 and $400 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 5.000% maturing on July 1, 2035. Interest on the senior notes is payable semi-annually on January 1 and July 1 of each year, commencing on January 1, 2026. In connection with the offering, we received approximately $867 million in net proceeds.
In connection with our public offering of senior notes due July 1, 2030, we entered into three separate interest rate swap agreements, with a combined notional amount of $475 million, which effectively convert the debt’s fixed interest rate to a variable rate (SOFR + 0.92%). The swaps were designated in combination as a fair value hedge of interest rate risk and mature on July 1, 2030. The Company’s hedging relationship is assumed to be perfectly effective. As of December 31, 2025, the fair value of the swaps was an asset position of $0.1 million. There was no impact to earnings for the year ended December 31, 2025. The estimated fair values of our swaps are based upon changes in benchmark interest rates related to these notes. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to these financial instruments is categorized as level 2 in the fair value hierarchy.
On July 25, 2025, we repaid PSOC’s outstanding $400 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.60% at maturity.
On April 16, 2024, PSOC completed a public offering of $1.0 billion aggregate principal amount of senior notes, including $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.70% (reset quarterly) maturing on April 16, 2027 and $300 million aggregate principal amount of senior notes bearing interest at a fixed annual rate of 5.350% maturing on August 1, 2053. The 2053 notes issued at a discount of $5.3 million constitute a further issuance of, and form a single series with, PSOC’s outstanding 5.350% senior notes due 2053 issued on July 26, 2023 in the aggregate principal amount of $600 million. Interest on the floating rate senior notes is payable quarterly, commencing on July 16, 2024. Interest on the 2053 notes is payable semi-annually, commencing on August 1, 2024. In connection with the offering, we received $988.5 million in net proceeds.
On April 23, 2024, we repaid PSOC’s outstanding $700 million aggregate principal amount of floating rate senior notes bearing interest at a rate of Compounded SOFR + 0.470% at maturity.
On July 26, 2023, PSOC completed a public offering of $400 million, $500 million, $700 million, and $600 million aggregate principal amount of unsecured senior notes bearing interest at an annual rate of Compounded SOFR + 0.60% (reset quarterly), 5.125%, 5.100%, and 5.350%, respectively, and maturing on July 25, 2025, January 15, 2029, August 1, 2033, and August 1, 2053, respectively. Interest on the 2025 notes is payable quarterly, commencing on October 25, 2023. Interest on the 2029 notes is payable semi-annually, commencing on January 15, 2024. Interest on the 2033 notes and 2053 notes is payable semi-annually, commencing on February 1, 2024. In connection with the offering, we incurred a total of $18.7 million in costs.
The U.S. Dollar denominated unsecured notes (the “U.S. Dollar Denominated Unsecured Notes”) have various financial covenants with which we were in compliance at December 31, 2025. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 19% at December 31, 2025) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 12x for the trailing twelve months ended December 31, 2025) as well as covenants limiting the amount we can encumber our properties with mortgage debt.
Euro Denominated Unsecured Notes
At December 31, 2025, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) €500.0 million issued in a public offering on January 24, 2020, (ii) €700.0 million issued in a public offering on September 9, 2021, (iii) €150.0 million issued to institutional investors on April 11, 2024, and (iv) €425.0 million issued in a public offering on October 3, 2025. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.
On October 3, 2025, PSOC completed a public offering of €425.0 million aggregate principal amount of fixed rate senior notes bearing interest at an annual rate of 3.500% maturing on January 20, 2034. We received €420.8 million in net proceeds from the offering. On November 3, 2025, we used the net proceeds to repay PSOC’s outstanding €242.0 million aggregate principal amount 2.175% senior notes due November 3, 2025 to institutional investors.
The €150.0 million notes issued to institutional investors on April 11, 2024 bear interest at a fixed rate of 4.080% and mature on April 11, 2039. We received $162.5 million in net proceeds upon converting the Euros to U.S. Dollars. On April 11, 2024, we repaid PSOC’s outstanding €100.0 million aggregate principal amount 1.540% senior notes due April 12, 2024 to the same institutional investors for $108.4 million.
We reflect changes in the U.S. Dollar equivalent of the amount payable including the associated interest, as a result of changes in foreign exchange rates as “Foreign currency exchange gain (loss)” on our income statement (losses of $213.5 million in 2025, as compared to gains of $103.0 million in 2024 and losses of $51.6 million in 2023).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
At December 31, 2025, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030.
At December 31, 2025, approximate principal maturities of our Notes Payable are as follows:
Unsecured DebtMortgage DebtTotal
(Amounts in thousands)
2026$1,150,000$138$1,150,138
20271,200,0001461,200,146
20281,200,0001291,200,129
20291,000,000881,000,088
20301,296,7581,0611,297,819
Thereafter 4,461,986144,462,000
$10,308,744$1,576$10,310,320
Weighted average effective rate 3.2%4.2%3.2%
Interest capitalized as real estate totaled $6.5 million, $10.5 million, and $9.3 million for 2025, 2024, and 2023, respectively.
v3.25.4
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests
9. Noncontrolling Interests
There are noncontrolling interests related to subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At December 31, 2025, certain of these subsidiaries have issued 470,398 partnership units to third-parties that are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option.
Noncontrolling interests also include the partnership interests of PSA OP not owned by the Company, including common units (“OP Units”) and vested LTIP units from equity awards we issue to certain officers and trustees of the Company (see Note 12 Share-based Compensation). Vested LTIP units (subject to certain conditions) may be converted into the same number of OP Units of PSA OP, which are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at our option. The holders of OP Units and vested LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders. At December 31, 2025, approximately 0.20% of the partnership interests of PSA OP, were not owned by the Company. We adjust the balance of noncontrolling interests of PSA OP to reflect their proportionate share of the net assets of PSA OP as of the end of each period.
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
10. Shareholders’ Equity

Preferred Shares
At December 31, 2025 and December 31, 2024, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

At December 31, 2025At December 31, 2024
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
(Dollar amounts in thousands)
Series F6/2/20225.150 %11,200 $280,000 11,200 $280,000 
Series G8/9/20225.050 %12,000 300,000 12,000 300,000 
Series H3/11/20245.600 %11,400 285,000 11,400 285,000 
Series I9/12/20244.875 %12,650 316,250 12,650 316,250 
Series J11/15/20244.700 %10,350 258,750 10,350 258,750 
Series K12/20/20244.750 %9,200 230,000 9,200 230,000 
Series L6/17/20254.625 %22,600 565,000 22,600 565,000 
Series M8/14/20254.125 %9,200 230,000 9,200 230,000 
Series N10/6/20253.875 %11,300 282,500 11,300 282,500 
Series O11/17/20253.900 %6,800 170,000 6,800 170,000 
Series P6/16/20264.000 %24,150 603,750 24,150 603,750 
Series Q8/17/20263.950 %5,750 143,750 5,750 143,750 
Series R11/19/20264.000 %17,400 435,000 17,400 435,000 
Series S1/13/20274.100 %10,000 250,000 10,000 250,000 
Total Preferred Shares174,000 $4,350,000 174,000 $4,350,000 
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 December 31, 2025, 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 consolidated balance sheet with any issuance costs recorded as a reduction to Paid-in capital.
Common Shares
During 2025, 2024, and 2023, activity with respect to our common shares was as follows:
202520242023
SharesAmountSharesAmountSharesAmount
(Dollar amounts in thousands)
Employee stock-based compensation and exercise of stock options (Note 12)91,850 $9,544 280,141 $47,411 405,059 $53,386 
Issuance of commons shares for cash— — 184,390 60,321 — — 
Repurchase of common shares— — (726,865)(200,000)— — 
91,850 $9,544 (262,334)$(92,268)405,059 $53,386 
In 2024, our Board authorized an “at the market” offering program pursuant to which management may issue common shares up to an aggregate gross sales price of $2.0 billion on the open market or in privately negotiated transactions. Since the inception of the program, we have issued a total of 184,390 common shares on the open market for an aggregate gross sales price of $61.4 million and received net proceeds of approximately $60.3 million after issuance costs. There were no issuances of shares under the program in 2025.
Our Board has authorized a share repurchase program pursuant to which management may repurchase up to 35,000,000 of our common shares on the open market or in privately negotiated transactions. Since the inception of the program, we have repurchased a total of 24,448,781 common shares at an aggregate cost of approximately $879.1 million. The repurchased shares are constructively retired and returned to an authorized and unissued status. There are 10,551,219 common shares that may yet be repurchased under our repurchase program as of December 31, 2025 and there were no repurchases for the year ended December 31, 2025.
Common share dividends paid, including amounts paid to our restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders totaled $2.109 billion ($12.00 per share), $2.107 billion ($12.00 per share), and $2.111 billion ($12.00 per share) for the years ended December 31, 2025, 2024, and 2023, respectively. Preferred share dividends totaled $194.7 million for each of the years ended December 31, 2025, 2024, and 2023, respectively.
The unaudited characterization of dividends for U.S. federal corporate income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. For the tax year ended December 31, 2025, distributions for the common shares and all the various series of preferred shares were classified as follows:
2025 (unaudited)
1st Quarter2nd Quarter3rd Quarter4th Quarter
Ordinary Dividends100.00 %100.00 %100.00 %100.00 %
Capital Gain Distributions0.00 %0.00 %0.00 %0.00 %
Total100.00 %100.00 %100.00 %100.00 %
The ordinary income dividends distributed for the tax year ended December 31, 2025 are not qualified dividends under the Internal Revenue Code; however, they are subject to the 20% deduction under IRS Section 199A.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
11. Related Party Transactions
At December 31, 2025, Tamara Hughes Gustavson, a current member of our Board, held less than a 0.1% equity interest in, and is a manager of, a limited liability company that owns 67 self-storage facilities in Canada. Two of Ms. Gustavson’s adult children own the remaining equity interest in the limited liability company. 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 premium payments of approximately $2.1 million, $2.2 million and $2.1 million for 2025, 2024, and 2023, respectively.
v3.25.4
Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
12. Share-Based Compensation
We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table.
Year Ended December 31,
202520242023
(Amounts in thousands)
Self-storage cost of operations$12,003 $12,128 $13,636 
Ancillary cost of operations1,276 1,161 1,289 
Real estate acquisition and development expense1,660 2,750 1,242 
General and administrative24,963 28,708 25,399 
Total$39,902 $44,747 $41,566 
In addition, $2.2 million, $3.1 million, and $2.4 million share-based compensation cost was capitalized as real estate facilities for the years ended December 31, 2025, 2024, and 2023, respectively.
In May 2025, our shareholders approved an amendment and restatement of the 2021 Equity and Performance-Based Incentive plan to increase the number of common shares reserved for issuance under the 2021 Plan by an additional 3.0 million shares and to extend the termination date of the 2021 Plan from April 25, 2031 to May 7, 2035.
Following the amendment and restatement of our 2021 Equity and Performance-Based Incentive Plan in February 2024, which further provided for the grant of awards in the form of LTIP units and AO LTIP units of PSA OP, we issued LTIP units and AO LTIP units in substitution for 156,632 RSUs and 2,238,874 stock options, respectively. The LTIP units and AO LTIP units issued have the same vesting conditions as the original awards and remain classified as equity awards. The fair value of the LTIP units and AO LTIP units issued is materially the same as the original awards immediately before the substitution. As a result, we did not adjust the share-based compensation costs associated with these substituted awards.
Restricted Share Units and LTIP Units
We have service-based and performance-based RSUs and LTIP units outstanding, which generally vest over 5 to 8 years from the grant date. Performance-based RSUs and LTIP units outstanding vest upon meeting certain performance conditions or market conditions. Upon vesting, the grantee of RSUs receives new common shares equal to the number of vested RSUs, less common shares withheld to satisfy the grantee’s statutory tax liabilities arising from the vesting. Vested LTIP units represent noncontrolling interests of PSA OP and may be converted, subject to the satisfaction of all applicable vesting conditions, on a one-for-one basis into common units of PSA OP, which are exchangeable by the holders for cash, or at the Company’s election, on a one-for-one basis into common shares of the Company. Holders of RSUs and LTIP units are entitled to receive per-unit cash distributions equal to the per-share dividends received by our common shareholders, except that holders of performance-based awards are not entitled to receive the full distributions until expiration of the applicable performance period, at which time holders of any earned performance-based awards are entitled to receive a catch-up distribution for the periods prior to such time.
For the years ended December 31, 2025, 2024, and 2023, we incurred share-based compensation cost for RSUs and LTIP units of $30.5 million, $34.4 million, and $28.2 million, respectively.
During 2025, 36,802 performance-based LTIP unit awards (at target) were granted to certain executive officers and key employees. The vesting of performance-based LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2025 through March 4, 2028, with continued service-based vesting through the first quarter of 2030. These LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 73,604 LTIP units.
Among the 128,565 RSUs and LTIP units granted during 2024, 34,550 performance-based LTIP unit awards (at target) and 3,770 performance-based RSUs were granted to certain executive officers and key employees. The vesting of performance-based LTIP unit awards is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These LTIP unit awards require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 69,100 LTIP units. The vesting of performance-based RSUs is dependent upon meeting certain operational performance targets in 2024 and continued service through 2028. These performance targets were met at 100% achievement.
During 2023, 37,211 RSUs were awarded where vesting is dependent upon meeting certain market conditions over a three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These RSUs require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target RSUs originally granted. During 2024, we issued LTIP units in substitution for these outstanding RSUs. These targets were met at 130% achievement.
Remaining compensation cost related to RSUs and LTIP units outstanding at December 31, 2025 totals approximately $64.0 million and is expected to be recognized over the next three years on average. The following tables set forth relevant information with respect to restricted shares:
Service-BasedPerformance-Based (a)Total
Number of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair Value
Unvested awards outstanding January 1, 2023407,812 $258.34 68,235 $336.33 476,047 $269.52 
Granted77,974 296.19 37,211 295.61 115,185 296.01 
Vested(132,909)(245.19)(9,250)(275.12)(142,159)(247.13)
Forfeited(30,229)(266.60)(2,183)(300.86)(32,412)(268.91)
Unvested awards outstanding December 31, 2023322,648 $272.14 94,013 $327.06 416,661 $284.53 
Granted (b)83,651 308.24 44,914 228.68 128,565 280.45 
Vested(130,321)(259.20)(10,004)(275.12)(140,325)(260.33)
Forfeited(18,104)(286.93)(866)(300.86)(18,970)(287.57)
Unvested awards outstanding December 31, 2024257,874 $289.35 128,057 $296.79 385,931 $291.82 
Granted74,479 262.47 36,802 293.08 111,281 272.59 
Vested(104,560)(274.02)(27,148)(350.21)(131,708)(289.73)
Forfeited(16,603)(297.39)— — (16,603)(297.39)
Unvested awards outstanding December 31, 2025211,190 $286.83 137,711 $285.27 348,901 $286.21 
202520242023
Amounts for the year:(Dollar Amounts in Thousands)
Fair value of vested shares and vested LTIP units on vesting date$36,864 $41,848 $41,999 
Cash paid for taxes upon vesting in lieu of issuing common shares$8,646 $12,667 $13,950 
Common shares issued upon vesting50,016 63,840 96,657 
Vested LTIP units issued upon vesting54,136 40,396 — 
Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method:
Time from the valuation date to the end of the Performance Period333
Risk-free interest rate4.0%4.2%3.8%
Expected volatility, based upon historical volatility24.9%23.8%28.2%
Expected dividend yield3.8%4.3%4.1%
(a)Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.
(b)Amount granted for performance-based awards includes 6,594 LTIP units for payout adjustments based on Total Shareholder Return modifier for awards granted in 2022.
Stock Options and AO LTIP Units
We have service-based and performance-based stock options and AO LTIP units outstanding. Performance-based stock options and AO LTIP units vest upon meeting certain performance conditions or market conditions. Stock options and AO LTIP units generally vest over 1 to 5 years, expire 10 years after the grant date, and have an exercise or conversion price equal to the closing trading price of our common shares on the grant date. Common shares of the Company are issued for options exercised and vested LTIP units are issued for AO LTIP units converted. Employees cannot require the Company to settle their awards in cash.

For the years ended December 31, 2025, 2024, and 2023, we incurred share-based compensation cost for outstanding stock options of $10.6 million, $12.7 million and $14.9 million, respectively.
During 2025, 103,839 of service-based AO LTIP units, 61,388 of performance-based AO LTIP units (at target), and 3,177 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO LTIP units is dependent upon meeting certain market conditions over a three-year period from March 5, 2025 through March 4, 2028, with continued service-based vesting through the first quarter of 2030. These performance-based AO LTIP units require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 122,776 AO LTIP units.
During 2024, we granted 106,484 of service-based AO LTIP units, 63,717 of performance-based AO LTIP units, and 3,600 service-based options to certain executive officers and trustees. The vesting of the performance-based AO LTIP units is dependent upon meeting certain market conditions over a three-year period from March 5, 2024 through March 4, 2027, with continued service-based vesting through the first quarter of 2029. These performance-based AO LTIP units require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning from zero to a maximum of 127,434 AO LTIP units.
During 2023, we granted 60,000 stock options in connection with non-management trustee compensation. 117,168 stock options were awarded during 2023 where vesting is dependent upon meeting certain market conditions over the three-year period from March 15, 2023 through March 14, 2026, with continued service-based vesting through the first quarter of 2028. These stock options require relative achievement of the Company’s total shareholder return as compared to the weighted average total shareholder return of specified peer groups and can result in grantees earning up to 200% of the target options originally granted. During 2024, we issued AO LTIP units in substitution for these stock options.
The stock options and AO LTIP units outstanding at December 31, 2025 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $73.2 million and remaining average contractual lives of approximately four years. Total compensation cost related to unvested AO LTIP units and stock options that have not yet been recognized is $10.1 million and are expected to be recognized as compensation cost over approximately two years on average. Exercisable stock options and convertible AO LTIP units have an aggregate intrinsic value of approximately $70.4 million at December 31, 2025 and remaining average contractual lives of approximately four years.
Additional information with respect to stock options and AO LTIP units during 2025, 2024, and 2023 is as follows:
Service-BasedPerformance-Based (a)Total
Number of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per Award
Awards outstanding January 1, 20231,854,041 $209.53 1,310,442 $229.39 3,164,483 $217.75 
Granted (b)60,000 286.81 180,425 265.46 240,425 270.79 
Exercised(272,250)(167.15)(34,401)(221.68)(306,651)(173.26)
Cancelled(12,049)(293.81)(34,987)(229.34)(47,036)(245.86)
Awards outstanding December 31, 20231,629,742 $218.83 1,421,479 $234.16 3,051,221 $225.97 
Granted (c)110,084 278.82 87,782 297.12 197,866 286.94 
Exercised or converted (d)(381,850)(194.09)(301,498)(221.83)(683,348)(206.33)
Cancelled(10,110)(320.69)(5,164)(221.68)(15,274)(287.21)
Awards outstanding December 31, 20241,347,866 $229.98 1,202,599 241.90 2,550,465 $235.60 
Granted107,016 305.46 61,388 311.30 168,404 307.59 
Exercised or converted (e)(223,705)(209.97)(34,538)(221.68)(258,243)(211.54)
Cancelled(6,884)(386.32)— — (6,884)(386.32)
Awards outstanding December 31, 20251,224,293 $239.35 1,229,449 $245.93 2,453,742 $242.65 
Awards exercisable or convertible at December 31, 20251,049,184 $229.89 873,551 $230.71 1,922,735 $230.26 
(a)Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.
(b)Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021.
(c)Amount granted for performance-based awards includes 24,065 AO LTIP units for payout adjustments based on Total Shareholder Return for awards granted in 2022.
(d)214,996 common shares were issued upon the exercise of stock options and 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the year ended December 31, 2024.
(e)41,367 common shares were issued upon the exercise of stock options and 66,936 vested LTIP units were issued upon conversion of 216,876 AO LTIP units in the year ended December 31, 2025.
202520242023
Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's)$15,091$85,833$35,662
Average assumptions used in valuing options and AO LTIP units with the Black-Scholes method:
Expected life of options in years, based upon historical experience666
Risk-free interest rate4.1%4.2%3.5%
Expected volatility, based upon historical volatility25.1%24.4%24.4%
Expected dividend yield3.9%4.3%4.2%
Average assumptions used in valuing options and AO LTIP units with market conditions with the Monte-Carlo simulation method:
Expected life of options in years, based upon historical experience777
Risk-free interest rate4.1%4.1%3.5%
Expected volatility, based upon historical volatility24.7%24.1%23.8%
Expected dividend yield3.8%4.3%4.1%
Average estimated value of options and AO LTIP Units granted during the year$61.73$51.33$56.86
Trustee Deferral Program
Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, fully-vested LTIP units, or DSUs to be settled at a specified future date. Unrestricted common shares and/or LTIP units and DSUs will be granted to the non-management trustee on the last day of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the applicable closing price of our common shares on such date. During 2025, we granted 2,112 fully vested LTIP units, 790 DSUs, and 467 unrestricted common shares. During 2025, 602 previously granted DSUs were settled in common shares. A total of 11,674 DSUs were outstanding at December 31, 2025 (11,486 at December 31, 2024).
v3.25.4
Net Income per Common Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income per Common Share
13. Net Income per Common Share
We allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company.
