PUBLIC STORAGE, 10-Q filed on 10/30/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 23, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 701 Western Avenue  
Entity Address, City or Town Glendale  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 91201-2349  
City Area Code 818  
Local Phone Number 244-8080  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   175,108,651
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001393311  
Common Shares    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, $0.10 par value  
Trading Symbol PSA  
Security Exchange Name NYSE  
Series F Preferred Stock    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
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    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares Each Representing 1/1,000 of a 4.100% Cum Pref Share, Series S, $0.01 par value  
Trading Symbol PSAPrS  
Security Exchange Name NYSE  
Notes Due 2032    
Document Information [Line Items]    
Title of 12(b) Security Guarantee of 0.875% Senior Notes due 2032 issued by Public Storage Operating Company  
Trading Symbol PSA/32  
Security Exchange Name NYSE  
Notes Due 2030    
Document Information [Line Items]    
Title of 12(b) Security Guarantee of 0.500% Senior Notes due 2030 issued by Public Storage Operating Company  
Trading Symbol PSA/30  
Security Exchange Name NYSE  
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Cash and equivalents $ 599,004 $ 370,002
Real estate facilities, at cost:    
Land 5,652,960 5,628,488
Buildings 22,441,100 21,836,750
Real estate facilities, gross 28,094,060 27,465,238
Accumulated depreciation (10,172,372) (9,423,974)
Real estate facilities, net 17,921,688 18,041,264
Construction in process 310,514 345,453
Total real estate facilities 18,232,202 18,386,717
Investment in unconsolidated real estate entity 397,482 390,180
Goodwill and other intangible assets, net 294,546 387,267
Other assets 279,985 275,050
Total assets 19,803,219 19,809,216
LIABILITIES AND EQUITY    
Notes payable 9,473,778 9,103,277
Accrued and other liabilities 619,416 598,993
Total liabilities 10,093,194 9,702,270
Commitments and contingencies (Note 14)
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, 2023) at liquidation preference 4,350,000 4,350,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 175,108,335 shares issued (175,670,727 shares at December 31, 2023) 17,511 17,567
Paid-in capital 6,032,686 5,980,760
Accumulated deficit (737,450) (267,910)
Accumulated other comprehensive loss (52,684) (67,239)
Total Public Storage shareholders’ equity 9,610,063 10,013,178
Noncontrolling interests 99,962 93,768
Total equity 9,710,025 10,106,946
Total liabilities and equity $ 19,803,219 $ 19,809,216
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2024
Dec. 31, 2023
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) 175,108,335 175,670,727
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Revenues $ 1,187,758 $ 1,143,820 $ 3,518,189 $ 3,357,822
Expenses:        
Depreciation and amortization 280,330 238,748 848,875 682,531
Real estate acquisition and development expense 2,530 5,059 9,154 13,687
General and administrative 26,214 20,732 74,130 57,459
Interest expense 74,252 58,350 215,266 132,530
Operating expenses 705,026 611,833 2,094,652 1,743,322
Other increases (decreases) to net income:        
Interest and other income 20,029 32,295 52,248 69,381
Equity in earnings of unconsolidated real estate entity 2,888 7,227 15,458 22,787
Foreign currency exchange (loss) gain (70,572) 47,880 (20,580) 19,924
Gain on sale of real estate 554 88 1,428 88
Income before income tax expense 435,631 619,477 1,472,091 1,726,680
Income tax expense (2,488) (2,834) (6,042) (8,457)
Net income 433,143 616,643 1,466,049 1,718,223
Allocation to noncontrolling interests (2,814) (3,345) (8,645) (9,188)
Net income allocable to Public Storage shareholders 430,329 613,298 1,457,404 1,709,035
Allocation of net income to:        
Preferred shareholders (48,678) (48,678) (146,029) (146,029)
Restricted share units and unvested LTIP units (939) (1,383) (3,088) (3,922)
Net income allocable to common shareholders $ 380,712 $ 563,237 $ 1,308,287 $ 1,559,084
Net income per common share:        
Basic (in USD per share) $ 2.17 $ 3.21 $ 7.46 $ 8.89
Diluted (in USD per share) $ 2.16 $ 3.20 $ 7.43 $ 8.85
Basic weighted average common shares outstanding (in shares) 175,043 175,499 175,403 175,451
Diluted weighted average common shares outstanding (in shares) 175,866 176,150 176,074 176,170
Self-storage facilities        
Revenues:        
Revenues $ 1,110,115 $ 1,078,721 $ 3,295,896 $ 3,167,025
Expenses:        
Self-storage cost of operations 287,435 267,785 858,350 794,078
Ancillary operations        
Revenues:        
Revenues 77,643 65,099 222,293 190,797
Expenses:        
Ancillary cost of operations $ 34,265 $ 21,159 $ 88,877 $ 63,037
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 433,143 $ 616,643 $ 1,466,049 $ 1,718,223
Foreign currency translation gain (loss) on investment in Shurgard 21,380 (5,958) 14,567 (787)
Total comprehensive income 454,523 610,685 1,480,616 1,717,436
Allocation to noncontrolling interests (2,827) (3,345) (8,657) (9,188)
Comprehensive income allocable to Public Storage shareholders $ 451,696 $ 607,340 $ 1,471,959 $ 1,708,248
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Public Storage Shareholders' Equity
Cumulative Preferred Shares
Common Shares
Paid-in Capital
Accumulated Deficit
Retained Earnings Including Noncontrolling Interest
Retained Earnings, NCI Portion
Accumulated Other Comprehensive Loss
Parent Including Noncontrolling Interest
Parent, NCI Portion
Noncontrolling Interests
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                         $ 31,290 $ 31,290 $ 23 $ 31,267
Taxes withheld upon net share settlement of restricted share units (10,040) (10,040)     (10,040)                      
Share-based compensation expense 34,144 34,144     34,144                      
Contributions by noncontrolling interests 2,641                     2,641        
Net income 1,718,223           $ 1,718,223 $ (9,188)   $ 1,718,223 $ (9,188) 9,188        
Distributions to:                                
Preferred shareholders (146,029) (146,029)       (146,029)                    
Noncontrolling interests (10,996)                     (10,996)        
Common shareholders, restricted share unitholders and unvested LTIP unitholders (1,583,356) (1,583,356)       (1,583,356)                    
Other comprehensive income (loss) (787) (787)             (787)              
Ending balance at Sep. 30, 2023 10,201,891 10,107,659 4,350,000 17,550 5,951,794 (130,581)     (81,104)     94,232        
Beginning balance at Jun. 30, 2023 10,158,571 10,065,944 4,350,000 17,549 5,940,945 (167,404)     (75,146)     92,627        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Issuance of common shares in connection with share-based compensation                         1,106 1,106 1 1,105
Taxes withheld upon net share settlement of restricted share units (644) (644)     (644)                      
Share-based compensation expense 10,388 10,388     10,388                      
Contributions by noncontrolling interests 1,908                     1,908        
Net income 616,643           616,643 (3,345)   616,643 (3,345) 3,345        
Distributions to:                                
Preferred shareholders (48,678) (48,678)       (48,678)                    
Noncontrolling interests (3,648)                     (3,648)        
Common shareholders, restricted share unitholders and unvested LTIP unitholders (527,797) (527,797)       (527,797)                    
Other comprehensive income (loss) (5,958) (5,958)             (5,958)              
Ending balance at Sep. 30, 2023 10,201,891 10,107,659 4,350,000 17,550 5,951,794 (130,581)     (81,104)     94,232        
Beginning 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 in connection with share-based compensation                         31,016 31,016 17 30,999
Taxes withheld upon net share settlement of restricted share units (6,295) (6,295)     (6,295)                      
Share-based compensation expense 35,696 35,696     35,696                      
Repurchase of common shares (200,000) (200,000)   (73)   (199,927)                    
Acquisition of noncontrolling interests (1,186) (1,193)     (1,193)             7        
Contributions by noncontrolling interests 1,985                     1,985        
Net income 1,466,049           1,466,049 (8,645)   1,466,049 (8,645) 8,645        
Reallocation of equity   (7,281)     (7,281)             7,281        
Distributions to:                                
Preferred shareholders (146,029) (146,029)       (146,029)                    
Noncontrolling interests (11,736)                     (11,736)        
Common shareholders, restricted share unitholders and unvested LTIP unitholders (1,580,988) (1,580,988)       (1,580,988)                    
Other comprehensive income (loss) 14,567 14,555             14,555     12        
Ending balance at Sep. 30, 2024 9,710,025 9,610,063 4,350,000 17,511 6,032,686 (737,450)     (52,684)     99,962        
Beginning balance at Jun. 30, 2024 9,803,648 9,707,245 4,350,000 17,501 6,006,460 (592,665)     (74,051)     96,403        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Issuance of common shares in connection with share-based compensation                         $ 20,586 $ 20,586 $ 10 $ 20,576
Taxes withheld upon net share settlement of restricted share units (679) (679)     (679)                      
Share-based compensation expense 11,939 11,939     11,939                      
Acquisition of noncontrolling interests (1,186) (1,193)     (1,193)             7        
Contributions by noncontrolling interests 567                     567        
Net income 433,143           $ 433,143 $ (2,814)   $ 433,143 $ (2,814) 2,814        
Reallocation of equity   (4,417)     (4,417)             4,417        
Distributions to:                                
Preferred shareholders (48,678) (48,678)       (48,678)                    
Noncontrolling interests (4,259)                     (4,259)        
Common shareholders, restricted share unitholders and unvested LTIP unitholders (526,436) (526,436)       (526,436)                    
Other comprehensive income (loss) 21,380 21,367             21,367     13        
Ending balance at Sep. 30, 2024 $ 9,710,025 $ 9,610,063 $ 4,350,000 $ 17,511 $ 6,032,686 $ (737,450)     $ (52,684)     $ 99,962        
