Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2018	Feb. 25, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	Public Storage
Entity Central Index Key	0001393311
Current Fiscal Year End Date	--12-31
Trading Symbol	psa
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 33,830,475,000
Entity Common Stock, Shares Outstanding		174,498,758

Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Cash and equivalents	$ 361,218,000	$ 433,376,000
Real estate facilities, at cost:
Land	4,047,982,000	3,947,123,000
Buildings	11,248,862,000	10,718,866,000
Real estate facilities, gross	15,296,844,000	14,665,989,000
Accumulated depreciation	(6,140,072,000)	(5,700,331,000)
Real estate facilities, net	9,156,772,000	8,965,658,000
Construction in process	285,339,000	264,441,000
Total real estate facilities	9,442,111,000	9,230,099,000
Investments in unconsolidated real estate entities	783,988,000	724,173,000
Goodwill and other intangible assets, net	209,856,000	214,957,000
Other Assets	131,097,000	130,287,000
Total assets	10,928,270,000	10,732,892,000
LIABILITIES AND EQUITY
Notes payable	1,412,283,000	1,431,322,000
Accrued and other liabilities	371,259,000	337,201,000
Total liabilities	1,783,542,000	1,768,523,000
Commitments and contingencies (Note 13)
Public Storage shareholders' equity:
Preferred Shares, $0.01 par value, 100,000,000 shares authorized, 161,000 shares issued (in series) and outstanding, (161,000 at December 31, 2017), at liquidation preference	4,025,000,000	4,025,000,000
Common Shares, $0.10 par value, 650,000,000 shares authorized, 174,130,881 shares issued and outstanding (173,853,370 shares at December 31, 2017)	17,413,000	17,385,000
Paid-in capital	5,718,485,000	5,648,399,000
Accumulated deficit	(577,360,000)	(675,711,000)
Accumulated other comprehensive loss	(64,060,000)	(75,064,000)
Total Public Storage shareholders’ equity	9,119,478,000	8,940,009,000
Noncontrolling interests	25,250,000	24,360,000
Total equity	9,144,728,000	8,964,369,000
Total liabilities and equity	$ 10,928,270,000	$ 10,732,892,000

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	161,000	161,000
Preferred stock, shares outstanding	161,000	161,000
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	174,130,881	173,853,370
Common stock, shares outstanding	174,130,881	173,853,370

Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Total revenues	$ 2,754,280	$ 2,668,528	$ 2,560,549
Expenses:
Self-storage cost of operations	695,731	657,633	617,905
Ancillary cost of operations	43,991	50,345	51,178
Depreciation and amortization	483,646	454,526	433,314
General and administrative	118,720	82,882	83,656
Interest expense	32,542	12,690	4,210
Operating expenses	1,374,630	1,258,076	1,190,263
Other increase (decrease) to net income:
Interest and other income	26,442	18,771	15,138
Equity in earnings of unconsolidated real estate entities	103,495	75,655	56,756
Foreign currency exchange gain (loss)	18,117	(50,045)	17,570
Casualty loss		(7,789)
Gain on sale of real estate	37,903	1,421	689
Gain due to Shurgard Europe public offering	151,616
Net income	1,717,223	1,448,465	1,460,439
Allocation to noncontrolling interests	(6,192)	(6,248)	(6,863)
Net income allocable to Public Storage shareholders	1,711,031	1,442,217	1,453,576
Allocation of net income to:
Preferred shareholders- distributions	(216,316)	(236,535)	(238,214)
Preferred shareholders - redemptions (Note 8)		(29,330)	(26,873)
Restricted share units	(5,815)	(4,743)	(4,610)
Net income allocable to common shareholders	$ 1,488,900	$ 1,171,609	$ 1,183,879
Net income per common share:
Basic	$ 8.56	$ 6.75	$ 6.84
Diluted	$ 8.54	$ 6.73	$ 6.81
Basic weighted average common shares outstanding	173,969	173,613	173,091
Diluted weighted average common shares outstanding	174,297	174,151	173,878
Self-Storage Facilities [Member]
Revenues:
Total revenues	$ 2,597,607	$ 2,512,433	$ 2,405,828
Ancillary Operations [Member]
Revenues:
Total revenues	$ 156,673	$ 156,095	$ 154,721

Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
Statements Of Comprehensive Income - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statements Of Comprehensive Income [Abstract]
Net income	$ 1,717,223	$ 1,448,465	$ 1,460,439
Other comprehensive income (loss):
Aggregate foreign currency exchange gain (loss)	1,914	(30,003)	(8,047)
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			(941)
Adjust for foreign currency exchange loss reflected in gain on sale of real estate and gain on Shurgard Europe public offering	27,207
Adjust for aggregate foreign currency exchange (gain) loss included in net income	(18,117)	50,045	(17,570)
Other comprehensive income (loss)	11,004	20,042	(26,558)
Total comprehensive income	1,728,227	1,468,507	1,433,881
Allocation to noncontrolling interests	(6,192)	(6,248)	(6,863)
Comprehensive income allocable to Public Storage shareholders	$ 1,722,035	$ 1,462,259	$ 1,427,018

Statements Of Equity - USD ($) $ in Thousands	Cumulative Preferred Shares [Member]	Common Shares [Member]	Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total Public Storage Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balances at Dec. 31, 2015	$ 4,055,000	$ 17,293	$ 5,601,506	$ (434,610)	$ (68,548)	$ 9,170,641	$ 26,997	$ 9,197,638
Cumulative effect of a change in accounting principle (Note 10) at Dec. 31, 2015			789	(789)				789
Balances, as adjusted at Dec. 31, 2015	4,055,000	17,293	5,602,295	(435,399)	(68,548)	9,170,641	26,997	9,197,638
Issuance of preferred shares (Note 8)	1,175,000		(38,797)			1,136,203		1,136,203
Redemption of preferred shares (Note 8)	(862,500)					(862,500)		(862,500)
Issuance of common shares in connection with share-based compensation (Note 10)		36	25,505			25,541		25,541
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			20,765			20,765		20,765
Contributions by noncontrolling interests							3,470	3,470
Net income				1,460,439		1,460,439		1,460,439
Net income allocated to noncontrolling interests				(6,863)		(6,863)	6,863	(6,863)
Distributions to equity holders:
Preferred shares (Note 8)				(238,214)		(238,214)		(238,214)
Noncontrolling interests							(7,586)	(7,586)
Common shares and restricted share units				(1,267,544)		(1,267,544)		(1,267,544)
Other comprehensive income (loss) (Note 2)					(26,558)	(26,558)		(26,558)
Balances at Dec. 31, 2016	4,367,500	17,329	5,609,768	(487,581)	(95,106)	9,411,910	29,744	9,441,654
Issuance of preferred shares (Note 8)	580,000		(18,823)			561,177		561,177
Redemption of preferred shares (Note 8)	(922,500)					(922,500)		(922,500)
Issuance of common shares in connection with share-based compensation (Note 10)		56	42,444			42,500		42,500
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			22,711			22,711		22,711
Acquisition of noncontrolling interests			(7,701)			(7,701)	(6,724)	(14,425)
Contributions by noncontrolling interests							2,484	2,484
Net income				1,448,465		1,448,465		1,448,465
Net income allocated to noncontrolling interests				(6,248)		(6,248)	6,248	(6,248)
Distributions to equity holders:
Preferred shares (Note 8)				(236,535)		(236,535)		(236,535)
Noncontrolling interests							(7,392)	(7,392)
Common shares and restricted share units				(1,393,812)		(1,393,812)		(1,393,812)
Other comprehensive income (loss) (Note 2)					20,042	20,042		20,042
Balances at Dec. 31, 2017	4,025,000	17,385	5,648,399	(675,711)	(75,064)	8,940,009	24,360	8,964,369
Issuance of common shares in connection with share-based compensation (Note 10)		28	12,497			12,525		12,525
Share-based compensation expense, net of cash paid in lieu of common shares (Note 10)			57,589			57,589		57,589
Contributions by noncontrolling interests							1,720	1,720
Net income				1,717,223		1,717,223		1,717,223
Net income allocated to noncontrolling interests				(6,192)		(6,192)	6,192	(6,192)
Distributions to equity holders:
Preferred shares (Note 8)				(216,316)		(216,316)		(216,316)
Noncontrolling interests							(7,022)	(7,022)
Common shares and restricted share units				(1,396,364)		(1,396,364)		(1,396,364)
Other comprehensive income (loss) (Note 2)					11,004	11,004		11,004
Balances at Dec. 31, 2018	$ 4,025,000	$ 17,413	$ 5,718,485	$ (577,360)	$ (64,060)	$ 9,119,478	$ 25,250	$ 9,144,728

Statement Of Equity (Parenthetical) - $ / shares	12 Months Ended
Statement Of Equity (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statements Of Equity [Abstract]
Issuance of preferred shares, shares	23,200	47,000
Redemption of preferred shares, shares	36,900	34,500
Issuance of common shares in connection with share-based compensation, shares	564,583	367,546
Common shares and restricted share units, per share distribution	$ 8.00	$ 7.30

Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements Of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 1,717,223	$ 1,448,465	$ 1,460,439
Adjustments to reconcile net income to net cash flows from operating activities:
Gain due to Shurgard Europe public offering	(151,616)
Gain on real estate investment sales	(37,903)	(1,421)	(689)
Assets damaged due to hurricanes		3,286
Depreciation and amortization	483,646	454,526	433,314
Equity in earnings of unconsolidated real estate entities	(103,495)	(75,655)	(56,756)
Distributions from retained earnings of unconsolidated real estate entities	109,754	53,749	84,397
Foreign currency exchange (gain) loss	(18,117)	50,045	(17,570)
Share-based compensation expense	69,936	37,548	37,483
Other	(7,925)	5,136	4,718
Total adjustments	344,280	527,214	484,897
Net cash flows from operating activities	2,061,503	1,975,679	1,945,336
Cash flows from investing activities:
Capital expenditures to maintain real estate facilities	(140,067)	(122,199)	(81,435)
Construction in process	(338,802)	(338,479)	(269,916)
Acquisition of real estate facilities and intangible assets	(181,020)	(285,279)	(416,178)
Distributions in excess of retained earnings from unconsolidated real estate entities	91,927		67,420
Proceeds from sale of real estate investments	54,184	6,103	998
Net cash flows from investing activities	(513,778)	(739,854)	(699,111)
Cash flows from financing activities:
Repayments on notes payable	(1,784)	(1,701)	(36,459)
Issuance of notes payable		992,077	113,620
Issuance of preferred shares		561,177	1,136,203
Issuance of common shares	12,525	42,500	25,541
Redemption of preferred shares		(922,500)	(862,500)
Cash paid upon vesting of restricted share units	(12,347)	(14,092)	(15,357)
Acquisition of noncontrolling interests		(14,425)
Contributions by noncontrolling interests	1,720	2,484	3,470
Distributions paid to Public Storage shareholders	(1,612,680)	(1,630,347)	(1,505,758)
Distributions paid to noncontrolling interests	(7,022)	(7,392)	(7,586)
Net cash flows from financing activities	(1,619,588)	(992,219)	(1,148,826)
Net cash flows from operating, investing and financing activities	(71,863)	243,606	97,399
Net effect of foreign exchange translation	(171)	(126)	(381)
(Decrease) increase in cash, equivalents, and restricted cash	(72,034)	243,480	97,018
Cash, equivalents, and restricted cash at beginning of the period:
Cash and equivalents	433,376	183,688	104,285
Restricted cash included in other assets	22,677	28,885	11,270
Cash, equivalents, and restricted cash	456,053	212,573	115,555
Cash, equivalents, and restricted cash at end of the period:
Cash and equivalents	361,218	433,376	183,688
Restricted cash included in other assets	22,801	22,677	28,885
Cash, equivalents, and restricted cash	384,019	456,053	212,573
Foreign currency translation adjustment:
Real estate facilities, net of accumulated depreciation	203	(659)	1,317
Investments in unconsolidated real estate entities	15,997	(19,370)	24,099
Notes payable	(18,285)	49,906	(17,750)
Accumulated other comprehensive gain (loss)	1,914	(30,003)	(8,047)
Reclassification of existing investment to real estate in connection with property acquisition (Note 3):
Real estate facilities		(6,310)
Investments in unconsolidated real estate entities		6,310
Real estate acquired in exchange for assumption of notes payable			(12,945)
Notes payable assumed in connection with acquisition of real estate			12,945
Accrued development costs and capital expenditures:
Capital expenditures to maintain real estate facilities	670	(2,581)	(4,612)
Construction in process	(23,595)	(11,233)	(18,238)
Accrued and other liabilities	$ 22,925	$ 13,814	$ 22,850

Description Of The Business	12 Months Ended
Description Of The Business	Dec. 31, 2018
Description Of The Business [Abstract]
Description Of The Business	1.Description of the Business Public Storage (referred to herein as “the Company,” “we,” “us,” or “our”), a Maryland real estate investment trust (“REIT”), was organized in 1980. Our principal business activities include the ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities such as merchandise sales and tenant reinsurance to the tenants at our self-storage facilities, as well as the acquisition and development of additional self-storage space. At December 31, 2018, we have direct and indirect equity interests in 2,429 self-storage facilities (with approximately 162 million net rentable square feet) located in 38 states in the United States (“U.S.”) operating under the “Public Storage” name. We also have a 35.2% interest in Shurgard Self Storage SA (“Shurgard Europe”), which owns 232 self-storage facilities (with approximately 13 million net rentable square feet) located in seven Western European countries, all operating under the “Shurgard” name. We also have direct and indirect equity interests in approximately 29 million net rentable square feet of commercial space located in seven states in the U.S. primarily owned and operated by PS Business Parks, Inc. (“PSB”) under the “PS Business Parks” name. At December 31, 2018, we have an approximate 42% common equity interest in PSB. Disclosures of the number and square footage of facilities, as well as the number and coverage of tenant reinsurance policies (Note 13) are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Presentation

The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”).