We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive stock options and AO LTIP units outstanding for diluted net income per common share. Stock options and AO LTIP units equivalent to 572,130 common shares were excluded from the computation of diluted earnings per share for 2025, as compared to 138,739 common shares for 2024, because their effect would have been antidilutive.
The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the years ended December 31, 2025, 2024, and 2023, respectively:
Year Ended December 31,
20252024 2023
(Amounts in thousands, except per share data)
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders
$1,585,585 $1,872,685 $1,948,741 
Denominator for basic net income per share - weighted average common shares outstanding
175,447 175,351 175,472 
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method455 687 671 
Denominator for dilutive net income per share - weighted average common shares outstanding
175,902 176,038 176,143 
Net income per common share:
Basic$9.04 $10.68 $11.11 
Dilutive$9.01 $10.64 $11.06 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes
As a REIT, the Company is generally not subject to U.S. federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat certain of its corporate subsidiaries as a TRS. In general, a TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to U.S. federal corporate income tax and may be subject to state and local income taxes.
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2025, 2024 and 2023, respectively:
Year Ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
(Dollar Amounts in Thousands)
Expected tax expense at statutory rate$375,859 21.0 %$438,707 21.0 %$455,898 21.0 %
State and local income taxes(a)
6,946 0.4 %2,689 0.1 %7,871 0.4 %
Foreign tax expense(b)
1,776 0.1 %1,564 0.1 %476 — %
Tax Credits(16,585)(0.9)%(17,774)(0.9)%(8,639)(0.4)%
Changes in Valuation Allowance(c)
8,669 0.5 %24,353 1.2 %14,631 0.7 %
Nontaxable or nondeductible items:
Nontaxable REIT income(373,557)(20.9)%(438,739)(21.0)%(451,640)(20.8)%
Other(10,336)(0.6)%(6,131)(0.3)%(7,776)(0.4)%
Income tax provision (benefit) and effective tax rate$(7,228)(0.4)%$4,669 0.2 %$10,821 0.5 %
(a) State taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category
(b) Foreign tax expense related to Shurgard’s operations in the United Kingdom
(c) Includes $15.8 million related to the reversal of valuation allowance on sale of solar tax credits during the year ended December 31, 2025.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information
15. Segment Information
Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our President and Chief Executive Officer, who is our chief operating decision maker (“CODM”). Segment asset information is not used by the CODM to assess performance or allocate resources.
Self-Storage Operations
The Self-Storage Operations reportable segment reflects the aggregated rental operations from the self-storage facilities we own through the following operating segments: (i) Same Store Facilities, (ii) Acquired Facilities, (iii) Newly Developed and Expanded Facilities, and (iv) Other Non-Same Store Facilities. Our CODM evaluates performance and allocates resources for the Self-Storage Operations reportable segment based on its Net Operating Income (“NOI”), which represents the related revenue less cost of operations. Our CODM utilizes NOI during the budget and forecasting process to allocate capital and personnel resources and evaluates financial performance and operating trends of the reportable segment based on the budget-to-actual variance and year-over-year change of the NOI on an ongoing basis.
The presentation in the table below sets forth the revenue, significant expense categories, and NOI of this reportable segment, as well as the related depreciation expense. 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 reportable segment.
Ancillary Operations
Ancillary Operations reflects the combined operations of our tenant reinsurance, merchandise sales, and third party property management operating segments.
Presentation of Segment Information
The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:
Year Ended December 31,
202520242023
(Amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$4,489,413 $4,395,993 $4,259,613 
Cost of operations:
Property taxes(480,793)(451,992)(411,323)
On-site property manager payroll(162,942)(167,258)(164,405)
Repairs and maintenance(98,140)(93,763)(83,429)
Utilities(65,517)(63,611)(62,462)
Marketing(103,340)(106,414)(90,717)
Other direct property costs(123,239)(122,119)(114,879)
Indirect cost of operations (a):(143,067)(131,563)(134,735)
Total cost of operations(1,177,038)(1,136,720)(1,061,950)
   Net operating income3,312,375 3,259,273 3,197,663 
Depreciation and amortization(1,151,840)(1,129,766)(970,056)
   Net income2,160,535 2,129,507 2,227,607 
Ancillary Operations
Revenue334,700 299,623 258,077 
Cost of operations(132,937)(121,281)(85,996)
   Net operating income201,763 178,342 172,081 
    Total net income allocated to segments2,362,298 2,307,849 2,399,688 
Other items not allocated to segments:
Real estate acquisition and development expense(19,550)(15,506)(26,451)
General and administrative(106,682)(106,677)(80,632)
Interest and other income63,099 67,212 85,590 
Interest expense(304,495)(287,401)(201,132)
Equity in earnings of unconsolidated real estate entity9,604 19,821 27,897 
Foreign currency exchange gain (loss)(215,583)102,244 (51,197)
Gain on sale of real estate1,113 1,537 17,178 
Income tax (provision) benefit7,228 (4,669)(10,821)
     Net income$1,797,032 $2,084,410 $2,160,120 
(a) Indirect cost of operations are comprised of supervisory payroll, centralized management costs, and share-based compensation
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
16. 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 maintain comprehensive property and casualty insurance policies which include coverage for earthquake, rental loss, general liability, umbrella liability, management liability, employee medical insurance and workers compensation coverage through internationally recognized and highly rated insurance carriers, subject to deductibles.
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 excess insurance to cover this exposure for a limit of $15.0 million for losses in excess of $10.0 million per occurrence. We are subject to licensing requirements and regulations in all states. Customers participate in the program at their option. At December 31, 2025, there were approximately 1.5 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $7.2 billion.
Commitments
We have construction commitments representing future expected payments for construction under contract totaling $169.4 million at December 31, 2025. We expect to pay approximately $155.3 million in 2026 and $14.1 million in 2027 for these construction commitments.
We have future contractual payments on land, equipment and office space under various lease commitments totaling $65.5 million at December 31, 2025. We expect to pay approximately $4.8 million in 2026, $4.5 million in 2027, $2.9 million in each of 2028 and 2029, $2.7 million in 2030, and $47.7 million thereafter for these commitments.
We have unfunded capital commitments related to our private equity investments totaling $48.2 million at December 31, 2025. We have unfunded loan commitments totaling $43.9 million at December 31, 2025. We expect to fund the loans in 2026, subject to the satisfaction of certain conditions.
v3.25.4
Corporate Transformation Costs
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Corporate Transformation Costs
17. Corporate Transformation Costs
We have launched a corporate transformation initiative focused on modernization and growth. This includes streamlining our processes through technology and shifting our geographic footprint with a stronger corporate presence in offshore locations and relocation of our principal office from California to Texas. The initiative is intended to transform our corporate functions, improving efficiency and productivity.
Corporate transformation costs of approximately $4.9 million were incurred for the year ended December 31, 2025.
Corporate transformation costs are a component of general and administrative expense in the Consolidated Statements of Income. The following table presents changes in accrued corporate transformation costs and cumulative costs incurred to date:

Year Ended December 31, 2025
Severance and RetentionRecruitment and Relocation Other  Total
(Amounts in thousands)
Balances at December 31, 2024$— $— $— $— 
Costs2,359 2,022 494 4,875 
Cash payments(1,405)(2,022)(494)(3,921)
Balances at December 31, 2025$954 $— $— $954 
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
18. Subsequent Events
On February 12, 2026, the Company announced that Joseph D. Russell, Jr., President, Chief Executive Officer, and a trustee of the Board, notified the Board of his decision to retire from all of his positions effective as of March 31, 2026 (the “Retirement Date”). Subsequent to the Retirement Date, Mr. Russell will provide consulting services to the Company through March 31, 2027 under a retirement and transition agreement pursuant to which he will receive monthly consulting fees equal to $400,000.
The Company also announced the Board’s appointment of H. Thomas Boyle, who currently serves as the Company’s Senior Vice President, Chief Financial Officer and Chief Investment Officer, as Chief Executive Officer and trustee to succeed Mr. Russell effective April 1, 2026. In connection with his appointment as CEO, Mr. Boyle’s annual base salary was increased to $1.0 million (effective as of April 1, 2026), his 2026 target annual performance-based bonus was increased to 200% of his base salary, and the aggregate target value of his 2026 annual equity award is $10.0 million. Additionally, in connection with his promotion, Mr. Boyle was granted a time-based AO LTIP Unit award in the Company’s Operating Partnership, with a grant date fair value of $10.0 million. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.
The Company further announced the Board’s appointment of Joseph D. Fisher as the Company’s President and Chief Financial Officer effective February 16, 2026. Mr. Fisher has been serving as a consultant for the Company since January 2026 and was previously President, Chief Financial Officer, and Chief Investment Officer at UDR, Inc. Mr. Fisher will participate in the Company’s executive compensation program. He will receive an initial annual base salary of $600,000, he will be eligible to receive a 2026 annual performance-based cash incentive award with a target annual bonus potential of $1.4 million, and a 2026 annual equity award with an aggregate target value of $4.0 million. Additionally, in connection with his appointment, Mr. Fisher was granted a time-based AO LTIP Unit award in the Company’s Operating Partnership, with a grant date fair value of $3.0 million. The AO LTIP Unit award has a conversion price of $350 per unit and vests over eight years, with 60% of the award vesting on the sixth anniversary of the grant date and the remaining 40% vesting ratably over the following two years.
On February 10, 2026, the Board appointed Shankh S. Mitra, an independent trustee of the Company, to succeed Ronald L. Havner as the Chairman of the Board, effective as of April 1, 2026. In connection with this transition, the Company entered into agreements to sell to Mr. Mitra and Mr. Havner non-qualified options (“OP Options”) to purchase common units of the Operating Partnership for an aggregate purchase price of $25.0 million and $5.0 million, respectively. The purchase price was based on the Company’s determination of the fair value of the OP Options using a Monte Carlo Valuation simulation prepared by a third-party valuation firm. The OP Options have an exercise price of $350 per unit, will become exercisable upon the sixth anniversary of the settlement date, and have a 10-year term. The transactions, which are expected to settle on or before February 20, 2026, were approved by the Audit Committee and the Board of Trustees in accordance with the Company’s policies.
On February 10, 2026, the Board approved a change in the Company’s principal office from Glendale, California, to Frisco, Texas, effective immediately.
Subsequent to December 31, 2025, we acquired or were under contract to acquire three self-storage facilities across three states with 0.2 million net rentable square feet for $20.7 million.
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Initial CostGross Carrying Amount At December 31, 2025
DescriptionNo. of FacilitiesNet Rentable Square Feet2025
Encumbrances		LandBuildings & ImprovementsCosts Subsequent to AcquisitionLandBuildingsTotalAccumulated Depreciation
Self-storage facilities by market:
Los Angeles233 17,941 $187 $585,848 $1,134,751 $687,867 $596,216 $1,812,250 $2,408,466 $1,130,816 
Dallas/Ft. Worth221 19,992 — 385,801 2,278,224 312,713 388,232 2,588,506 2,976,738 748,150 
Houston174 14,587 — 289,007 963,575 360,489 288,329 1,324,742 1,613,071 534,986 
Chicago145 9,403 — 158,287 530,281 222,108 161,124 749,552 910,676 505,451 
San Francisco142 9,496 — 248,501 570,134 384,278 265,895 937,018 1,202,913 660,441 
Atlanta122 8,182 1,389 168,081 482,923 150,784 168,444 633,344 801,788 381,481 
Washington DC119 8,443 — 423,176 1,329,933 239,540 438,682 1,553,967 1,992,649 635,368 
Orlando/Daytona117 6,928 — 187,890 652,931 118,690 193,296 766,215 959,511 278,476 
New York108 8,209 — 316,900 768,161 409,256 323,538 1,170,779 1,494,317 687,481 
Miami104 7,969 — 283,795 631,694 214,574 285,688 844,375 1,130,063 497,026 
Seattle/Tacoma102 7,402 — 246,108 634,810 233,019 249,239 864,698 1,113,937 529,836 
Denver76 5,606 — 125,358 362,010 137,085 125,851 498,602 624,453 243,877 
Tampa76 5,288 — 126,757 450,309 110,350 130,071 557,345 687,416 218,135 
Philadelphia72 4,883 — 75,325 341,298 104,459 74,346 446,736 521,082 238,242 
Minneapolis/St. Paul68 5,533 — 128,142 332,631 160,591 131,695 489,669 621,364 235,534 
Charlotte62 4,760 — 89,937 250,135 115,134 97,800 357,406 455,206 207,708 
Detroit54 3,961 — 77,077 289,354 95,458 78,484 383,405 461,889 189,273 
Phoenix53 3,889 — 108,051 367,874 74,946 108,042 442,829 550,871 195,300 
Baltimore52 4,109 — 142,206 798,014 85,384 143,430 882,174 1,025,604 240,590 
Portland51 3,078 — 65,802 233,930 58,237 66,460 291,509 357,969 165,514 
Oklahoma City51 3,712 — 70,646 328,653 38,730 70,646 367,383 438,029 82,258 
West Palm Beach49 3,960 — 162,675 246,483 135,017 163,623 380,552 544,175 210,124 
San Antonio42 3,045 — 58,753 250,276 48,529 58,711 298,847 357,558 120,781 
Raleigh41 2,988 — 94,345 247,524 59,558 95,314 306,113 401,427 120,796 
Austin40 3,128 — 73,198 224,069 66,215 75,720 287,762 363,482 143,275 
Sacramento38 2,291 — 34,758 115,143 48,496 35,242 163,155 198,397 108,401 
Columbia38 2,408 — 46,809 188,845 37,781 47,569 225,866 273,435 71,903 
Norfolk37 2,218 — 48,750 131,950 39,880 48,189 172,391 220,580 104,354 
Indianapolis37 2,440 — 46,160 171,251 33,510 47,160 203,761 250,921 84,753 
Columbus32 2,431 — 55,843 143,208 43,410 55,950 186,511 242,461 77,079 
Kansas City31 2,116 — 20,212 114,080 64,111 20,412 177,991 198,403 87,052 
Boston30 2,079 — 86,790 230,427 47,541 87,356 277,402 364,758 161,041 
St. Louis27 1,738 — 22,546 85,838 50,631 24,295 134,720 159,015 86,864 
Las Vegas27 1,989 — 35,047 148,111 57,543 37,758 202,943 240,701 79,837 
Nashville/Bowling Green26 1,753 — 49,172 142,351 42,585 49,170 184,938 234,108 53,973 
Mobile25 1,491 — 31,428 141,135 17,589 31,255 158,897 190,152 32,106 
Initial CostGross Carrying Amount At December 31, 2025
DescriptionNo. of FacilitiesNet Rentable Square Feet2025
Encumbrances		LandBuildings & ImprovementsCosts Subsequent to AcquisitionLandBuildingsTotalAccumulated Depreciation
San Diego24 2,336 — 89,782 162,043 80,472 92,292 240,005 332,297 143,295 
Cincinnati22 1,439 — 21,126 79,210 33,306 21,044 112,598 133,642 50,828 
Memphis22 1,413 — 27,627 167,899 21,529 28,980 188,075 217,055 45,752 
Greensville/Spartanburg/Asheville18 1,112 — 14,689 79,866 20,378 15,605 99,328 114,933 36,704 
Colorado Springs17 1,164 — 13,667 64,569 30,286 13,664 94,858 108,522 45,570 
Charleston17 1,249 — 29,099 90,950 28,596 30,075 118,570 148,645 45,010 
Fort Myers/Naples17 1,335 — 36,676 121,930 29,170 36,355 151,421 187,776 45,150 
Milwaukee16 1,054 — 13,981 42,149 17,445 13,950 59,625 73,575 42,075 
Louisville16 957 — 24,868 50,185 14,310 24,867 64,496 89,363 29,751 
Richmond16 810 — 21,121 56,202 12,231 20,926 68,628 89,554 33,807 
Jacksonville15 909 — 14,454 47,415 19,250 14,503 66,616 81,119 45,450 
Birmingham15 607 — 6,316 25,567 22,215 6,204 47,894 54,098 35,892 
Greensboro15 917 — 15,590 43,181 22,676 17,679 63,768 81,447 39,591 
Chattanooga15 1,009 — 14,443 58,722 13,990 14,245 72,910 87,155 26,707 
Savannah14 873 — 38,343 63,263 10,889 37,015 75,480 112,495 31,649 
Boise14 1,488 — 44,378 130,087 3,499 44,378 133,586 177,964 15,277 
Honolulu13 994 — 77,115 161,335 25,594 78,033 186,011 264,044 99,429 
New Orleans13 921 — 14,749 76,863 17,035 14,917 93,730 108,647 42,838 
Salt Lake City13 786 — 20,454 41,607 9,767 20,103 51,725 71,828 23,046 
Hartford/New Haven11 693 — 6,778 19,959 30,438 8,443 48,732 57,175 40,710 
Omaha11 936 — 17,965 69,085 7,350 17,965 76,435 94,400 20,667 
Cleveland/Akron11 695 — 7,449 38,402 11,009 7,842 49,018 56,860 20,391 
Augusta11 666 — 11,892 43,128 7,182 11,892 50,310 62,202 14,924 
Buffalo/Rochester9 462 — 6,785 17,954 9,202 6,783 27,158 33,941 20,345 
Reno7 559 — 5,487 18,704 8,137 5,487 26,841 32,328 18,187 
Tucson7 439 — 9,403 25,491 9,999 9,884 35,009 44,893 28,261 
Wichita7 432 — 2,017 6,691 12,338 2,130 18,916 21,046 14,392 
Monterey/Salinas7 324 — 8,465 24,151 8,184 8,455 32,345 40,800 29,297 
Dayton6 360 — 1,700 14,039 6,874 1,699 20,914 22,613 9,916 
Roanoke6 369 — 7,824 35,719 2,625 7,824 38,344 46,168 7,963 
Evansville5 325 — 2,340 14,316 2,831 2,312 17,175 19,487 7,623 
Huntsville/Decatur5 298 — 9,161 13,481 5,204 9,108 18,738 27,846 9,330 
Providence5 284 — 3,813 30,716 5,694 3,813 36,410 40,223 11,202 
Lansing5 291 — 3,293 30,742 3,263 3,293 34,005 37,298 5,791 
Fort Wayne4 271 — 3,487 11,003 5,048 3,487 16,051 19,538 8,197 
Palm Springs3 241 — 8,309 18,065 3,657 8,309 21,722 30,031 16,501 
Rochester3 155 — 2,142 10,787 4,419 2,075 15,273 17,348 6,244 
Initial CostGross Carrying Amount At December 31, 2025
DescriptionNo. of FacilitiesNet Rentable Square Feet2025
Encumbrances		LandBuildings & ImprovementsCosts Subsequent to AcquisitionLandBuildingsTotalAccumulated Depreciation
Flint3 191 — 2,734 19,228 1,696 2,733 20,925 23,658 4,472 
Shreveport2 150 — 817 3,030 3,600 741 6,706 7,447 5,825 
Springfield/Holyoke2 144 — 1,428 3,380 2,813 1,427 6,194 7,621 5,690 
Santa Barbara2 98 — 5,733 9,106 1,296 5,733 10,402 16,135 8,235 
Topeka2 93 — 225 1,419 3,141 225 4,560 4,785 3,588 
Joplin1 56 — 264 904 1,475 264 2,379 2,643 1,906 
Syracuse1 55 — 545 1,279 1,584 545 2,863 3,408 2,436 
Modesto/Fresno/Stockton1 33 — 44 206 1,471 193 1,528 1,721 1,373 
Commercial and non-operating real estate— 12,307 19,892 152,699 11,343 173,555 184,898 118,485 
3,171 229,439 $1,576 $5,850,066 $18,376,236 $5,851,955 $5,952,072 $24,126,185 $30,078,257 $11,468,054 
Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally between 5 to 40 years. In addition, disclosures of the number and square footage of our facilities are unaudited.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity program focuses on (i) preventing and preparing for cybersecurity incidents, (ii) detecting and analyzing cybersecurity incidents, and (iii) containing, eradicating, recovering from, and reporting cybersecurity events.