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Issuance of common shares in connection with share-based compensation (in shares)     140,960  
Repurchase of common shares (in shares)     726,865  
Distributions to common shareholders and restricted share unitholders (in USD per share) $ 3.00 $ 3.00 $ 9.00 $ 9.00
Net income $ 433,143 $ 616,643 $ 1,466,049 $ 1,718,223
Retained Earnings Including Noncontrolling Interest        
Net income 433,143 616,643 1,466,049 1,718,223
Retained Earnings, NCI Portion        
Net income (2,814) (3,345) (8,645) (9,188)
Parent Including Noncontrolling Interest        
Net income 433,143 616,643 1,466,049 1,718,223
Parent, NCI Portion        
Net income (2,814) (3,345) (8,645) (9,188)
Noncontrolling Interests        
Net income $ 2,814 $ 3,345 $ 8,645 $ 9,188
Common Shares        
Issuance of common shares in connection with share-based compensation (in shares) 97,448 8,429 164,473 235,647
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 1,466,049 $ 1,718,223
Adjustments to reconcile net income to net cash flows from operating activities:    
Gain on sale of real estate (1,428) (88)
Depreciation and amortization 848,875 682,531
Equity in earnings of unconsolidated real estate entity (15,458) (22,787)
Distributions from cumulative equity in earnings of unconsolidated real estate entity 10,664 17,663
Unrealized foreign currency exchange loss (gain) 20,725 (19,937)
Share-based compensation expense 32,101 31,309
Other non-cash adjustments 7,992 10,205
Changes in operating assets and liabilities, excluding the impact of acquisitions:    
Other assets (45,241) (40,719)
Accrued and other liabilities 35,356 78,564
Net cash flows from operating activities 2,359,635 2,454,964
Cash flows from investing activities:    
Capital expenditures to maintain real estate facilities (174,896) (157,967)
Capital expenditures for property enhancements (106,172) (119,360)
Capital expenditures for energy efficiencies (LED lighting, solar) (35,784) (45,772)
Development and expansion of real estate facilities (247,161) (248,977)
Acquisition of real estate facilities and intangible assets (46,280) (301,324)
Acquisition of BREIT Simply Storage LLC, net of cash acquired 0 (2,178,151)
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity 13,285 3,165
Proceeds from sale of real estate investments 6,014 101
Net cash flows used in investing activities (590,994) (3,048,285)
Cash flows from financing activities:    
Issuance costs on amendment of credit facility 0 (8,377)
Repayments of notes payable (808,473) (8,229)
Issuance of notes payable, net of issuance costs 1,151,022 2,181,273
Issuance of common shares in connection with share-based compensation 30,917 31,099
Taxes paid upon net share settlement of restricted share units (6,295) (10,040)
Repurchase of common shares (200,000) 0
Acquisition of noncontrolling interests (1,186) 0
Contributions by noncontrolling interests 1,985 2,641
Distributions paid to preferred shareholders, common shareholders, restricted share unitholders and unvested LTIP unitholders (1,726,246) (1,728,852)
Distributions paid to noncontrolling interests (11,736) (10,996)
Net cash flows (used in) from financing activities (1,570,012) 448,519
Net increase (decrease) in cash and equivalents, including restricted cash 198,629 (144,802)
Cash and equivalents, including restricted cash at beginning of the period:    
Cash and equivalents 370,002 775,253
Restricted cash included in other assets 30,373 29,904
Cash, equivalents, and restricted cash 400,375 805,157
Cash and equivalents, including restricted cash at end of the period:    
Cash and equivalents 599,004 629,773
Restricted cash included in other assets 0 30,582
Cash, equivalents, and restricted cash 599,004 660,355
Costs incurred during the period remaining unpaid at period end for:    
Capital expenditures to maintain real estate facilities (11,206) (10,405)
Capital expenditures for property enhancements (4,668) (4,637)
Capital expenditures for energy efficiencies (LED lighting, solar) (3,865) (574)
Construction or expansion of real estate facilities (43,075) (66,788)
Supplemental cash flow information:    
Cash paid for interest, net of amounts capitalized 210,652 90,487
Cash paid for income taxes, net of refunds $ 6,577 $ 10,840
v3.24.3
Description of the Business
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business 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, ancillary activities such as tenant reinsurance, merchandise sales, and third party management, as well as the acquisition and development of additional self-storage space.
Effective August 14, 2023, 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 September 30, 2024, Public Storage owned all of the general partner interests and approximately 99.87% of the limited partnership interests of PSA OP, with the remaining 0.13% 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 September 30, 2024, we owned interests in 3,053 self-storage facilities (with approximately 219.5 million net rentable square feet) located in 40 states in the United States (“U.S.”) operating under the Public Storage® name, and 1.1 million net rentable square feet of commercial and retail space. In addition, we managed 280 facilities (with approximately 21.0 million net rentable square feet) for third parties at September 30, 2024.
At September 30, 2024, 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 315 self-storage facilities (with approximately 17 million net rentable square feet) located in seven Western European countries, all operating under the Shurgard® name.
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Certain amounts previously reported in our September 30, 2023 Consolidated Statements of Income have been reclassified to conform to the September 30, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $5.1 million and $13.7 million for the three and nine months ended September 30, 2023, respectively, previously included in general and administrative expense. The reclassification had no impact on our net income.
Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Summary of Significant Accounting Policies
There have been no significant changes to the Company's significant accounting policies described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements included in Item 8 of Part II of the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
v3.24.3
Real Estate Facilities
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Real Estate Facilities Real Estate Facilities
Activity in real estate facilities during the nine months ended September 30, 2024 is as follows:
Nine Months Ended September 30, 2024
 (Amounts in thousands)
Operating facilities, at cost:
Beginning balance $27,465,238 
Capital expenditures to maintain real estate facilities173,684 
Capital expenditures for property enhancements109,320 
Capital expenditures for energy efficiencies (LED lighting, solar)39,291 
Acquisitions 45,579 
Dispositions and other(1,569)
Developed or expanded facilities opened for operation262,517 
Ending balance 28,094,060 
Accumulated depreciation:
Beginning balance (9,423,974)
Depreciation expense (748,398)
Ending balance (10,172,372)
Construction in process:
Beginning balance 345,453 
Costs incurred to develop and expand real estate facilities228,311 
Write-off of cancelled projects(733)
Developed or expanded facilities opened for operation(262,517)
Ending balance 310,514 
Total real estate facilities at September 30, 2024
$18,232,202 
During the nine months ended September 30, 2024, we acquired five self-storage facilities (0.3 million net rentable square feet of storage space), for a total cost of $46.3 million in cash. Approximately $0.7 million of the total cost was allocated to intangible assets. During the nine months ended September 30, 2024, we completed development and redevelopment activities costing $262.5 million, adding 1.1 million net rentable square feet of self-storage space. Construction in process at September 30, 2024 consisted of projects to develop new self-storage facilities and expand existing self-storage facilities.
In the nine months ended September 30, 2024, we sold portions of real estate facilities pursuant to eminent domain proceedings and land parcels for a total of $6.0 million in cash and recorded gains on sale of real estate of $1.4 million.
v3.24.3
Investment in Unconsolidated Real Estate Entity
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Entity Investment in Unconsolidated Real Estate Entity
Throughout all periods presented, we had an approximately 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. At September 30, 2024, we effectively owned 34,619,733 common shares of Shurgard. Based upon the closing price at September 30, 2024 (€42.10 per share of Shurgard common stock, at 1.116 exchange rate of U.S. Dollars to the Euro), the shares we owned had a market value of approximately $1.6 billion.
Our equity in earnings of Shurgard comprised our equity share of Shurgard’s net income, less amortization of the Shurgard Basis Differential (defined below). During the nine months ended September 30, 2024 and 2023, we received $3.2 million and $2.8 million of trademark license fees that Shurgard pays to us for the use of the Shurgard® trademark, respectively. We eliminated $1.1 million and $1.0 million of intra-entity profits and losses for the nine months ended September 30, 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 the nine months ended September 30, 2024 and 2023, we received cash dividend distributions from Shurgard totaling $22.8 million and $19.8 million, respectively. Approximately $13.3 million and $3.2 million of total cash distributions from Shurgard during the nine months ended September 30, 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 September 30, 2024, our investment in Shurgard’s real estate assets exceeded our pro-rata share of the underlying amounts on Shurgard’s balance sheet by $59.3 million ($63.7 million at December 31, 2023). This differential (the “Shurgard Basis Differential”) includes our basis adjustments in Shurgard’s real estate assets net of related deferred income taxes. The Shurgard Basis Difference increased by $3.4 million during the nine months ended September 30, 2024, due to an increase of our ownership interest in Shurgard from the exchange of our cash dividend rights for additional common shares of Shurgard. The Shurgard Basis Differential is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entity. Such amortization totaled approximately $7.8 million and $4.6 million during the nine months ended September 30, 2024 and 2023, respectively.