Consolidation and Equity Method of Accounting

We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances.

We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”, eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities.

When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively.

Collectively, at December 31, 2018, the Company and the Subsidiaries own 2,429 self-storage facilities and three commercial facilities in the U.S. At December 31, 2018, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard Europe.

Use of Estimates

The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.

Income Taxes

We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.

Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense.

We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2018, we had no tax benefits that were not recognized.

Real Estate Facilities

Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period and, effective October 1, 2016, the external transaction costs associated with acquisitions of real estate. Prior to October 1, 2016, transaction costs for acquisitions were included in general and administrative expense on our income statements. This change was made due to a change in GAAP, which results in real estate facility acquisitions generally being considered acquisitions of assets rather than business combinations. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values.

Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.

When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a gain or loss on a pro-rata basis based upon the interest sold.

Other Assets

Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash.

Accrued and Other Liabilities

Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.

Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments

Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity.

Fair Value

As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges.

We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs.

We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs.

Currency and Credit Risk

Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks.

At December 31, 2018, due primarily to our investment in Shurgard Europe (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.

Goodwill and Other Intangible Assets

Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land.

Goodwill totaled $174.6 million at December 31, 2018 and 2017. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2018 and 2017. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized.

Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At December 31, 2018, these intangibles had a net book value of $16.5 million ($21.5 million at December 31, 2017). Accumulated amortization totaled $29.6 million at December 31, 2018 ($31.0 million at December 31, 2017), and amortization expense of $16.6 million, $15.0 million and $21.7 million was recorded in 2018, 2017 and 2016, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2018 is approximately $9.2 million in 2019, $2.5 million in 2020 and $4.8 million thereafter. During 2018, 2017 and 2016, intangibles increased $11.6 million, $17.2 million and $23.0 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).

Evaluation of Asset Impairment

We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal.

We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary.

We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value.

We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value.

No impairments were recorded in any of our evaluations for any period presented herein.

Casualty Loss

We record casualty losses for a) the book value of assets destroyed and b) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma.

Revenue and Expense Recognition

Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned.

We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred.

Foreign Currency Exchange Translation

The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.144 U.S. Dollars per Euro at December 31, 2018 (1.198 at December 31, 2017), and average exchange rates of 1.181, 1.129 and 1.107 for the years ended December 31, 2018, 2017 and 2016, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).

Comprehensive Income

Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our unsecured notes denominated in Euros.

Net Income per Common Share

Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings.

Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands):


	For the Years Ended December 31,
	2018		2017		2016

Weighted average common shares and equivalents
outstanding:
Basic weighted average common
shares outstanding		173,969		173,613	173,091
Net effect of dilutive stock options -
based on treasury stock method		328		538	787
Diluted weighted average common
shares outstanding		174,297		174,151	173,878

Real Estate Facilities

12 Months Ended

Dec. 31, 2018

Real Estate Facilities [Abstract]

Real Estate Facilities

3.Real Estate Facilities

Activity in real estate facilities during 2018, 2017 and 2016 is as follows:



	For the Years Ended December 31,
	2018		2017		2016
	(Amounts in thousands)
Operating facilities, at cost:
Beginning balance	$	14,665,989	$	13,963,229	$	13,205,261
Capital expenditures to maintain real estate facilities		139,397		124,780		86,047
Acquisitions		169,436		274,115		406,154
Dispositions		(25,633)		(1,092)		-
Assets damaged due to hurricanes		-		(8,226)		-
Developed or redeveloped facilities opened for operation		348,270		311,559		268,905
Impact of foreign exchange rate changes		(615)		1,624		(3,138)
Ending balance		15,296,844		14,665,989		13,963,229
Accumulated depreciation:
Beginning balance		(5,700,331)		(5,270,963)		(4,866,738)
Depreciation expense		(457,029)		(433,466)		(406,046)
Dispositions		16,876		123		-
Assets damaged due to hurricanes		-		4,940		-
Impact of foreign exchange rate changes		412		(965)		1,821
Ending balance		(6,140,072)		(5,700,331)		(5,270,963)
Construction in process:
Beginning balance		264,441		230,310		219,190
Current development		362,397		349,712		288,154
Developed or redeveloped facilities opened for operation		(348,270)		(311,559)		(268,905)
Dispositions		(2,698)		(4,022)		-
Transfer from (to) other assets		9,469		-		(8,129)
Ending balance		285,339		264,441		230,310
Total real estate facilities at December 31,	$	9,442,111	$	9,230,099	$	8,922,576

During 2018, we acquired 25 self-storage facilities (1.6 million net rentable square feet), for a total cost of $181.0 million in cash, of which $11.6 million was allocated to intangible assets. We completed development and redevelopment activities costing $348.3 million during 2018, adding 3.0 million net rentable square feet of self-storage space. Construction in process at December 31, 2018 consists of projects to develop new self-storage facilities and redevelop existing self-storage facilities. On October 18, 2018, we sold our property in West London to Shurgard Europe for $42.1 million and recorded a related gain on sale of real estate of approximately $31.5 million. This gain was net of the recognition of a cumulative other comprehensive loss totaling $4.8 million with respect to foreign currency translation. On October 25, 2018, we sold a former commercial facility for $8.7 million and recorded a related gain on sale of real estate of approximately $4.6 million. During 2018, we also sold portions of real estate facilities in connection with eminent domain proceedings for $3.4 million in cash proceeds and recorded a related gain on sale of real estate of approximately $1.8 million. During 2018, we also transferred $9.5 million of accumulated construction costs from other assets to construction in process.

During 2017, we acquired 22 self-storage facilities from third parties (1,365,000 net rentable square feet), for a total cost of $149.8 million, in cash. Approximately $8.2 million of the total cost was allocated to intangible assets. On December 31, 2017, we acquired the remaining 74.25% of the interests which we did not own in one of the unconsolidated entities that owned 12 self-storage facilities (749,000 net rentable square feet) for a total cost of $135.5 million in cash. Approximately $9.0 million of the $141.8 million acquisition cost (which includes the $6.3 million book value of our existing investment) was allocated to intangible assets and $0.3 million was allocated to other assets.

We completed development and redevelopment activities during 2017, adding 2.7 million net rentable square feet of self-storage space, at an aggregate cost of $311.6 million. During 2017, we sold real estate for a total of approximately $6.4 million in cash proceeds, of which $0.3 million was collected in 2016, and recorded a related gain on real estate investment sales of approximately $1.4 million in 2017.

During 2016, we acquired 55 self-storage facilities (4,121,000 net rentable square feet), for a total cost of $429.1 million, consisting of $416.2 million in cash and the assumption of $12.9 million in mortgage notes. Approximately $23.0 million of the total cost was allocated to intangible assets. We completed development and redevelopment activities during 2016, adding 2,275,000 net rentable square feet of self-storage space, at an aggregate cost of $268.9 million. During 2016, we also transferred $8.1 million of accumulated construction costs to other assets, with respect to a development project that was suspended.

At December 31, 2018, the adjusted basis of real estate facilities for U.S. federal tax purposes was approximately $10.0 billion (unaudited).

Investments In Unconsolidated Real Estate Entities

12 Months Ended

Dec. 31, 2018

Investments In Unconsolidated Real Estate Entities [Abstract]

Investments In Unconsolidated Real Estate Entities

4.Investments in Unconsolidated Real Estate Entities

The following table sets forth our investments in, and equity in earnings of, the Unconsolidated Real Estate Entities (amounts in thousands):


	Investments in Unconsolidated Real Estate				Equity in Earnings of Unconsolidated Real Estate
	Entities at December 31,				Entities for the Year Ended December 31,
	2018		2017		2018		2017		2016

PSB	$	434,533	$	400,133	$	89,362	$	46,544	$	31,707
Shurgard Europe		349,455		324,040		14,133		25,948		22,324
Other Investments		-		-		-		3,163		2,725
Total	$	783,988	$	724,173	$	103,495	$	75,655	$	56,756

Investment in PSB

PSB is a REIT traded on the New York Stock Exchange. We have an approximate 42% common equity interest in PSB as of December 31, 2018 and 2017, comprised of our ownership of 7,158,354 shares of PSB’s common stock and 7,305,355 limited partnership units (“LP Units”) in an operating partnership controlled by PSB. The LP Units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock. Based upon the closing price at December 31, 2018 ($131.00 per share of PSB common stock), the shares and units we owned had a market value of approximately $1.9 billion. At December 31, 2018, the adjusted tax basis of our investment in PSB approximates book value (unaudited).

During 2018, 2017, and 2016, we received cash distributions from PSB totaling $55.0 million, $49.2 million, and $43.4 million, respectively.

At December 31, 2018, our pro-rata investment in PSB’s real estate assets included in investment in real estate entities exceeds our pro-rata share of the underlying amounts on PSB’s balance sheet presented below by approximately $7.4 million ($10.9 million at December 31, 2017). This differential (the “PSB Basis Differential”) is being amortized as a reduction to equity in earnings of the Unconsolidated Real Estate Entities. Such amortization totaled approximately $1.8 million, $1.3 million, and $1.8 million during 2018, 2017, and 2016, respectively.

Our equity in earnings of PSB is comprised of our equity interest in PSB’s earnings as reflected in the table below, less amortization of the PSB Basis Differential.

The following table sets forth selected financial information of PSB. The amounts represent all of PSB’s balances and not our pro-rata share.


	2018		2017		2016

	(Amounts in thousands)
For the year ended December 31,
Revenues	$	413,516	$	402,179	$	386,871
Costs of operations		(126,547)		(125,340)		(123,108)
Depreciation and amortization		(99,242)		(94,270)		(99,486)
General and administrative		(10,155)		(9,679)		(14,862)
Other items		1,875		(1,148)		(4,431)
Gains on sale of real estate		93,484		7,574		-
Net income before allocation to preferred
shareholders and restricted share unitholders		272,931		179,316		144,984
Allocations to preferred shareholders and
restricted share unitholders		(53,803)		(64,612)		(65,157)
Net income allocated to common shareholders
and LP Unitholders	$	219,128	$	114,704	$	79,827


Total assets (primarily real estate)	$	2,068,594	$	2,100,159	$	2,119,371
Preferred stock called for redemption		-		130,000		230,000
Other liabilities		85,141		80,223		78,657
Equity:
Preferred stock		959,750		959,750		879,750
Common equity and LP units		1,023,703		930,186		930,964

Investment in Shurgard Europe

On October 15, 2018, Shurgard Europe completed an initial global offering (the “Offering”) of its common shares, and its shares commenced trading on Euronext Brussels under the “SHUR” symbol. In the Offering, Shurgard Europe issued 25,000,000 of its shares to third parties at a price of €23 per share. Our equity interest, comprised of a direct and indirect pro-rata ownership interest in 31,268,459 shares, decreased from 49% to 35.2% as a result of the Offering. While we did not sell any of our shares in the Offering, we recorded a gain of $151.6 million reflected as “Gain due to Shurgard Europe Public Offering” on our income statement, as if we had sold a proportionate share of our investment in Shurgard Europe. The gain resulted in a $174.0 million increase in our investment in Shurgard Europe and a $22.4 million reduction in other comprehensive loss with respect to cumulative foreign currency translation losses for Shurgard Europe.

Based upon the closing price at December 31, 2018 (€24.25 per share of SHUR common stock, at 1.144 exchange rate of US Dollars to the Euro), the shares we owned had a market value of approximately $867.4 million.

Our equity in earnings of Shurgard Europe is comprised of our equity share of Shurgard Europe’s net income included in the tables below and our equity share of the trademark license fees that Shurgard Europe pays to us for the use of the “Shurgard” trademark. The remaining license fees we receive from Shurgard Europe are classified as interest and other income on our income statement.

We received cash distributions from Shurgard Europe totaling $146.7 million, $1.3 million, and $105.6 million in 2018, 2017, and 2016, respectively. Included in these amounts is our share of a distribution paid to Shurgard’s equity shareholders totaling $145.4 million in 2018 and $104.4 million in 2016. The remaining amounts represent our equity share of trademark license fees we received, which are presented as distributions from Shurgard Europe. For 2018 and 2016, $91.9 million and $67.4 million, respectively, of the distributions received exceeded our cumulative retained earnings from Shurgard Europe and are presented as an investing activity on our statements of cash flows for each of the respective periods.

Changes in foreign currency exchange rates decreased our investment in Shurgard Europe by approximately $16.0 million in 2018, increased it by $19.4 million in 2017 and decreased it by $24.1 million in 2016. Included in our equity in earnings of Shurgard Europe for 2016 is a $941,000 increase for the recognition of accumulated comprehensive income, representing a decrease to equity rather than an increase to investments in Unconsolidated Real Estate Entities.

The following table sets forth selected consolidated financial information of Shurgard Europe based upon all of Shurgard Europe’s balances for all periods, rather than our pro rata share. Such amounts are based upon our historical acquired book basis.


	2018		2017		2016

	(Amounts in thousands)
For the year ended December 31,
Self-storage and ancillary revenues	$	284,992	$	265,088	$	252,321
Self-storage and ancillary cost of operations		(104,376)		(98,510)		(97,099)
Depreciation and amortization		(82,655)		(63,282)		(62,829)
General and administrative		(11,755)		(12,465)		(13,199)
Interest expense on third party debt		(22,749)		(20,759)		(20,617)
Trademark license fee payable to Public Storage		(2,852)		(2,647)		(2,531)
Income tax expense		(22,775)		(17,601)		(10,669)
Gain on real estate investment sale		1,969		-		-
Other, net (a)		(14,726)		484		(2,348)

Net income	$	25,073	$	50,308	$	43,029
Average exchange rates of Euro to the U.S. Dollar		1.181		1.129		1.107

(a) Amounts for the year ended December 31, 2018 include $5.5 million in costs
incurred with respect to Shurgard Europe's initial global offering and a $7.3 million
casualty loss with respect to a fire at one of Shurgard Europe's facilities.