Prevention and Preparation
We identify and address information security risks by employing a defense-in-depth methodology, consisting of both proactive and reactive elements, which provides multiple, redundant defensive measures and prescribes actions to take in case a security control fails or a vulnerability is exploited. We leverage internal resources, along with strategic external partnerships, to mitigate cybersecurity threats to the Company. We have partnerships for security operations center (SOC) services, penetration testing, incident response, and various third-party assessments. We deploy both commercially available solutions and proprietary systems to actively manage threats to our information technology environment.
We assess our cybersecurity program against various frameworks. Our information security program is certified for compliance with the Payment Card Industry Data Security Standard for the safe handling and protection of credit card data. Annually, we are assessed, either internally or by an independent third party, against the National Institute of Standards and Technology (NIST) 800-53 Moderate Baseline. We also utilize reports prepared by our external partners to assess our cyber proficiency on a standalone basis and comparatively against peers and other companies, and we regularly engage external resources regarding emerging threats. We have policies and procedures to oversee and identify the cybersecurity risks associated with our use of third-party service providers, including contractual mechanisms, as well as the regular review of SOC reports, relevant cyber attestations, and other independent cyber ratings.
We employ an information security and training program for our employees, including annual mandatory computer-based training, regular internal communications, and ongoing end-user testing to measure the effectiveness of our information security program. As part of this commitment, we require our employees to complete a Cybersecurity Awareness eCourse and acknowledge our Information Security policy each year. In addition, we have an established schedule and process for regular phishing awareness campaigns that are designed to imitate real-world contemporary threats and provide immediate feedback (and, if necessary, additional training or remedial action) to employees.
As discussed above, we maintain an IRP that guides our response to a cybersecurity incident. Annually, we test the IRP’s response procedures, including thorough disaster response and business continuity plan exercises. These exercises are intended to challenge and validate our information security response and resources through simulated cybersecurity incidents, including engagement of outside cybersecurity legal counsel, other third-party partners, key internal personnel, executive management, and our Board.
Detection and Analysis
Cybersecurity incidents may be detected through a variety of means, which may include, but are not limited to, automated event-detection notifications, employee notifications, notification from external parties (e.g., our third-party information technology provider), and proactive threat hunting in conjunction with our external partners. Once a potential cybersecurity incident is identified, including a third-party cybersecurity event, the incident response team designated pursuant to the IRP follows the procedures set forth in the plan to investigate the potential incident, including determining the nature of the event.
Containment, Eradication, Recovery, and Reporting
Our IRP sets forth the procedures we follow in responding to a cybersecurity incidents. Once a cybersecurity incident is contained, our focus shifts to remediation and recovery. These activities depend on the nature of the cybersecurity incident and may include rebuilding systems and/or hosts, replacing compromised files with clean versions and validation of files or data that may have been affected. We also maintain cybersecurity insurance providing coverage for certain costs related to security failures and specified cybersecurity-related incidents that interrupt our network or networks of our vendors, in all cases up to specified limits and subject to certain exclusions.
Our IRP provides clear communication protocols, including with respect to members of executive management, internal and external counsel, the Audit Committee and our Board. These protocols include a framework for assessing our SEC and other regulatory reporting obligations related to a cybersecurity incident.
Following the conclusion of an incident, the incident response team will generally assess the effectiveness of the cybersecurity program and IRP and make adjustments as appropriate.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Public Storage devotes significant resources to protecting and continuing to improve the security of its computer systems, software, networks, and other technology assets. Our security efforts are designed to preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company and protect against, among other things, cybersecurity attacks by unauthorized parties attempting to obtain access to confidential information, destroy data, disrupt or degrade service, sabotage systems, or cause other damage.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Role of Management [Text Block]
Our risk management processes include a comprehensive enterprise risk management framework focused on (i) evaluating the risks facing the Company and aligning the Company’s efforts to mitigate those risks with its strategy and risk appetite; (ii) communicating and improving the Company’s understanding of its key risks and responsive actions; and (iii) providing the Board with a defined, rated risk inventory and framework against which the Board can direct its responsibilities to oversee the Company’s risk assessment and risk management efforts. Our cybersecurity program is a key component of our overall enterprise risk management framework.
A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team.
In the event of an incident that jeopardizes the confidentiality, integrity, or availability of the information technology systems we use, we utilize a regularly updated information security incident response plan (IRP). The IRP is overseen by our executive Incident Response Committee (IRC), which consists of our Chief Financial and Investment Officer, Chief Administrative Officer, Chief Legal Officer, and CTO. The IRP guides our internal response to cybersecurity incidents.
Pursuant to our IRP and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident, and performing post-incident analysis and program improvements. While the particular personnel assigned to an incident response team will depend on the particular facts and circumstances, the response team is generally led by the IRC with support from internal personnel and external counsel or other experts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
A dedicated team of technology professionals monitors and manages cybersecurity risks. They are led by our Chief Technology Officer (CTO), who has significant experience in senior leadership positions with responsibility for cybersecurity and IT risk management, and our Chief Information Security Officer (CISO), who is a Certified Information Systems Security Professional (CISSP). Their teams are responsible for leading enterprise-wide cyber resilience strategy, policy, standards, architecture, and processes. Our CTO and CISO regularly engage with our Chief Administrative Officer. They also report monthly on cybersecurity matters to our entire executive management team.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Board considers cybersecurity risk one of the most significant risks to our business. The Board has delegated to the Audit Committee oversight of cybersecurity, data privacy, and other information technology risks affecting the Company. Our CTO and CISO typically provide quarterly reports to the Audit Committee, which also provides quarterly reports on its activities to the Board. Annually, the Board receives a comprehensive update regarding the Company’s cybersecurity efforts, which may include a cybersecurity tabletop exercise, presentation by third party cybersecurity experts, or similar events. Several members of our Board and Audit Committee have cybersecurity, data privacy, or related experience from their principal occupation or other professional experience.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We have prepared the accompanying consolidated financial statements in accordance with U.S. GAAP as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”).
Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 16) are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
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. In addition, we have general partner interests in limited partnerships along with third-party investors to develop, construct or operate self-storage facilities. As the general partner, we consider the limited partnerships to be VIEs if the limited partners lack both substantive participating rights and substantive kick-out rights. 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. PSA OP met the definition of a VIE and is consolidated by the Company as the primary beneficiary of PSA OP. All of the assets and liabilities of the Company are held by PSA OP. The total assets, primarily real estate assets, and the total liabilities of our other consolidated VIEs are not material as of December 31, 2025. We consolidate all other entities when we control them through voting shares or contractual rights. We refer to the entities we consolidate, for the period in which the reference applies, collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances.
We account for our investment in an entity that we do not consolidate but over which we have significant influence using the equity method of accounting. We refer to this entity, for the periods in which the reference applies, as the “Unconsolidated Real Estate Entity,” and we eliminate intra-entity profits and losses and amortize 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 was a consolidated subsidiary.
Equity in earnings of unconsolidated real estate entity presented on our income statements represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entity. The dividends we receive from the Unconsolidated Real Estate Entity are reflected on our consolidated statements of cash flows as “distributions from cumulative equity in earnings of unconsolidated real estate entity” 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 entity.”
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements and accompanying notes in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and assumptions.
Cash Equivalents
Cash Equivalents
Cash equivalents represent highly liquid financial instruments that mature within three months of acquisition such as 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.
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. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the balance sheet date.
Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:
Level 1 Quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 Significant observable inputs other than Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data.
Level 3 Unobservable inputs that are supported by little or no market data for the related assets or liabilities.
The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Our financial instruments consist of cash and cash equivalents, notes receivable, other assets, other liabilities, and notes payable and related interest rate swaps. Cash equivalents, notes receivable, other assets and other liabilities are stated at book value, which approximates fair value as of the balance sheet date due to the short time period to maturity or variable interest rates.
We estimate and disclose the fair value of our notes payable and related interest rate swaps using Level 2 inputs 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.
We use significant judgment to estimate fair values of real estate facilities, goodwill, and other intangible assets for the purposes of purchase price allocation or impairment analysis. In estimating their values, we consider Level 3 inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation.
Real Estate Facilities
Real Estate Facilities
We record real estate facilities at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities as part of major repair and maintenance programs, including interest and property taxes incurred during the construction period. We expense the costs of demolition of existing facilities associated with a renovation as incurred. 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.
We expense costs associated with dispositions of real estate, as well as routine repairs and maintenance costs, as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 40 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.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Intangible assets consist of goodwill, the Shurgard® trade name, which Shurgard uses pursuant to a fee-based licensing agreement, and finite-lived assets. Goodwill and the Shurgard® trade name have indefinite lives and are not amortized. Our finite-lived assets consist 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, (ii) property tax abatements acquired and amortized relative to the reduction in property tax paid, with such amortization reflected as self-storage cost of operations on our income statement and (iii) acquired non real estate-related contracts, with such amortization reflected as depreciation and amortization expense on our income statement.
Notes Receivable
Notes Receivable
We account for notes receivable from bridge loans we originate to third-party self-storage owners at amortized cost. The bridge loans, collateralized by operating self-storage properties, typically have a term of three years or four years with two one-year extensions, and have variable interest rates. We recognize interest income and other fee income related to the bridge loans using the effective interest method, with deferred fees and costs amortized over the lives of the related loans as yield adjustment. We recognize an allowance for expected credit losses for outstanding notes receivable and unfunded loan commitments.
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 investment in unconsolidated real estate entity for impairment quarterly. 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 it is more likely than not that the fair value of the related reporting unit is less than the carrying amount. When we conclude that it is not more likely than not that the fair value of the reporting unit is less than the aggregate carrying amount, no impairment charge is recorded and no further analysis is performed. 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 it is more likely than not that the asset is impaired. When we conclude that it is not more likely than not that the asset is 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.
During 2025, we recognized $4.3 million of impairment write-down of certain land development parcels that are or will be marketed for sale. These land development parcels are included in other assets on the Consolidated Balance Sheet, and the related impairment write-down is included in real estate acquisition and development expense on the Consolidated Statements of Income.
Revenue and Expense Recognition
Revenue and Expense Recognition
We recognize revenues from self-storage facilities, which primarily comprise rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. We recognize ancillary revenues 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. We expense cost of operations (including advertising expenditures), general and administrative expense, and interest expense as incurred.
Foreign Currency Exchange Translation
Foreign Currency Exchange Translation
The local currency (the Euro) is the functional currency for our equity interests in Shurgard. 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 consolidated statements of income are translated at the average exchange rates during the respective period. Cumulative translation adjustments, are included in equity as a component of accumulated other comprehensive income (loss).
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.
At December 31, 2025, due primarily to our investment in Shurgard (Note 4) and our notes payable denominated in Euros (Note 8), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, against the U.S. Dollar. The Euro was translated at exchange rates of approximately 1.174 U.S. Dollars per Euro at December 31, 2025 (1.039 at December 31, 2024), and average exchange rates of 1.130, 1.082 and 1.081 for the years ended December 31, 2025, 2024, and 2023, respectively.
Income Taxes
Income Taxes
We and a subsidiary of PSOC have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). For each taxable year in which we qualify for taxation as a REIT, we will not be subject to U.S. federal corporate income tax on our “REIT taxable income” (generally, taxable income subject to specified adjustments, including a deduction for dividends paid and excluding our net capital gain) that is distributed to our shareholders. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no U.S. federal corporate income tax expense related to our REIT taxable income.
We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. Our tenant reinsurance, merchandise, third party management operations and our equity investment in Shurgard are conducted under these TRSs and are subject to federal corporate income tax. For these entities, deferred tax assets and liabilities for temporary differences are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future.
We recognize tax benefits of uncertain income tax positions 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 December 31, 2025, we had no uncertain tax positions.
We also incur income taxes in certain state and local jurisdictions, which are included in income tax (provision) benefit in the Consolidated Statements of Income.
Share-Based Compensation
Share-Based Compensation
Under various share-based compensation plans and under terms established or modified by our Board or a committee thereof, we grant awards to trustees, officers, and key employees, including non-qualified options to purchase the Company’s common shares, restricted share units (“RSUs”), deferred share units (“DSUs”), and unrestricted common shares issued in lieu of trustee compensation.
In February 2024, we amended our 2021 Equity and Performance-Based Incentive Plan to further provide for the grant of awards to certain officers and trustees of the Company in the form of Long-Term Incentive Plan units (“LTIP units”) and appreciation-only LTIP units (“AO LTIP units”) of PSA OP. LTIP units are structured as “profit interests” for U.S. federal income tax purposes.
We estimate the fair value of share-based payment awards on the date of grant. We determine the fair value of RSUs, DSUs, and LTIP units with no market conditions based on the closing market price of the Company’s common shares on the date of grant. We value stock options and AO LTIP units with no market conditions at the grant date using the Black-Scholes option-pricing model. We value awards with market conditions at the grant date using a Monte-Carlo valuation simulation. Our determination of the fair value of share-based payment awards on the date of grant using an option-pricing model or Monte-Carlo valuation simulation is affected by our stock price as well as assumptions regarding a number of subjective and complex variables. These variables include, but are not limited to, our expected stock price volatility over the expected term of the awards. For stock options and AO LTIP units, variables also include actual and projected stock option exercise and AO LTIP unit conversion behaviors. For awards with performance conditions, we adjust compensation cost each quarter as needed for any changes in the assessment of the probability that the specified performance criteria will be achieved.
We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends on the expected 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 market and/or performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method). For awards with performance conditions, the estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from our current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. In amortizing share-based compensation expense, we do not estimate future forfeitures. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment.
Our share-based compensation plans allow immediate vesting of outstanding unvested awards upon retirement (“Retirement Acceleration”) for employees who meet certain conditions. We accelerate amortization of compensation expense for each grant by changing the end of the service period from the original vesting date to the date an employee is expected to be eligible for Retirement Acceleration, if earlier.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and income taxes paid annual disclosure. This standard became effective for the Company, for its fiscal year 2025 reporting and for interim periods beginning in 2026. The enhanced disclosures regarded the Company’s Income Taxes are provided in Note 14.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), to amend the criteria for capitalizing internal-use software costs. This update is intended to modernize the accounting for software costs by replacing the legacy guidance under which capitalization is based on the nature of costs and the project development stage. This update requires software capitalization to begin when (1) management has authorized and committed funding to the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The guidance may be applied prospectively, retrospectively, or via a modified prospective approach. Early adoption is permitted. The company adopted these amendments effective January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ("ASU 2024-03"), that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the entity’s definition selling expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and related disclosures.
v3.25.4
Real Estate Facilities (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Activities
Activity in real estate facilities during 2025, 2024, and 2023 is as follows:
Year Ended December 31,
202520242023
(Amounts in thousands)
Operating facilities, at cost:
Beginning balance $28,478,738 $27,465,238 $24,219,126 
Capital expenditures to maintain real estate facilities218,763 234,541 232,048 
Capital expenditures for property enhancements— 126,324 163,380 
Capital expenditures for energy efficiencies (LED lighting, solar)70,675 54,433 65,026 
Acquisitions 882,208 254,940 2,442,118 
Transfers, dispositions, and retirements, net19,011 (106)(19,322)
Developed or expanded facilities opened for operation408,862 343,368 362,862 
Ending balance 30,078,257 28,478,738 27,465,238 
Accumulated depreciation:
Beginning balance (10,426,186)(9,423,974)(8,554,155)
Depreciation expense (1,046,039)(1,002,212)(881,255)
Transfers, dispositions and retirements4,171 — 11,436 
Ending balance (11,468,054)(10,426,186)(9,423,974)
Construction in process:
Beginning balance 308,101 345,453 372,992 
Costs incurred to develop and expand real estate facilities302,214 307,650 356,788 
Acquisitions— — 2,922 
Transfer to Other Assets(7,026)— (12,666)
Write-off of cancelled projects(72)(1,634)(11,721)
Developed or expanded facilities opened for operation(408,862)(343,368)(362,862)
Ending balance 194,355 308,101 345,453 
Total real estate facilities at December 31, 2025$18,804,558 $18,360,653 $18,386,717 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Goodwill and other intangible assets consisted of the following:
At December 31, 2025At December 31, 2024
Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book Value
(Amounts in thousands)
Goodwill$165,843 $— $165,843 $165,843 $— $165,843 
Shurgard® Trade Name18,824 — 18,824 18,824 — 18,824 
Finite-lived intangible assets, subject to amortization1,071,488 (1,004,542)66,946 1,008,111 (910,591)97,520 
Total goodwill and other intangible assets$1,256,155 $(1,004,542)$251,613 $1,192,778 $(910,591)$282,187 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The remaining amortization expense will be recognized over a weighted average life of approximately 1.2 years. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2025 is as follows:
YearAmount
(Amounts in Thousands)
2026$51,993 
202710,545 
2028965 
2029212 
2030212 
Thereafter3,019 
Total$66,946 
v3.25.4
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Notes Payable [Abstract]  
Schedule of Notes Payable Our notes payable at December 31, 2025 and December 31, 2024 are set forth in the tables below:
Amounts at December 31, 2025Amounts at December 31, 2024
Coupon RateEffective RatePrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
(Dollar amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due July 25, 2025
SOFR+0.60%
4.940%$— $— $— $— $399,537 $400,714 
Notes due February 15, 20260.875%1.030%500,000 (99)499,901 497,958 499,160 479,639 
Notes due November 9, 20261.500%1.640%650,000 (747)649,253 636,828 648,383 614,981 
Notes due April 16, 2027
 SOFR+0.70%
4.645%700,000 (1,416)698,584 703,891 697,544 706,119 
Notes due September 15, 20273.094%3.218%500,000 (908)499,092 494,206 498,564 480,904 
Notes due May 1, 20281.850%1.962%650,000 (1,567)648,433 620,402 647,756 592,876 
Notes due November 9, 20281.950%2.044%550,000 (1,375)548,625 520,843 548,144 494,867 
Notes due January 15, 20295.125%5.260%500,000 (1,775)498,225 516,660 497,639 506,074 
Notes due May 1, 20293.385%3.459%500,000 (1,017)498,983 489,405 498,673 472,031 
Notes due July 1, 2030 (a)
4.375%4.568%475,000 (3,645)471,497 478,958 — — 
Notes due May 1, 20312.300%2.419%650,000 (3,642)646,358 588,030 645,673 555,387 
Notes due November 9, 20312.250%2.322%550,000 (2,078)547,922 490,580 547,570 459,682 
Notes due August 1, 20335.100%5.207%700,000 (4,392)695,608 724,886 695,028 695,171 
Notes due July 1, 20355.000%5.143%400,000 (4,184)395,816 406,046 — — 
Notes due August 1, 20535.350%5.474%900,000 (15,224)884,776 870,986 884,224 856,992 
8,225,000 (42,069)8,183,073 8,039,679 7,707,895 7,315,437 
Euro Denominated Unsecured Debt
Notes due November 3, 20252.175%2.175%— — — — 251,385 249,979 
Notes due September 9, 20300.500%0.640%821,758 (5,252)816,506 727,308 720,735 630,159 
Notes due January 24, 20320.875%0.978%586,970 (3,250)583,720 508,532 515,575 443,113 
Notes due January 20, 20343.500%3.836%498,925 (5,945)492,980 441,580 — — 
Notes due April 11, 20394.080%4.080%176,091 (65)176,026 177,535 155,736 166,979 
2,083,744 (14,512)2,069,232 1,854,955 1,643,431 1,490,230 
Mortgage Debt, secured by 2 real estate facilities with a net book value of 10.8 million
4.240%4.240%1,576 — 1,576 1,545 1,708 1,591 
$10,310,320 $(56,581)$10,253,881 $9,896,179 $9,353,034 $8,807,258 

(a) The book value includes $0.1 million in adjustments related to changes in fair value attributable to hedging instruments on these notes as of December 31, 2025. See below for further discussion.