As of September 30, 2024 and 2023, we translated the book value of our investment in Shurgard from Euro to U.S. Dollars and recorded $14.6 million other comprehensive gain and $0.8 million other comprehensive loss during the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets consisted of the following (amounts in thousands):
At September 30, 2024At December 31, 2023
Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book Value
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 amortization996,279 (886,400)109,879 995,578 (792,978)202,600 
Total goodwill and other intangible assets$1,180,946 $(886,400)$294,546 $1,180,245 $(792,978)$387,267 
Finite-lived intangible assets consist primarily of acquired customers in place. Amortization expense related to intangible assets subject to amortization was $26.6 million and $93.4 million for the three and nine months ended September 30, 2024, respectively, and $16.0 million and $41.4 million for the same periods in 2023. During the nine months ended September 30, 2024, intangibles increased $0.7 million, in connection with the acquisition of real estate facilities (Note 3).
The estimated future amortization expense for our finite-lived intangible assets at September 30, 2024 is as follows (amounts in thousands):
YearAmount
Remainder of 2024$23,451 
202560,632 
202619,129 
20272,797 
2028382 
Thereafter3,488 
Total$109,879 
v3.24.3
Credit Facility
 9 Months Ended
Sep. 30, 2024
Line of Credit Facility [Abstract]  
Credit Facility 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 September 30, 2024). 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 September 30, 2024). At September 30, 2024 and October 30, 2024, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $14.4 million at September 30, 2024 ($14.6 million at December 31, 2023). The Credit Facility has various customary restrictive covenants with which we were in compliance at September 30, 2024.
Public Storage has provided a full and unconditional guarantee of PSOC’s obligations under the Credit Facility.
v3.24.3
Notes Payable
 9 Months Ended
Sep. 30, 2024
Notes Payable [Abstract]  
Notes Payable 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 September 30, 2024 and December 31, 2023 are set forth in the tables below:
   
Amounts at September 30, 2024
Amounts at
 December 31, 2023
 Coupon RateEffective Rate PrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
   ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due April 23, 2024
SOFR+0.47%
5.818%$— $— $— $— $699,779 $700,031 
Notes due July 25, 2025
SOFR+0.60%
5.789%400,000 (667)399,333 401,358 398,722 400,295 
Notes due February 15, 2026
0.875%1.030%500,000 (1,026)498,974 478,521 498,419 462,362 
Notes due November 9, 20261.500%1.640%650,000 (1,834)648,166 617,195 647,513 597,131 
Notes due April 16, 2027
SOFR+0.70%
5.954%700,000 (2,717)697,283 708,988 — — 
Notes due September 15, 2027
3.094%3.218%500,000 (1,568)498,432 487,882 498,036 476,394 
Notes due May 1, 2028
1.850%1.962%650,000 (2,414)647,586 602,292 647,078 584,520 
Notes due November 9, 20281.950%2.044%550,000 (1,976)548,024 506,089 547,663 490,758 
Notes due January 15, 20295.125%5.260%500,000 (2,507)497,493 522,552 497,053 516,899 
Notes due May 1, 2029
3.385%3.459%500,000 (1,404)498,596 486,198 498,363 477,692 
Notes due May 1, 2031
2.300%2.419%650,000 (4,498)645,502 577,837 644,988 562,240 
Notes due November 9, 20312.250%2.322%550,000 (2,517)547,483 478,168 547,218 469,845 
Notes due August 1, 20335.100%5.207%700,000 (5,117)694,883 727,196 694,448 725,753 
Notes due August 1, 20535.350%5.474%900,000 (15,913)884,087 930,953 592,017 628,413 
 7,750,000 (44,158)7,705,842 7,525,229 7,411,297 7,092,333 
Euro Denominated Unsecured Debt
Notes due April 12, 2024
1.540%1.540%— — — — 110,372 109,380 
Notes due November 3, 2025
2.175%2.175%270,110 — 270,110 267,303 267,116 261,083 
Notes due September 9, 20300.500%0.640%781,267 (6,650)774,617 667,856 765,119 638,177 
Notes due January 24, 2032
0.875%0.978%558,048 (3,920)554,128 495,753 547,540 455,895 
Notes due April 11, 20394.080%4.080%167,415 (74)167,341 182,390 — — 
   1,776,840 (10,644)1,766,196 1,613,302 1,690,147 1,464,535 
 Mortgage Debt, secured by 2 real estate facilities with a net book value of $11.3 million
4.347%4.347%1,740 — 1,740 1,681 1,833 1,733 
 $9,528,580 $(54,802)$9,473,778 $9,140,212 $9,103,277 $8,558,601 

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 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, our 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 from the offering.
On April 23, 2024, we repaid PSOC’s outstanding $700 million aggregate principal amount of SOFR + 0.47% floating rate senior notes at maturity.
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 September 30, 2024. Included in these covenants are (a) a maximum Debt to Total Assets of 65% (approximately 18% at September 30, 2024) and (b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (approximately 12x for the twelve months ended September 30, 2024) as well as covenants limiting the amount we can encumber our properties with mortgage debt.
Euro Denominated Unsecured Notes
At September 30, 2024, our Euro denominated unsecured notes (the “Euro Notes”) consisted of four tranches: (i) €242.0 million issued to institutional investors on November 3, 2015, (ii) €500.0 million issued in a public offering on January 24, 2020, (iii) €700.0 million issued in a public offering on September 9, 2021, and (iv) €150.0 million issued to institutional investors on April 11, 2024. The Euro Notes have financial covenants similar to those of the U.S. Dollar Denominated Unsecured Notes.
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. Interest is payable semi-annually. 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 (loss) gain” on our income statement (losses of $71.1 million and $20.7 million for the three and nine months ended September 30, 2024, respectively, as compared to gains of $48.2 million and $20.1 million for the three and nine months ended September 30, 2023, respectively).
Mortgage Notes
We assumed our non-recourse mortgage debt in connection with property acquisitions, and we recorded such debt at fair value with any premium or discount to the stated note balance amortized using the effective interest method.
At September 30, 2024, the related contractual interest rates of our mortgage notes are fixed, ranging between 3.9% and 7.1%, and mature between September 1, 2028 and July 1, 2030.
At September 30, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
 Unsecured DebtMortgage DebtTotal
Remainder of 2024$—$31$31
2025670,110131670,241
20261,150,0001381,150,138
20271,200,0001461,200,146
20281,200,0001291,200,129
Thereafter 5,306,7301,1655,307,895
$9,526,840$1,740$9,528,580
Weighted average effective rate 3.2%4.3%3.2%
Interest capitalized as real estate totaled $8.2 million and $6.8 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
There are noncontrolling interests related to several subsidiaries of PSOC we consolidate of which we do not own 100% of the equity. At September 30, 2024, certain of these subsidiaries have issued 499,966 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. The holders of these partnership units are entitled to receive the same per-unit cash distributions equal to the dividends paid on our common shares.
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 11 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 September 30, 2024, approximately 0.13% of the partnership interests of PSA OP, representing 226,587 vested LTIP units, were not owned by the Company. There were no outstanding OP Units not owned by the Company at September 30, 2024. 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.
v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Preferred Shares
At September 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

   
At September 30, 2024
At December 31, 2023
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 September 30, 2024, 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 Share Repurchases
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. During the nine months ended September 30, 2024, we repurchased 726,865 of our common shares under the repurchase program on the open market for a total cost of $200.0 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 September 30, 2024.
Dividends and Distributions
Dividends and distributions paid to our common shareholders, restricted share unitholders, deferred share unitholders, and unvested LTIP unitholders, totaled $526.2 million ($3.00 per share) and $527.6 million ($3.00 per share) for the three months ended September 30, 2024 and 2023, respectively, and $1.6 billion ($9.00 per share) for each of the nine months ended September 30, 2024 and 2023. In addition, we accrued $0.3 million and $0.2 million of dividends and distributions to holders of unearned performance-based restricted share units and LTIP units for the three months ended September 30, 2024 and 2023, respectively, and $0.8 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively.
Preferred share dividends paid totaled $48.7 million for each of the three months ended September 30, 2024 and 2023, and $146.0 million for each of the nine months ended September 30, 2024 and 2023.
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
At September 30, 2024, 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 66 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 $1.6 million for each of the nine months ended September 30, 2024 and 2023.
v3.24.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
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 equity 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 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. During the nine months ended September 30, 2024, 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.
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. In addition, $0.7 million and $2.5 million of share-based compensation cost was capitalized as real estate facilities for the three and nine months ended September 30, 2024, respectively, as compared to $0.5 million and $1.8 million for the same periods of 2023, respectively.
 Three Months Ended September 30,Nine Months Ended
September 30,
 2024202320242023
 (Amounts in thousands)
Self-storage cost of operations$2,927 $2,964 $9,237 $10,316 
Ancillary cost of operations248 320 874 960 
Real estate acquisition and development expense635 302 2,063 884 
General and administrative7,117 5,929 19,927 19,149 
Total$10,927 $9,515 $32,101 $31,309 

As of September 30, 2024, there was $69.4 million of total unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted-average period of three years.
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.
Below is a summary of award activity issued in the form of RSUs and LTIP units for the nine months ended September 30, 2024.

Service-Based
Performance-Based (a)
Total
Unvested awards outstanding January 1, 2024
322,64894,013416,661
Granted (b)
4,47038,32042,790
Vested (c)
(63,816)(9,250)(73,066)
Forfeited
(13,815)—(13,815)
Unvested awards outstanding September 30, 2024
249,487123,083372,570
(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)During the nine months ended September 30, 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.