	2018		2017		2016
	(Amounts in thousands)
As of December 31,
Total assets (primarily self-storage facilities and cash)	$	1,736,654	$	1,416,477	$	1,261,912
Total debt to third parties		693,704		726,617		666,926
Other liabilities		143,963		143,638		106,916
Equity		898,987		546,222		488,070

Exchange rate of Euro to U.S. Dollar		1.144		1.198		1.052

Other Investments

On December 31, 2017, we acquired the remaining 74.25% equity interest we did not own in the Other Investments for $135.5 million, in cash, and began to consolidate the 12 self-storage facilities owned by the Other Investments.

Credit Facility	12 Months Ended
Credit Facility	Dec. 31, 2018
Credit Facility [Abstract]
Credit Facility	5.Credit Facility We have a revolving credit agreement (the “Credit Facility”) with a $500 million borrowing limit, which expires on March 31, 2020. Amounts drawn on the Credit Facility bear annual interest at rates ranging from LIBOR plus 0.850% to LIBOR plus 1.450% depending upon the ratio of our Total Indebtedness to Gross Asset Value (as defined in the Credit Facility) (LIBOR plus 0.850% at December 31, 2018). We are also required to pay a quarterly facility fee ranging from 0.080% per annum to 0.250% per annum depending upon the ratio of our Total Indebtedness to our Gross Asset Value (0.080% per annum at December 31, 2018). At December 31, 2018 and February 27, 2019, we had no outstanding borrowings under this Credit Facility. We had undrawn standby letters of credit, which reduce our borrowing capacity, totaling $16.2 million at December 31, 2018 ($16.1 million at December 31, 2017). The Credit Facility has various customary restrictive covenants, all of which we were in compliance with at December 31, 2018.

Notes Payable

12 Months Ended

Dec. 31, 2018

Notes Payable [Abstract]

Notes Payable

6.Notes Payable

Our notes payable at December 31, 2018 and 2017 are set forth in the table below:


			Amounts at December 31, 2018
	Coupon	Effective				Unamortized		Book		Fair		Book Value at
	Rate	Rate		Principal	Costs			Value		Value		December 31, 2017
			($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due September 2022	2.370%	2.483%	$	500,000	$	(1,947)	$	498,053	$	482,017	$	497,525
Notes due September 2027	3.094%	3.218%		500,000		(4,604)		495,396		469,055		494,868
				1,000,000		(6,551)		993,449		951,072		992,393

Euro Denominated Unsecured Debt
Notes due April 2024	1.540%	1.540%		114,449		-		114,449		115,964		119,795
Notes due November 2025	2.175%	2.175%		276,982		-		276,982		286,078		289,921
				391,431		-		391,431		402,042		409,716
Mortgage Debt, secured by 30
real estate facilities with a net
book value of $111.0 million	4.090%	4.045%		27,403		-		27,403		27,613		29,213

			$	1,418,834	$	(6,551)	$	1,412,283	$	1,380,727	$	1,431,322

U.S. Dollar Denominated Unsecured Debt

On September 18, 2017, we issued, in a public offering, two tranches each totaling $500.0 million of U.S. Dollar denominated unsecured notes (the “U.S. Dollar Notes”). In connection with the offering, we incurred a total of $7.9 million in costs, which is reflected as a reduction in the principal amount and amortized, using the effective interest method, over the term of each respective note. Interest on the U.S. Dollar Notes is payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2018.

The U.S. Dollar Notes have various financial covenants, all of which we were in compliance with at December 31, 2018. Included in these covenants are a) a maximum Debt to Total Assets of 65% (4.2% at December 31, 2018) and b) a minimum ratio of Adjusted EBITDA to Interest Expense of 1.5x (67.4x for the year ended December 31, 2018) as well as covenants limiting the amount we can encumber our properties with mortgage debt.

Euro Denominated Unsecured Debt

Our Euro-denominated unsecured notes (the “Euro Notes”) are payable to institutional investors. The Euro Notes consist of two tranches, (i) €242.0 million were issued on November 3, 2015 for $264.3 million in net proceeds upon converting the Euros to U.S. Dollars and (ii) €100.0 million were issued on April 12, 2016 for $113.6 million in net proceeds upon converting the Euros to U.S. Dollars. Interest is payable semi-annually. The Euro Notes have various customary financial covenants, all of which we were in compliance with at December 31, 2018.

We reflect changes in the U.S. Dollar equivalent of the amount payable, as a result of changes in foreign exchange rates as “foreign currency exchange (loss) gain” on our income statement (gain of $18.1 million for 2018, loss of $50.0 million for 2017 and gain of $17.6 million for 2016).

Mortgage Debt

Our non-recourse mortgage debt was assumed in connection with property acquisitions and recorded at fair value with any premium or discount to the stated note balance amortized using the effective interest method.

During 2016, we assumed mortgage notes with aggregate contractual values of $12.9 million and interest rates of 4.2%, which approximated market rates, in connection with the acquisition of real estate facilities.

At December 31, 2018, the notes’ contractual interest rates are fixed, ranging between 3.2% and 7.1%, and mature between November 2022 and September 2028.

At December 31, 2018, approximate principal maturities of our Notes Payable are as follows (amounts in thousands):


	Unsecured		Mortgage
	Debt		Debt		Total


2019	$	-	$	1,867	$	1,867
2020		-		1,958		1,958
2021		-		1,836		1,836
2022		500,000		2,522		502,522
2023		-		19,161		19,161
Thereafter		891,431		59		891,490
	$	1,391,431	$	27,403	$	1,418,834
Weighted average effective rate		2.6%		4.0%		2.6%

Cash paid for interest totaled $36.3 million, $16.8 million and $9.4 million for 2018, 2017 and 2016, respectively. Interest capitalized as real estate totaled $4.8 million, $4.4 million and $5.1 million for 2018, 2017 and 2016, respectively.

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2018
Noncontrolling Interests [Abstract]
Noncontrolling Interests	7.Noncontrolling Interests At December 31, 2018, the noncontrolling interests represent (i) third-party equity interests in subsidiaries owning 17 operating self-storage facilities and five self-storage facilities that are under construction and (ii) 231,978 partnership units held by third-parties in a subsidiary that are convertible on a one-for-one basis (subject to certain limitations) into common shares of the Company at the option of the unitholder (collectively, the “Noncontrolling Interests”). At December 31, 2018, the Noncontrolling Interests cannot require us to redeem their interests, other than pursuant to a liquidation of the subsidiary. During 2018, 2017 and 2016, we allocated a total of $6.2 million, $6.2 million and $6.9 million, respectively, of income to these interests; and we paid $7.0 million, $7.4 million and $7.6 million, respectively, in distributions to these interests. During 2017, we acquired Noncontrolling Interests for $14.4 million (none for 2018 or 2016) in cash, of which $7.7 million was allocated to Paid-in capital and $6.7 million as a reduction to Noncontrolling Interests. During 2018, 2017 and 2016, Noncontrolling Interests contributed $1.7 million, $2.5 million and $3.5 million, respectively.

Shareholders' Equity

12 Months Ended

Dec. 31, 2018

Shareholders’ Equity [Abstract]

Shareholders' Equity

8.Shareholders’ Equity

Preferred Shares

At December 31, 2018 and 2017, we had the following series of Cumulative Preferred Shares (“Preferred Shares”) outstanding:


Series	Earliest Redemption Date	Dividend Rate	Shares Outstanding	Liquidation Preference

			(Dollar amounts in thousands)
Series U	6/15/2017	5.625%	11,500	$	287,500
Series V	9/20/2017	5.375%	19,800		495,000
Series W	1/16/2018	5.200%	20,000		500,000
Series X	3/13/2018	5.200%	9,000		225,000
Series Y	3/17/2019	6.375%	11,400		285,000
Series Z	6/4/2019	6.000%	11,500		287,500
Series A	12/2/2019	5.875%	7,600		190,000
Series B	1/20/2021	5.400%	12,000		300,000
Series C	5/17/2021	5.125%	8,000		200,000
Series D	7/20/2021	4.950%	13,000		325,000
Series E	10/14/2021	4.900%	14,000		350,000
Series F	6/2/2022	5.150%	11,200		280,000
Series G	8/9/2022	5.050%	12,000		300,000
Total Preferred Shares			161,000	$	4,025,000

The holders of our Preferred Shares have general preference rights with respect to liquidation, quarterly distributions and any accumulated unpaid distributions. Except under certain conditions and as noted below, holders of the Preferred Shares will not be entitled to vote on most matters. In the event of a cumulative arrearage equal to six quarterly dividends, holders of all outstanding series of preferred shares (voting as a single class without regard to series) will have the right to elect two additional members to serve on our board of trustees (our “Board”) until the arrearage has been cured. At December 31, 2018, there were no dividends in arrears.

Except under certain conditions relating to the Company’s qualification as a REIT, the Preferred Shares are not redeemable prior to the dates indicated on the table above. On or after the respective dates, each of the series of Preferred Shares is redeemable at our option, in whole or in part, at $25.00 per depositary share, plus accrued and unpaid dividends. Holders of the Preferred Shares cannot require us to redeem such shares.

Upon issuance of our Preferred Shares, we classify the liquidation value as preferred equity on our balance sheet with any issuance costs recorded as a reduction to Paid-in capital.

In 2017, we redeemed our Series S and Series T Preferred Shares, at par, for a total of $922.5 million in cash, before payment of accrued dividends.

In 2017, we issued an aggregate 23.2 million depositary shares, each representing 1/1,000 of a share of our Series F and Series G Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $580.0 million in gross proceeds, and we incurred $18.8 million in issuance costs.

In 2016, we redeemed our Series Q and Series R Preferred Shares at par, for a total of $862.5 million in cash, before payment of accrued dividends.

In 2016, we issued an aggregate 47.0 million depositary shares, each representing 1/1,000 of a share of our Series B, Series C, Series D and Series E Preferred Shares, at an issuance price of $25.00 per depositary share, for a total of $1,175.0 million in gross proceeds, and we incurred $38.8 million in issuance costs.

In 2017 and 2016, we recorded $29.3 million and $26.9 million, respectively, in EITF D-42 allocations of income from our common shareholders to the holders of our Preferred Shares in connection with redemptions of Preferred Shares.

Common Shares

During 2018, 2017 and 2016, activity with respect to the issuance of our common shares was as follows (dollar amounts in thousands):


	2018				2017				2016
		Shares		Amount		Shares		Amount		Shares		Amount
Employee stock-based compensation and
exercise of stock options (Note 10)		277,511	$	12,525		564,583	$	42,500		367,546	$	25,541

Our Board previously authorized the repurchase from time to time of up to 35.0 million of our common shares on the open market or in privately negotiated transactions. Through December 31, 2018, we repurchased approximately 23.7 million shares pursuant to this authorization; none of which were repurchased during the three years ended December 31, 2018.

At December 31, 2018 and 2017, we had 3,138,618 and 3,208,046, respectively, of common shares reserved in connection with our share-based incentive plans (see Note 10), and 231,978 shares reserved for the conversion of partnership units owned by Noncontrolling Interests.

The unaudited characterization of dividends for U.S. federal income tax purposes is made based upon earnings and profits of the Company, as defined by the Code. Common share dividends including amounts paid to our common shareholders and our restricted share unitholders totaled $1.396 billion ($8.00 per share), $1.394 billion ($8.00 per share) and $1.268 billion ($7.30 per share) for the years ended December 31, 2018, 2017 and 2016, respectively. Preferred share dividends totaled $216.3 million, $236.5 million and $238.2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

For the tax year ended December 31, 2018, distributions for the common shares and all the various series of preferred shares were classified as follows:


	2018 (unaudited)
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Ordinary Income		100.00	%	100.00	%	100.00	%	93.17	%
Long-Term Capital Gain		0.00	%	0.00	%	0.00	%	6.83	%
Total		100.00	%	100.00	%	100.00	%	100.00	%

The ordinary income dividends distributed for the tax year ended December 31, 2018 do not constitute qualified dividend income.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	9.Related Party Transactions B. Wayne Hughes, our former Chairman and his family, including his daughter Tamara Hughes Gustavson and his son B. Wayne Hughes, Jr., who are both members of our Board, collectively own approximately 14.5% of our common shares outstanding at December 31, 2018. At December 31, 2018, B. Wayne Hughes and Tamara Hughes Gustavson together owned and controlled 62 self-storage facilities in Canada. These facilities operate under the “Public Storage” tradename, which we license to the owners of these facilities for use in Canada on a royalty-free, non-exclusive basis. We have no ownership interest in these facilities and we do not own or operate any facilities in Canada. If we chose to acquire or develop our own facilities in Canada, we would have to share the use of the “Public Storage” name in Canada. We have a right of first refusal, subject to limitations, to acquire the stock or assets of the corporation engaged in the operation of these facilities if their owners agree to sell them. Our subsidiaries reinsure risks relating to loss of goods stored by customers in these facilities, and have received approximately $1.3 million, $1.1 million and $848,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Our right to continue receiving these premiums may be qualified.

Share-Based Compensation

12 Months Ended

Dec. 31, 2018

Share-Based Compensation [Abstract]

Share-Based Compensation

10.Share-Based Compensation

Under various share-based compensation plans and under terms established by our Board or a committee thereof, we grant non-qualified options to purchase the Company’s common shares, as well as restricted share units (“RSUs”), to trustees, officers, and key employees.