Schedule of Maturities of Notes Payable
At December 31, 2025, approximate principal maturities of our Notes Payable are as follows:
Unsecured DebtMortgage DebtTotal
(Amounts in thousands)
2026$1,150,000$138$1,150,138
20271,200,0001461,200,146
20281,200,0001291,200,129
20291,000,000881,000,088
20301,296,7581,0611,297,819
Thereafter 4,461,986144,462,000
$10,308,744$1,576$10,310,320
Weighted average effective rate 3.2%4.2%3.2%
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Preferred Shares
At December 31, 2025 and December 31, 2024, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

At December 31, 2025At December 31, 2024
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
(Dollar amounts in thousands)
Series F6/2/20225.150 %11,200 $280,000 11,200 $280,000 
Series G8/9/20225.050 %12,000 300,000 12,000 300,000 
Series H3/11/20245.600 %11,400 285,000 11,400 285,000 
Series I9/12/20244.875 %12,650 316,250 12,650 316,250 
Series J11/15/20244.700 %10,350 258,750 10,350 258,750 
Series K12/20/20244.750 %9,200 230,000 9,200 230,000 
Series L6/17/20254.625 %22,600 565,000 22,600 565,000 
Series M8/14/20254.125 %9,200 230,000 9,200 230,000 
Series N10/6/20253.875 %11,300 282,500 11,300 282,500 
Series O11/17/20253.900 %6,800 170,000 6,800 170,000 
Series P6/16/20264.000 %24,150 603,750 24,150 603,750 
Series Q8/17/20263.950 %5,750 143,750 5,750 143,750 
Series R11/19/20264.000 %17,400 435,000 17,400 435,000 
Series S1/13/20274.100 %10,000 250,000 10,000 250,000 
Total Preferred Shares174,000 $4,350,000 174,000 $4,350,000 
Schedule of Issuance of Common Shares
During 2025, 2024, and 2023, activity with respect to our common shares was as follows:
202520242023
SharesAmountSharesAmountSharesAmount
(Dollar amounts in thousands)
Employee stock-based compensation and exercise of stock options (Note 12)91,850 $9,544 280,141 $47,411 405,059 $53,386 
Issuance of commons shares for cash— — 184,390 60,321 — — 
Repurchase of common shares— — (726,865)(200,000)— — 
91,850 $9,544 (262,334)$(92,268)405,059 $53,386 
Schedule of Distribution Classification For the tax year ended December 31, 2025, distributions for the common shares and all the various series of preferred shares were classified as follows:
2025 (unaudited)
1st Quarter2nd Quarter3rd Quarter4th Quarter
Ordinary Dividends100.00 %100.00 %100.00 %100.00 %
Capital Gain Distributions0.00 %0.00 %0.00 %0.00 %
Total100.00 %100.00 %100.00 %100.00 %
v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
We recorded share-based compensation expense associated with our equity awards in the various expense categories in the Consolidated Statements of Income as set forth in the following table.
Year Ended December 31,
202520242023
(Amounts in thousands)
Self-storage cost of operations$12,003 $12,128 $13,636 
Ancillary cost of operations1,276 1,161 1,289 
Real estate acquisition and development expense1,660 2,750 1,242 
General and administrative24,963 28,708 25,399 
Total$39,902 $44,747 $41,566 
Schedule of Restricted Share Units and LTIP Units Activity and Share-Based Payment Award, Stock Options, Valuation Assumptions
Service-BasedPerformance-Based (a)Total
Number of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair ValueNumber of AwardsWeighted-Average Grant-Date Fair Value
Unvested awards outstanding January 1, 2023407,812 $258.34 68,235 $336.33 476,047 $269.52 
Granted77,974 296.19 37,211 295.61 115,185 296.01 
Vested(132,909)(245.19)(9,250)(275.12)(142,159)(247.13)
Forfeited(30,229)(266.60)(2,183)(300.86)(32,412)(268.91)
Unvested awards outstanding December 31, 2023322,648 $272.14 94,013 $327.06 416,661 $284.53 
Granted (b)83,651 308.24 44,914 228.68 128,565 280.45 
Vested(130,321)(259.20)(10,004)(275.12)(140,325)(260.33)
Forfeited(18,104)(286.93)(866)(300.86)(18,970)(287.57)
Unvested awards outstanding December 31, 2024257,874 $289.35 128,057 $296.79 385,931 $291.82 
Granted74,479 262.47 36,802 293.08 111,281 272.59 
Vested(104,560)(274.02)(27,148)(350.21)(131,708)(289.73)
Forfeited(16,603)(297.39)— — (16,603)(297.39)
Unvested awards outstanding December 31, 2025211,190 $286.83 137,711 $285.27 348,901 $286.21 
202520242023
Amounts for the year:(Dollar Amounts in Thousands)
Fair value of vested shares and vested LTIP units on vesting date$36,864 $41,848 $41,999 
Cash paid for taxes upon vesting in lieu of issuing common shares$8,646 $12,667 $13,950 
Common shares issued upon vesting50,016 63,840 96,657 
Vested LTIP units issued upon vesting54,136 40,396 — 
Average assumptions used in valuing restricted share units with market conditions with the Monte-Carlo simulation method:
Time from the valuation date to the end of the Performance Period333
Risk-free interest rate4.0%4.2%3.8%
Expected volatility, based upon historical volatility24.9%23.8%28.2%
Expected dividend yield3.8%4.3%4.1%
(a)Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.
(b)Amount granted for performance-based awards includes 6,594 LTIP units for payout adjustments based on Total Shareholder Return modifier for awards granted in 2022.
Schedule of Stock Options and AO LTIP Units Activity
Additional information with respect to stock options and AO LTIP units during 2025, 2024, and 2023 is as follows:
Service-BasedPerformance-Based (a)Total
Number of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per AwardNumber of AwardsWeighted Average Exercise or Conversion Price per Award
Awards outstanding January 1, 20231,854,041 $209.53 1,310,442 $229.39 3,164,483 $217.75 
Granted (b)60,000 286.81 180,425 265.46 240,425 270.79 
Exercised(272,250)(167.15)(34,401)(221.68)(306,651)(173.26)
Cancelled(12,049)(293.81)(34,987)(229.34)(47,036)(245.86)
Awards outstanding December 31, 20231,629,742 $218.83 1,421,479 $234.16 3,051,221 $225.97 
Granted (c)110,084 278.82 87,782 297.12 197,866 286.94 
Exercised or converted (d)(381,850)(194.09)(301,498)(221.83)(683,348)(206.33)
Cancelled(10,110)(320.69)(5,164)(221.68)(15,274)(287.21)
Awards outstanding December 31, 20241,347,866 $229.98 1,202,599 241.90 2,550,465 $235.60 
Granted107,016 305.46 61,388 311.30 168,404 307.59 
Exercised or converted (e)(223,705)(209.97)(34,538)(221.68)(258,243)(211.54)
Cancelled(6,884)(386.32)— — (6,884)(386.32)
Awards outstanding December 31, 20251,224,293 $239.35 1,229,449 $245.93 2,453,742 $242.65 
Awards exercisable or convertible at December 31, 20251,049,184 $229.89 873,551 $230.71 1,922,735 $230.26 
(a)Number of performance-based awards are presented based on the target performance pursuant to the terms of each applicable award when granted and adjusted to the actual number of awards earned based on the actual performance.
(b)Amount granted for performance-based stock options includes 63,257 options for payout adjustments based on Total Shareholder Return modifier for options granted in 2021.
(c)Amount granted for performance-based awards includes 24,065 AO LTIP units for payout adjustments based on Total Shareholder Return for awards granted in 2022.
(d)214,996 common shares were issued upon the exercise of stock options and 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the year ended December 31, 2024.
(e)41,367 common shares were issued upon the exercise of stock options and 66,936 vested LTIP units were issued upon conversion of 216,876 AO LTIP units in the year ended December 31, 2025.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
202520242023
Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's)$15,091$85,833$35,662
Average assumptions used in valuing options and AO LTIP units with the Black-Scholes method:
Expected life of options in years, based upon historical experience666
Risk-free interest rate4.1%4.2%3.5%
Expected volatility, based upon historical volatility25.1%24.4%24.4%
Expected dividend yield3.9%4.3%4.2%
Average assumptions used in valuing options and AO LTIP units with market conditions with the Monte-Carlo simulation method:
Expected life of options in years, based upon historical experience777
Risk-free interest rate4.1%4.1%3.5%
Expected volatility, based upon historical volatility24.7%24.1%23.8%
Expected dividend yield3.8%4.3%4.1%
Average estimated value of options and AO LTIP Units granted during the year$61.73$51.33$56.86
v3.25.4
Net Income per Common Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income Per Common Share
The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the years ended December 31, 2025, 2024, and 2023, respectively:
Year Ended December 31,
20252024 2023
(Amounts in thousands, except per share data)
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders
$1,585,585 $1,872,685 $1,948,741 
Denominator for basic net income per share - weighted average common shares outstanding
175,447 175,351 175,472 
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method455 687 671 
Denominator for dilutive net income per share - weighted average common shares outstanding
175,902 176,038 176,143 
Net income per common share:
Basic$9.04 $10.68 $11.11 
Dilutive$9.01 $10.64 $11.06 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2025, 2024 and 2023, respectively:
Year Ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
(Dollar Amounts in Thousands)
Expected tax expense at statutory rate$375,859 21.0 %$438,707 21.0 %$455,898 21.0 %
State and local income taxes(a)
6,946 0.4 %2,689 0.1 %7,871 0.4 %
Foreign tax expense(b)
1,776 0.1 %1,564 0.1 %476 — %
Tax Credits(16,585)(0.9)%(17,774)(0.9)%(8,639)(0.4)%
Changes in Valuation Allowance(c)
8,669 0.5 %24,353 1.2 %14,631 0.7 %
Nontaxable or nondeductible items:
Nontaxable REIT income(373,557)(20.9)%(438,739)(21.0)%(451,640)(20.8)%
Other(10,336)(0.6)%(6,131)(0.3)%(7,776)(0.4)%
Income tax provision (benefit) and effective tax rate$(7,228)(0.4)%$4,669 0.2 %$10,821 0.5 %
(a) State taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category
(b) Foreign tax expense related to Shurgard’s operations in the United Kingdom
(c) Includes $15.8 million related to the reversal of valuation allowance on sale of solar tax credits during the year ended December 31, 2025.
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
The following table reconciles NOI and net income attributable to our reportable segment to our consolidated net income:
Year Ended December 31,
202520242023
(Amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$4,489,413 $4,395,993 $4,259,613 
Cost of operations:
Property taxes(480,793)(451,992)(411,323)
On-site property manager payroll(162,942)(167,258)(164,405)
Repairs and maintenance(98,140)(93,763)(83,429)
Utilities(65,517)(63,611)(62,462)
Marketing(103,340)(106,414)(90,717)
Other direct property costs(123,239)(122,119)(114,879)
Indirect cost of operations (a):(143,067)(131,563)(134,735)
Total cost of operations(1,177,038)(1,136,720)(1,061,950)
   Net operating income3,312,375 3,259,273 3,197,663 
Depreciation and amortization(1,151,840)(1,129,766)(970,056)
   Net income2,160,535 2,129,507 2,227,607 
Ancillary Operations
Revenue334,700 299,623 258,077 
Cost of operations(132,937)(121,281)(85,996)
   Net operating income201,763 178,342 172,081 
    Total net income allocated to segments2,362,298 2,307,849 2,399,688 
Other items not allocated to segments:
Real estate acquisition and development expense(19,550)(15,506)(26,451)
General and administrative(106,682)(106,677)(80,632)
Interest and other income63,099 67,212 85,590 
Interest expense(304,495)(287,401)(201,132)
Equity in earnings of unconsolidated real estate entity9,604 19,821 27,897 
Foreign currency exchange gain (loss)(215,583)102,244 (51,197)
Gain on sale of real estate1,113 1,537 17,178 
Income tax (provision) benefit7,228 (4,669)(10,821)
     Net income$1,797,032 $2,084,410 $2,160,120 
(a) Indirect cost of operations are comprised of supervisory payroll, centralized management costs, and share-based compensation
v3.25.4
Corporate Transformation Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs The following table presents changes in accrued corporate transformation costs and cumulative costs incurred to date:
Year Ended December 31, 2025
Severance and RetentionRecruitment and Relocation Other  Total
(Amounts in thousands)
Balances at December 31, 2024$— $— $— $— 
Costs2,359 2,022 494 4,875 
Cash payments(1,405)(2,022)(494)(3,921)
Balances at December 31, 2025$954 $— $— $954 
v3.25.4
Description of the Business (Details)
ft² in Thousands
 12 Months Ended
Dec. 31, 2025
ft²
country
storage_facility
state
Schedule of Equity Method Investments [Line Items]  
Net rentable area (in square feet) 229,439
Shurgard Self Storage Sa  
Schedule of Equity Method Investments [Line Items]  
PSA number of self-storage facilities | storage_facility 332
Net rentable area (in square feet) 18,000
Ownership interest (in percent) 35.00%
Number of countries in which entity operates | country 7
Public Storage  
Schedule of Equity Method Investments [Line Items]  
PSA number of self-storage facilities | storage_facility 3,171
Net rentable area (in square feet) 229,400
Number of states with facilities | state 40
Number of third-party self-storage facilities managed | storage_facility 362
Public Storage | Commercial and Retail Space  
Schedule of Equity Method Investments [Line Items]  
Net rentable area (in square feet) 1,000
Public Storage | Facilities, Managed For Third Parties  
Schedule of Equity Method Investments [Line Items]  
Net rentable area (in square feet) 28,200
Public Storage Parent  
Schedule of Equity Method Investments [Line Items]  
Ownership interest (in percent) 99.80%
Trustees and Officers  
Schedule of Equity Method Investments [Line Items]  
Ownership interest of noncontrolling owners (less than) (in percent) 0.20%
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
extension
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Interest in real estate sold at fair value (in percent) 100.00%    
Number of extensions | extension 2    
Financing receivable, extension period (in years) 1 year    
Impairment of real estate investments $ 4,348,000 $ 0 $ 0
Exchange rate translation 1.174 1.039  
Unrecognized tax benefits $ 0    
Land Parcel      
Summary Of Significant Accounting Policies [Line Items]      
Impairment of real estate investments $ 4,300,000    
Notes Receivable      
Summary Of Significant Accounting Policies [Line Items]      
Number of extensions | extension 2    
Financing receivable, extension period (in years) 1 year    
Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of buildings and improvements (in years) 5 years    
Financing receivable, term (in years) 3 years    
Minimum | Notes Receivable      
Summary Of Significant Accounting Policies [Line Items]      
Financing receivable, term (in years) 3 years    
Maximum      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of buildings and improvements (in years) 40 years    
Financing receivable, term (in years) 4 years    
Maximum | Notes Receivable      
Summary Of Significant Accounting Policies [Line Items]      
Financing receivable, term (in years) 4 years    
Weighted Average      
Summary Of Significant Accounting Policies [Line Items]      
Exchange rate 1.130 1.082 1.081
v3.25.4
Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating facilities, at cost:      
Beginning balance (Operating facilities, at cost) $ 28,478,738 $ 27,465,238 $ 24,219,126
Capital expenditures to maintain real estate facilities 218,763 234,541 232,048
Capital expenditures for property enhancements 0 126,324 163,380
Capital expenditures for energy efficiencies (LED lighting, solar) 70,675 54,433 65,026
Acquisitions 882,208 254,940 2,442,118
Transfers, dispositions, and retirements, net 19,011 (106) (19,322)
Developed or expanded facilities opened for operation 408,862 343,368 362,862
Ending balance (Operating facilities, at cost) 30,078,257 28,478,738 27,465,238
Accumulated depreciation:      
Beginning balance (Accumulated depreciation) (10,426,186) (9,423,974) (8,554,155)
Depreciation expense (1,046,039) (1,002,212) (881,255)
Transfers, dispositions and retirements 4,171 0 11,436
Ending balance (Accumulated depreciation) (11,468,054) (10,426,186) (9,423,974)
Construction in process:      
Beginning balance (Construction in process) 308,101 345,453 372,992
Costs incurred to develop and expand real estate facilities 302,214 307,650 356,788
Acquisitions 0 0 2,922
Transfer to Other Assets (7,026) 0 (12,666)
Write-off of cancelled projects (72) (1,634) (11,721)
Developed or expanded facilities opened for operation (408,862) (343,368) (362,862)
Ending balance (Construction in process) 194,355 308,101 345,453
Total real estate facilities, net $ 18,804,558 $ 18,360,653 $ 18,386,717
v3.25.4
Real Estate Facilities (Narrative) (Details)
$ in Thousands, ft² in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
storage_facility
Dec. 31, 2024
USD ($)
ft²
storage_facility
Dec. 31, 2023
USD ($)
ft²
storage_facility
Schedule Of Real Estate Facilities [Line Items]      
Aggregate costs to develop and expand $ 408,900 $ 343,400 $ 362,900
Net rentable area developed or expanded | ft² 2.1 1.5 1.7
Impairment of real estate investments $ 4,348 $ 0 $ 0
Payments to acquire real estate 945,585 267,473 473,176
Write off development cost     11,700
Land cost transferred     12,700
Payment for acquisition, land, held-for-use     13,500
Gain (Loss) on sale of real estate 1,113 1,537 17,178
Proceeds from sale of real estate investments 8,151 $ 8,388 39,986
Adjusted basis of real estate 19,500,000    
Land Parcel      
Schedule Of Real Estate Facilities [Line Items]      
Impairment of real estate investments $ 4,300    
Gain (Loss) on sale of real estate     100
Proceeds from sale of real estate investments     100
Disposal of Real Estate Facilities      
Schedule Of Real Estate Facilities [Line Items]      
Net book value of real estate transaction     7,100
Gross proceeds from sale of real estate     40,000
Proceeds allocated to the sale of the property     24,300
Gain (Loss) on sale of real estate     17,100
Amount of excess cash proceeds from sale     $ 15,700
Acquisition of Self-Storage Facilities Other Investments      
Schedule Of Real Estate Facilities [Line Items]      
Number of operating self-storage facilities acquired | storage_facility 87 22 37
Net rentable area acquired (in Sq.ft) | ft² 6.1 1.7 2.7
Total cost of acquisition $ 945,600 $ 267,500 $ 473,200
Payments to acquire intangible assets $ 63,400 $ 12,500 $ 23,200
Simply Acquisition      
Schedule Of Real Estate Facilities [Line Items]      
Number of operating self-storage facilities acquired | storage_facility     127
Net rentable area acquired (in Sq.ft) | ft²     9.4
Total cost of acquisition     $ 2,200,000
Payments to acquire intangible assets     $ 214,300
Number of self-storage facilities to manage for third parties | storage_facility     25
Payments to acquire real estate     $ 2,000,000
v3.25.4
Investment in Unconsolidated Real Estate Entity (Details)
$ in Thousands
 12 Months Ended
Sep. 15, 2025
shares
Jun. 13, 2025
shares
Sep. 26, 2024
shares
Nov. 14, 2023
USD ($)
shares
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
€ / shares
Schedule of Equity Method Investments [Line Items]                
Contributions to unconsolidated real estate entity         $ 0 $ 0 $ 112,554  
Number of common shares received (in shares) | shares 576,984 576,992 487,600          
Exchange rate translation         1.174 1.039    
Cash distribution received         $ 1,823 $ 11,039 29,333  
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity         0 13,285 10,975  
Foreign currency translation gain (loss) on investment in Shurgard         $ 24,214 (4,739) 13,078  
Shurgard Self Storage Sa                
Schedule of Equity Method Investments [Line Items]                
Ownership interest (in percent)         35.00%      
Issuance of shares (in shares) | shares 1,192,066 1,267,459 1,114,194 8,163,265        
Number of shares acquired on pro-rata (in shares) | shares       2,863,674        
Contributions to unconsolidated real estate entity       $ 112,600        
Common stock owned of Shurgard (in shares) | shares         35,773,710      
Share price (in euro per share) | € / shares               € 29.30
Market value         $ 1,200,000      
License fees received         5,000 4,300 3,800  
Cash distribution received           22,800 39,000  
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity           13,300 11,000  
Basis differential         37,700 62,600    
Equity method investment, transfer of carrying amount, real estate facilities         25,700      
Amortization of basis differential         8,000 4,500 4,100  
Shurgard Self Storage Sa | Trademark License                
Schedule of Equity Method Investments [Line Items]                
Cash distribution received         $ 1,800 $ 1,500 $ 1,300  
v3.25.4
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]    
Goodwill, gross $ 165,843 $ 165,843
Goodwill, net 165,843 165,843
Gross Book Value 1,071,488 1,008,111
Accumulated Amortization (1,004,542) (910,591)
Total 66,946 97,520
Gross Book Value 1,256,155 1,192,778