(c)22,319 common shares were issued from the vesting of RSUs.
For the three and nine months ended September 30, 2024, we incurred share-based compensation cost for RSUs and LTIP units of $8.0 million and $24.0 million, respectively, as compared to $6.3 million and $21.1 million for the same periods in 2023.
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.

Below is a summary of award activity issued in the form of stock options and AO LTIP units for the nine months ended September 30, 2024.

Service-Based
Performance-Based (a)
Total
Awards outstanding January 1, 2024
1,629,7421,421,4793,051,221
Granted (b)
110,08463,717173,801
Exercised or converted (c)
(372,195)(237,117)(609,312)
Cancelled(10,110)—(10,110)
Awards outstanding September 30, 2024
1,357,5211,248,0792,605,600
Awards exercisable or convertible at September 30, 2024
1,196,887676,4931,873,380

(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)During the nine months ended September 30, 2024, 106,484 of service-based AO LTIP unit awards, 63,717 of performance-based AO LTIP unit awards (at target), and 3,600 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO 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 performance-based AO 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 127,434 AO LTIP units.
(c)140,960 common shares were issued upon the exercise of stock options. 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the nine months ended September 30, 2024.
For the three and nine months ended September 30, 2024, we incurred share-based compensation cost for stock options and AO LTIP units of $3.4 million and $10.0 million, respectively, as compared to $3.6 million and $11.3 million for the same periods in 2023.
Trustee Deferral Program
Non-management trustees may elect to receive all or a portion of their cash retainers in cash, unrestricted common shares, or fully-vested DSUs to be settled at a specified future date. Unrestricted common shares and/or 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 the nine months ended September 30, 2024, we granted 1,401 DSUs and 323 unrestricted common shares. During the nine months ended September 30, 2024, 871 previously granted DSUs were settled in common shares. A total of 11,299 DSUs were outstanding at September 30, 2024 (10,769 at December 31, 2023).
v3.24.3
Net Income per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income per Common Share 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 representing 220,475 common shares were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2024, as compared to 317,062 common shares for the same periods in 2023, 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 three and nine months ended September 30, 2024 and 2023, respectively (in thousands, except per share amounts):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders$380,712$563,237$1,308,287$1,559,084
Denominator for basic net income per share - weighted average common shares outstanding175,043175,499175,403175,451
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method823651671719
Denominator for dilutive net income per share - weighted average common shares outstanding175,866176,150176,074176,170
Net income per common share:
Basic$2.17$3.21$7.46$8.89
Dilutive$2.16$3.20$7.43$8.85
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker.
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. The presentation in the table below sets forth the Net Operating Income (“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
The 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:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$1,110,115 $1,078,721 $3,295,896 $3,167,025 
Cost of operations(287,435)(267,785)(858,350)(794,078)
   Net operating income822,680 810,936 2,437,546 2,372,947 
Depreciation and amortization(280,330)(238,748)(848,875)(682,531)
   Net income542,350 572,188 1,588,671 1,690,416 
Ancillary Operations
Revenue77,643 65,099 222,293 190,797 
Cost of operations(34,265)(21,159)(88,877)(63,037)
   Net operating income43,378 43,940 133,416 127,760 
    Total net income allocated to segments585,728 616,128 1,722,087 1,818,176 
Other items not allocated to segments:
Real estate acquisition and development expense(2,530)(5,059)(9,154)(13,687)
General and administrative(26,214)(20,732)(74,130)(57,459)
Interest and other income20,029 32,295 52,248 69,381 
Interest expense(74,252)(58,350)(215,266)(132,530)
Equity in earnings of unconsolidated real estate entity2,888 7,227 15,458 22,787 
Foreign currency exchange (loss) gain(70,572)47,880 (20,580)19,924 
Gain on sale of real estate554 88 1,428 88 
Income tax expense(2,488)(2,834)(6,042)(8,457)
     Net income$433,143 $616,643 $1,466,049 $1,718,223 
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contingent Losses
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote.
Insurance and Loss Exposure
We carry property, earthquake, general liability, employee medical insurance, and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded.
We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $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 September 30, 2024, there were approximately 1.4 million certificates held by self-storage customers under the program, representing aggregate coverage of approximately $6.8 billion.
Commitments
We have construction commitments representing future expected payments for construction under contract totaling $164.6 million at September 30, 2024. We expect to pay approximately $27.2 million in the remainder of 2024, $128.2 million in 2025, and $9.2 million in 2026 for these construction commitments.
We have future contractual payments on land, equipment and office space under various lease commitments totaling $62.4 million at September 30, 2024. We expect to pay approximately $0.9 million in the remainder of 2024, $4.1 million in 2025, $4.0 million in 2026, $2.6 million in 2027, $2.5 million in 2028, and $48.3 million thereafter for these commitments.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Subsequent to September 30, 2024, we acquired or were under contract to acquire 14 self-storage facilities across nine states with 1.2 million net rentable square feet, for $181.2 million.
In late September and early October 2024, Hurricane Helene and Hurricane Milton struck in the southeastern region of the U.S. Including amounts accrued at September 30, 2024, we expect to incur a total estimated cost of approximately $7 million for repairs and capital expenditures as well as tenant reinsurance claims resulting from the impact of the hurricanes. We do not expect to recover any of these costs through the insurance or reinsurance policies we carry.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 430,329 $ 613,298 $ 1,457,404 $ 1,709,035
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We have prepared the accompanying interim consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) as set forth in the Accounting Standards Codification of the Financial Accounting Standards Board, and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, primarily of a normal recurring nature, that are necessary to present fairly the interim consolidated financial statements. Because they do not include all of the disclosures required by GAAP for complete annual financial statements, these interim consolidated financial statements should be read together with the audited Consolidated Financial Statements and related Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Certain amounts previously reported in our September 30, 2023 Consolidated Statements of Income have been reclassified to conform to the September 30, 2024 presentation, with respect to the separate presentation of real estate acquisition and development expense in the amount of $5.1 million and $13.7 million for the three and nine months ended September 30, 2023, respectively, previously included in general and administrative expense. The reclassification had no impact on our net income.
Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 14) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).
Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
v3.24.3
Real Estate Facilities (Tables)
 9 Months Ended
Sep. 30, 2024
Real Estate [Abstract]  
Schedule of Real Estate Activities
Activity in real estate facilities during the nine months ended September 30, 2024 is as follows:
Nine Months Ended September 30, 2024
 (Amounts in thousands)
Operating facilities, at cost:
Beginning balance $27,465,238 
Capital expenditures to maintain real estate facilities173,684 
Capital expenditures for property enhancements109,320 
Capital expenditures for energy efficiencies (LED lighting, solar)39,291 
Acquisitions 45,579 
Dispositions and other(1,569)
Developed or expanded facilities opened for operation262,517 
Ending balance 28,094,060 
Accumulated depreciation:
Beginning balance (9,423,974)
Depreciation expense (748,398)
Ending balance (10,172,372)
Construction in process:
Beginning balance 345,453 
Costs incurred to develop and expand real estate facilities228,311 
Write-off of cancelled projects(733)
Developed or expanded facilities opened for operation(262,517)
Ending balance 310,514 
Total real estate facilities at September 30, 2024
$18,232,202 
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Goodwill and other intangible assets consisted of the following (amounts in thousands):
At September 30, 2024At December 31, 2023
Gross Book ValueAccumulated AmortizationNet Book ValueGross Book ValueAccumulated AmortizationNet Book Value
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 amortization996,279 (886,400)109,879 995,578 (792,978)202,600 
Total goodwill and other intangible assets$1,180,946 $(886,400)$294,546 $1,180,245 $(792,978)$387,267 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The estimated future amortization expense for our finite-lived intangible assets at September 30, 2024 is as follows (amounts in thousands):
YearAmount
Remainder of 2024$23,451 
202560,632 
202619,129 
20272,797 
2028382 
Thereafter3,488 
Total$109,879 
v3.24.3
Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Payable [Abstract]  
Schedule of Notes Payable Our notes payable at September 30, 2024 and December 31, 2023 are set forth in the tables below:
   
Amounts at September 30, 2024
Amounts at
 December 31, 2023
 Coupon RateEffective Rate PrincipalUnamortized CostsBook
 Value		Fair
 Value		Book
 Value		Fair
 Value
   ($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due April 23, 2024
SOFR+0.47%
5.818%$— $— $— $— $699,779 $700,031 
Notes due July 25, 2025
SOFR+0.60%
5.789%400,000 (667)399,333 401,358 398,722 400,295 
Notes due February 15, 2026
0.875%1.030%500,000 (1,026)498,974 478,521 498,419 462,362 
Notes due November 9, 20261.500%1.640%650,000 (1,834)648,166 617,195 647,513 597,131 
Notes due April 16, 2027
SOFR+0.70%
5.954%700,000 (2,717)697,283 708,988 — — 
Notes due September 15, 2027
3.094%3.218%500,000 (1,568)498,432 487,882 498,036 476,394 
Notes due May 1, 2028
1.850%1.962%650,000 (2,414)647,586 602,292 647,078 584,520 
Notes due November 9, 20281.950%2.044%550,000 (1,976)548,024 506,089 547,663 490,758 
Notes due January 15, 20295.125%5.260%500,000 (2,507)497,493 522,552 497,053 516,899 
Notes due May 1, 2029
3.385%3.459%500,000 (1,404)498,596 486,198 498,363 477,692 
Notes due May 1, 2031
2.300%2.419%650,000 (4,498)645,502 577,837 644,988 562,240 
Notes due November 9, 20312.250%2.322%550,000 (2,517)547,483 478,168 547,218 469,845 
Notes due August 1, 20335.100%5.207%700,000 (5,117)694,883 727,196 694,448 725,753 
Notes due August 1, 20535.350%5.474%900,000 (15,913)884,087 930,953 592,017 628,413 
 7,750,000 (44,158)7,705,842 7,525,229 7,411,297 7,092,333 
Euro Denominated Unsecured Debt
Notes due April 12, 2024
1.540%1.540%— — — — 110,372 109,380 
Notes due November 3, 2025
2.175%2.175%270,110 — 270,110 267,303 267,116 261,083 
Notes due September 9, 20300.500%0.640%781,267 (6,650)774,617 667,856 765,119 638,177 
Notes due January 24, 2032
0.875%0.978%558,048 (3,920)554,128 495,753 547,540 455,895 
Notes due April 11, 20394.080%4.080%167,415 (74)167,341 182,390 — — 
   1,776,840 (10,644)1,766,196 1,613,302 1,690,147 1,464,535 
 Mortgage Debt, secured by 2 real estate facilities with a net book value of $11.3 million
4.347%4.347%1,740 — 1,740 1,681 1,833 1,733 
 $9,528,580 $(54,802)$9,473,778 $9,140,212 $9,103,277 $8,558,601 
Schedule of Maturities of Notes Payable
At September 30, 2024, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):
 Unsecured DebtMortgage DebtTotal
Remainder of 2024$—$31$31
2025670,110131670,241
20261,150,0001381,150,138
20271,200,0001461,200,146
20281,200,0001291,200,129
Thereafter 5,306,7301,1655,307,895
$9,526,840$1,740$9,528,580
Weighted average effective rate 3.2%4.3%3.2%
v3.24.3
Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Preferred Shares
At September 30, 2024 and December 31, 2023, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:

   
At September 30, 2024
At December 31, 2023
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 
v3.24.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
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. In addition, $0.7 million and $2.5 million of share-based compensation cost was capitalized as real estate facilities for the three and nine months ended September 30, 2024, respectively, as compared to $0.5 million and $1.8 million for the same periods of 2023, respectively.