Stock options and RSUs are considered “granted” and “outstanding” as the terms are used herein, when (i) the Company and the recipient reach a mutual understanding of the key terms of the award, (ii) the award has been authorized, (iii) the recipient is affected by changes in the market price of our stock, and (iv) it is probable that any performance conditions will be met.

We amortize the grant-date fair value of awards as compensation expense over the service period, which begins on the grant date and ends generally on the vesting date. For awards that are earned solely upon the passage of time and continued service, the entire cost of the award is amortized on a straight-line basis over the service period. For awards with performance conditions, the individual cost of each vesting is amortized separately over each individual service period (the “accelerated attribution” method).

In amortizing share-based compensation expense, we do not estimate future forfeitures in advance. Instead, we reverse previously amortized share-based compensation expense with respect to grants that are forfeited in the period the employee terminates employment. We recorded a cumulative-effect adjustment of $789,000 to increase accumulated deficit and increase paid-in capital as of January 1, 2016, representing the impact of estimated forfeitures at December 31, 2015.

In February 2018, we announced that Ron Havner and John Reyes, our Chief Executive Officer and Chief Financial Officer, respectively, at the time, were retiring from their executive roles at the end of 2018 and would then serve only as Trustees of the Company. Pursuant to our share-based compensation plans, their unvested grants will continue to vest over the original vesting periods during their service as Trustees. For financial reporting, the end of the service periods for previous stock option and RSU grants for these executives changed from (i) the various vesting dates to (ii) December 31, 2018 when they retired. Accordingly, all remaining share-based compensation expense for these two executives was amortized in the year ended December 31, 2018.

See also “net income per common share” in Note 2 for further discussion regarding the impact of RSUs and stock options on our net income per common share and income allocated to common shareholders.

Stock Options

Stock options vest over a three to five-year period, expire ten years after the grant date, and the exercise price is equal to the closing trading price of our common shares on the grant date. Employees cannot require the Company to settle their award in cash. We issue new common shares in order to settle exercised stock options. We use the Black-Scholes option valuation model to estimate the fair value of our stock options.

Outstanding stock option grants are included on a one-for-one basis in our diluted weighted average shares, to the extent dilutive, after applying the treasury stock method (based upon the average common share price during the period) to assumed exercise proceeds and measured but unrecognized compensation.

The stock options outstanding at December 31, 2018 have an aggregate intrinsic value (the excess, if any, of each option’s market value over the exercise price) of approximately $35.8 million and remaining average contractual lives of approximately six years. The aggregate intrinsic value of exercisable stock options at December 31, 2018 amounted to approximately $31.3 million. Approximately 1,351,000 of the stock options outstanding at December 31, 2018, have an exercise price of more than $200. We have 69,755 stock options exercisable at December 31, 2018, which expire through June 30, 2020, with an average exercise price per share of $71.55.

Additional information with respect to stock options during 2018, 2017 and 2016 is as follows:


	2018				2017				2016
				Weighted				Weighted				Weighted
				Average				Average				Average
		Number		Exercise		Number		Exercise		Number		Exercise
		of		Price		of		Price		of		Price
		Options		per Share		Options		per Share		Options		per Share
Options outstanding January 1,		2,408,917	$	192.12		1,995,440	$	150.83		1,940,279	$	130.08
Granted		200,000		194.29		1,096,000		223.58		310,000		239.11
Exercised		(179,995)		69.53		(482,523)		88.07		(254,839)		100.23
Cancelled		(8,000)		223.50		(200,000)		203.64		-		-

Options outstanding December 31,		2,420,922	$	201.31		2,408,917	$	192.12		1,995,440	$	150.83

Options exercisable at December 31,		1,147,122	$	178.31		848,250	$	143.55		1,105,433	$	108.84


	2018		2017		2016

Stock option expense for the year (in 000's) (a)	$	17,162	$	8,707	$	5,180

Aggregate exercise date intrinsic value of options exercised during the year (in 000's)	$	25,117	$	61,334	$	33,228

Average assumptions used in valuing options with the Black-Scholes method:
Expected life of options in years, based upon historical experience		5		5		5
Risk-free interest rate		2.7%		1.9%		1.2%
Expected volatility, based upon historical volatility		12.5%		17.9%		17.9%
Expected dividend yield		4.1%		3.6%		2.9%

Average estimated value of options granted during the year	$	13.09	$	23.49	$	26.18

(a) Amounts for 2018 include $8.1 million, in connection with the acceleration of amortization on grants discussed above. Amounts for 2017 reflect a reduction in compensation expense of $0.8 million related to stock options forfeited during the period.

Restricted Share Units

RSUs generally vest ratably over a five to eight-year period from the grant date. The grantee receives dividends for each outstanding RSU equal to the per-share dividends received by our common shareholders. We expense any dividends previously paid upon forfeiture of the related RSU. Upon vesting, the grantee receives common shares equal to the number of vested RSUs, less common shares withheld in exchange for tax deposits made by the Company to satisfy the grantee’s statutory tax liabilities arising from the vesting.

The fair value of our RSUs is determined based upon the applicable closing trading price of our common shares.

The fair value of our RSUs outstanding at December 31, 2018 was approximately $145.3 million. Remaining compensation expense related to RSUs outstanding at December 31, 2018 totals approximately $91.1 million and is expected to be recognized as compensation expense over the next 5.3 years on average. The following tables set forth relevant information with respect to restricted shares (dollar amounts in thousands):


	2018				2017				2016
		Number of		Grant Date		Number of		Grant Date		Number of		Grant Date
		Restricted		Aggregate		Restricted		Aggregate		Restricted		Aggregate
		Share Units		Fair Value		Share Units		Fair Value		Share Units		Fair Value
Restricted share units outstanding January 1,		799,129	$	166,144		696,641	$	136,905		737,388	$	129,284
Granted		138,567		27,733		340,957		73,953		171,144		40,263
Vested		(164,104)		(30,717)		(144,473)		(25,305)		(180,050)		(26,689)
Forfeited		(55,896)		(11,948)		(93,996)		(19,409)		(31,841)		(5,953)

Restricted share units outstanding December 31,		717,696	$	151,212		799,129	$	166,144		696,641	$	136,905


	2018		2017		2016
Amounts for the year (in 000's, except number of shares):
Fair value of vested shares on vesting date	$	32,317	$	31,962	$	41,400
Cash paid for taxes upon vesting in lieu of issuing common shares	$	12,347	$	14,092	$	15,357
Common shares issued upon vesting		97,516		82,060		112,707
Restricted share unit expense (a)	$	53,869	$	28,841	$	32,303

(a)Amounts for 2018, 2017 and 2016 include approximately $1.1 million, $0.7 million and $1.4 million, respectively, in employer taxes incurred upon vesting. Amounts for 2018 include $22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for 2017 reflect a reduction in compensation expense of $4.6 million related to RSUs forfeited during the period.

Segment Information

12 Months Ended

Dec. 31, 2018

Segment Information [Abstract]

Segment Information

11.Segment Information

Our reportable segments reflect the significant components of our operations where discrete financial information is evaluated separately by our chief operating decision maker (“CODM”). We organize our segments based primarily upon the nature of the underlying products and services, as well as the drivers of profitability growth. The net income for each reportable segment included in the tables below are in conformity with GAAP and our significant accounting policies as denoted in Note 2. The amounts not attributable to reportable segments are aggregated under “other items not allocated to segments.”

Following is a description of and basis for presentation for each of our reportable segments.

Self-Storage Operations

The Self-Storage Operations segment reflects the rental operations from all self-storage facilities we own. Our CODM reviews the net operating income (“NOI”) of this segment, which represents the related revenues less cost of operations (prior to depreciation expense), in assessing performance and making resource allocation decisions. The presentation in the tables below sets forth the NOI of this segment, as well as the depreciation expense for this segment, which while reviewed by our CODM and included in net income, is not considered by the CODM in assessing performance and decision making. For all periods presented, substantially all of our real estate facilities, goodwill and other intangible assets, other assets, and accrued and other liabilities are associated with the Self-Storage Operations segment.

Ancillary Operations

The Ancillary Operations segment reflects the sale of merchandise and reinsurance of policies against losses to goods stored by our self-storage tenants, activities which are incidental to our primary self-storage rental activities. Our CODM reviews the NOI of these operations in assessing performance and making resource allocation decisions.

Investment in PSB

This segment represents our 42% equity interest in PSB, a publicly-traded REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial space. PSB has a separate management team that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in PSB, the CODM reviews PSB’s net income, which is detailed in PSB’s periodic filings with the SEC, and is included in Note 4. The segment presentation in the tables below includes our equity earnings from PSB.

Investment in Shurgard Europe

This segment represents our equity interest in Shurgard Europe, a publicly held company which owns and operates self-storage facilities located in seven countries in Western Europe. On October 15, 2018, Shurgard Europe completed an Offering of its common shares, and its shares commenced trading on Euronext Brussels under the “SHUR” symbol. Shurgard Europe has a separate management team and board of trustees that makes its financing, capital allocation, and other significant decisions. In making resource allocation decisions with respect to our investment in Shurgard Europe, the CODM reviews Shurgard Europe’s net income, which is detailed in Note 4. The segment presentation below includes our equity earnings from Shurgard Europe.

Presentation of Segment Information

The following tables reconcile NOI (as applicable) and net income of each segment to our consolidated net income (amounts in thousands):


For the year ended December 31, 2018

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,597,607	$	-	$	-	$	-	$	-	$	2,597,607
Ancillary operations		-		156,673		-		-		-		156,673
		2,597,607		156,673		-		-		-		2,754,280

Cost of operations:
Self-storage operations		695,731		-		-		-		-		695,731
Ancillary operations		-		43,991		-		-		-		43,991
		695,731		43,991		-		-		-		739,722

Net operating income:
Self-storage operations		1,901,876		-		-		-		-		1,901,876
Ancillary operations		-		112,682		-		-		-		112,682
		1,901,876		112,682		-		-		-		2,014,558

Other components of net income (loss):
Depreciation and amortization		(483,646)		-		-		-		-		(483,646)
General and administrative		-		-		-		-		(118,720)		(118,720)
Interest and other income		-		-		-		-		26,442		26,442
Interest expense		-		-		-		-		(32,542)		(32,542)
Equity in earnings of
unconsolidated real estate entities		-		-		89,362		14,133		-		103,495
Foreign currency exchange gain		-		-		-		-		18,117		18,117
Gain on sale of real estate		-		-		-		-		37,903		37,903
Gain due to Shurgard Europe
public offering		-		-		-		151,616		-		151,616
Net income (loss)	$	1,418,230	$	112,682	$	89,362	$	165,749	$	(68,800)	$	1,717,223


For the year ended December 31, 2017

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,512,433	$	-	$	-	$	-	$	-	$	2,512,433
Ancillary operations		-		156,095		-		-		-		156,095
		2,512,433		156,095		-		-		-		2,668,528

Cost of operations:
Self-storage operations		657,633		-		-		-		-		657,633
Ancillary operations		-		50,345		-		-		-		50,345
		657,633		50,345		-		-		-		707,978

Net operating income:
Self-storage operations		1,854,800		-		-		-		-		1,854,800
Ancillary operations		-		105,750		-		-		-		105,750
		1,854,800		105,750		-		-		-		1,960,550

Other components of net income (loss):
Depreciation and amortization		(454,526)		-		-		-		-		(454,526)
General and administrative		-		-		-		-		(82,882)		(82,882)
Interest and other income		-		-		-		-		18,771		18,771
Interest expense		-		-		-		-		(12,690)		(12,690)
Equity in earnings of
unconsolidated real estate entities		-		-		46,544		25,948		3,163		75,655
Foreign currency exchange loss		-		-		-		-		(50,045)		(50,045)
Casualty loss		-		-		-		-		(7,789)		(7,789)
Gain on sale of real estate		-		-		-		-		1,421		1,421
Net income (loss)	$	1,400,274	$	105,750	$	46,544	$	25,948	$	(130,051)	$	1,448,465


For the year ended December 31, 2016

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,405,828	$	-	$	-	$	-	$	-	$	2,405,828
Ancillary operations		-		154,721		-		-		-		154,721
		2,405,828		154,721		-		-		-		2,560,549

Cost of operations:
Self-storage operations		617,905		-		-		-		-		617,905
Ancillary operations		-		51,178		-		-		-		51,178
		617,905		51,178		-		-		-		669,083

Net operating income:
Self-storage operations		1,787,923		-		-		-		-		1,787,923
Ancillary operations		-		103,543		-		-		-		103,543
		1,787,923		103,543		-		-		-		1,891,466

Other components of net income (loss):
Depreciation and amortization		(433,314)		-		-		-		-		(433,314)
General and administrative		-		-		-		-		(83,656)		(83,656)
Interest and other income		-		-		-		-		15,138		15,138
Interest expense		-		-		-		-		(4,210)		(4,210)
Equity in earnings of
unconsolidated real estate entities		-		-		31,707		22,324		2,725		56,756
Foreign currency exchange gain		-		-		-		-		17,570		17,570
Gain on sale of real estate		-		-		-		-		689		689
Net income (loss)	$	1,354,609	$	103,543	$	31,707	$	22,324	$	(51,744)	$	1,460,439

Recent Accounting Pronouncements And Guidance	12 Months Ended
Recent Accounting Pronouncements And Guidance	Dec. 31, 2018
Recent Accounting Pronouncements And Guidance [Abstract]
Recent Accounting Pronouncements And Guidance	12.Recent Accounting Pronouncements and Guidance In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which requires revenue to be based upon the consideration expected from customers for promised goods or services. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance with respect to the sale of real estate facilities. The new standards permit either the retrospective or cumulative effects transition method. We adopted the new standards effective January 1, 2018 utilizing the modified retrospective transition method applied to open contracts. The new standards did not have a material impact on our results of operations or financial condition, primarily because most of our revenue is from rental revenue from self-storage facilities, and included in self-storage facilities revenue on our statements of income, which the new standards do not address, and because we do not provide any material products and services to our customers or sell material amounts of our real estate facilities. The remainder of our revenues are composed of elements that are either covered by the new standards but not impacted, or are not covered by the new standards. In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard, effective on January 1, 2019, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief effective January 1, 2019 with a cumulative effect through December 31, 2018 recorded through retained earnings. The primary practical expedients we used included (i) using hindsight in determining the lease term and in assessing impairment of right-of-use assets, (ii) not assessing whether existing or expired land easements that were not previously accounted for as leases are or contain a lease under this new standard, and (iii) not separating lease and associated non-lease components for all existing leases where we are a lessor at January 1, 2019 in accordance with the requirements of the practical expedient. We do not believe this standard will have a material impact on our results of operations or financial condition, because substantially all of our lease revenues are derived from month-to-month self-storage leases, and we do not have material amounts of lease expense. In May 2017, the FASB issued ASU 2017-09, Stock Compensation: Scope of Modification Accounting, to increase clarity and consistency of practice and reduce cost and complexity when modifying the terms of share-based awards. We prospectively adopted this guidance effective January 1, 2018, with no material impact on our financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash, which primarily requires the statement of cash flows to explain not only the change in cash and equivalents, but also the change in restricted cash. The standard is effective on January 1, 2018, with early adoption permitted and requires the use of the retrospective transition method. The Company early adopted the new guidance during the fourth quarter of 2017.