Net Book Value 251,613 282,187
Trade Names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 18,824 $ 18,824
v3.25.4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 94.0 $ 117.6 $ 82.7
Increase in finite-lived intangible assets $ 63.4 $ 12.5 $ 237.5
v3.25.4
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 51,993  
2027 10,545  
2028 965  
2029 212  
2030 212  
Thereafter 3,019  
Total $ 66,946 $ 97,520
Finite-lived intangible assets, weighted average useful life (in years) 1 year 2 months 12 days  
v3.25.4
Notes Receivable (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
extension
Dec. 31, 2024
USD ($)
Extinguishment of Debt [Line Items]    
Number of extensions | extension 2  
Financing receivable, extension period (in years) 1 year  
Notes receivable $ 142,108 $ 9,976
Unfunded Loan Commitment    
Extinguishment of Debt [Line Items]    
Unfunded loan commitment $ 43,900  
Notes Receivable    
Extinguishment of Debt [Line Items]    
Number of extensions | extension 2  
Financing receivable, extension period (in years) 1 year  
Notes receivable $ 142,100 $ 10,000
Financing receivable, average annual interest rate (in percent) 0.079 0.081
Minimum    
Extinguishment of Debt [Line Items]    
Financing receivable, term (in years) 3 years  
Minimum | Notes Receivable    
Extinguishment of Debt [Line Items]    
Financing receivable, term (in years) 3 years  
Maximum    
Extinguishment of Debt [Line Items]    
Financing receivable, term (in years) 4 years  
Maximum | Notes Receivable    
Extinguishment of Debt [Line Items]    
Financing receivable, term (in years) 4 years  
v3.25.4
Credit Facility (Details) - USD ($)
 12 Months Ended
Jun. 12, 2023
Dec. 31, 2025
Dec. 31, 2024
Jun. 11, 2023
Minimum        
Debt Instrument [Line Items]        
Financing receivable, term (in years)   3 years    
Maximum        
Debt Instrument [Line Items]        
Financing receivable, term (in years)   4 years    
Credit Facility        
Debt Instrument [Line Items]        
Credit Facility borrowing capacity $ 1,500,000,000     $ 500,000,000
Optional extension period 1 year      
Debt instrument, extension fee maximum, Commitment (in percent) 0.125%      
Debt instrument, variable interest rate, type [extensible enumeration] Secured Overnight Financing Rate (SOFR) [Member]      
Interest rate spread (in percent)   0.70%    
Facility fee (in percent)   0.10%    
Outstanding borrowings   $ 0    
Credit Facility | Minimum        
Debt Instrument [Line Items]        
Interest rate spread (in percent) 0.65%      
Facility fee (in percent)   0.10%    
Credit Facility | Maximum        
Debt Instrument [Line Items]        
Interest rate spread (in percent) 1.40%      
Facility fee (in percent)   0.30%    
Standby Letters of Credit        
Debt Instrument [Line Items]        
Undrawn standby letters of credit   $ 19,400,000 $ 19,400,000  
v3.25.4
Notes Payable (Schedule of Notes Payable) (Details)
$ in Thousands
 12 Months Ended
Jul. 26, 2023
USD ($)
Dec. 31, 2025
USD ($)
real_estate_facility
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Principal   $ 10,310,320  
Unamortized Costs   (56,581)  
Book Value   10,253,881 $ 9,353,034
Fair Value   9,896,179 8,807,258
Notes due July 25, 2025      
Debt Instrument [Line Items]      
Interest rate spread (in percent) 0.60%    
Principal $ 400,000    
Notes due January 15, 2029      
Debt Instrument [Line Items]      
Coupon Rate 5.125%    
Principal $ 500,000    
Notes due July 1, 2030 | Interest Rate Swap      
Debt Instrument [Line Items]      
Derivative, fair value   100  
Notes due August 1, 2033      
Debt Instrument [Line Items]      
Coupon Rate 5.10%    
Principal $ 700,000    
Notes due August 1, 2053      
Debt Instrument [Line Items]      
Coupon Rate 5.35%    
Principal $ 600,000    
U.S. Dollar Denominated Unsecured Debt      
Debt Instrument [Line Items]      
Principal   8,225,000  
Unamortized Costs   (42,069)  
Book Value   8,183,073 7,707,895
Fair Value   $ 8,039,679 7,315,437
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025      
Debt Instrument [Line Items]      
Debt instrument, variable interest rate, type [extensible enumeration]   Secured Overnight Financing Rate (SOFR) [Member]  
Interest rate spread (in percent)   0.60%  
Effective Rate   4.94%  
Principal   $ 0  
Unamortized Costs   0  
Book Value   0 399,537
Fair Value   $ 0 400,714
U.S. Dollar Denominated Unsecured Debt | Notes due February 15, 2026      
Debt Instrument [Line Items]      
Coupon Rate   0.875%  
Effective Rate   1.03%  
Principal   $ 500,000  
Unamortized Costs   (99)  
Book Value   499,901 499,160
Fair Value   $ 497,958 479,639
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2026      
Debt Instrument [Line Items]      
Coupon Rate   1.50%  
Effective Rate   1.64%  
Principal   $ 650,000  
Unamortized Costs   (747)  
Book Value   649,253 648,383
Fair Value   $ 636,828 614,981
U.S. Dollar Denominated Unsecured Debt | Notes due April 16, 2027      
Debt Instrument [Line Items]      
Debt instrument, variable interest rate, type [extensible enumeration]   Secured Overnight Financing Rate (SOFR) [Member]  
Interest rate spread (in percent)   0.70%  
Effective Rate   4.645%  
Principal   $ 700,000  
Unamortized Costs   (1,416)  
Book Value   698,584 697,544
Fair Value   $ 703,891 706,119
U.S. Dollar Denominated Unsecured Debt | Notes due September 15, 2027      
Debt Instrument [Line Items]      
Coupon Rate   3.094%  
Effective Rate   3.218%  
Principal   $ 500,000  
Unamortized Costs   (908)  
Book Value   499,092 498,564
Fair Value   $ 494,206 480,904
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2028      
Debt Instrument [Line Items]      
Coupon Rate   1.85%  
Effective Rate   1.962%  
Principal   $ 650,000  
Unamortized Costs   (1,567)  
Book Value   648,433 647,756
Fair Value   $ 620,402 592,876
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2028      
Debt Instrument [Line Items]      
Coupon Rate   1.95%  
Effective Rate   2.044%  
Principal   $ 550,000  
Unamortized Costs   (1,375)  
Book Value   548,625 548,144
Fair Value   $ 520,843 494,867
U.S. Dollar Denominated Unsecured Debt | Notes due January 15, 2029      
Debt Instrument [Line Items]      
Coupon Rate   5.125%  
Effective Rate   5.26%  
Principal   $ 500,000  
Unamortized Costs   (1,775)  
Book Value   498,225 497,639
Fair Value   $ 516,660 506,074
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2029      
Debt Instrument [Line Items]      
Coupon Rate   3.385%  
Effective Rate   3.459%  
Principal   $ 500,000  
Unamortized Costs   (1,017)  
Book Value   498,983 498,673
Fair Value   $ 489,405 472,031
U.S. Dollar Denominated Unsecured Debt | Notes due July 1, 2030      
Debt Instrument [Line Items]      
Coupon Rate   4.375%  
Effective Rate   4.568%  
Principal   $ 475,000  
Unamortized Costs   (3,645)  
Book Value   471,497 0
Fair Value   $ 478,958 0
U.S. Dollar Denominated Unsecured Debt | Notes due May 1, 2031      
Debt Instrument [Line Items]      
Coupon Rate   2.30%  
Effective Rate   2.419%  
Principal   $ 650,000  
Unamortized Costs   (3,642)  
Book Value   646,358 645,673
Fair Value   $ 588,030 555,387
U.S. Dollar Denominated Unsecured Debt | Notes due November 9, 2031      
Debt Instrument [Line Items]      
Coupon Rate   2.25%  
Effective Rate   2.322%  
Principal   $ 550,000  
Unamortized Costs   (2,078)  
Book Value   547,922 547,570
Fair Value   $ 490,580 459,682
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2033      
Debt Instrument [Line Items]      
Coupon Rate   5.10%  
Effective Rate   5.207%  
Principal   $ 700,000  
Unamortized Costs   (4,392)  
Book Value   695,608 695,028
Fair Value   $ 724,886 695,171
U.S. Dollar Denominated Unsecured Debt | Notes due July 1, 2035      
Debt Instrument [Line Items]      
Coupon Rate   5.00%  
Effective Rate   5.143%  
Principal   $ 400,000  
Unamortized Costs   (4,184)  
Book Value   395,816 0
Fair Value   $ 406,046 0
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2053      
Debt Instrument [Line Items]      
Coupon Rate   5.35%  
Effective Rate   5.474%  
Principal   $ 900,000  
Unamortized Costs   (15,224)  
Book Value   884,776 884,224
Fair Value   870,986 856,992
Euro Denominated Unsecured Debt      
Debt Instrument [Line Items]      
Principal   2,083,744  
Unamortized Costs   (14,512)  
Book Value   2,069,232 1,643,431
Fair Value   $ 1,854,955 1,490,230
Euro Denominated Unsecured Debt | Notes due November 3, 2025      
Debt Instrument [Line Items]      
Coupon Rate   2.175%  
Effective Rate   2.175%  
Principal   $ 0  
Unamortized Costs   0  
Book Value   0 251,385
Fair Value   $ 0 249,979
Euro Denominated Unsecured Debt | Notes due September 9, 2030      
Debt Instrument [Line Items]      
Coupon Rate   0.50%  
Effective Rate   0.64%  
Principal   $ 821,758  
Unamortized Costs   (5,252)  
Book Value   816,506 720,735
Fair Value   $ 727,308 630,159
Euro Denominated Unsecured Debt | Notes due January 24, 2032      
Debt Instrument [Line Items]      
Coupon Rate   0.875%  
Effective Rate   0.978%  
Principal   $ 586,970  
Unamortized Costs   (3,250)  
Book Value   583,720 515,575
Fair Value   $ 508,532 443,113
Euro Denominated Unsecured Debt | Notes due January 20, 2034      
Debt Instrument [Line Items]      
Coupon Rate   3.50%  
Effective Rate   3.836%  
Principal   $ 498,925  
Unamortized Costs   (5,945)  
Book Value   492,980 0
Fair Value   $ 441,580 0
Euro Denominated Unsecured Debt | Notes due April 11, 2039      
Debt Instrument [Line Items]      
Coupon Rate   4.08%  
Effective Rate   4.08%  
Principal   $ 176,091  
Unamortized Costs   (65)  
Book Value   176,026 155,736
Fair Value   $ 177,535 166,979
Mortgage Debt      
Debt Instrument [Line Items]      
Number of real estate facilities securing debt | real_estate_facility   2  
Net book value of real estate facilities securing notes payable   $ 10,800  
Coupon Rate   4.24%  
Effective Rate   4.24%  
Principal   $ 1,576  
Unamortized Costs   0  
Book Value   1,576 1,708
Fair Value   $ 1,545 $ 1,591
v3.25.4
Notes Payable (Narrative) (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jul. 25, 2025
USD ($)
Apr. 23, 2024
USD ($)
Apr. 16, 2024
USD ($)
Apr. 11, 2024
USD ($)
Jul. 26, 2023
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
tranche
interest_rate_swap
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 03, 2025
EUR (€)
Oct. 03, 2025
EUR (€)
Apr. 11, 2024
EUR (€)
Sep. 09, 2021
EUR (€)
Jan. 24, 2020
EUR (€)
Debt Instrument [Line Items]                              
Number of interest rate derivatives held | interest_rate_swap             3                
Total debt             $ 10,310,320                
Foreign currency exchange gain (loss)             (215,583)   $ 102,244 $ (51,197)          
Interest capitalized as real estate             6,500   10,500 9,300          
Interest Rate Swap                              
Debt Instrument [Line Items]                              
Notional amount             475,000                
Notes due July 1, 2030 | Interest Rate Swap                              
Debt Instrument [Line Items]                              
Derivative, fair value             $ 100                
Notes due July 25, 2025                              
Debt Instrument [Line Items]                              
Interest rate spread (in percent)         0.60%                    
Total debt         $ 400,000                    
Notes due August 1, 2053                              
Debt Instrument [Line Items]                              
Interest rate (in percent)         5.35%                    
Total debt         $ 600,000                    
Notes due January 15, 2029                              
Debt Instrument [Line Items]                              
Interest rate (in percent)         5.125%                    
Total debt         $ 500,000                    
Notes due August 1, 2033                              
Debt Instrument [Line Items]                              
Interest rate (in percent)         5.10%                    
Total debt         $ 700,000                    
Mortgage Debt | Minimum                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             3.90%                
Mortgage Debt | Maximum                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             7.10%                
Senior Notes                              
Debt Instrument [Line Items]                              
Debt issuance amount     $ 1,000,000     $ 875,000                  
Net proceeds from offering     $ 988,500     867,000                  
Senior Notes | Senior Notes 4.375 Percent Due July 2030                              
Debt Instrument [Line Items]                              
Debt issuance amount           $ 475,000                  
Interest rate (in percent)           4.375%                  
Senior Notes | Senior Notes 5.000 Percent Due July 2035                              
Debt Instrument [Line Items]                              
Debt issuance amount           $ 400,000                  
Interest rate (in percent)           5.00%                  
Senior Notes | Notes due July 1, 2030                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration]             Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]              
Interest rate spread (in percent)             0.92% 0.92%              
Senior Notes | Notes due July 25, 2025                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration] Secured Overnight Financing Rate (SOFR) [Member]                            
Interest rate spread (in percent) 0.60%                            
Repayments of long-term debt $ 400,000                            
Senior Notes | Notes due April 16, 2027                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration]     Secured Overnight Financing Rate (SOFR) [Member]                        
Interest rate spread (in percent)     0.70%                        
Total debt     $ 700,000                        
Senior Notes | Notes due August 1, 2053                              
Debt Instrument [Line Items]                              
Interest rate (in percent)     5.35%                        
Total debt     $ 300,000                        
Debt instrument, unamortized discount     $ 5,300                        
Senior Notes | Notes Due April 23, 2024                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration]   Secured Overnight Financing Rate (SOFR) [Member]                          
Interest rate spread (in percent)   0.47%                          
Repayments of long-term debt   $ 700,000                          
Senior Notes | Notes due January 20, 2034                              
Debt Instrument [Line Items]                              
Interest rate (in percent)                       3.50%      
Senior Notes | Notes due April 11, 2039                              
Debt Instrument [Line Items]                              
Interest rate (in percent)                         4.08%    
Net proceeds from offering       $ 162,500                      
Senior Notes | Notes due November 3, 2025                              
Debt Instrument [Line Items]                              
Interest rate (in percent)                     2.175%        
Senior Notes | Notes Due April 12, 2024                              
Debt Instrument [Line Items]                              
Interest rate (in percent)                         1.54%    
Repayments of debt       $ 108,400                      
U.S. Dollar Denominated Unsecured Debt                              
Debt Instrument [Line Items]                              
Total debt             $ 8,225,000                
Debt to total assets ratio (in percent)             19.00%                
Adjusted EBTIDA to interest expense ratio             12 12              
U.S. Dollar Denominated Unsecured Debt | Minimum                              
Debt Instrument [Line Items]                              
Adjusted EBTIDA to interest expense ratio             1.5 1.5              
U.S. Dollar Denominated Unsecured Debt | Notes due July 1, 2030                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             4.375%                
Total debt             $ 475,000                
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration]             Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]              
Interest rate spread (in percent)             0.60% 0.60%              
Total debt             $ 0                
U.S. Dollar Denominated Unsecured Debt | Notes due April 16, 2027                              
Debt Instrument [Line Items]                              
Debt instrument, variable interest rate, type [extensible enumeration]             Secured Overnight Financing Rate (SOFR) [Member] Secured Overnight Financing Rate (SOFR) [Member]              
Interest rate spread (in percent)             0.70% 0.70%              
Total debt             $ 700,000                
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2053                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             5.35%                
Total debt             $ 900,000                
U.S. Dollar Denominated Unsecured Debt | Notes due January 15, 2029                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             5.125%                
Total debt             $ 500,000                
U.S. Dollar Denominated Unsecured Debt | Notes due August 1, 2033                              
Debt Instrument [Line Items]                              
Interest rate (in percent)             5.10%                
Total debt             $ 700,000                
U.S. Dollar Denominated Unsecured Debt | Notes due on 2025, 2029, 2033, and 2053                              
Debt Instrument [Line Items]                              
Debt issuance costs         $ 18,700                    
U.S. Dollar Denominated Unsecured Debt | Maximum Covenant                              
Debt Instrument [Line Items]                              
Debt to total assets ratio (in percent)             65.00%                
Euro Denominated Unsecured Debt                              
Debt Instrument [Line Items]                              
Total debt             $ 2,083,744                
Number of tranches | tranche             4                
Foreign currency exchange gain (loss)             $ (213,500)   $ 103,000 $ (51,600)          
Euro Denominated Unsecured Debt | Notes due January 24, 2032                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                             € 500,000,000.0
Interest rate (in percent)             0.875%                
Total debt             $ 586,970                
Euro Denominated Unsecured Debt | Notes due September 9, 2030                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                           € 700,000,000.0  
Interest rate (in percent)             0.50%                
Total debt             $ 821,758                
Euro Denominated Unsecured Debt | Notes due January 20, 2034                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                       € 425,000,000.0      
Interest rate (in percent)             3.50%                
Net proceeds from offering | €               € 420,800,000              
Total debt             $ 498,925                
Euro Denominated Unsecured Debt | Notes due April 11, 2039                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                         € 150,000,000.0    
Interest rate (in percent)             4.08%                
Total debt             $ 176,091                
Euro Denominated Unsecured Debt | Notes due November 3, 2025                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                     € 242,000,000.0        
Interest rate (in percent)             2.175%                
Total debt             $ 0                
Euro Denominated Unsecured Debt | Notes Due April 12, 2024                              
Debt Instrument [Line Items]                              
Debt issuance amount | €                         € 100,000,000    
v3.25.4
Notes Payable (Schedule of Maturities of Notes Payable) (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 1,150,138
2027 1,200,146
2028 1,200,129
2029 1,000,088
2030 1,297,819
Thereafter 4,462,000
Total debt $ 10,310,320
Weighted average effective rate 3.20%
Unsecured Debt  
Debt Instrument [Line Items]  
2026 $ 1,150,000
2027 1,200,000
2028 1,200,000
2029 1,000,000
2030 1,296,758
Thereafter 4,461,986
Total debt $ 10,308,744
Weighted average effective rate 3.20%
Mortgage Debt  
Debt Instrument [Line Items]  
2026 $ 138
2027 146
2028 129
2029 88
2030 1,061
Thereafter 14
Total debt $ 1,576
Weighted average effective rate 4.20%
v3.25.4
Noncontrolling Interests (Details)
Dec. 31, 2025
shares
Noncontrolling Interest [Line Items]  
Convertible partnership units (in shares) 470,398