 Three Months Ended September 30,Nine Months Ended
September 30,
 2024202320242023
 (Amounts in thousands)
Self-storage cost of operations$2,927 $2,964 $9,237 $10,316 
Ancillary cost of operations248 320 874 960 
Real estate acquisition and development expense635 302 2,063 884 
General and administrative7,117 5,929 19,927 19,149 
Total$10,927 $9,515 $32,101 $31,309 
Schedule of Restricted Share Units and LTIP Units Activity
Below is a summary of award activity issued in the form of RSUs and LTIP units for the nine months ended September 30, 2024.

Service-Based
Performance-Based (a)
Total
Unvested awards outstanding January 1, 2024
322,64894,013416,661
Granted (b)
4,47038,32042,790
Vested (c)
(63,816)(9,250)(73,066)
Forfeited
(13,815)—(13,815)
Unvested awards outstanding September 30, 2024
249,487123,083372,570
(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)During the nine months ended September 30, 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.
(c)22,319 common shares were issued from the vesting of RSUs.
Schedule of Stock Options and AO LTIP Units Activity
Below is a summary of award activity issued in the form of stock options and AO LTIP units for the nine months ended September 30, 2024.

Service-Based
Performance-Based (a)
Total
Awards outstanding January 1, 2024
1,629,7421,421,4793,051,221
Granted (b)
110,08463,717173,801
Exercised or converted (c)
(372,195)(237,117)(609,312)
Cancelled(10,110)—(10,110)
Awards outstanding September 30, 2024
1,357,5211,248,0792,605,600
Awards exercisable or convertible at September 30, 2024
1,196,887676,4931,873,380

(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)During the nine months ended September 30, 2024, 106,484 of service-based AO LTIP unit awards, 63,717 of performance-based AO LTIP unit awards (at target), and 3,600 service-based options were granted to certain executive officers and trustees. The vesting of the performance-based AO 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 performance-based AO 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 127,434 AO LTIP units.
(c)140,960 common shares were issued upon the exercise of stock options. 186,944 vested LTIP units were issued upon conversion of 468,352 AO LTIP units in the nine months ended September 30, 2024.
v3.24.3
Net Income per Common Share (Tables)
 9 Months Ended
Sep. 30, 2024
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 three and nine months ended September 30, 2024 and 2023, respectively (in thousands, except per share amounts):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders$380,712$563,237$1,308,287$1,559,084
Denominator for basic net income per share - weighted average common shares outstanding175,043175,499175,403175,451
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method823651671719
Denominator for dilutive net income per share - weighted average common shares outstanding175,866176,150176,074176,170
Net income per common share:
Basic$2.17$3.21$7.46$8.89
Dilutive$2.16$3.20$7.43$8.85
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
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:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (amounts in thousands)
Self-Storage Operations Reportable Segment
Revenue$1,110,115 $1,078,721 $3,295,896 $3,167,025 
Cost of operations(287,435)(267,785)(858,350)(794,078)
   Net operating income822,680 810,936 2,437,546 2,372,947 
Depreciation and amortization(280,330)(238,748)(848,875)(682,531)
   Net income542,350 572,188 1,588,671 1,690,416 
Ancillary Operations
Revenue77,643 65,099 222,293 190,797 
Cost of operations(34,265)(21,159)(88,877)(63,037)
   Net operating income43,378 43,940 133,416 127,760 
    Total net income allocated to segments585,728 616,128 1,722,087 1,818,176 
Other items not allocated to segments:
Real estate acquisition and development expense(2,530)(5,059)(9,154)(13,687)
General and administrative(26,214)(20,732)(74,130)(57,459)
Interest and other income20,029 32,295 52,248 69,381 
Interest expense(74,252)(58,350)(215,266)(132,530)
Equity in earnings of unconsolidated real estate entity2,888 7,227 15,458 22,787 
Foreign currency exchange (loss) gain(70,572)47,880 (20,580)19,924 
Gain on sale of real estate554 88 1,428 88 
Income tax expense(2,488)(2,834)(6,042)(8,457)
     Net income$433,143 $616,643 $1,466,049 $1,718,223 
v3.24.3
Description of the Business (Details)
ft² in Millions
 9 Months Ended
Sep. 30, 2024
ft²
storage_facility
state
country
Public Storage Parent  
Nature Of Business [Line Items]  
Ownership interest 99.87%
Trustees and Officers  
Nature Of Business [Line Items]  
Ownership interest 0.13%
Shurgard  
Nature Of Business [Line Items]  
PSA number of self-storage facilities | storage_facility 315
Net rentable area (in square feet) 17.0
Ownership interest (as percent) 35.00%
Number of countries in which entity operates | country 7
Public Storage  
Nature Of Business [Line Items]  
PSA number of self-storage facilities | storage_facility 3,053
Net rentable area (in square feet) 219.5
Number of states with facilities | state 40
Number of third-party self-storage facilities managed | storage_facility 280
Public Storage | Commercial and Retail Space  
Nature Of Business [Line Items]  
Net rentable area (in square feet) 1.1
Public Storage | Facilities, Managed For Third Parties  
Nature Of Business [Line Items]  
Net rentable area (in square feet) 21.0
v3.24.3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accounting Policies [Abstract]        
Real estate acquisition and development expense $ 2,530 $ 5,059 $ 9,154 $ 13,687
v3.24.3
Real Estate Facilities (Schedule of Real Estate Activities) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Operating facilities, at cost:    
Beginning balance (Operating facilities, at cost) $ 27,465,238  
Capital expenditures to maintain real estate facilities 173,684  
Capital expenditures for property enhancements 109,320  
Capital expenditures for energy efficiencies (LED lighting, solar) 39,291  
Acquisitions 45,579  
Dispositions and other (1,569)  
Developed or expanded facilities opened for operation 262,517  
Ending balance (Operating facilities, at cost) 28,094,060  
Accumulated depreciation:    
Beginning balance (Accumulated depreciation) (9,423,974)  
Depreciation expense (748,398)  
Ending balance (Accumulated depreciation) (10,172,372)  
Construction in process:    
Beginning balance (Construction in process) 345,453  
Costs incurred to develop and expand real estate facilities 228,311  
Write-off of cancelled projects (733)  
Developed or expanded facilities opened for operation (262,517)  
Ending balance (Construction in process) 310,514  
Total real estate facilities $ 18,232,202 $ 18,386,717
v3.24.3
Real Estate Facilities (Narrative) (Details)
$ in Thousands, ft² in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
ft²
storage_facility
Sep. 30, 2023
USD ($)
Schedule Of Real Estate Facilities [Line Items]        
Aggregate costs to develop and expand     $ 262,500  
Net rentable area developed or expanded | ft²     1.1  
Proceeds from sale of real estate investments     $ 6,014 $ 101
Gain on sale of real estate $ 554 $ 88 $ 1,428 $ 88
Acquisition of Self-Storage Facilities Other Investments        
Schedule Of Real Estate Facilities [Line Items]        
Number of operating self-storage facilities acquired | storage_facility     5  
Net rentable area acquired (in Sq.ft) | ft²     0.3  
Total cost of acquisition     $ 46,300  
Payments to acquire intangible assets     700  
Land Parcel        
Schedule Of Real Estate Facilities [Line Items]        
Gain on sale of real estate     $ 1,400  
v3.24.3
Investment in Unconsolidated Real Estate Entity (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2024
shares
Nov. 14, 2023
USD ($)
shares
Sep. 30, 2024
USD ($)
shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
shares
Sep. 30, 2023
USD ($)
Sep. 30, 2024
€ / shares
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]                
Number of common shares received | shares 487,600              
Exchange rate translation (as percent)     1.116   1.116      
Cash distribution received         $ 10,664 $ 17,663    
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity         13,285 3,165    
Gain (loss) of foreign currency translation     $ 21,380 $ (5,958) $ 14,567 (787)    
Shurgard                
Schedule of Equity Method Investments [Line Items]                
Ownership interest (as percent)     35.00%   35.00%      
Issuance of shares (in shares) | shares 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     34,619,733   34,619,733      
Share price (in euro per share) | € / shares             € 42.10  
Market value     $ 1,600,000   $ 1,600,000      
License fees received         3,200 2,800    
Cash distribution received         22,800 19,800    
Distributions in excess of cumulative equity in earnings from unconsolidated real estate entity         13,300 3,200    
Basis differential     $ 59,300   59,300     $ 63,700
Increase of equity investment         3,400      
Amortization of basis differential         7,800 4,600    
Shurgard | Trademark License                
Schedule of Equity Method Investments [Line Items]                
Cash distribution received         $ 1,100 $ 1,000    
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]    
Goodwill, gross $ 165,843 $ 165,843