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2018
Commitments And Contingencies [Abstract]
Commitments And Contingencies	13.Commitments and Contingencies Contingent Losses We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. Insurance and Loss Exposure We carry property, earthquake, general liability, employee medical insurance and workers compensation coverage through internationally recognized insurance carriers, subject to deductibles. Our deductible for general liability is $2.0 million per occurrence. Our annual deductible for property loss is $25.0 million per occurrence. This deductible decreases to $5.0 million once we reach $35.0 million in aggregate losses for occurrences that exceed $5.0 million. Insurance carriers’ aggregate limits on these policies of $75.0 million for property losses and $102.0 million for general liability losses are higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. We reinsure a program that provides insurance to our customers from an independent third-party insurer. This program covers customer claims for losses to goods stored at our facilities as a result of specific named perils (earthquakes are not covered by this program), up to a maximum limit of $5,000 per storage unit. We reinsure all risks in this program, but purchase insurance to cover this exposure for a limit of $15.0 million for losses in excess of $5.0 million per occurrence. We are subject to licensing requirements and regulations in several states. Customers participate in the program at their option. At December 31, 2018, there were approximately 914,000 certificates held by our self-storage customers, representing aggregate coverage of approximately $2.9 billion. Construction Commitments We have construction commitments representing future expected payments for construction under contract totaling $138.5 million at December 31, 2018. We expect to pay approximately $126.3 million in 2019 and $12.2 million in 2020 for these construction commitments.

Supplementary Quarterly Financial Data

12 Months Ended

Dec. 31, 2018

Supplementary Quarterly Financial Data [Abstract]

Supplementary Quarterly Financial Data

14.Supplementary Quarterly Financial Data (unaudited)


		Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018		2018
		(Amounts in thousands, except per share data)

Self-storage and ancillary revenues	$	669,924	$	685,528	$	706,368	$	692,460

Self-storage and ancillary cost of operations	$	192,827	$	190,977	$	195,544	$	160,374

Depreciation and amortization	$	117,979	$	119,777	$	124,516	$	121,374

Net Income	$	344,436	$	405,292	$	379,589	$	587,906

Per Common Share
Net income - Basic	$	1.66	$	2.00	$	1.85	$	3.05

Net income - Diluted	$	1.65	$	2.00	$	1.85	$	3.04


		Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	2017		2017		2017		2017
		(Amounts in thousands, except per share data)

Self-storage and ancillary revenues	$	645,547	$	664,312	$	686,361	$	672,308

Self-storage and ancillary cost of operations	$	182,902	$	182,578	$	190,619	$	151,879

Depreciation and amortization	$	110,929	$	110,177	$	113,320	$	120,100

Net Income	$	344,021	$	355,207	$	358,274	$	390,963

Per Common Share
Net income - Basic	$	1.62	$	1.59	$	1.61	$	1.92

Net income - Diluted	$	1.62	$	1.59	$	1.61	$	1.92

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	15.Subsequent Events Subsequent to December 31, 2018, we acquired or were under contract to acquire 14 self-storage facilities (nine in Virginia and one each in Colorado, Florida, Georgia, Kentucky and Michigan with 935,000 net rentable square feet, for $102.4 million. On February 22, 2019, we called for redemption, and on March 28, 2019, we will redeem our 6.375% Series Y Preferred Shares, at par ($285.0 million). We will record an $8.5 million allocation of income from our common shareholders to the holders of our Preferred Shares in the three months ending March 31, 2019 in connection with this redemption.

Schedule III - Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

Schedule III - Real Estate And Accumulated Depreciation [Abstract]

Schedule III - Real Estate And Accumulated Depreciation


Self-storage facilities by market:
Los Angeles	224	16,086	538	510,249	924,346	296,987	507,862	1,223,720	1,731,582	686,584
Houston	123	9,093	-	177,951	443,126	142,048	177,412	585,713	763,125	261,800
San Francisco	138	8,952	-	241,791	527,127	190,078	254,541	704,455	958,996	426,169
Dallas/Ft. Worth	122	8,760	-	173,223	414,707	118,863	174,821	531,972	706,793	257,203
Chicago	130	8,172	-	137,165	352,595	122,609	140,002	472,367	612,369	340,765
New York	94	6,940	-	250,900	548,541	166,300	257,237	708,504	965,741	386,344
Atlanta	103	6,749	-	129,671	341,153	67,847	129,468	409,203	538,671	243,122
Seattle/Tacoma	93	6,424	-	183,213	466,998	95,459	182,225	563,445	745,670	301,030
Miami	90	6,416	-	215,278	461,099	87,470	217,170	546,677	763,847	284,258
Washington DC	91	5,648	-	233,905	406,769	112,017	239,100	513,591	752,691	285,899
Orlando/Daytona	72	4,550	12,174	140,411	253,375	55,715	145,892	303,609	449,501	141,198
Denver	61	4,295	9,661	95,009	226,499	65,256	95,738	291,026	386,764	131,592
Charlotte	54	4,056	-	77,016	194,846	54,628	84,879	241,611	326,490	107,397
Minneapolis/St. Paul	54	3,690	3,931	107,071	211,200	25,259	107,236	236,294	343,530	106,371
Tampa	53	3,613	-	87,165	174,499	46,672	89,927	218,409	308,336	113,117
Philadelphia	57	3,582	-	51,682	152,406	55,037	50,703	208,422	259,125	152,874
West Palm Beach	45	3,398	-	153,414	216,913	48,466	154,122	264,671	418,793	109,277
Detroit	41	2,795	-	62,990	159,461	28,972	63,840	187,583	251,423	103,405
Phoenix	38	2,536	-	60,974	169,042	25,757	60,965	194,808	255,773	94,513
Austin	31	2,343	-	51,150	115,641	39,486	53,172	153,105	206,277	76,208
Portland	43	2,256	-	51,182	126,464	26,792	51,840	152,598	204,438	95,235
Sacramento	34	1,959	-	25,141	69,409	27,711	25,646	96,615	122,261	72,863
Raleigh	28	1,882	-	50,348	99,583	28,318	51,479	126,770	178,249	54,523
San Diego	20	1,815	-	47,884	108,911	39,142	50,394	145,543	195,937	80,945
San Antonio	28	1,791	-	27,566	76,028	26,691	27,524	102,761	130,285	62,052
Norfolk	29	1,727	-	35,608	92,053	17,323	35,047	109,937	144,984	57,997
Boston	25	1,679	-	61,583	158,870	21,353	62,149	179,657	241,806	83,539
Columbus	22	1,629	-	25,341	64,746	26,791	25,448	91,430	116,878	41,711
Oklahoma City	22	1,533	-	35,704	68,360	12,840	35,704	81,200	116,904	19,843
Baltimore	23	1,472	-	25,176	79,734	18,139	25,300	97,749	123,049	66,565
Indianapolis	23	1,472	-	21,945	60,353	12,874	22,945	72,227	95,172	42,326
St. Louis	26	1,464	-	20,037	56,237	21,401	20,680	76,995	97,675	60,081
Kansas City	24	1,461	-	14,225	43,732	27,046	14,425	70,578	85,003	57,162
Columbia	23	1,331	-	20,169	57,131	19,062	20,928	75,434	96,362	31,667
Las Vegas	20	1,259	-	23,168	52,723	10,024	22,417	63,498	85,915	46,030
Milwaukee	15	964	1,099	13,189	32,071	9,958	13,158	42,060	55,218	31,402
Cincinnati	17	947	-	15,023	32,351	22,398	14,941	54,831	69,772	27,878
Louisville	14	875	-	22,813	43,250	6,390	22,812	49,641	72,453	11,155
Jacksonville	14	841	-	11,252	27,714	11,197	11,301	38,862	50,163	30,515
Nashville/Bowling Green	16	835	-	12,744	29,420	10,330	12,742	39,752	52,494	26,255
Honolulu	11	807	-	54,184	106,299	11,378	55,101	116,760	171,861	58,488
Greensboro	13	787	-	12,737	29,811	13,032	14,826	40,754	55,580	24,203
Colorado Springs	12	706	-	8,229	19,659	12,877	8,225	32,540	40,765	26,212
Chattanooga	10	706	-	6,569	26,045	6,682	6,371	32,925	39,296	13,385
Hartford/New Haven	11	693	-	6,778	19,959	21,307	8,443	39,601	48,044	30,275
Savannah	12	690	-	33,094	42,465	2,267	31,766	46,060	77,826	13,779
Charleston	11	681	-	12,415	34,114	16,528	13,391	49,666	63,057	21,688
Fort Myers/Naples	9	670	-	15,373	35,353	4,945	15,608	40,063	55,671	15,558
New Orleans	9	627	-	9,205	30,832	5,871	9,373	36,535	45,908	23,480
Greensville/Spartanburg/Asheville	11	623	-	9,036	20,767	9,349	9,965	29,187	39,152	18,918
Reno	7	559	-	5,487	18,704	3,987	5,487	22,691	28,178	11,189
Birmingham	14	538	-	5,229	17,835	13,238	5,117	31,185	36,302	26,512
Salt Lake City	8	517	-	7,846	15,947	4,625	7,495	20,923	28,418	13,744
Memphis	9	510	-	7,962	21,981	8,784	9,315	29,412	38,727	19,019
Buffalo/Rochester	9	462	-	6,785	17,954	3,617	6,783	21,573	28,356	12,638
Richmond	10	460	-	13,248	23,253	4,248	13,053	27,696	40,749	16,460
Tucson	7	439	-	9,403	25,491	5,475	9,884	30,485	40,369	17,863
Cleveland/Akron	7	437	-	4,070	16,139	5,344	4,463	21,090	25,553	10,952
Wichita	7	433	-	2,017	6,691	7,078	2,130	13,656	15,786	11,416
Mobile	9	394	-	4,257	17,441	4,532	4,084	22,146	26,230	11,804
Omaha	4	377	-	7,491	20,930	1,800	7,491	22,730	30,221	2,165
Monterey/Salinas	7	329	-	8,465	24,151	4,045	8,455	28,206	36,661	19,811
Palm Springs	3	242	-	8,309	18,065	1,240	8,309	19,305	27,614	9,531
Evansville	4	232	-	1,826	8,445	1,169	1,798	9,642	11,440	3,132
Dayton	5	230	-	1,074	8,975	4,752	1,073	13,728	14,801	6,593
Augusta	4	202	-	1,793	5,990	2,328	1,793	8,318	10,111	5,497
Fort Wayne	3	168	-	349	3,594	3,095	349	6,689	7,038	5,718
Providence	3	155	-	995	11,206	2,847	995	14,053	15,048	5,716
Huntsville/Decatur	3	153	-	1,024	3,321	2,989	971	6,363	7,334	5,820
Shreveport	2	150	-	817	3,030	2,252	741	5,358	6,099	4,498
Springfield/Holyoke	2	144	-	1,428	3,380	1,781	1,427	5,162	6,589	4,401
Rochester	2	99	-	1,047	2,246	1,963	980	4,276	5,256	3,710
Santa Barbara	2	98	-	5,733	9,106	385	5,733	9,491	15,224	5,043
Topeka	2	94	-	225	1,419	1,983	225	3,402	3,627	2,852
Lansing	2	88	-	556	2,882	821	556	3,703	4,259	2,058
Roanoke	1	57	-	819	1,776	580	819	2,356	3,175	2,132
Flint	1	56	-	543	3,068	217	542	3,286	3,828	1,687
Joplin	1	56	-	264	904	952	264	1,856	2,120	1,538
Syracuse	1	55	-	545	1,279	777	545	2,056	2,601	1,897
Modesto/Fresno/Stockton	1	33	-	44	206	963	193	1,020	1,213	725

Commercial and non-operating
real estate			-	9,615	22,472	24,155	10,651	45,591	56,242	39,095


	2,429	162,047	$27,403	$3,987,212	$8,842,668	$2,466,964	$4,047,982	$11,248,862	$15,296,844	$6,140,072

	Note: Buildings and improvements are depreciated on a straight-line basis over estimated useful lives ranging generally
	between 5 to 25 years. In addition, disclosures of the number and square footage of our facilities are unaudited.