Partnership units conversion ratio 1
LTIP Units  
Noncontrolling Interest [Line Items]  
Partnership units conversion ratio 1
Trustees and Officers  
Noncontrolling Interest [Line Items]  
Ownership interest of noncontrolling owners (less than) (in percent) 0.20%
v3.25.4
Shareholders' Equity (Schedule of Preferred Shares) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) 174,000 174,000
Liquidation Preference $ 4,350,000 $ 4,350,000
Series F    
Class of Stock [Line Items]    
Earliest Redemption Date Jun. 02, 2022  
Dividend Rate 5.15%  
Preferred stock, shares outstanding (in shares) 11,200 11,200
Liquidation Preference $ 280,000 $ 280,000
Series G    
Class of Stock [Line Items]    
Earliest Redemption Date Aug. 09, 2022  
Dividend Rate 5.05%  
Preferred stock, shares outstanding (in shares) 12,000 12,000
Liquidation Preference $ 300,000 $ 300,000
Series H    
Class of Stock [Line Items]    
Earliest Redemption Date Mar. 11, 2024  
Dividend Rate 5.60%  
Preferred stock, shares outstanding (in shares) 11,400 11,400
Liquidation Preference $ 285,000 $ 285,000
Series I    
Class of Stock [Line Items]    
Earliest Redemption Date Sep. 12, 2024  
Dividend Rate 4.875%  
Preferred stock, shares outstanding (in shares) 12,650 12,650
Liquidation Preference $ 316,250 $ 316,250
Series J    
Class of Stock [Line Items]    
Earliest Redemption Date Nov. 15, 2024  
Dividend Rate 4.70%  
Preferred stock, shares outstanding (in shares) 10,350 10,350
Liquidation Preference $ 258,750 $ 258,750
Series K    
Class of Stock [Line Items]    
Earliest Redemption Date Dec. 20, 2024  
Dividend Rate 4.75%  
Preferred stock, shares outstanding (in shares) 9,200 9,200
Liquidation Preference $ 230,000 $ 230,000
Series L    
Class of Stock [Line Items]    
Earliest Redemption Date Jun. 17, 2025  
Dividend Rate 4.625%  
Preferred stock, shares outstanding (in shares) 22,600 22,600
Liquidation Preference $ 565,000 $ 565,000
Series M    
Class of Stock [Line Items]    
Earliest Redemption Date Aug. 14, 2025  
Dividend Rate 4.125%  
Preferred stock, shares outstanding (in shares) 9,200 9,200
Liquidation Preference $ 230,000 $ 230,000
Series N    
Class of Stock [Line Items]    
Earliest Redemption Date Oct. 06, 2025  
Dividend Rate 3.875%  
Preferred stock, shares outstanding (in shares) 11,300 11,300
Liquidation Preference $ 282,500 $ 282,500
Series O    
Class of Stock [Line Items]    
Earliest Redemption Date Nov. 17, 2025  
Dividend Rate 3.90%  
Preferred stock, shares outstanding (in shares) 6,800 6,800
Liquidation Preference $ 170,000 $ 170,000
Series P    
Class of Stock [Line Items]    
Earliest Redemption Date Jun. 16, 2026  
Dividend Rate 4.00%  
Preferred stock, shares outstanding (in shares) 24,150 24,150
Liquidation Preference $ 603,750 $ 603,750
Series Q    
Class of Stock [Line Items]    
Earliest Redemption Date Aug. 17, 2026  
Dividend Rate 3.95%  
Preferred stock, shares outstanding (in shares) 5,750 5,750
Liquidation Preference $ 143,750 $ 143,750
Series R    
Class of Stock [Line Items]    
Earliest Redemption Date Nov. 19, 2026  
Dividend Rate 4.00%  
Preferred stock, shares outstanding (in shares) 17,400 17,400
Liquidation Preference $ 435,000 $ 435,000
Series S    
Class of Stock [Line Items]    
Earliest Redemption Date Jan. 13, 2027  
Dividend Rate 4.10%  
Preferred stock, shares outstanding (in shares) 10,000 10,000
Liquidation Preference $ 250,000 $ 250,000
v3.25.4
Shareholders' Equity (Narrative) (Details)
 12 Months Ended 24 Months Ended
Dec. 31, 2025
USD ($)
dividend
board_member
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Stockholders' Equity Note [Abstract]        
Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members | dividend 6      
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends | board_member 2      
Amount of preferred dividends in arrears $ 0      
Affirmative vote of outstanding shares of a series of Preferred Shares required for any material and adverse amendment to the terms of series (in percent) 66.67%      
Affirmative vote of outstanding shares of all Preferred Shares, voting as a single class, required to issue shares ranking senior to Preferred Shares (in percent) 66.67%      
Redemption price per share (in USD per share) | $ / shares $ 25.00     $ 25.00
Maximum aggregate sales price of the "at the market" offering program   $ 2,000,000,000    
Issuance of commons shares for cash (in shares) | shares 0 184,390 0 184,390
Issuance of commons shares for cash $ 0 $ 60,321,000 $ 0 $ 61,400,000
Proceed from issuance of commons shares for cash, net       $ 60,300,000
Number of shares authorized for repurchase (in shares) | shares 35,000,000     35,000,000
Shares repurchased (in shares) | shares       24,448,781
Repurchase of common shares       $ 879,100,000
Share repurchase program, remaining authorized, number of shares (in shares) | shares 10,551,219     10,551,219
Common stock dividends paid in aggregate $ 2,109,000,000 $ 2,107,000,000 $ 2,111,000,000  
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares $ 12.00 $ 12.00 $ 12.00  
Preferred share dividends $ 194,700,000 $ 194,700,000 $ 194,700,000  
v3.25.4
Shareholders' Equity (Schedule of Issuance of Common Shares) (Details) - USD ($)
$ in Thousands
 12 Months Ended 24 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Stockholders' Equity Note [Abstract]        
Employee stock-based compensation and exercise of stock options (Note 12) (in shares) 91,850 280,141 405,059  
Employee stock-based compensation and exercise of stock options (Note 12) $ 9,544 $ 47,411 $ 53,386  
Issuance of commons shares for cash (in shares) 0 184,390 0 184,390
Issuance of commons shares for cash $ 0 $ 60,321 $ 0 $ 61,400
Repurchase of common shares (in shares) 0 (726,865) 0  
Repurchase of common shares $ 0 $ (200,000) $ 0  
Total shares (in shares) 91,850 (262,334) 405,059  
Total shares $ 9,544 $ (92,268) $ 53,386  
v3.25.4
Shareholders' Equity (Schedule of Distribution Classification) (Details)
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Stockholders' Equity Note [Abstract]        
Ordinary Dividends 100.00% 100.00% 100.00% 100.00%
Capital Gain Distributions 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 100.00% 100.00%
v3.25.4
Related Party Transactions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
storage_facility
adult_children
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]      
Tenants reinsurance premiums earned by subsidiaries | $ $ 2.1 $ 2.2 $ 2.1
Hughes Owned Canadian Facilities | Canada | Related Party      
Related Party Transaction [Line Items]      
Number of self-storage facilities | storage_facility 67    
Number of Ms. Gustavson's adult children owning remaining equity in LLC | adult_children 2    
Ownership interest by parent 0.00%    
Tamara Hughes Gustavson | Hughes Owned Canadian Facilities | Canada | Related Party      
Related Party Transaction [Line Items]      
Ownership interest of noncontrolling owners (less than) (in percent) 0.10%    
v3.25.4
Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Payment Arrangement, Expensed, Amount [Line Items]      
Share-based compensation expense $ 39,902 $ 44,747 $ 41,566
Self-storage cost of operations      
Share-based Payment Arrangement, Expensed, Amount [Line Items]      
Share-based compensation expense 12,003 12,128 13,636
Ancillary cost of operations      
Share-based Payment Arrangement, Expensed, Amount [Line Items]      
Share-based compensation expense 1,276 1,161 1,289
Real estate acquisition and development expense      
Share-based Payment Arrangement, Expensed, Amount [Line Items]      
Share-based compensation expense 1,660 2,750 1,242
General and administrative      
Share-based Payment Arrangement, Expensed, Amount [Line Items]      
Share-based compensation expense $ 24,963 $ 28,708 $ 25,399
v3.25.4
Share-Based Compensation (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
shares
May 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation cost capitalized | $ $ 2,200 $ 3,100 $ 2,400    
RSUs substituted by LTIP units (in shares) 156,632        
Stock options substituted by AO LTIP units (in shares) 2,238,874        
Partnership units conversion ratio 1        
Share-based compensation expense | $ $ 39,902 $ 44,747 $ 41,566    
Unrecognized compensation cost | $ $ 64,000        
Compensation recognition period (in years) 3 years        
Stock options granted (in shares) 168,404 197,866 240,425    
Compensation cost not yet recognized | $ $ 10,100        
Average remaining contractual lives (in years) 4 years        
Non-Management Trustee          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted (in shares)     60,000    
Restricted Share Units and LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation expense | $ $ 30,500 $ 34,400 $ 28,200    
LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Partnership units conversion ratio 1        
Granted (in shares) 2,112     6,594  
PSA OP Common Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Partnership units conversion ratio 1        
Performance-Based LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 36,802 34,550      
Performance target (in percent) 100.00%        
Award performance period (in years) 3 years 3 years      
Restricted Share Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 111,281 128,565 115,185    
Performance target (in percent)   200.00%      
Award performance period (in years)     3 years    
Restricted share units outstanding (in shares) 348,901 385,931 416,661 476,047  
Performance-Based RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)   3,770      
Performance-Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 36,802 44,914 37,211    
Restricted share units outstanding (in shares) 137,711 128,057 94,013 68,235  
Performance Target, Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance target (in percent)   130.00%      
Award performance period (in years)     3 years    
Percentage of target options originally granted (in percent)     200.00%    
Service-Based AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted (in shares) 103,839 106,484      
Performance-Based AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award performance period (in years) 3 years 3 years      
Stock options granted (in shares) 61,388 63,717      
Service-Based Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted (in shares) 3,177 3,600      
Non-Management Trustee          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options granted (in shares)     117,168    
Service-Based          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation recognition period (in years) 2 years        
Stock options granted (in shares) 107,016 110,084 60,000    
Stock options outstanding, aggregate intrinsic value | $ $ 73,200        
Average remaining contractual lives (in years) 4 years        
Aggregate intrinsic value for stock options exercisable | $ $ 70,400        
Deferred Stock Units (DSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 790        
Granted DSUs (in shares) 602        
Restricted share units outstanding (in shares) 11,674 11,486      
Unrestricted Common Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares) 467        
Stock Options and AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period (in years) 10 years        
Share-based compensation expense | $ $ 10,600 $ 12,700 $ 14,900    
Performance-Based Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, capital shares reserved for future issuance (in shares)         3,000,000
Minimum | Restricted Share Units and LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 5 years        
Minimum | Performance-Based LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of units, grantees earnings (in shares) 0 0      
Minimum | Performance-Based AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of units, grantees earnings (in shares) 0 0      
Minimum | Stock Options and AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 1 year        
Maximum | Restricted Share Units and LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 8 years        
Maximum | Performance-Based LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of units, grantees earnings (in shares) 73,604 69,100      
Maximum | Performance-Based AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of units, grantees earnings (in shares) 122,776 127,434      
Maximum | Stock Options and AO LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period (in years) 5 years        
v3.25.4
Share-Based Compensation (Schedule of Restricted Share Units and LTIP Units Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Service-Based      
Number of Awards      
Unvested awards outstanding, beginning balance (in shares) 257,874 322,648 407,812
Granted (in shares) 74,479 83,651 77,974
Vested (in shares) (104,560) (130,321) (132,909)
Forfeited (in shares) (16,603) (18,104) (30,229)
Unvested awards outstanding, ending balance (in shares) 211,190 257,874 322,648
Unvested awards outstanding, beginning balance (in USD per share) $ 289.35 $ 272.14 $ 258.34
Granted (in USD per share) 262.47 308.24 296.19
Vested (in USD per share) (274.02) (259.20) (245.19)
Forfeited (in USD per share) (297.39) (286.93) (266.60)
Unvested awards outstanding, ending balance (in USD per share) $ 286.83 $ 289.35 $ 272.14
Performance-Based      
Number of Awards      
Unvested awards outstanding, beginning balance (in shares) 128,057 94,013 68,235
Granted (in shares) 36,802 44,914 37,211
Vested (in shares) (27,148) (10,004) (9,250)
Forfeited (in shares) 0 (866) (2,183)
Unvested awards outstanding, ending balance (in shares) 137,711 128,057 94,013
Unvested awards outstanding, beginning balance (in USD per share) $ 296.79 $ 327.06 $ 336.33
Granted (in USD per share) 293.08 228.68 295.61
Vested (in USD per share) (350.21) (275.12) (275.12)
Forfeited (in USD per share) 0 (300.86) (300.86)
Unvested awards outstanding, ending balance (in USD per share) $ 285.27 $ 296.79 $ 327.06
Restricted Share Units      
Number of Awards      
Unvested awards outstanding, beginning balance (in shares) 385,931 416,661 476,047
Granted (in shares) 111,281 128,565 115,185
Vested (in shares) (131,708) (140,325) (142,159)
Forfeited (in shares) (16,603) (18,970) (32,412)
Unvested awards outstanding, ending balance (in shares) 348,901 385,931 416,661
Unvested awards outstanding, beginning balance (in USD per share) $ 291.82 $ 284.53 $ 269.52
Granted (in USD per share) 272.59 280.45 296.01
Vested (in USD per share) (289.73) (260.33) (247.13)
Forfeited (in USD per share) (297.39) (287.57) (268.91)
Unvested awards outstanding, ending balance (in USD per share) $ 286.21 $ 291.82 $ 284.53
v3.25.4
Share-Based Compensation (Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Aggregate exercise date intrinsic value of options and AO LTIP units exercised or converted during the year (in 000's) $ 15,091 $ 85,833 $ 35,662  
Average estimated value of options and AO LTIP Units granted during the year $ 61.73 $ 51.33 $ 56.86  
Restricted Share Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of vested shares and vested LTIP units on vesting date $ 36,864 $ 41,848 $ 41,999  
Cash paid for taxes upon vesting in lieu of issuing common shares $ 8,646 $ 12,667 $ 13,950  
Common shares issued upon vesting (in shares) 50,016 63,840 96,657  
Vested LTIP units issued upon vesting (in shares) 54,136 40,396 0  
Time from the valuation date to the end of the Performance Period 3 years 3 years 3 years  
Risk-free interest rate 4.00% 4.20% 3.80%  
Expected volatility, based upon historical volatility 24.90% 23.80% 28.20%  
Expected dividend yield 3.80% 4.30% 4.10%  
Granted (in shares) 111,281 128,565 115,185  
LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 2,112     6,594
Share-Based Payment Arrangement, Option, Valued With Black-Scholes Method        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Time from the valuation date to the end of the Performance Period 6 years 6 years 6 years  
Risk-free interest rate 4.10% 4.20% 3.50%  
Expected volatility, based upon historical volatility 25.10% 24.40% 24.40%  
Expected dividend yield 3.90% 4.30% 4.20%  
Share-Based Payment Arrangement, Option, Valued With Monte-Carlo Simulation Method        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Time from the valuation date to the end of the Performance Period 7 years 7 years 7 years  
Risk-free interest rate 4.10% 4.10% 3.50%  
Expected volatility, based upon historical volatility 24.70% 24.10% 23.80%  
Expected dividend yield 3.80% 4.30% 4.10%  
v3.25.4
Share-Based Compensation (Schedule of Stock Options and AO LTIP Units Activity) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Number of Awards          
Number of Awards, beginning balance (in shares) 2,550,465 3,051,221 3,164,483    
Granted (in shares) 168,404 197,866 240,425    
Exercised (in shares) (258,243) (683,348) (306,651)    
Cancelled (in shares) (6,884) (15,274) (47,036)    
Number of Awards, ending balance (in shares) 2,453,742 2,550,465 3,051,221 3,164,483  
Awards exercisable or convertible (in shares) 1,922,735        
Weighted Average Exercise or Conversion Price per Award          
Number of options outstanding, beginning balance (in USD per share) $ 235.60 $ 225.97 $ 217.75    
Granted (in USD per share) 307.59 286.94 270.79    
Exercised (in USD per share) (211.54) (206.33) (173.26)    
Cancelled (in USD per share) (386.32) (287.21) (245.86)    
Number of options outstanding, ending balance (in USD per share) 242.65 $ 235.60 $ 225.97 $ 217.75  
Number of options exercisable (in USD per share) $ 230.26        
Issuance of common shares in connection with share-based compensation (in shares) 91,850 280,141 405,059    
Service-Based          
Number of Awards          
Number of Awards, beginning balance (in shares) 1,347,866 1,629,742 1,854,041    
Granted (in shares) 107,016 110,084 60,000    
Exercised (in shares) (223,705) (381,850) (272,250)    
Cancelled (in shares) (6,884) (10,110) (12,049)    
Number of Awards, ending balance (in shares) 1,224,293 1,347,866 1,629,742 1,854,041  
Awards exercisable or convertible (in shares) 1,049,184        
Weighted Average Exercise or Conversion Price per Award          
Number of options outstanding, beginning balance (in USD per share) $ 229.98 $ 218.83 $ 209.53    
Granted (in USD per share) 305.46 278.82 286.81    
Exercised (in USD per share) (209.97) (194.09) (167.15)    
Cancelled (in USD per share) (386.32) (320.69) (293.81)    
Number of options outstanding, ending balance (in USD per share) 239.35 $ 229.98 $ 218.83 $ 209.53  
Number of options exercisable (in USD per share) $ 229.89        
Performance-Based Stock Options And AO LTIP Units          
Number of Awards          
Number of Awards, beginning balance (in shares) 1,202,599 1,421,479 1,310,442    
Granted (in shares) 61,388 87,782 180,425    
Exercised (in shares) (34,538) (301,498) (34,401)    
Cancelled (in shares) 0 (5,164) (34,987)    
Number of Awards, ending balance (in shares) 1,229,449 1,202,599 1,421,479 1,310,442  
Awards exercisable or convertible (in shares) 873,551        
Weighted Average Exercise or Conversion Price per Award          
Number of options outstanding, beginning balance (in USD per share) $ 241.90 $ 234.16 $ 229.39    
Granted (in USD per share) 311.30 297.12 265.46    
Exercised (in USD per share) (221.68) (221.83) (221.68)    
Cancelled (in USD per share) 0 (221.68) (229.34)    
Number of options outstanding, ending balance (in USD per share) 245.93 $ 241.90 $ 234.16 $ 229.39  
Number of options exercisable (in USD per share) $ 230.71        
Performance-Based (a)          
Weighted Average Exercise or Conversion Price per Award          
Stock option granted for payout adjustments (in shares)         63,257
AO LTIP Units          
Weighted Average Exercise or Conversion Price per Award          
Stock option granted for payout adjustments (in shares)       24,065  
Conversion of partnership units (in shares) 216,876 468,352      
Common Shares          
Weighted Average Exercise or Conversion Price per Award          
Issuance of common shares in connection with share-based compensation (in shares) 41,367 214,996      
LTIP Units          
Weighted Average Exercise or Conversion Price per Award          
Conversion of partnership units (in shares) 66,936 186,944      
v3.25.4
Net Income per Common Share (Narrative) (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share (in shares) 572,130 138,739
v3.25.4
Net Income per Common Share (Schedule of Net Income Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 1,585,585 $ 1,872,685 $ 1,948,741
Denominator for basic net income per share - weighted average common shares outstanding (in shares) 175,447 175,351 175,472
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method (in shares) 455 687 671
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares) 175,902 176,038 176,143
Net income per common share:      