Goodwill, net 165,843 165,843
Gross Book Value 996,279 995,578
Accumulated Amortization (886,400) (792,978)
Total 109,879 202,600
Gross Book Value 1,180,946 1,180,245
Net Book Value 294,546 387,267
Trade Names    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 18,824 $ 18,824
v3.24.3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 26.6 $ 16.0 $ 93.4 $ 41.4
Increase in finite-lived intangible assets     $ 0.7  
v3.24.3
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2024 $ 23,451  
2025 60,632  
2026 19,129  
2027 2,797  
2028 382  
Thereafter 3,488  
Total $ 109,879 $ 202,600
v3.24.3
Credit Facility (Details) - USD ($)
Sep. 30, 2024
Jun. 12, 2023
Oct. 30, 2024
Dec. 31, 2023
Jun. 11, 2023
Credit Facility          
Schedule Of Debt [Line Items]          
Credit Facility borrowing capacity   $ 1,500,000,000     $ 500,000,000
Debt instrument, extension fee maximum, percentage of commitment   0.125%      
Debt Instrument, Variable Interest Rate, Type   Secured Overnight Financing Rate (SOFR) [Member]      
Facility fee percentage 0.10%        
Outstanding borrowings $ 0        
Credit Facility | Subsequent Event          
Schedule Of Debt [Line Items]          
Outstanding borrowings     $ 0    
Credit Facility | Variable Rate Component One          
Schedule Of Debt [Line Items]          
Interest rate spread (as percent) 0.70%        
Credit Facility | Minimum          
Schedule Of Debt [Line Items]          
Facility fee percentage 0.10%        
Credit Facility | Minimum | Variable Rate Component One          
Schedule Of Debt [Line Items]          
Interest rate spread (as percent)   0.65%      
Credit Facility | Maximum          
Schedule Of Debt [Line Items]          
Facility fee percentage 0.30%        
Credit Facility | Maximum | Variable Rate Component One          
Schedule Of Debt [Line Items]          
Interest rate spread (as percent)   1.40%      
Standby Letters of Credit          
Schedule Of Debt [Line Items]          
Undrawn standby letters of credit $ 14,400,000     $ 14,600,000  
v3.24.3
Notes Payable (Schedule of Notes Payable) (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
real_estate_facility
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]    
Principal $ 9,528,580  
Unamortized Costs (54,802)  
Book Value 9,473,778 $ 9,103,277
Fair Value 9,140,212 8,558,601
U.S. Dollar Denominated Unsecured Debt    
Debt Instrument [Line Items]    
Principal 7,750,000  
Unamortized Costs (44,158)  
Book Value 7,705,842 7,411,297
Fair Value $ 7,525,229 7,092,333
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024    
Debt Instrument [Line Items]    
Debt Instrument, Variable Interest Rate, Type Secured Overnight Financing Rate (SOFR) [Member]  
Effective Rate 5.818%  
Principal $ 0  
Unamortized Costs 0  
Book Value 0 699,779
Fair Value $ 0 700,031
U.S. Dollar Denominated Unsecured Debt | Notes due April 23, 2024 | Variable Rate Component One    
Debt Instrument [Line Items]    
Interest rate spread (as percent) 0.47%  
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025    
Debt Instrument [Line Items]    
Debt Instrument, Variable Interest Rate, Type Secured Overnight Financing Rate (SOFR) [Member]  
Effective Rate 5.789%  
Principal $ 400,000  
Unamortized Costs (667)  
Book Value 399,333 398,722
Fair Value $ 401,358 400,295
U.S. Dollar Denominated Unsecured Debt | Notes due July 25, 2025 | Variable Rate Component One    
Debt Instrument [Line Items]    
Interest rate spread (as percent) 0.60%  
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 (1,026)  
Book Value 498,974 498,419
Fair Value $ 478,521 462,362
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 (1,834)  
Book Value 648,166 647,513
Fair Value $ 617,195 597,131
U.S. Dollar Denominated Unsecured Debt | Notes due April 16, 2027    
Debt Instrument [Line Items]    
Debt Instrument, Variable Interest Rate, Type Secured Overnight Financing Rate (SOFR) [Member]  
Effective Rate 5.954%  
Principal $ 700,000  
Unamortized Costs (2,717)  
Book Value 697,283 0
Fair Value $ 708,988 0
U.S. Dollar Denominated Unsecured Debt | Notes due April 16, 2027 | Variable Rate Component One    
Debt Instrument [Line Items]    
Interest rate spread (as percent) 0.70%  
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 (1,568)  
Book Value 498,432 498,036
Fair Value $ 487,882 476,394
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 (2,414)  
Book Value 647,586 647,078
Fair Value $ 602,292 584,520
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 (1,976)  
Book Value 548,024 547,663
Fair Value $ 506,089 490,758
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 (2,507)  
Book Value 497,493 497,053
Fair Value $ 522,552 516,899
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 (1,404)  
Book Value 498,596 498,363
Fair Value $ 486,198 477,692
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 (4,498)  
Book Value 645,502 644,988
Fair Value $ 577,837 562,240
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 (2,517)  
Book Value 547,483 547,218
Fair Value $ 478,168 469,845
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 (5,117)  
Book Value 694,883 694,448
Fair Value $ 727,196 725,753
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 (15,913)  
Book Value 884,087 592,017
Fair Value 930,953 628,413
Euro Denominated Unsecured Debt    
Debt Instrument [Line Items]    
Principal 1,776,840  
Unamortized Costs (10,644)  
Book Value 1,766,196 1,690,147
Fair Value $ 1,613,302 1,464,535
Euro Denominated Unsecured Debt | Notes due April 12, 2024    
Debt Instrument [Line Items]    
Coupon Rate 1.54%  
Effective Rate 1.54%  
Principal $ 0  
Unamortized Costs 0  
Book Value 0 110,372
Fair Value $ 0 109,380
Euro Denominated Unsecured Debt | Notes due November 3, 2025    
Debt Instrument [Line Items]    
Coupon Rate 2.175%  
Effective Rate 2.175%  
Principal $ 270,110  
Unamortized Costs 0  
Book Value 270,110 267,116
Fair Value $ 267,303 261,083
Euro Denominated Unsecured Debt | Notes due September 9, 2030    
Debt Instrument [Line Items]    
Coupon Rate 0.50%  
Effective Rate 0.64%  
Principal $ 781,267  
Unamortized Costs (6,650)  
Book Value 774,617 765,119
Fair Value $ 667,856 638,177
Euro Denominated Unsecured Debt | Notes due January 24, 2032    
Debt Instrument [Line Items]    
Coupon Rate 0.875%  
Effective Rate 0.978%  
Principal $ 558,048  
Unamortized Costs (3,920)  
Book Value 554,128 547,540
Fair Value $ 495,753 455,895
Euro Denominated Unsecured Debt | Notes due April 11, 2039    
Debt Instrument [Line Items]    
Coupon Rate 4.08%  
Effective Rate 4.08%  
Principal $ 167,415  
Unamortized Costs (74)  
Book Value 167,341 0
Fair Value $ 182,390 0
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 $ 11,300  
Coupon Rate 4.347%  
Effective Rate 4.347%  
Principal $ 1,740  
Unamortized Costs 0  
Book Value 1,740 1,833
Fair Value $ 1,681 $ 1,733
v3.24.3
Notes Payable (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
tranche
Apr. 23, 2024
USD ($)
Apr. 16, 2024
USD ($)
Apr. 11, 2024
USD ($)
Sep. 30, 2024
USD ($)
tranche
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
tranche
Sep. 30, 2023
USD ($)
Apr. 11, 2024
EUR (€)
Jul. 26, 2023
USD ($)
Sep. 09, 2021
EUR (€)
Jan. 24, 2020
EUR (€)
Nov. 03, 2015
EUR (€)
Debt Instrument [Line Items]                          
Total debt $ 9,528,580       $ 9,528,580   $ 9,528,580            
Foreign currency exchange (loss) gain         (70,572) $ 47,880 (20,580) $ 19,924          
Interest capitalized as real estate             8,200 6,800          
U.S. Dollar Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Total debt $ 7,750,000       $ 7,750,000   $ 7,750,000            
Debt to total assets ratio 18.00%       18.00%   18.00%            
Adjusted EBTIDA to interest expense ratio             12            
U.S. Dollar Denominated Unsecured Debt | Minimum                          
Debt Instrument [Line Items]                          
Adjusted EBTIDA to interest expense ratio             1.5            
Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Total debt $ 1,776,840       $ 1,776,840   $ 1,776,840            
Number of tranches | tranche 4       4   4            
Foreign currency exchange (loss) gain         $ (71,100) $ 48,200 $ (20,700) $ 20,100          
Senior Notes                          
Debt Instrument [Line Items]                          
Debt issuance amount     $ 1,000,000                    
Net proceeds from conversion of currency     988,500                    
Notes due April 16, 2027 | U.S. Dollar Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Total debt $ 700,000       700,000   700,000            
Debt Instrument, Variable Interest Rate, Type Secured Overnight Financing Rate (SOFR) [Member]                        
Notes due April 16, 2027 | U.S. Dollar Denominated Unsecured Debt | Variable Rate Component One                          
Debt Instrument [Line Items]                          
Interest rate spread (as percent) 0.70%                        
Notes due April 16, 2027 | Senior Notes                          
Debt Instrument [Line Items]                          
Total debt     $ 700,000                    
Debt Instrument, Variable Interest Rate, Type     Secured Overnight Financing Rate (SOFR) [Member]                    
Notes due April 16, 2027 | Senior Notes | Variable Rate Component One                          