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2018

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

The financial statements are presented on an accrual basis in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”).

Consolidation and Equity Method of Accounting

We consider entities to be Variable Interest Entities (“VIEs”) when they have insufficient equity to finance their activities without additional subordinated financial support provided by other parties, or the equity holders as a group do not have a controlling financial interest. We consolidate VIEs when we have (i) the power to direct the activities most significantly impacting economic performance, and (ii) either the obligation to absorb losses or the right to receive benefits from the VIE. We have no involvement with any material VIEs. We consolidate all other entities when we control them through voting shares or contractual rights. The entities we consolidate, for the period in which the reference applies, are referred to collectively as the “Subsidiaries,” and we eliminate intercompany transactions and balances.

We account for our investments in entities that we do not consolidate but have significant influence over using the equity method of accounting. These entities, for the periods in which the reference applies, are referred to collectively as the “Unconsolidated Real Estate Entities”, eliminating intra-entity profits and losses and amortizing any differences between the cost of our investment and the underlying equity in net assets against equity in earnings as if the Unconsolidated Real Estate Entity were a consolidated subsidiary. Equity in earnings of unconsolidated real estate entities represents our pro-rata share of the earnings of the Unconsolidated Real Estate Entities.

When we begin consolidating an entity, we reflect our preexisting equity interest at book value. All changes in consolidation status are reflected prospectively.

Collectively, at December 31, 2018, the Company and the Subsidiaries own 2,429 self-storage facilities and three commercial facilities in the U.S. At December 31, 2018, the Unconsolidated Real Estate Entities are comprised of PSB and Shurgard Europe.

Use of Estimates

The financial statements and accompanying notes reflect our estimates and assumptions. Actual results could differ from those estimates and assumptions.

Income Taxes

We have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, we do not incur federal income tax if we distribute 100% of our REIT taxable income each year, and if we meet certain organizational and operational rules. We believe we have met these REIT requirements for all periods presented herein. Accordingly, we have recorded no federal income tax expense related to our REIT taxable income.

Our merchandise and tenant reinsurance operations are subject to corporate income tax and such taxes are included in ancillary cost of operations. We also incur income and other taxes in certain states, which are included in general and administrative expense.

We recognize tax benefits of uncertain income tax positions that are subject to audit only if we believe it is more likely than not that the position would ultimately be sustained assuming the relevant taxing authorities had full knowledge of the relevant facts and circumstances of our positions. As of December 31, 2018, we had no tax benefits that were not recognized.

Real Estate Facilities

Real estate facilities are recorded at cost. We capitalize all costs incurred to acquire, develop, construct, renovate and improve facilities, including interest and property taxes incurred during the construction period and, effective October 1, 2016, the external transaction costs associated with acquisitions of real estate. Prior to October 1, 2016, transaction costs for acquisitions were included in general and administrative expense on our income statements. This change was made due to a change in GAAP, which results in real estate facility acquisitions generally being considered acquisitions of assets rather than business combinations. We allocate the net acquisition cost of acquired real estate facilities to the underlying land, buildings, and identified intangible assets based upon their respective individual estimated fair values.

Costs associated with dispositions of real estate, as well as repairs and maintenance costs, are expensed as incurred. We depreciate buildings and improvements on a straight-line basis over estimated useful lives ranging generally between 5 to 25 years.

When we sell a full or partial interest in a real estate facility without retaining a controlling interest following sale, we recognize a gain or loss on sale as if 100% of the property was sold at fair value. If we retain a controlling interest following the sale, we record a gain or loss on a pro-rata basis based upon the interest sold.

Other Assets

Other assets primarily consist of rents receivable from our tenants, prepaid expenses and restricted cash.

Accrued and Other Liabilities

Accrued and other liabilities consist primarily of rents prepaid by our tenants, trade payables, property tax accruals, accrued payroll, accrued tenant reinsurance losses, and contingent loss accruals when probable and estimable. We believe the fair value of our accrued and other liabilities approximates book value, due to the short period until repayment. We disclose the nature of significant unaccrued losses that are reasonably possible of occurring and, if estimable, a range of exposure.

Cash Equivalents, Restricted Cash, Marketable Securities and Other Financial Instruments

Cash equivalents represent highly liquid financial instruments such as money market funds with daily liquidity or short-term commercial paper or treasury securities maturing within three months of acquisition. Cash and equivalents which are restricted from general corporate use are included in other assets. We believe that the book value of all such financial instruments for all periods presented approximates fair value, due to the short period to maturity.

Fair Value

As used herein, the term “fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Our estimates of fair value involve considerable judgment and are not necessarily indicative of the amounts that could be realized in current market exchanges.

We estimate the fair value of our cash and equivalents, marketable securities, other assets, debt, and other liabilities by discounting the related future cash flows at a rate based upon quoted interest rates for securities that have similar characteristics such as credit quality and time to maturity. Such quoted interest rates are referred to generally as “Level 2” inputs.

We use significant judgment to estimate fair values of investments in real estate, goodwill, and other intangible assets. In estimating their values, we consider significant unobservable inputs such as market prices of land, market capitalization rates, expected returns, earnings multiples, projected levels of earnings, costs of construction, and functional depreciation. These inputs are referred to generally as “Level 3” inputs.

Currency and Credit Risk

Financial instruments that are exposed to credit risk consist primarily of cash and equivalents, certain portions of other assets including rents receivable from our tenants and restricted cash. Cash equivalents we invest in are either money market funds with a rating of at least AAA by Standard & Poor’s, commercial paper that is rated A1 by Standard & Poor’s or deposits with highly rated commercial banks.

At December 31, 2018, due primarily to our investment in Shurgard Europe (Note 4) and our notes payable denominated in Euros (Note 6), our operating results and financial position are affected by fluctuations in currency exchange rates between the Euro, and to a lesser extent, other European currencies, against the U.S. Dollar.

Goodwill and Other Intangible Assets

Intangible assets are comprised of goodwill, the “Shurgard” trade name, acquired customers in place, and leasehold interests in land.

Goodwill totaled $174.6 million at December 31, 2018 and 2017. The “Shurgard” trade name, which is used by Shurgard Europe pursuant to a fee-based licensing agreement, has a book value of $18.8 million at December 31, 2018 and 2017. Goodwill and the “Shurgard” trade name have indefinite lives and are not amortized.

Acquired customers in place and leasehold interests in land are finite-lived assets and are amortized relative to the benefit of the customers in place or the benefit to land lease expense to each period. At December 31, 2018, these intangibles had a net book value of $16.5 million ($21.5 million at December 31, 2017). Accumulated amortization totaled $29.6 million at December 31, 2018 ($31.0 million at December 31, 2017), and amortization expense of $16.6 million, $15.0 million and $21.7 million was recorded in 2018, 2017 and 2016, respectively. The estimated future amortization expense for our finite-lived intangible assets at December 31, 2018 is approximately $9.2 million in 2019, $2.5 million in 2020 and $4.8 million thereafter. During 2018, 2017 and 2016, intangibles increased $11.6 million, $17.2 million and $23.0 million, respectively, in connection with the acquisition of self-storage facilities (Note 3).

Evaluation of Asset Impairment

We evaluate our real estate and finite-lived intangible assets for impairment each quarter. If there are indicators of impairment and we determine that the asset is not recoverable from future undiscounted cash flows to be received through the asset’s remaining life (or, if earlier, the expected disposal date), we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value or net proceeds from expected disposal.

We evaluate our investments in unconsolidated real estate entities for impairment on a quarterly basis. We record an impairment charge to the extent the carrying amount exceeds estimated fair value, when we believe any such shortfall is other than temporary.

We evaluate goodwill for impairment annually and whenever relevant events, circumstances and other related factors indicate that fair value of the related reporting unit may be less than the carrying amount. If we determine that the fair value of the reporting unit exceeds the aggregate carrying amount, no impairment charge is recorded. Otherwise, we record an impairment charge to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value.

We evaluate other indefinite-lived intangible assets, such as the “Shurgard” trade name for impairment at least annually and whenever relevant events, circumstances and other related factors indicate that the fair value is less than the carrying amount. When we conclude that it is likely that the asset is not impaired, we do not record an impairment charge and no further analysis is performed. Otherwise, we record an impairment charge to the extent the carrying amount exceeds the asset’s estimated fair value.

No impairments were recorded in any of our evaluations for any period presented herein.

Casualty Loss

We record casualty losses for a) the book value of assets destroyed and b) incremental repair, clean-up, and other costs associated with the casualty. Insurance proceeds are recorded as a reduction in casualty loss when all uncertainties of collection are satisfied. During 2017, we incurred casualty losses totaling $7.8 million, comprised of $3.3 million in book value of assets damaged and $4.5 million in repairs and maintenance incurred in connection with Hurricanes Harvey and Irma.

Revenue and Expense Recognition

Revenues from self-storage facilities, which are primarily composed of rental income earned pursuant to month-to-month leases, as well as associated late charges and administrative fees, are recognized as earned. Promotional discounts reduce rental income over the promotional period, which is generally one month. Ancillary revenues and interest and other income are recognized when earned.

We accrue for property tax expense based upon actual amounts billed and, in some circumstances, estimates when bills or assessments have not been received from the taxing authorities. If these estimates are incorrect, the timing and amount of expense recognition could be incorrect. Cost of operations (including advertising expenditures), general and administrative expense, and interest expense are expensed as incurred.

Foreign Currency Exchange Translation

The local currency (primarily the Euro) is the functional currency for our interests in foreign operations. The related balance sheet amounts are translated into U.S. Dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. When financial instruments denominated in a currency other than the U.S. Dollar are expected to be settled in cash in the foreseeable future, the impact of changes in the U.S. Dollar equivalent are reflected in current earnings. The Euro was translated at exchange rates of approximately 1.144 U.S. Dollars per Euro at December 31, 2018 (1.198 at December 31, 2017), and average exchange rates of 1.181, 1.129 and 1.107 for the years ended December 31, 2018, 2017 and 2016, respectively. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in equity as a component of accumulated other comprehensive income (loss).

Comprehensive Income

Total comprehensive income represents net income, adjusted for changes in other comprehensive income (loss) for the applicable period. The aggregate foreign currency exchange gains and losses reflected on our statements of comprehensive income are comprised primarily of foreign currency exchange gains and losses on our investment in Shurgard Europe and our unsecured notes denominated in Euros.

Net Income Per Common Share

Net Income per Common Share

Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (an “EITF D-42 allocation”), and (iii) the remaining net income is allocated to each of our equity securities based upon the dividends declared or accumulated during the period, combined with participation rights in undistributed earnings.

Basic and diluted net income per common share are each calculated based upon net income allocable to common shareholders presented on the face of our income statement, divided by (i) in the case of basic net income per common share, weighted average common shares, and (ii) in the case of diluted income per share, weighted average common shares adjusted for the impact, if dilutive, of stock options outstanding (Note 10). The following table reconciles from basic to diluted common shares outstanding (amounts in thousands):


	For the Years Ended December 31,
	2018		2017		2016

Weighted average common shares and equivalents
outstanding:
Basic weighted average common
shares outstanding		173,969		173,613	173,091
Net effect of dilutive stock options -
based on treasury stock method		328		538	787
Diluted weighted average common
shares outstanding		174,297		174,151	173,878

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Summary Of Significant Accounting Policies [Abstract]

Net Income Per Common Share


	For the Years Ended December 31,
	2018		2017		2016

Weighted average common shares and equivalents
outstanding:
Basic weighted average common
shares outstanding		173,969		173,613	173,091
Net effect of dilutive stock options -
based on treasury stock method		328		538	787
Diluted weighted average common
shares outstanding		174,297		174,151	173,878

Real Estate Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate Facilities [Abstract]

Schedule Of Real Estate Activities



	For the Years Ended December 31,
	2018		2017		2016
	(Amounts in thousands)
Operating facilities, at cost:
Beginning balance	$	14,665,989	$	13,963,229	$	13,205,261
Capital expenditures to maintain real estate facilities		139,397		124,780		86,047
Acquisitions		169,436		274,115		406,154
Dispositions		(25,633)		(1,092)		-
Assets damaged due to hurricanes		-		(8,226)		-
Developed or redeveloped facilities opened for operation		348,270		311,559		268,905
Impact of foreign exchange rate changes		(615)		1,624		(3,138)
Ending balance		15,296,844		14,665,989		13,963,229
Accumulated depreciation:
Beginning balance		(5,700,331)		(5,270,963)		(4,866,738)
Depreciation expense		(457,029)		(433,466)		(406,046)
Dispositions		16,876		123		-
Assets damaged due to hurricanes		-		4,940		-
Impact of foreign exchange rate changes		412		(965)		1,821
Ending balance		(6,140,072)		(5,700,331)		(5,270,963)
Construction in process:
Beginning balance		264,441		230,310		219,190
Current development		362,397		349,712		288,154
Developed or redeveloped facilities opened for operation		(348,270)		(311,559)		(268,905)
Dispositions		(2,698)		(4,022)		-
Transfer from (to) other assets		9,469		-		(8,129)
Ending balance		285,339		264,441		230,310
Total real estate facilities at December 31,	$	9,442,111	$	9,230,099	$	8,922,576

Investments In Unconsolidated Real Estate Entities (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Equity Method Investments [Line Items]

Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate


	Investments in Unconsolidated Real Estate				Equity in Earnings of Unconsolidated Real Estate
	Entities at December 31,				Entities for the Year Ended December 31,
	2018		2017		2018		2017		2016

PSB	$	434,533	$	400,133	$	89,362	$	46,544	$	31,707
Shurgard Europe		349,455		324,040		14,133		25,948		22,324
Other Investments		-		-		-		3,163		2,725
Total	$	783,988	$	724,173	$	103,495	$	75,655	$	56,756