Basic (in USD per share) $ 9.04 $ 10.68 $ 11.11
Diluted (in USD per share) $ 9.01 $ 10.64 $ 11.06
v3.25.4
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Expected tax expense at statutory rate $ 375,859 $ 438,707 $ 455,898
State and local income taxes 6,946 2,689 7,871
Foreign tax expense 1,776 1,564 476
Tax Credits (16,585) (17,774) (8,639)
Changes in Valuation Allowance 8,669 24,353 14,631
Nontaxable REIT income (373,557) (438,739) (451,640)
Other (10,336) (6,131) (7,776)
Income tax provision (benefit) and effective tax rate $ (7,228) $ 4,669 $ 10,821
Percent      
Expected tax expense at statutory rate 21.00% 21.00% 21.00%
State and local income taxes 0.40% 0.10% 0.40%
Foreign tax expense 0.10% 0.10% 0.00%
Tax Credits (0.90%) (0.90%) (0.40%)
Changes in Valuation Allowance 0.50% 1.20% 0.70%
Nontaxable REIT income (0.209) (0.210) (0.208)
Other (0.60%) (0.30%) (0.40%)
Income tax provision (benefit) and effective tax rate (0.40%) 0.20% 0.50%
Tax Jurisdiction of Domicile [Extensible Enumeration] UNITED STATES    
Change in valuation allowance $ 15,800    
v3.25.4
Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 4,824,113 $ 4,695,616 $ 4,517,690
Depreciation and amortization (1,151,840) (1,129,766) (970,056)
Real estate acquisition and development expense (19,550) (15,506) (26,451)
General and administrative (106,682) (106,677) (80,632)
Interest and other income 63,099 67,212 85,590
Interest expense (304,495) (287,401) (201,132)
Equity in earnings (loss) of unconsolidated real estate entity 9,604 19,821 27,897
Foreign currency exchange gain (loss) (215,583) 102,244 (51,197)
Gain (Loss) on sale of real estate 1,113 1,537 17,178
Income tax (provision) benefit 7,228 (4,669) (10,821)
Net income 1,797,032 2,084,410 2,160,120
Operating Segments      
Segment Reporting Information [Line Items]      
Net income     2,399,688
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Real estate acquisition and development expense (19,550) (15,506) (26,451)
General and administrative (106,682) (106,677) (80,632)
Interest and other income 63,099 67,212 85,590
Interest expense (304,495) (287,401) (201,132)
Equity in earnings (loss) of unconsolidated real estate entity 9,604 19,821 27,897
Foreign currency exchange gain (loss) (215,583) 102,244 (51,197)
Gain (Loss) on sale of real estate 1,113 1,537 17,178
Income tax (provision) benefit 7,228 (4,669) (10,821)
Self-Storage Operations Reportable Segment | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 4,489,413 4,395,993 4,259,613
Cost of operations: (1,177,038) (1,136,720) (1,061,950)
Indirect cost of operations (143,067) (131,563) (134,735)
Net operating income 3,312,375 3,259,273 3,197,663
Depreciation and amortization (1,151,840) (1,129,766) (970,056)
Net income 2,160,535 2,129,507 2,227,607
Self-Storage Operations Reportable Segment | Operating Segments | Property taxes      
Segment Reporting Information [Line Items]      
Cost of operations: (480,793) (451,992) (411,323)
Self-Storage Operations Reportable Segment | Operating Segments | On-site property manager payroll      
Segment Reporting Information [Line Items]      
Cost of operations: (162,942) (167,258) (164,405)
Self-Storage Operations Reportable Segment | Operating Segments | Repairs and maintenance      
Segment Reporting Information [Line Items]      
Cost of operations: (98,140) (93,763) (83,429)
Self-Storage Operations Reportable Segment | Operating Segments | Utilities      
Segment Reporting Information [Line Items]      
Cost of operations: (65,517) (63,611) (62,462)
Self-Storage Operations Reportable Segment | Operating Segments | Marketing      
Segment Reporting Information [Line Items]      
Cost of operations: (103,340) (106,414) (90,717)
Self-Storage Operations Reportable Segment | Operating Segments | Other direct property costs      
Segment Reporting Information [Line Items]      
Cost of operations: (123,239) (122,119) (114,879)
Ancillary Operations | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 334,700 299,623 258,077
Net operating income 201,763 178,342 172,081
Cost of operations (132,937) (121,281) $ (85,996)
Net income $ 2,362,298 $ 2,307,849  
v3.25.4
Segment Information (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.4
Commitments and Contingencies (Details)
$ in Thousands, certificate in Millions
Dec. 31, 2025
USD ($)
certificate
Other Commitments [Line Items]  
Tenant insurance program against claims, maximum amount $ 5
Third-party insurance coverage for claims paid exceeding amount for individual event 15,000
Third-party limit for insurance coverage claims paid for individual event $ 10,000
Number of tenant certificate holders participating in insurance program, approximate | certificate 1.5
Aggregate coverage of tenants participating in insurance program $ 7,200,000
Construction commitments 169,400
Construction commitments 2026 155,300
Construction commitments 2027 14,100
Various lease commitments 65,500
Various lease commitments 2026 4,800
Various lease commitments 2027 4,500
Various lease commitments 2028 2,900
Various lease commitments 2029 2,900
Various lease commitments 2030 2,700
Various lease commitments thereafter 47,700
Private Equity Investments  
Other Commitments [Line Items]  
Unfunded loan commitment 48,200
Unfunded Loan Commitment  
Other Commitments [Line Items]  
Unfunded loan commitment $ 43,900
v3.25.4
Corporate Transformation Costs (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Costs $ 4,875
Recruitment and Relocation  
Restructuring Cost and Reserve [Line Items]  
Costs $ 2,022
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] General and administrative
v3.25.4
Corporate Transformation Costs (Schedule of Restructuring and Related Costs) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance $ 0
Costs 4,875
Cash payments (3,921)
Restructuring Reserve, Ending Balance 954
Severance and Retention  
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance 0
Costs 2,359
Cash payments (1,405)
Restructuring Reserve, Ending Balance 954
Recruitment and Relocation  
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance 0
Costs 2,022
Cash payments (2,022)
Restructuring Reserve, Ending Balance 0
Other  
Restructuring Reserve [Roll Forward]  
Restructuring Reserve, Beginning Balance 0
Costs 494
Cash payments (494)
Restructuring Reserve, Ending Balance $ 0
v3.25.4
Subsequent Events (Details)
$ / shares in Units, $ in Thousands, ft² in Millions
 1 Months Ended 12 Months Ended
Feb. 12, 2026
USD ($)
storage_facility
anniversary
company
state
$ / shares
Feb. 12, 2026
USD ($)
ft²
state
storage_facility
Dec. 31, 2025
USD ($)
ft²
Dec. 31, 2024
USD ($)
ft²
Dec. 31, 2023
USD ($)
ft²
Subsequent Event [Line Items]          
Amounts of transaction     $ 2,100 $ 2,200 $ 2,100
Acquisition of Self-Storage Facilities Other Investments          
Subsequent Event [Line Items]          
Net rentable area acquired (in Sq.ft) | ft²     6.1 1.7 2.7
Total cost of acquisition     $ 945,600 $ 267,500 $ 473,200
Subsequent Event | OP Options          
Subsequent Event [Line Items]          
Award vesting anniversary of grant date | company 6        
Exercise price (in dollars per share) | $ / shares $ 350        
Requisite service period (in years) 10 years        
Subsequent Event | H. Thomas Boyle | Chief Executive Officer          
Subsequent Event [Line Items]          
Annual base salary $ 1,000        
Target annual performance bonus (in percent) 200.00%        
Annual equity award $ 10,000        
Subsequent Event | H. Thomas Boyle | AO LTIP Units | Chief Executive Officer          
Subsequent Event [Line Items]          
Shares granted, value $ 10,000        
Conversion price per unit (in dollars per share) | $ / shares $ 350        
Subsequent Event | H. Thomas Boyle | AO LTIP Units | Share-Based Payment Arrangement, Tranche One | Chief Executive Officer          
Subsequent Event [Line Items]          
Vesting period (in years) 8 years        
Vesting (in percent) 60.00%        
Award vesting anniversary of grant date | anniversary 6        
Subsequent Event | H. Thomas Boyle | AO LTIP Units | Share-Based Payment Arrangement, Tranche Two | Chief Executive Officer          
Subsequent Event [Line Items]          
Vesting period (in years) 2 years        
Vesting (in percent) 40.00%        
Subsequent Event | Joseph D. Fisher | Chief Financial Officer          
Subsequent Event [Line Items]          
Annual base salary $ 600        
Annual equity award 4,000        
Potential annual bonus amount 1,400        
Subsequent Event | Joseph D. Fisher | AO LTIP Units | Chief Financial Officer          
Subsequent Event [Line Items]          
Shares granted, value $ 3,000        
Conversion price per unit (in dollars per share) | $ / shares $ 350        
Subsequent Event | Joseph D. Fisher | AO LTIP Units | Share-Based Payment Arrangement, Tranche One | Chief Financial Officer          
Subsequent Event [Line Items]          
Vesting period (in years) 8 years        
Vesting (in percent) 60.00%        
Award vesting anniversary of grant date | anniversary 6        
Subsequent Event | Joseph D. Fisher | AO LTIP Units | Share-Based Payment Arrangement, Tranche Two | Chief Financial Officer          
Subsequent Event [Line Items]          
Vesting period (in years) 2 years        
Vesting (in percent) 40.00%        
Subsequent Event | Shankh S. Mitra | OP Options          
Subsequent Event [Line Items]          
Annual equity award $ 25,000        
Subsequent Event | Ronald L. Havner | OP Options          
Subsequent Event [Line Items]          
Annual equity award 5,000        
Subsequent Event | Related Party | Joseph D. Russell, Jr. | Monthly Consulting          
Subsequent Event [Line Items]          
Amounts of transaction $ 400        
Subsequent Event | Acquisition of Self-Storage Facilities Other Investments          
Subsequent Event [Line Items]          
Number of self-storage facilities acquired | storage_facility 3 3      
Number of states with self-storage facilities to be acquired | state 3 3      
Net rentable area acquired (in Sq.ft) | ft²   0.2      
Total cost of acquisition   $ 20,700      
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details)
ft² in Thousands, $ in Thousands
Dec. 31, 2025
USD ($)
ft²
storage_facility
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 3,171
Net Rentable Square Feet | ft² 229,439
Encumbrances $ 1,576
Initial Cost, Land 5,850,066
Initial Cost, Building & Improvements 18,376,236
Costs Subsequent to Acquisition 5,851,955
Gross Carrying Amount, Land 5,952,072
Gross Carrying Amount, Buildings 24,126,185
Gross Carrying Amount, Total 30,078,257
Accumulated Depreciation $ 11,468,054
Minimum  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
Estimated useful lives of buildings and improvements (in years) 5 years
Maximum  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
Estimated useful lives of buildings and improvements (in years) 40 years
Commercial and non-operating real estate  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
Encumbrances $ 0
Initial Cost, Land 12,307
Initial Cost, Building & Improvements 19,892
Costs Subsequent to Acquisition 152,699
Gross Carrying Amount, Land 11,343
Gross Carrying Amount, Buildings 173,555
Gross Carrying Amount, Total 184,898
Accumulated Depreciation $ 118,485
Los Angeles | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 233
Net Rentable Square Feet | ft² 17,941
Encumbrances $ 187
Initial Cost, Land 585,848
Initial Cost, Building & Improvements 1,134,751
Costs Subsequent to Acquisition 687,867
Gross Carrying Amount, Land 596,216
Gross Carrying Amount, Buildings 1,812,250
Gross Carrying Amount, Total 2,408,466
Accumulated Depreciation $ 1,130,816
Dallas/Ft. Worth | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 221
Net Rentable Square Feet | ft² 19,992
Encumbrances $ 0
Initial Cost, Land 385,801
Initial Cost, Building & Improvements 2,278,224
Costs Subsequent to Acquisition 312,713
Gross Carrying Amount, Land 388,232
Gross Carrying Amount, Buildings 2,588,506
Gross Carrying Amount, Total 2,976,738
Accumulated Depreciation $ 748,150
Houston | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 174
Net Rentable Square Feet | ft² 14,587
Encumbrances $ 0
Initial Cost, Land 289,007
Initial Cost, Building & Improvements 963,575
Costs Subsequent to Acquisition 360,489
Gross Carrying Amount, Land 288,329
Gross Carrying Amount, Buildings 1,324,742
Gross Carrying Amount, Total 1,613,071
Accumulated Depreciation $ 534,986
Chicago | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 145
Net Rentable Square Feet | ft² 9,403
Encumbrances $ 0
Initial Cost, Land 158,287
Initial Cost, Building & Improvements 530,281
Costs Subsequent to Acquisition 222,108
Gross Carrying Amount, Land 161,124
Gross Carrying Amount, Buildings 749,552
Gross Carrying Amount, Total 910,676
Accumulated Depreciation $ 505,451
San Francisco | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 142
Net Rentable Square Feet | ft² 9,496
Encumbrances $ 0
Initial Cost, Land 248,501
Initial Cost, Building & Improvements 570,134
Costs Subsequent to Acquisition 384,278
Gross Carrying Amount, Land 265,895
Gross Carrying Amount, Buildings 937,018
Gross Carrying Amount, Total 1,202,913
Accumulated Depreciation $ 660,441
Atlanta | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 122
Net Rentable Square Feet | ft² 8,182
Encumbrances $ 1,389
Initial Cost, Land 168,081
Initial Cost, Building & Improvements 482,923
Costs Subsequent to Acquisition 150,784
Gross Carrying Amount, Land 168,444
Gross Carrying Amount, Buildings 633,344
Gross Carrying Amount, Total 801,788
Accumulated Depreciation $ 381,481
Washington DC | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 119
Net Rentable Square Feet | ft² 8,443
Encumbrances $ 0
Initial Cost, Land 423,176
Initial Cost, Building & Improvements 1,329,933
Costs Subsequent to Acquisition 239,540
Gross Carrying Amount, Land 438,682
Gross Carrying Amount, Buildings 1,553,967
Gross Carrying Amount, Total 1,992,649
Accumulated Depreciation $ 635,368
Orlando/Daytona | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 117
Net Rentable Square Feet | ft² 6,928
Encumbrances $ 0
Initial Cost, Land 187,890
Initial Cost, Building & Improvements 652,931
Costs Subsequent to Acquisition 118,690
Gross Carrying Amount, Land 193,296
Gross Carrying Amount, Buildings 766,215
Gross Carrying Amount, Total 959,511
Accumulated Depreciation $ 278,476
New York | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 108
Net Rentable Square Feet | ft² 8,209
Encumbrances $ 0
Initial Cost, Land 316,900
Initial Cost, Building & Improvements 768,161
Costs Subsequent to Acquisition 409,256
Gross Carrying Amount, Land 323,538
Gross Carrying Amount, Buildings 1,170,779
Gross Carrying Amount, Total 1,494,317
Accumulated Depreciation $ 687,481
Miami | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 104
Net Rentable Square Feet | ft² 7,969
Encumbrances $ 0
Initial Cost, Land 283,795
Initial Cost, Building & Improvements 631,694
Costs Subsequent to Acquisition 214,574
Gross Carrying Amount, Land 285,688
Gross Carrying Amount, Buildings 844,375
Gross Carrying Amount, Total 1,130,063
Accumulated Depreciation $ 497,026
Seattle/Tacoma | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 102
Net Rentable Square Feet | ft² 7,402
Encumbrances $ 0
Initial Cost, Land 246,108
Initial Cost, Building & Improvements 634,810
Costs Subsequent to Acquisition 233,019
Gross Carrying Amount, Land 249,239
Gross Carrying Amount, Buildings 864,698
Gross Carrying Amount, Total 1,113,937
Accumulated Depreciation $ 529,836
Denver | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 76
Net Rentable Square Feet | ft² 5,606
Encumbrances $ 0
Initial Cost, Land 125,358
Initial Cost, Building & Improvements 362,010
Costs Subsequent to Acquisition 137,085
Gross Carrying Amount, Land 125,851
Gross Carrying Amount, Buildings 498,602
Gross Carrying Amount, Total 624,453
Accumulated Depreciation $ 243,877
Tampa | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 76
Net Rentable Square Feet | ft² 5,288
Encumbrances $ 0
Initial Cost, Land 126,757
Initial Cost, Building & Improvements 450,309
Costs Subsequent to Acquisition 110,350
Gross Carrying Amount, Land 130,071
Gross Carrying Amount, Buildings 557,345
Gross Carrying Amount, Total 687,416
Accumulated Depreciation $ 218,135
Philadelphia | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 72
Net Rentable Square Feet | ft² 4,883
Encumbrances $ 0
Initial Cost, Land 75,325
Initial Cost, Building & Improvements 341,298
Costs Subsequent to Acquisition 104,459
Gross Carrying Amount, Land 74,346
Gross Carrying Amount, Buildings 446,736
Gross Carrying Amount, Total 521,082
Accumulated Depreciation $ 238,242
Minneapolis/St. Paul | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 68
Net Rentable Square Feet | ft² 5,533
Encumbrances $ 0
Initial Cost, Land 128,142
Initial Cost, Building & Improvements 332,631
Costs Subsequent to Acquisition 160,591
Gross Carrying Amount, Land 131,695
Gross Carrying Amount, Buildings 489,669
Gross Carrying Amount, Total 621,364
Accumulated Depreciation $ 235,534
Charlotte | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 62
Net Rentable Square Feet | ft² 4,760
Encumbrances $ 0
Initial Cost, Land 89,937
Initial Cost, Building & Improvements 250,135
Costs Subsequent to Acquisition 115,134
Gross Carrying Amount, Land 97,800
Gross Carrying Amount, Buildings 357,406
Gross Carrying Amount, Total 455,206
Accumulated Depreciation $ 207,708
Detroit | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 54
Net Rentable Square Feet | ft² 3,961
Encumbrances $ 0
Initial Cost, Land 77,077
Initial Cost, Building & Improvements 289,354
Costs Subsequent to Acquisition 95,458
Gross Carrying Amount, Land 78,484
Gross Carrying Amount, Buildings 383,405
Gross Carrying Amount, Total 461,889
Accumulated Depreciation $ 189,273
Phoenix | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 53
Net Rentable Square Feet | ft² 3,889
Encumbrances $ 0
Initial Cost, Land 108,051
Initial Cost, Building & Improvements 367,874
Costs Subsequent to Acquisition 74,946
Gross Carrying Amount, Land 108,042
Gross Carrying Amount, Buildings 442,829
Gross Carrying Amount, Total 550,871
Accumulated Depreciation $ 195,300
Baltimore | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 52
Net Rentable Square Feet | ft² 4,109
Encumbrances $ 0
Initial Cost, Land 142,206
Initial Cost, Building & Improvements 798,014
Costs Subsequent to Acquisition 85,384
Gross Carrying Amount, Land 143,430
Gross Carrying Amount, Buildings 882,174
Gross Carrying Amount, Total 1,025,604
Accumulated Depreciation $ 240,590
Portland | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 51
Net Rentable Square Feet | ft² 3,078
Encumbrances $ 0
Initial Cost, Land 65,802
Initial Cost, Building & Improvements 233,930
Costs Subsequent to Acquisition 58,237
Gross Carrying Amount, Land 66,460
Gross Carrying Amount, Buildings 291,509
Gross Carrying Amount, Total 357,969
Accumulated Depreciation $ 165,514
Oklahoma City | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 51
Net Rentable Square Feet | ft² 3,712
Encumbrances $ 0
Initial Cost, Land 70,646
Initial Cost, Building & Improvements 328,653
Costs Subsequent to Acquisition 38,730
Gross Carrying Amount, Land 70,646
Gross Carrying Amount, Buildings 367,383
Gross Carrying Amount, Total 438,029
Accumulated Depreciation $ 82,258
West Palm Beach | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 49
Net Rentable Square Feet | ft² 3,960
Encumbrances $ 0
Initial Cost, Land 162,675
Initial Cost, Building & Improvements 246,483
Costs Subsequent to Acquisition 135,017
Gross Carrying Amount, Land 163,623
Gross Carrying Amount, Buildings 380,552
Gross Carrying Amount, Total 544,175
Accumulated Depreciation $ 210,124
San Antonio | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 42
Net Rentable Square Feet | ft² 3,045
Encumbrances $ 0
Initial Cost, Land 58,753
Initial Cost, Building & Improvements 250,276
Costs Subsequent to Acquisition 48,529
Gross Carrying Amount, Land 58,711
Gross Carrying Amount, Buildings 298,847
Gross Carrying Amount, Total 357,558
Accumulated Depreciation $ 120,781
Raleigh | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 41
Net Rentable Square Feet | ft² 2,988
Encumbrances $ 0
Initial Cost, Land 94,345
Initial Cost, Building & Improvements 247,524
Costs Subsequent to Acquisition 59,558
Gross Carrying Amount, Land 95,314
Gross Carrying Amount, Buildings 306,113
Gross Carrying Amount, Total 401,427
Accumulated Depreciation $ 120,796
Austin | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 40
Net Rentable Square Feet | ft² 3,128
Encumbrances $ 0
Initial Cost, Land 73,198
Initial Cost, Building & Improvements 224,069
Costs Subsequent to Acquisition 66,215
Gross Carrying Amount, Land 75,720
Gross Carrying Amount, Buildings 287,762
Gross Carrying Amount, Total 363,482
Accumulated Depreciation $ 143,275
Sacramento | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 38