Debt Instrument [Line Items]                          
Interest rate spread (as percent)     0.70%                    
Notes due August 1, 2053 | U.S. Dollar Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Total debt $ 900,000       $ 900,000   $ 900,000            
Interest rate (as percent) 5.35%       5.35%   5.35%            
Notes due August 1, 2053 | Senior Notes                          
Debt Instrument [Line Items]                          
Total debt     $ 300,000             $ 600,000      
Interest rate (as percent)     5.35%                    
Debt instrument issued at discount     $ 5,300                    
Notes due April 23, 2024 | U.S. Dollar Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Total debt $ 0       $ 0   $ 0            
Debt Instrument, Variable Interest Rate, Type Secured Overnight Financing Rate (SOFR) [Member]                        
Notes due April 23, 2024 | U.S. Dollar Denominated Unsecured Debt | Variable Rate Component One                          
Debt Instrument [Line Items]                          
Interest rate spread (as percent) 0.47%                        
Notes due April 23, 2024 | Senior Notes                          
Debt Instrument [Line Items]                          
Debt Instrument, Variable Interest Rate, Type   Secured Overnight Financing Rate (SOFR) [Member]                      
Repayments of outstanding amount   $ 700,000                      
Notes due April 23, 2024 | Senior Notes | Variable Rate Component One                          
Debt Instrument [Line Items]                          
Interest rate spread (as percent)   0.47%                      
Maximum Covenant | U.S. Dollar Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt to total assets ratio 65.00%       65.00%   65.00%            
Notes due November 3, 2025 | Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt issuance amount | €                         € 242,000,000.0
Total debt $ 270,110       $ 270,110   $ 270,110            
Interest rate (as percent) 2.175%       2.175%   2.175%            
Notes due January 24, 2032 | Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt issuance amount | €                       € 500,000,000.0  
Total debt $ 558,048       $ 558,048   $ 558,048            
Interest rate (as percent) 0.875%       0.875%   0.875%            
Notes due September 9, 2030 | Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt issuance amount | €                     € 700,000,000.0    
Total debt $ 781,267       $ 781,267   $ 781,267            
Interest rate (as percent) 0.50%       0.50%   0.50%            
Notes due April 11, 2039 | Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt issuance amount | €                 € 150,000,000        
Total debt $ 167,415       $ 167,415   $ 167,415            
Interest rate (as percent) 4.08%       4.08%   4.08%            
Notes due April 11, 2039 | Senior Notes                          
Debt Instrument [Line Items]                          
Interest rate (as percent)                 4.08%        
Net proceeds from conversion of currency       $ 162,500                  
Notes due April 12, 2024 | Euro Denominated Unsecured Debt                          
Debt Instrument [Line Items]                          
Debt issuance amount | €                 € 100,000,000.0        
Total debt $ 0       $ 0   $ 0            
Interest rate (as percent) 1.54%       1.54%   1.54%            
Notes due April 12, 2024 | Senior Notes                          
Debt Instrument [Line Items]                          
Interest rate (as percent)                 1.54%        
Repayments of senior notes       $ 108,400                  
Mortgage Debt | Minimum                          
Debt Instrument [Line Items]                          
Interest rate (as percent) 3.90%       3.90%   3.90%            
Mortgage Debt | Maximum                          
Debt Instrument [Line Items]                          
Interest rate (as percent) 7.10%       7.10%   7.10%            
v3.24.3
Notes Payable (Schedule of Maturities of Notes Payable) (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Remainder of 2024 $ 31
2025 670,241
2026 1,150,138
2027 1,200,146
2028 1,200,129
Thereafter 5,307,895
Total debt $ 9,528,580
Weighted average effective rate 3.20%
Unsecured Debt  
Debt Instrument [Line Items]  
Remainder of 2024 $ 0
2025 670,110
2026 1,150,000
2027 1,200,000
2028 1,200,000
Thereafter 5,306,730
Total debt $ 9,526,840
Weighted average effective rate 3.20%
Mortgage Debt  
Debt Instrument [Line Items]  
Remainder of 2024 $ 31
2025 131
2026 138
2027 146
2028 129
Thereafter 1,165
Total debt $ 1,740
Weighted average effective rate 4.30%
v3.24.3
Noncontrolling Interests (Details)
Sep. 30, 2024
shares
LTIP Units  
Noncontrolling Interest [Line Items]  
Partnership units conversion ratio 1
Vested LTIP units outstanding (in shares) 226,587
Trustees and Officers  
Noncontrolling Interest [Line Items]  
Ownership interest of noncontrolling owners 0.13%
Noncontrolling Interests  
Noncontrolling Interest [Line Items]  
Convertible partnership units (in shares) 499,966
Partnership units conversion ratio 1
v3.24.3
Shareholders' Equity (Schedule of Preferred Shares) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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 Preferred Stock    
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
v3.24.3
Shareholders' Equity (Narrative) (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
board_member
dividend
$ / shares
shares
Sep. 30, 2023
USD ($)
$ / 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, 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, percent     66.67%  
Redemption price per share (in USD per share) | $ / shares $ 25.00   $ 25.00  
Number of shares authorized for repurchase (in shares) | shares 35,000,000   35,000,000  
Shares repurchased (in shares) | shares     726,865  
Repurchase of common shares     $ 200,000,000  
Share repurchase program, remaining authorized, number of shares (in shares) | shares 10,551,219   10,551,219  
Common stock dividends paid in aggregate $ 526,200,000 $ 527,600,000 $ 1,600,000,000 $ 1,600,000,000
Distributions to common shareholders and restricted share unitholders (in USD per share) | $ / shares $ 3.00 $ 3.00 $ 9.00 $ 9.00
Dividends and distributions accrued $ 300,000 $ 200,000 $ 800,000 $ 500,000
Preferred share dividends $ 48,700,000 $ 48,700,000 $ 146,000,000.0 $ 146,000,000.0
v3.24.3
Related Party Transactions (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
storage_facility
adult_children
Sep. 30, 2023
USD ($)
Related Party Transaction [Line Items]    
Tenants reinsurance premiums earned by subsidiaries | $ $ 1.6 $ 1.6
Hughes Owned Canadian Facilities | Canada | Related Party    
Related Party Transaction [Line Items]    
Number of self-storage facilities | storage_facility 66  
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) 0.10%  
v3.24.3
Share-Based Compensation (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
RSUs substituted by LTIP Units (in shares)     156,632  
Stock options substituted by AO LTIP Units (in shares)     2,238,874  
Share-based compensation cost capitalized $ 0.7 $ 0.5 $ 2.5 $ 1.8
Unrecognized compensation cost $ 69.4   $ 69.4  
Compensation recognition period (in years)     3 years  
v3.24.3
Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Share-based compensation cost capitalized $ 700 $ 500 $ 2,500 $ 1,800
Share-based Payment Arrangement, Expensed, Amount [Line Items]        
Share-based compensation expense 10,927 9,515 32,101 31,309
Self-storage cost of operations        
Share-based Payment Arrangement, Expensed, Amount [Line Items]        
Share-based compensation expense 2,927 2,964 9,237 10,316
Ancillary cost of operations        
Share-based Payment Arrangement, Expensed, Amount [Line Items]        
Share-based compensation expense 248 320 874 960
Real estate acquisition and development expense        
Share-based Payment Arrangement, Expensed, Amount [Line Items]        
Share-based compensation expense 635 302 2,063 884
General and administrative        
Share-based Payment Arrangement, Expensed, Amount [Line Items]        
Share-based compensation expense $ 7,117 $ 5,929 $ 19,927 $ 19,149
v3.24.3
Share-Based Compensation (Restricted Share Units and LTIP Units) (Narrative) (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 10,927 $ 9,515 $ 32,101 $ 31,309
Restricted Share Units and LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 8,000 $ 6,300 $ 24,000 $ 21,100
LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Partnership units conversion ratio 1   1  
PSA OP Common Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Partnership units conversion ratio 1   1  
Minimum | Restricted Share Units and LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)     5 years  
Maximum | Restricted Share Units and LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)     8 years  
v3.24.3
Share-Based Compensation (Restricted Share Units and LTIP Units Activity) (Details)
 9 Months Ended
Sep. 30, 2024
shares
Number of Restricted Share Units  
Shares issued from vesting (in shares) 22,319
Restricted Share Units and LTIP Units  
Number of Restricted Share Units  
Unvested awards outstanding, beginning balance (in shares) 416,661
Granted (in shares) 42,790
Vested (in shares) (73,066)