PSB [Member]

Schedule of Equity Method Investments [Line Items]

Schedule Of Selected Financial Information


	2018		2017		2016

	(Amounts in thousands)
For the year ended December 31,
Revenues	$	413,516	$	402,179	$	386,871
Costs of operations		(126,547)		(125,340)		(123,108)
Depreciation and amortization		(99,242)		(94,270)		(99,486)
General and administrative		(10,155)		(9,679)		(14,862)
Other items		1,875		(1,148)		(4,431)
Gains on sale of real estate		93,484		7,574		-
Net income before allocation to preferred
shareholders and restricted share unitholders		272,931		179,316		144,984
Allocations to preferred shareholders and
restricted share unitholders		(53,803)		(64,612)		(65,157)
Net income allocated to common shareholders
and LP Unitholders	$	219,128	$	114,704	$	79,827


Total assets (primarily real estate)	$	2,068,594	$	2,100,159	$	2,119,371
Preferred stock called for redemption		-		130,000		230,000
Other liabilities		85,141		80,223		78,657
Equity:
Preferred stock		959,750		959,750		879,750
Common equity and LP units		1,023,703		930,186		930,964

Shurgard Europe [Member]

Schedule of Equity Method Investments [Line Items]

Schedule Of Selected Financial Information


	2018		2017		2016

	(Amounts in thousands)
For the year ended December 31,
Self-storage and ancillary revenues	$	284,992	$	265,088	$	252,321
Self-storage and ancillary cost of operations		(104,376)		(98,510)		(97,099)
Depreciation and amortization		(82,655)		(63,282)		(62,829)
General and administrative		(11,755)		(12,465)		(13,199)
Interest expense on third party debt		(22,749)		(20,759)		(20,617)
Trademark license fee payable to Public Storage		(2,852)		(2,647)		(2,531)
Income tax expense		(22,775)		(17,601)		(10,669)
Gain on real estate investment sale		1,969		-		-
Other, net (a)		(14,726)		484		(2,348)

Net income	$	25,073	$	50,308	$	43,029
Average exchange rates of Euro to the U.S. Dollar		1.181		1.129		1.107

(a) Amounts for the year ended December 31, 2018 include $5.5 million in costs
incurred with respect to Shurgard Europe's initial global offering and a $7.3 million
casualty loss with respect to a fire at one of Shurgard Europe's facilities.



	2018		2017		2016
	(Amounts in thousands)
As of December 31,
Total assets (primarily self-storage facilities and cash)	$	1,736,654	$	1,416,477	$	1,261,912
Total debt to third parties		693,704		726,617		666,926
Other liabilities		143,963		143,638		106,916
Equity		898,987		546,222		488,070

Exchange rate of Euro to U.S. Dollar		1.144		1.198		1.052

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Notes Payable [Abstract]

Notes Payable


			Amounts at December 31, 2018
	Coupon	Effective				Unamortized		Book		Fair		Book Value at
	Rate	Rate		Principal	Costs			Value		Value		December 31, 2017
			($ amounts in thousands)
U.S. Dollar Denominated Unsecured Debt
Notes due September 2022	2.370%	2.483%	$	500,000	$	(1,947)	$	498,053	$	482,017	$	497,525
Notes due September 2027	3.094%	3.218%		500,000		(4,604)		495,396		469,055		494,868
				1,000,000		(6,551)		993,449		951,072		992,393

Euro Denominated Unsecured Debt
Notes due April 2024	1.540%	1.540%		114,449		-		114,449		115,964		119,795
Notes due November 2025	2.175%	2.175%		276,982		-		276,982		286,078		289,921
				391,431		-		391,431		402,042		409,716
Mortgage Debt, secured by 30
real estate facilities with a net
book value of $111.0 million	4.090%	4.045%		27,403		-		27,403		27,613		29,213

			$	1,418,834	$	(6,551)	$	1,412,283	$	1,380,727	$	1,431,322

Maturities Of Notes Payable


	Unsecured		Mortgage
	Debt		Debt		Total


2019	$	-	$	1,867	$	1,867
2020		-		1,958		1,958
2021		-		1,836		1,836
2022		500,000		2,522		502,522
2023		-		19,161		19,161
Thereafter		891,431		59		891,490
	$	1,391,431	$	27,403	$	1,418,834
Weighted average effective rate		2.6%		4.0%		2.6%

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Shareholders’ Equity [Abstract]

Preferred Shares Outstanding


Series	Earliest Redemption Date	Dividend Rate	Shares Outstanding	Liquidation Preference

			(Dollar amounts in thousands)
Series U	6/15/2017	5.625%	11,500	$	287,500
Series V	9/20/2017	5.375%	19,800		495,000
Series W	1/16/2018	5.200%	20,000		500,000
Series X	3/13/2018	5.200%	9,000		225,000
Series Y	3/17/2019	6.375%	11,400		285,000
Series Z	6/4/2019	6.000%	11,500		287,500
Series A	12/2/2019	5.875%	7,600		190,000
Series B	1/20/2021	5.400%	12,000		300,000
Series C	5/17/2021	5.125%	8,000		200,000
Series D	7/20/2021	4.950%	13,000		325,000
Series E	10/14/2021	4.900%	14,000		350,000
Series F	6/2/2022	5.150%	11,200		280,000
Series G	8/9/2022	5.050%	12,000		300,000
Total Preferred Shares			161,000	$	4,025,000

Schedule Of Issuance And Repurchases Of Common Shares


	2018				2017				2016
		Shares		Amount		Shares		Amount		Shares		Amount
Employee stock-based compensation and
exercise of stock options (Note 10)		277,511	$	12,525		564,583	$	42,500		367,546	$	25,541

Schedule Of Distribution Classification


	2018 (unaudited)
		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Ordinary Income		100.00	%	100.00	%	100.00	%	93.17	%
Long-Term Capital Gain		0.00	%	0.00	%	0.00	%	6.83	%
Total		100.00	%	100.00	%	100.00	%	100.00	%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Share-Based Compensation [Abstract]

Share-Based Compensation Options Outstanding Rollforward


	2018				2017				2016
				Weighted				Weighted				Weighted
				Average				Average				Average
		Number		Exercise		Number		Exercise		Number		Exercise
		of		Price		of		Price		of		Price
		Options		per Share		Options		per Share		Options		per Share
Options outstanding January 1,		2,408,917	$	192.12		1,995,440	$	150.83		1,940,279	$	130.08
Granted		200,000		194.29		1,096,000		223.58		310,000		239.11
Exercised		(179,995)		69.53		(482,523)		88.07		(254,839)		100.23
Cancelled		(8,000)		223.50		(200,000)		203.64		-		-

Options outstanding December 31,		2,420,922	$	201.31		2,408,917	$	192.12		1,995,440	$	150.83

Options exercisable at December 31,		1,147,122	$	178.31		848,250	$	143.55		1,105,433	$	108.84

Share-Based Compensation Valuation Assumptions


	2018		2017		2016

Stock option expense for the year (in 000's) (a)	$	17,162	$	8,707	$	5,180

Aggregate exercise date intrinsic value of options exercised during the year (in 000's)	$	25,117	$	61,334	$	33,228

Average assumptions used in valuing options with the Black-Scholes method:
Expected life of options in years, based upon historical experience		5		5		5
Risk-free interest rate		2.7%		1.9%		1.2%
Expected volatility, based upon historical volatility		12.5%		17.9%		17.9%
Expected dividend yield		4.1%		3.6%		2.9%

Average estimated value of options granted during the year	$	13.09	$	23.49	$	26.18

(a) Amounts for 2018 include $8.1 million, in connection with the acceleration of amortization on grants discussed above. Amounts for 2017 reflect a reduction in compensation expense of $0.8 million related to stock options forfeited during the period.

Share-Based Compensation Restricted Units Outstanding And Vesting


	2018				2017				2016
		Number of		Grant Date		Number of		Grant Date		Number of		Grant Date
		Restricted		Aggregate		Restricted		Aggregate		Restricted		Aggregate
		Share Units		Fair Value		Share Units		Fair Value		Share Units		Fair Value
Restricted share units outstanding January 1,		799,129	$	166,144		696,641	$	136,905		737,388	$	129,284
Granted		138,567		27,733		340,957		73,953		171,144		40,263
Vested		(164,104)		(30,717)		(144,473)		(25,305)		(180,050)		(26,689)
Forfeited		(55,896)		(11,948)		(93,996)		(19,409)		(31,841)		(5,953)

Restricted share units outstanding December 31,		717,696	$	151,212		799,129	$	166,144		696,641	$	136,905

Share-Based Compensation Shares Vesting During Year


	2018		2017		2016
Amounts for the year (in 000's, except number of shares):
Fair value of vested shares on vesting date	$	32,317	$	31,962	$	41,400
Cash paid for taxes upon vesting in lieu of issuing common shares	$	12,347	$	14,092	$	15,357
Common shares issued upon vesting		97,516		82,060		112,707
Restricted share unit expense (a)	$	53,869	$	28,841	$	32,303

(a)Amounts for 2018, 2017 and 2016 include approximately $1.1 million, $0.7 million and $1.4 million, respectively, in employer taxes incurred upon vesting. Amounts for 2018 include $22.6 million, in connection with the acceleration of amortization on grants to our CEO and CFO as discussed above. Amounts for 2017 reflect a reduction in compensation expense of $4.6 million related to RSUs forfeited during the period.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Information [Abstract]

Summary Of Segment Information


For the year ended December 31, 2018

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,597,607	$	-	$	-	$	-	$	-	$	2,597,607
Ancillary operations		-		156,673		-		-		-		156,673
		2,597,607		156,673		-		-		-		2,754,280

Cost of operations:
Self-storage operations		695,731		-		-		-		-		695,731
Ancillary operations		-		43,991		-		-		-		43,991
		695,731		43,991		-		-		-		739,722

Net operating income:
Self-storage operations		1,901,876		-		-		-		-		1,901,876
Ancillary operations		-		112,682		-		-		-		112,682
		1,901,876		112,682		-		-		-		2,014,558

Other components of net income (loss):
Depreciation and amortization		(483,646)		-		-		-		-		(483,646)
General and administrative		-		-		-		-		(118,720)		(118,720)
Interest and other income		-		-		-		-		26,442		26,442
Interest expense		-		-		-		-		(32,542)		(32,542)
Equity in earnings of
unconsolidated real estate entities		-		-		89,362		14,133		-		103,495
Foreign currency exchange gain		-		-		-		-		18,117		18,117
Gain on sale of real estate		-		-		-		-		37,903		37,903
Gain due to Shurgard Europe
public offering		-		-		-		151,616		-		151,616
Net income (loss)	$	1,418,230	$	112,682	$	89,362	$	165,749	$	(68,800)	$	1,717,223


For the year ended December 31, 2017

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,512,433	$	-	$	-	$	-	$	-	$	2,512,433
Ancillary operations		-		156,095		-		-		-		156,095
		2,512,433		156,095		-		-		-		2,668,528

Cost of operations:
Self-storage operations		657,633		-		-		-		-		657,633
Ancillary operations		-		50,345		-		-		-		50,345
		657,633		50,345		-		-		-		707,978

Net operating income:
Self-storage operations		1,854,800		-		-		-		-		1,854,800
Ancillary operations		-		105,750		-		-		-		105,750
		1,854,800		105,750		-		-		-		1,960,550

Other components of net income (loss):
Depreciation and amortization		(454,526)		-		-		-		-		(454,526)
General and administrative		-		-		-		-		(82,882)		(82,882)
Interest and other income		-		-		-		-		18,771		18,771
Interest expense		-		-		-		-		(12,690)		(12,690)
Equity in earnings of
unconsolidated real estate entities		-		-		46,544		25,948		3,163		75,655
Foreign currency exchange loss		-		-		-		-		(50,045)		(50,045)
Casualty loss		-		-		-		-		(7,789)		(7,789)
Gain on sale of real estate		-		-		-		-		1,421		1,421
Net income (loss)	$	1,400,274	$	105,750	$	46,544	$	25,948	$	(130,051)	$	1,448,465


For the year ended December 31, 2016

	Self-Storage Operations		Ancillary Operations		Investment in PSB		Investment in Shurgard Europe		Other Items Not Allocated to Segments		Total

	(Amounts in thousands)
Revenues:
Self-storage operations	$	2,405,828	$	-	$	-	$	-	$	-	$	2,405,828
Ancillary operations		-		154,721		-		-		-		154,721
		2,405,828		154,721		-		-		-		2,560,549

Cost of operations:
Self-storage operations		617,905		-		-		-		-		617,905
Ancillary operations		-		51,178		-		-		-		51,178
		617,905		51,178		-		-		-		669,083

Net operating income:
Self-storage operations		1,787,923		-		-		-		-		1,787,923
Ancillary operations		-		103,543		-		-		-		103,543
		1,787,923		103,543		-		-		-		1,891,466

Other components of net income (loss):
Depreciation and amortization		(433,314)		-		-		-		-		(433,314)
General and administrative		-		-		-		-		(83,656)		(83,656)
Interest and other income		-		-		-		-		15,138		15,138
Interest expense		-		-		-		-		(4,210)		(4,210)
Equity in earnings of
unconsolidated real estate entities		-		-		31,707		22,324		2,725		56,756
Foreign currency exchange gain		-		-		-		-		17,570		17,570
Gain on sale of real estate		-		-		-		-		689		689
Net income (loss)	$	1,354,609	$	103,543	$	31,707	$	22,324	$	(51,744)	$	1,460,439

Supplementary Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Supplementary Quarterly Financial Data [Abstract]

Supplementary Quarterly Financial Data


		Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018		2018
		(Amounts in thousands, except per share data)