Net Rentable Square Feet | ft² 2,291
Encumbrances $ 0
Initial Cost, Land 34,758
Initial Cost, Building & Improvements 115,143
Costs Subsequent to Acquisition 48,496
Gross Carrying Amount, Land 35,242
Gross Carrying Amount, Buildings 163,155
Gross Carrying Amount, Total 198,397
Accumulated Depreciation $ 108,401
Columbia | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 38
Net Rentable Square Feet | ft² 2,408
Encumbrances $ 0
Initial Cost, Land 46,809
Initial Cost, Building & Improvements 188,845
Costs Subsequent to Acquisition 37,781
Gross Carrying Amount, Land 47,569
Gross Carrying Amount, Buildings 225,866
Gross Carrying Amount, Total 273,435
Accumulated Depreciation $ 71,903
Norfolk | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 37
Net Rentable Square Feet | ft² 2,218
Encumbrances $ 0
Initial Cost, Land 48,750
Initial Cost, Building & Improvements 131,950
Costs Subsequent to Acquisition 39,880
Gross Carrying Amount, Land 48,189
Gross Carrying Amount, Buildings 172,391
Gross Carrying Amount, Total 220,580
Accumulated Depreciation $ 104,354
Indianapolis | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 37
Net Rentable Square Feet | ft² 2,440
Encumbrances $ 0
Initial Cost, Land 46,160
Initial Cost, Building & Improvements 171,251
Costs Subsequent to Acquisition 33,510
Gross Carrying Amount, Land 47,160
Gross Carrying Amount, Buildings 203,761
Gross Carrying Amount, Total 250,921
Accumulated Depreciation $ 84,753
Columbus | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 32
Net Rentable Square Feet | ft² 2,431
Encumbrances $ 0
Initial Cost, Land 55,843
Initial Cost, Building & Improvements 143,208
Costs Subsequent to Acquisition 43,410
Gross Carrying Amount, Land 55,950
Gross Carrying Amount, Buildings 186,511
Gross Carrying Amount, Total 242,461
Accumulated Depreciation $ 77,079
Kansas City | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 31
Net Rentable Square Feet | ft² 2,116
Encumbrances $ 0
Initial Cost, Land 20,212
Initial Cost, Building & Improvements 114,080
Costs Subsequent to Acquisition 64,111
Gross Carrying Amount, Land 20,412
Gross Carrying Amount, Buildings 177,991
Gross Carrying Amount, Total 198,403
Accumulated Depreciation $ 87,052
Boston | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 30
Net Rentable Square Feet | ft² 2,079
Encumbrances $ 0
Initial Cost, Land 86,790
Initial Cost, Building & Improvements 230,427
Costs Subsequent to Acquisition 47,541
Gross Carrying Amount, Land 87,356
Gross Carrying Amount, Buildings 277,402
Gross Carrying Amount, Total 364,758
Accumulated Depreciation $ 161,041
St. Louis | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 27
Net Rentable Square Feet | ft² 1,738
Encumbrances $ 0
Initial Cost, Land 22,546
Initial Cost, Building & Improvements 85,838
Costs Subsequent to Acquisition 50,631
Gross Carrying Amount, Land 24,295
Gross Carrying Amount, Buildings 134,720
Gross Carrying Amount, Total 159,015
Accumulated Depreciation $ 86,864
Las Vegas | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 27
Net Rentable Square Feet | ft² 1,989
Encumbrances $ 0
Initial Cost, Land 35,047
Initial Cost, Building & Improvements 148,111
Costs Subsequent to Acquisition 57,543
Gross Carrying Amount, Land 37,758
Gross Carrying Amount, Buildings 202,943
Gross Carrying Amount, Total 240,701
Accumulated Depreciation $ 79,837
Nashville/Bowling Green | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 26
Net Rentable Square Feet | ft² 1,753
Encumbrances $ 0
Initial Cost, Land 49,172
Initial Cost, Building & Improvements 142,351
Costs Subsequent to Acquisition 42,585
Gross Carrying Amount, Land 49,170
Gross Carrying Amount, Buildings 184,938
Gross Carrying Amount, Total 234,108
Accumulated Depreciation $ 53,973
Mobile | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 25
Net Rentable Square Feet | ft² 1,491
Encumbrances $ 0
Initial Cost, Land 31,428
Initial Cost, Building & Improvements 141,135
Costs Subsequent to Acquisition 17,589
Gross Carrying Amount, Land 31,255
Gross Carrying Amount, Buildings 158,897
Gross Carrying Amount, Total 190,152
Accumulated Depreciation $ 32,106
San Diego | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 24
Net Rentable Square Feet | ft² 2,336
Encumbrances $ 0
Initial Cost, Land 89,782
Initial Cost, Building & Improvements 162,043
Costs Subsequent to Acquisition 80,472
Gross Carrying Amount, Land 92,292
Gross Carrying Amount, Buildings 240,005
Gross Carrying Amount, Total 332,297
Accumulated Depreciation $ 143,295
Cincinnati | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 22
Net Rentable Square Feet | ft² 1,439
Encumbrances $ 0
Initial Cost, Land 21,126
Initial Cost, Building & Improvements 79,210
Costs Subsequent to Acquisition 33,306
Gross Carrying Amount, Land 21,044
Gross Carrying Amount, Buildings 112,598
Gross Carrying Amount, Total 133,642
Accumulated Depreciation $ 50,828
Memphis | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 22
Net Rentable Square Feet | ft² 1,413
Encumbrances $ 0
Initial Cost, Land 27,627
Initial Cost, Building & Improvements 167,899
Costs Subsequent to Acquisition 21,529
Gross Carrying Amount, Land 28,980
Gross Carrying Amount, Buildings 188,075
Gross Carrying Amount, Total 217,055
Accumulated Depreciation $ 45,752
Greensville/Spartanburg/Asheville | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 18
Net Rentable Square Feet | ft² 1,112
Encumbrances $ 0
Initial Cost, Land 14,689
Initial Cost, Building & Improvements 79,866
Costs Subsequent to Acquisition 20,378
Gross Carrying Amount, Land 15,605
Gross Carrying Amount, Buildings 99,328
Gross Carrying Amount, Total 114,933
Accumulated Depreciation $ 36,704
Colorado Springs | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 17
Net Rentable Square Feet | ft² 1,164
Encumbrances $ 0
Initial Cost, Land 13,667
Initial Cost, Building & Improvements 64,569
Costs Subsequent to Acquisition 30,286
Gross Carrying Amount, Land 13,664
Gross Carrying Amount, Buildings 94,858
Gross Carrying Amount, Total 108,522
Accumulated Depreciation $ 45,570
Charleston | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 17
Net Rentable Square Feet | ft² 1,249
Encumbrances $ 0
Initial Cost, Land 29,099
Initial Cost, Building & Improvements 90,950
Costs Subsequent to Acquisition 28,596
Gross Carrying Amount, Land 30,075
Gross Carrying Amount, Buildings 118,570
Gross Carrying Amount, Total 148,645
Accumulated Depreciation $ 45,010
Fort Myers/Naples | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 17
Net Rentable Square Feet | ft² 1,335
Encumbrances $ 0
Initial Cost, Land 36,676
Initial Cost, Building & Improvements 121,930
Costs Subsequent to Acquisition 29,170
Gross Carrying Amount, Land 36,355
Gross Carrying Amount, Buildings 151,421
Gross Carrying Amount, Total 187,776
Accumulated Depreciation $ 45,150
Milwaukee | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 16
Net Rentable Square Feet | ft² 1,054
Encumbrances $ 0
Initial Cost, Land 13,981
Initial Cost, Building & Improvements 42,149
Costs Subsequent to Acquisition 17,445
Gross Carrying Amount, Land 13,950
Gross Carrying Amount, Buildings 59,625
Gross Carrying Amount, Total 73,575
Accumulated Depreciation $ 42,075
Louisville | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 16
Net Rentable Square Feet | ft² 957
Encumbrances $ 0
Initial Cost, Land 24,868
Initial Cost, Building & Improvements 50,185
Costs Subsequent to Acquisition 14,310
Gross Carrying Amount, Land 24,867
Gross Carrying Amount, Buildings 64,496
Gross Carrying Amount, Total 89,363
Accumulated Depreciation $ 29,751
Richmond | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 16
Net Rentable Square Feet | ft² 810
Encumbrances $ 0
Initial Cost, Land 21,121
Initial Cost, Building & Improvements 56,202
Costs Subsequent to Acquisition 12,231
Gross Carrying Amount, Land 20,926
Gross Carrying Amount, Buildings 68,628
Gross Carrying Amount, Total 89,554
Accumulated Depreciation $ 33,807
Jacksonville | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 15
Net Rentable Square Feet | ft² 909
Encumbrances $ 0
Initial Cost, Land 14,454
Initial Cost, Building & Improvements 47,415
Costs Subsequent to Acquisition 19,250
Gross Carrying Amount, Land 14,503
Gross Carrying Amount, Buildings 66,616
Gross Carrying Amount, Total 81,119
Accumulated Depreciation $ 45,450
Birmingham | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 15
Net Rentable Square Feet | ft² 607
Encumbrances $ 0
Initial Cost, Land 6,316
Initial Cost, Building & Improvements 25,567
Costs Subsequent to Acquisition 22,215
Gross Carrying Amount, Land 6,204
Gross Carrying Amount, Buildings 47,894
Gross Carrying Amount, Total 54,098
Accumulated Depreciation $ 35,892
Greensboro | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 15
Net Rentable Square Feet | ft² 917
Encumbrances $ 0
Initial Cost, Land 15,590
Initial Cost, Building & Improvements 43,181
Costs Subsequent to Acquisition 22,676
Gross Carrying Amount, Land 17,679
Gross Carrying Amount, Buildings 63,768
Gross Carrying Amount, Total 81,447
Accumulated Depreciation $ 39,591
Chattanooga | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 15
Net Rentable Square Feet | ft² 1,009
Encumbrances $ 0
Initial Cost, Land 14,443
Initial Cost, Building & Improvements 58,722
Costs Subsequent to Acquisition 13,990
Gross Carrying Amount, Land 14,245
Gross Carrying Amount, Buildings 72,910
Gross Carrying Amount, Total 87,155
Accumulated Depreciation $ 26,707
Savannah | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 14
Net Rentable Square Feet | ft² 873
Encumbrances $ 0
Initial Cost, Land 38,343
Initial Cost, Building & Improvements 63,263
Costs Subsequent to Acquisition 10,889
Gross Carrying Amount, Land 37,015
Gross Carrying Amount, Buildings 75,480
Gross Carrying Amount, Total 112,495
Accumulated Depreciation $ 31,649
Boise | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 14
Net Rentable Square Feet | ft² 1,488
Encumbrances $ 0
Initial Cost, Land 44,378
Initial Cost, Building & Improvements 130,087
Costs Subsequent to Acquisition 3,499
Gross Carrying Amount, Land 44,378
Gross Carrying Amount, Buildings 133,586
Gross Carrying Amount, Total 177,964
Accumulated Depreciation $ 15,277
Honolulu | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 13
Net Rentable Square Feet | ft² 994
Encumbrances $ 0
Initial Cost, Land 77,115
Initial Cost, Building & Improvements 161,335
Costs Subsequent to Acquisition 25,594
Gross Carrying Amount, Land 78,033
Gross Carrying Amount, Buildings 186,011
Gross Carrying Amount, Total 264,044
Accumulated Depreciation $ 99,429
New Orleans | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 13
Net Rentable Square Feet | ft² 921
Encumbrances $ 0
Initial Cost, Land 14,749
Initial Cost, Building & Improvements 76,863
Costs Subsequent to Acquisition 17,035
Gross Carrying Amount, Land 14,917
Gross Carrying Amount, Buildings 93,730
Gross Carrying Amount, Total 108,647
Accumulated Depreciation $ 42,838
Salt Lake City | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 13
Net Rentable Square Feet | ft² 786
Encumbrances $ 0
Initial Cost, Land 20,454
Initial Cost, Building & Improvements 41,607
Costs Subsequent to Acquisition 9,767
Gross Carrying Amount, Land 20,103
Gross Carrying Amount, Buildings 51,725
Gross Carrying Amount, Total 71,828
Accumulated Depreciation $ 23,046
Hartford/New Haven | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 11
Net Rentable Square Feet | ft² 693
Encumbrances $ 0
Initial Cost, Land 6,778
Initial Cost, Building & Improvements 19,959
Costs Subsequent to Acquisition 30,438
Gross Carrying Amount, Land 8,443
Gross Carrying Amount, Buildings 48,732
Gross Carrying Amount, Total 57,175
Accumulated Depreciation $ 40,710
Omaha | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 11
Net Rentable Square Feet | ft² 936
Encumbrances $ 0
Initial Cost, Land 17,965
Initial Cost, Building & Improvements 69,085
Costs Subsequent to Acquisition 7,350
Gross Carrying Amount, Land 17,965
Gross Carrying Amount, Buildings 76,435
Gross Carrying Amount, Total 94,400
Accumulated Depreciation $ 20,667
Cleveland/Akron | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 11
Net Rentable Square Feet | ft² 695
Encumbrances $ 0
Initial Cost, Land 7,449
Initial Cost, Building & Improvements 38,402
Costs Subsequent to Acquisition 11,009
Gross Carrying Amount, Land 7,842
Gross Carrying Amount, Buildings 49,018
Gross Carrying Amount, Total 56,860
Accumulated Depreciation $ 20,391
Augusta | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 11
Net Rentable Square Feet | ft² 666
Encumbrances $ 0
Initial Cost, Land 11,892
Initial Cost, Building & Improvements 43,128
Costs Subsequent to Acquisition 7,182
Gross Carrying Amount, Land 11,892
Gross Carrying Amount, Buildings 50,310
Gross Carrying Amount, Total 62,202
Accumulated Depreciation $ 14,924
Buffalo/Rochester | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 9
Net Rentable Square Feet | ft² 462
Encumbrances $ 0
Initial Cost, Land 6,785
Initial Cost, Building & Improvements 17,954
Costs Subsequent to Acquisition 9,202
Gross Carrying Amount, Land 6,783
Gross Carrying Amount, Buildings 27,158
Gross Carrying Amount, Total 33,941
Accumulated Depreciation $ 20,345
Reno | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 7
Net Rentable Square Feet | ft² 559
Encumbrances $ 0
Initial Cost, Land 5,487
Initial Cost, Building & Improvements 18,704
Costs Subsequent to Acquisition 8,137
Gross Carrying Amount, Land 5,487
Gross Carrying Amount, Buildings 26,841
Gross Carrying Amount, Total 32,328
Accumulated Depreciation $ 18,187
Tucson | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 7
Net Rentable Square Feet | ft² 439
Encumbrances $ 0
Initial Cost, Land 9,403
Initial Cost, Building & Improvements 25,491
Costs Subsequent to Acquisition 9,999
Gross Carrying Amount, Land 9,884
Gross Carrying Amount, Buildings 35,009
Gross Carrying Amount, Total 44,893
Accumulated Depreciation $ 28,261
Wichita | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 7
Net Rentable Square Feet | ft² 432
Encumbrances $ 0
Initial Cost, Land 2,017
Initial Cost, Building & Improvements 6,691
Costs Subsequent to Acquisition 12,338
Gross Carrying Amount, Land 2,130
Gross Carrying Amount, Buildings 18,916
Gross Carrying Amount, Total 21,046
Accumulated Depreciation $ 14,392
Monterey/Salinas | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 7
Net Rentable Square Feet | ft² 324
Encumbrances $ 0
Initial Cost, Land 8,465
Initial Cost, Building & Improvements 24,151
Costs Subsequent to Acquisition 8,184
Gross Carrying Amount, Land 8,455
Gross Carrying Amount, Buildings 32,345
Gross Carrying Amount, Total 40,800
Accumulated Depreciation $ 29,297
Dayton | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 6
Net Rentable Square Feet | ft² 360
Encumbrances $ 0
Initial Cost, Land 1,700
Initial Cost, Building & Improvements 14,039
Costs Subsequent to Acquisition 6,874
Gross Carrying Amount, Land 1,699
Gross Carrying Amount, Buildings 20,914
Gross Carrying Amount, Total 22,613
Accumulated Depreciation $ 9,916
Roanoke | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 6
Net Rentable Square Feet | ft² 369
Encumbrances $ 0
Initial Cost, Land 7,824
Initial Cost, Building & Improvements 35,719
Costs Subsequent to Acquisition 2,625
Gross Carrying Amount, Land 7,824
Gross Carrying Amount, Buildings 38,344
Gross Carrying Amount, Total 46,168
Accumulated Depreciation $ 7,963
Evansville | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 5
Net Rentable Square Feet | ft² 325
Encumbrances $ 0
Initial Cost, Land 2,340
Initial Cost, Building & Improvements 14,316
Costs Subsequent to Acquisition 2,831
Gross Carrying Amount, Land 2,312
Gross Carrying Amount, Buildings 17,175
Gross Carrying Amount, Total 19,487
Accumulated Depreciation $ 7,623
Huntsville/Decatur | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 5
Net Rentable Square Feet | ft² 298
Encumbrances $ 0
Initial Cost, Land 9,161
Initial Cost, Building & Improvements 13,481
Costs Subsequent to Acquisition 5,204
Gross Carrying Amount, Land 9,108
Gross Carrying Amount, Buildings 18,738
Gross Carrying Amount, Total 27,846
Accumulated Depreciation $ 9,330
Providence | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 5
Net Rentable Square Feet | ft² 284
Encumbrances $ 0
Initial Cost, Land 3,813
Initial Cost, Building & Improvements 30,716
Costs Subsequent to Acquisition 5,694
Gross Carrying Amount, Land 3,813
Gross Carrying Amount, Buildings 36,410
Gross Carrying Amount, Total 40,223
Accumulated Depreciation $ 11,202
Lansing | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 5
Net Rentable Square Feet | ft² 291
Encumbrances $ 0
Initial Cost, Land 3,293
Initial Cost, Building & Improvements 30,742
Costs Subsequent to Acquisition 3,263
Gross Carrying Amount, Land 3,293
Gross Carrying Amount, Buildings 34,005
Gross Carrying Amount, Total 37,298
Accumulated Depreciation $ 5,791
Fort Wayne | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 4
Net Rentable Square Feet | ft² 271
Encumbrances $ 0
Initial Cost, Land 3,487
Initial Cost, Building & Improvements 11,003
Costs Subsequent to Acquisition 5,048
Gross Carrying Amount, Land 3,487
Gross Carrying Amount, Buildings 16,051
Gross Carrying Amount, Total 19,538
Accumulated Depreciation $ 8,197
Palm Springs | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 3
Net Rentable Square Feet | ft² 241
Encumbrances $ 0
Initial Cost, Land 8,309
Initial Cost, Building & Improvements 18,065
Costs Subsequent to Acquisition 3,657
Gross Carrying Amount, Land 8,309
Gross Carrying Amount, Buildings 21,722
Gross Carrying Amount, Total 30,031
Accumulated Depreciation $ 16,501
Rochester | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 3
Net Rentable Square Feet | ft² 155
Encumbrances $ 0
Initial Cost, Land 2,142
Initial Cost, Building & Improvements 10,787
Costs Subsequent to Acquisition 4,419
Gross Carrying Amount, Land 2,075
Gross Carrying Amount, Buildings 15,273
Gross Carrying Amount, Total 17,348
Accumulated Depreciation $ 6,244
Flint | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 3
Net Rentable Square Feet | ft² 191
Encumbrances $ 0
Initial Cost, Land 2,734
Initial Cost, Building & Improvements 19,228
Costs Subsequent to Acquisition 1,696
Gross Carrying Amount, Land 2,733
Gross Carrying Amount, Buildings 20,925
Gross Carrying Amount, Total 23,658
Accumulated Depreciation $ 4,472
Shreveport | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 2
Net Rentable Square Feet | ft² 150
Encumbrances $ 0
Initial Cost, Land 817
Initial Cost, Building & Improvements 3,030
Costs Subsequent to Acquisition 3,600
Gross Carrying Amount, Land 741
Gross Carrying Amount, Buildings 6,706
Gross Carrying Amount, Total 7,447
Accumulated Depreciation $ 5,825
Springfield/Holyoke | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 2
Net Rentable Square Feet | ft² 144
Encumbrances $ 0
Initial Cost, Land 1,428
Initial Cost, Building & Improvements 3,380
Costs Subsequent to Acquisition 2,813
Gross Carrying Amount, Land 1,427
Gross Carrying Amount, Buildings 6,194
Gross Carrying Amount, Total 7,621
Accumulated Depreciation $ 5,690
Santa Barbara | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 2
Net Rentable Square Feet | ft² 98
Encumbrances $ 0
Initial Cost, Land 5,733
Initial Cost, Building & Improvements 9,106
Costs Subsequent to Acquisition 1,296
Gross Carrying Amount, Land 5,733
Gross Carrying Amount, Buildings 10,402
Gross Carrying Amount, Total 16,135
Accumulated Depreciation $ 8,235
Topeka | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 2
Net Rentable Square Feet | ft² 93
Encumbrances $ 0
Initial Cost, Land 225
Initial Cost, Building & Improvements 1,419
Costs Subsequent to Acquisition 3,141
Gross Carrying Amount, Land 225
Gross Carrying Amount, Buildings 4,560
Gross Carrying Amount, Total 4,785
Accumulated Depreciation $ 3,588
Joplin | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 1
Net Rentable Square Feet | ft² 56
Encumbrances $ 0
Initial Cost, Land 264
Initial Cost, Building & Improvements 904
Costs Subsequent to Acquisition 1,475
Gross Carrying Amount, Land 264
Gross Carrying Amount, Buildings 2,379
Gross Carrying Amount, Total 2,643
Accumulated Depreciation $ 1,906
Syracuse | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 1
Net Rentable Square Feet | ft² 55
Encumbrances $ 0
Initial Cost, Land 545
Initial Cost, Building & Improvements 1,279
Costs Subsequent to Acquisition 1,584
Gross Carrying Amount, Land 545
Gross Carrying Amount, Buildings 2,863
Gross Carrying Amount, Total 3,408
Accumulated Depreciation $ 2,436
Modesto/Fresno/Stockton | Self-storage facilities  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]  
No. of Facilities | storage_facility 1
Net Rentable Square Feet | ft² 33
Encumbrances $ 0
Initial Cost, Land 44
Initial Cost, Building & Improvements 206
Costs Subsequent to Acquisition 1,471
Gross Carrying Amount, Land 193
Gross Carrying Amount, Buildings 1,528
Gross Carrying Amount, Total 1,721
Accumulated Depreciation $ 1,373