Forfeited (in shares) (13,815)
Unvested awards outstanding, ending balance (in shares) 372,570
Service-Based  
Number of Restricted Share Units  
Unvested awards outstanding, beginning balance (in shares) 322,648
Granted (in shares) 4,470
Vested (in shares) (63,816)
Forfeited (in shares) (13,815)
Unvested awards outstanding, ending balance (in shares) 249,487
Performance-Based  
Number of Restricted Share Units  
Unvested awards outstanding, beginning balance (in shares) 94,013
Granted (in shares) 38,320
Vested (in shares) (9,250)
Forfeited (in shares) 0
Unvested awards outstanding, ending balance (in shares) 123,083
Performance-Based LTIP Units  
Number of Restricted Share Units  
Granted (in shares) 34,550
Award performance period (in years) 3 years
Performance-Based LTIP Units | Minimum  
Number of Restricted Share Units  
Number of units, grantees earnings (in shares) 0
Performance-Based LTIP Units | Maximum  
Number of Restricted Share Units  
Number of units, grantees earnings (in shares) 69,100
Performance-Based RSUs  
Number of Restricted Share Units  
Granted (in shares) 3,770
v3.24.3
Share-Based Compensation (Stock Options and AO LTIP Units) (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 10,927 $ 9,515 $ 32,101 $ 31,309
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 $ 3,400 $ 3,600 $ 10,000 $ 11,300
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 | Stock Options and AO LTIP Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years)     5 years  
v3.24.3
Share-Based Compensation (Stock Options and AO LTIP Units Activity) (Details) - shares
 9 Months Ended
Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Employee stock-based compensation and exercise of stock options (in shares) 140,960
Stock Options and AO LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Number of options outstanding, beginning balance (in shares) 3,051,221
Granted (in shares) 173,801
Exercised (in shares) (609,312)
Cancelled (in shares) (10,110)
Number of options outstanding, ending balance (in shares) 2,605,600
Number of options exercisable Awards exercisable or convertible (in shares) 1,873,380
Service-Based  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Number of options outstanding, beginning balance (in shares) 1,629,742
Granted (in shares) 110,084
Exercised (in shares) (372,195)
Cancelled (in shares) (10,110)
Number of options outstanding, ending balance (in shares) 1,357,521
Number of options exercisable Awards exercisable or convertible (in shares) 1,196,887
Performance-Based  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Number of options outstanding, beginning balance (in shares) 1,421,479
Granted (in shares) 63,717
Exercised (in shares) (237,117)
Cancelled (in shares) 0
Number of options outstanding, ending balance (in shares) 1,248,079
Number of options exercisable Awards exercisable or convertible (in shares) 676,493
Service-Based AO LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Stock options granted (in shares) 106,484
Service-Based Options  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Stock options granted (in shares) 3,600
Performance-Based AO LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Stock options granted (in shares) 63,717
Award performance period (in years) 3 years
Performance-Based AO LTIP Units | Minimum  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Number of units, grantees earnings (in shares) 0
Performance-Based AO LTIP Units | Maximum  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Number of units, grantees earnings (in shares) 127,434
LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Conversion of partnership units (in shares) 186,944
AO LTIP Units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Conversion of partnership units (in shares) 468,352
v3.24.3
Share-Based Compensation (Trustee Deferral Program) (Narrative) (Details) - shares
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Deferred Stock Units (DSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 1,401  
Granted DSUs (in shares) 871  
Restricted share units outstanding (in shares) 11,299 10,769
Unrestricted Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 323  
v3.24.3
Net Income per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (in shares) 220,475 317,062 220,475 317,062
Numerator for basic and dilutive net income per common share – net income allocable to common shareholders $ 380,712 $ 563,237 $ 1,308,287 $ 1,559,084
Denominator for basic net income per share - weighted average common shares outstanding (in shares) 175,043,000 175,499,000 175,403,000 175,451,000
Net effect of dilutive stock options and AO LTIP units - based on treasury stock method (in shares) 823,000 651,000 671,000 719,000
Denominator for dilutive net income per share - weighted average common shares outstanding (in shares) 175,866,000 176,150,000 176,074,000 176,170,000
Basic (in USD per share) $ 2.17 $ 3.21 $ 7.46 $ 8.89
Diluted (in USD per share) $ 2.16 $ 3.20 $ 7.43 $ 8.85
v3.24.3
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 1,187,758 $ 1,143,820 $ 3,518,189 $ 3,357,822
Depreciation and amortization (280,330) (238,748) (848,875) (682,531)
Real estate acquisition and development expense (2,530) (5,059) (9,154) (13,687)
General and administrative (26,214) (20,732) (74,130) (57,459)
Interest and other income 20,029 32,295 52,248 69,381
Interest expense (74,252) (58,350) (215,266) (132,530)
Equity in earnings of unconsolidated real estate entity 2,888 7,227 15,458 22,787
Foreign currency exchange (loss) gain (70,572) 47,880 (20,580) 19,924
Gain on sale of real estate 554 88 1,428 88
Income tax expense (2,488) (2,834) (6,042) (8,457)
Net income 433,143 616,643 1,466,049 1,718,223
Operating Segments        
Segment Reporting Information [Line Items]        
Net income 585,728 616,128 1,722,087 1,818,176
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Real estate acquisition and development expense (2,530) (5,059) (9,154) (13,687)
General and administrative (26,214) (20,732) (74,130) (57,459)
Interest and other income 20,029 32,295 52,248 69,381
Interest expense (74,252) (58,350) (215,266) (132,530)
Equity in earnings of unconsolidated real estate entity 2,888 7,227 15,458 22,787
Foreign currency exchange (loss) gain (70,572) 47,880 (20,580) 19,924
Gain on sale of real estate 554 88 1,428 88
Income tax expense (2,488) (2,834) (6,042) (8,457)
Self-Storage Operations Reportable Segment | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 1,110,115 1,078,721 3,295,896 3,167,025
Cost of operations (287,435) (267,785) (858,350) (794,078)
Net operating income 822,680 810,936 2,437,546 2,372,947
Depreciation and amortization (280,330) (238,748) (848,875) (682,531)
Net income 542,350 572,188 1,588,671 1,690,416
Ancillary Operations | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 77,643 65,099 222,293 190,797
Net operating income 43,378 43,940 133,416 127,760
Cost of operations $ (34,265) $ (21,159) $ (88,877) $ (63,037)
v3.24.3
Commitments and Contingencies (Details)
certificate in Millions
Sep. 30, 2024
USD ($)
certificate
Commitments and Contingencies Disclosure [Abstract]  
Deductible for general liability $ 2,000,000.0
Deductible for property loss 25,000,000.0
Reduced deductible for property loss 5,000,000.0
Aggregate loss threshold for reduced deductible for property loss 35,000,000.0
Minimum loss per occurrence to reach aggregate loss threshold for reduced deductible for property loss 5,000,000.0
Aggregate limit for property loss coverage 75,000,000.0
Aggregate limit for general liability coverage 102,000,000.0
Tenant insurance program against claims, maximum amount 5,000
Third-party insurance coverage for claims paid exceeding amount for individual event 15,000,000.0
Third-party limit for insurance coverage claims paid for individual event $ 10,000,000.0
Number of tenant certificate holders participating in insurance program, approximate | certificate 1.4
Aggregate coverage of tenants participating in insurance program $ 6,800,000,000
Construction commitments 164,600,000
Construction commitments remainder of 2024 27,200,000
Construction commitments 2025 128,200,000
Construction commitments 2026 9,200,000
Various lease commitments 62,400,000
Various lease commitments remainder of 2024 900,000
Various lease commitments 2025 4,100,000
Various lease commitments 2026 4,000,000.0
Various lease commitments 2027 2,600,000
Various lease commitments 2028 2,500,000
Various lease commitments thereafter $ 48,300,000
v3.24.3
Subsequent Events (Details)
ft² in Millions, $ in Millions
 1 Months Ended 9 Months Ended
Oct. 31, 2024
USD ($)
Oct. 30, 2024
USD ($)
state
ft²
storage_facility
Sep. 30, 2024
USD ($)
ft²
Hurricane | Forecast      
Subsequent Event [Line Items]      
Total estimated cost $ 7.0    
Acquisition of Self-Storage Facilities Other Investments      
Subsequent Event [Line Items]      
Net rentable area acquired (in Sq.ft) | ft²     0.3
Total cost of acquisition     $ 46.3
Subsequent Event | Acquisition of Self-Storage Facilities Other Investments      
Subsequent Event [Line Items]      
Number of self-storage facilities acquired or under contract to be acquired | storage_facility   14  
Number of states self-storage facilities acquired or under contracts to be acquired | state   9  
Net rentable area acquired (in Sq.ft) | ft²   1.2  
Total cost of acquisition   $ 181.2