Self-storage and ancillary revenues	$	669,924	$	685,528	$	706,368	$	692,460

Self-storage and ancillary cost of operations	$	192,827	$	190,977	$	195,544	$	160,374

Depreciation and amortization	$	117,979	$	119,777	$	124,516	$	121,374

Net Income	$	344,436	$	405,292	$	379,589	$	587,906

Per Common Share
Net income - Basic	$	1.66	$	2.00	$	1.85	$	3.05

Net income - Diluted	$	1.65	$	2.00	$	1.85	$	3.04


		Three Months Ended
	March 31,		June 30,		September 30,		December 31,
	2017		2017		2017		2017
		(Amounts in thousands, except per share data)

Self-storage and ancillary revenues	$	645,547	$	664,312	$	686,361	$	672,308

Self-storage and ancillary cost of operations	$	182,902	$	182,578	$	190,619	$	151,879

Depreciation and amortization	$	110,929	$	110,177	$	113,320	$	120,100

Net Income	$	344,021	$	355,207	$	358,274	$	390,963

Per Common Share
Net income - Basic	$	1.62	$	1.59	$	1.61	$	1.92

Net income - Diluted	$	1.62	$	1.59	$	1.61	$	1.92

Description Of The Business (Narrative) (Details)	12 Months Ended
Description Of The Business (Narrative) (Details)	Dec. 31, 2018 ft² state country item	Oct. 15, 2018	Oct. 14, 2018	Dec. 31, 2017
Nature Of Business [Line Items]
Net rentable square feet	162,047
Public Storage [Member]
Nature Of Business [Line Items]
PSA self-storage facilities \| item	2,429
Net rentable square feet	162,000,000
Number of states with facilities \| state	38
Shurgard Europe [Member]
Nature Of Business [Line Items]
Net rentable square feet	13,000,000
Ownership interest, percentage	35.20%	35.20%	49.00%
Number of facilities owned by Shurgard Europe \| item	232
Shurgard Europe [Member] \| Western Europe [Member]
Nature Of Business [Line Items]
Direct interest in self-storage facilities, number of countries \| country	7
PSB [Member]
Nature Of Business [Line Items]
Net rentable square feet	29,000,000
Number of states with facilities \| state	7
Ownership interest, percentage	42.00%			42.00%

Summary Of Significant Accounting Policies (Basis of Presentation and Consolidation And Equity Method Of Accounting) (Narrative) (Details) - U.S. [Member]	Dec. 31, 2018 item
Summary Of Significant Accounting Policies [Line Items]
Owned self-storage facilities	2,429
Commercial facilities in U.S.	3

Summary Of Significant Accounting Policies (Income Taxes and Real Estate Facilities) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Unrecognized tax benefits	$ 0
Percentage of interest in real estate sold at fair value	100.00%
Maximum [Member]
Estimated useful lives of buildings and improvements	25 years
Minimum [Member]
Estimated useful lives of buildings and improvements	5 years

Summary Of Significant Accounting Policies (Goodwill And Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Goodwill balance	$ 174.6	$ 174.6
Shurgard trade name, book value	18.8	18.8
In-place and leasehold interests in land, net book value	16.5	21.5
In-place and leasehold interests in land, accumulated amortization	29.6	31.0
In-place and leasehold interests in land, amortization expense	16.6	15.0	$ 21.7
Estimated future amortization expense, 2019	9.2
Estimated future amortization expense, 2020	2.5
Estimated future amortization expense, thereafter	4.8
Increase in in-place and leasehold interests in land	$ 11.6	$ 17.2	$ 23.0

Summary Of Significant Accounting Policies (Evaluation Of Asset Impairment, Casualty Loss, Foreign Currency Exchange Translation, And Recent Accounting Pronouncements And Guidance) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / €	Dec. 31, 2017 USD ($) $ / €	Dec. 31, 2016 $ / €
Trading Activity, Gains and Losses, Net [Line Items]
Impairments	$ 0
Loss from Catastrophes		$ 7,789
Exchange rate \| $ / €	1.144	1.198
Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Exchange rate \| $ / €	1.181	1.129	1.107
Book Value of Assets Damaged [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes		$ 3,300
Repairs And Maintenance [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Loss from Catastrophes		$ 4,500

Summary Of Significant Accounting Policies (Net Income Per Common Share) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Basic weighted average common shares outstanding	173,969	173,613	173,091
Net effect of dilutive stock options - based on treasury stock method	328	538	787
Diluted weighted average common shares outstanding	174,297	174,151	173,878

Real Estate Facilities (Narrative) (Details) $ in Thousands				12 Months Ended
Real Estate Facilities (Narrative) (Details) $ in Thousands	Oct. 25, 2018 USD ($)	Oct. 18, 2018 USD ($)	Dec. 31, 2017 USD ($) ft² item	Dec. 31, 2018 USD ($) ft² item	Dec. 31, 2017 USD ($) ft² item	Dec. 31, 2016 USD ($) ft² item
Schedule Of Real Estate Facilities [Line Items]
Net rentable square feet \| ft²				162,047
Cash to acquire self-storage facilities				$ 181,020	$ 285,279	$ 416,178
Cash proceeds from sale of real estate facilities					6,400	300
Gain on sale of real estate				37,903	1,421	689
Transfer from (to) other assets				9,469		(8,129)
Allocated to other assets			$ 130,287	131,097	130,287
Real estate facilities for federal tax purposes				10,000,000
Development and Redevelopment [Member]
Schedule Of Real Estate Facilities [Line Items]
Aggregate costs to develop and expand				$ 348,300	$ 311,600	$ 268,900
Addtional net rentable square feet \| ft²				3,000,000	2,700,000	2,275,000
Disposal Of Commercial Facility [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities	$ 8,700
Gain on sale of real estate	$ 4,600
Disposal Of Real Estate Facilities [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities				$ 3,400
Gain on sale of real estate				$ 1,800
Acquisition Of Self-Storage Facilities Other Investments [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities \| item			12	25		55
Net rentable square feet \| ft²			749,000	1,600,000		4,121,000
Cash to acquire self-storage facilities			$ 135,500	$ 181,000
Allocated to intangible assets			$ 9,000	$ 11,600	$ 9,000	$ 23,000
Cash proceeds from sale of real estate facilities						416,200
Ownership interest, percentage			74.25%		74.25%
Total cost of acquisition			$ 141,800			429,100
Value of existing investment			6,300
Allocated to other assets			300		$ 300
Mortgage debt assumed						$ 12,900
Acquisition Of Self-Storage Facilities From Third Parties [Member]
Schedule Of Real Estate Facilities [Line Items]
Number of operating self-storage facilities \| item					22
Net rentable square feet \| ft²					1,365,000
Cash to acquire self-storage facilities					$ 149,800
Allocated to intangible assets			$ 8,200		$ 8,200
West London [Member] \| Disposal Of Real Estate [Member]
Schedule Of Real Estate Facilities [Line Items]
Cash proceeds from sale of real estate facilities		$ 42,100
Gain on sale of real estate		31,500
Cumulative other comprehensive loss, foreign currency translation		$ 4,800

Real Estate Facilities (Schedule Of Real Estate Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Facilities [Abstract]
Beginning balance (Operating facilities, at cost)	$ 14,665,989	$ 13,963,229	$ 13,205,261
Capital expenditures to maintain real estate facilities	139,397	124,780	86,047
Acquisitions	169,436	274,115	406,154
Dispositions	(25,633)	(1,092)
Assets damaged due to hurricanes		(8,226)
Developed or redeveloped facilities opened for operation	348,270	311,559	268,905
Impact of foreign exchange rate changes	(615)	1,624	(3,138)
Ending balance (Operating facilities, at cost)	15,296,844	14,665,989	13,963,229
Beginning balance, (Accumulated depreciation)	(5,700,331)	(5,270,963)	(4,866,738)
Depreciation expense	(457,029)	(433,466)	(406,046)
Dispositions	16,876	123
Assets damaged due to hurricanes		4,940
Impact of foreign exchange rate changes	412	(965)	1,821
Ending balance, (Accumulated depreciation)	(6,140,072)	(5,700,331)	(5,270,963)
Beginning Balance (Construction in process)	264,441	230,310	219,190
Current development	362,397	349,712	288,154
Developed or redeveloped facilities opened for operations	(348,270)	(311,559)	(268,905)
Dispositions	(2,698)	(4,022)
Transfer from (to) other assets	9,469		(8,129)
Ending Balance (Construction in process)	285,339	264,441	230,310
Total real estate facilities	$ 9,442,111	$ 9,230,099	$ 8,922,576

Investments In Unconsolidated Real Estate Entities (Investment in PSB) (Narrative) (Details) - PSB [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ownership interest, percentage	42.00%	42.00%
Common stock owned of PSB	7,158,354
Limited partnership units in PSB	7,305,355
Closing price per share	$ 131.00
Market value	$ 1,900.0
Cash distribution received	55.0	$ 49.2	$ 43.4
Basis differential	7.4	10.9
Amortization of basis differential	$ 1.8	$ 1.3	$ 1.8

Investments In Unconsolidated Real Estate Entities (Investment In Shurgard Europe) (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) $ / €	Dec. 31, 2016 USD ($) $ / €	Dec. 31, 2018 € / shares	Dec. 31, 2018 USD ($) $ / € shares	Oct. 15, 2018 € / shares shares	Oct. 14, 2018
Schedule of Equity Method Investments [Line Items]
Gain due to Shurgard Europe public offering	$ 151,616
Exchange rate \| $ / €		1.198			1.144
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			$ (941)
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Shares issued \| shares						25,000,000
Price per share \| € / shares						€ 23
Shares owned \| shares					31,268,459
Ownership interest, percentage					35.20%	35.20%	49.00%
Increase in investment					$ 174,000
Reduction to other comprehensive loss, foreign currency translation	22,400
Closing price per share \| € / shares				€ 24.25
Exchange rate \| $ / €		1.198	1.052		1.144
Market value					$ 867,400
Cash distribution received	146,700	$ 1,300	$ 105,600
Distribution to shareholders	145,400		104,400
Change in investment from foreign currency exchange rates	(16,000)	$ 19,400	(24,100)
Shurgard Europe [Member] \| Accumulated Comprehensive Income [Member]
Schedule of Equity Method Investments [Line Items]
Adjust for aggregate foreign currency exchange gain in equity in earnings of unconsolidated real estate entities			941
Shurgard Europe [Member] \| Accumulated Distributions in Excess of Net Income [Member]
Schedule of Equity Method Investments [Line Items]
Cash distribution received	$ 91,900		$ 67,400

Investments In Unconsolidated Real Estate Entities (Other Investments) (Narrative) (Details) $ in Thousands		12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Cash to acquire self-storage facilities		$ 181,020	$ 285,279	$ 416,178
Other Investments [Member]
Ownership interest, percentage	74.25%		74.25%
Cash to acquire self-storage facilities	$ 135,500
Number of facilities owned \| item	12

Investments In Unconsolidated Real Estate Entities (Schedule Of Investments In Real Estate Entities And Equity In Earnings Of Real Estate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	$ 783,988	$ 724,173
Equity in Earnings of Unconsolidated Real Estate Entities	103,495	75,655	$ 56,756
Other Investments [Member]
Schedule of Equity Method Investments [Line Items]
Equity in Earnings of Unconsolidated Real Estate Entities		3,163	2,725
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	434,533	400,133
Equity in Earnings of Unconsolidated Real Estate Entities	89,362	46,544	31,707
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Investments in Unconsolidated Real Estate Entities	349,455	324,040
Equity in Earnings of Unconsolidated Real Estate Entities	$ 14,133	$ 25,948	$ 22,324

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

Investments In Unconsolidated Real Estate Entities (Schedule Of Selected Financial Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) $ / €	Dec. 31, 2017 USD ($) $ / €	Dec. 31, 2016 USD ($) $ / €
Schedule of Equity Method Investments [Line Items]
Exchange rate of Euro to U.S. Dollar \| $ / €	1.144	1.198
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	$ 413,516	$ 402,179	$ 386,871
Self-storage and ancillary cost of operations	(126,547)	(125,340)	(123,108)
Depreciation and amortization	(99,242)	(94,270)	(99,486)
General and administrative	(10,155)	(9,679)	(14,862)
Gain on sale of real estate investment sale	93,484	7,574
Other items, net	1,875	(1,148)	(4,431)
Net income before allocation to preferred shareholders and restricted share unitholders	272,931	179,316	144,984
Allocations to preferred shareholders and restricted share unitholders	(53,803)	(64,612)	(65,157)
Net income allocated to common shareholders and LP Unitholders	219,128	114,704	79,827
Total assets	2,068,594	2,100,159	2,119,371
Preferred stock called for redemption		130,000	230,000
Other liabilities	85,141	80,223	78,657
Preferred stock	959,750	959,750	879,750
Common equity and LP units	1,023,703	930,186	930,964
Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Self-storage and ancillary revenues	284,992	265,088	252,321
Self-storage and ancillary cost of operations	(104,376)	(98,510)	(97,099)
Depreciation and amortization	(82,655)	(63,282)	(62,829)
General and administrative	(11,755)	(12,465)	(13,199)
Interest expense on third party debt	(22,749)	(20,759)	(20,617)
Trademark license fee payable to Public Storage	(2,852)	(2,647)	(2,531)
Income tax expense	(22,775)	(17,601)	(10,669)
Gain on sale of real estate investment sale	1,969
Other items, net	(14,726)	484	(2,348)
Net income	25,073	50,308	43,029
Total assets	1,736,654	1,416,477	1,261,912
Total debt to third parties	693,704	726,617	666,926
Other liabilities	143,963	143,638	106,916
Equity	$ 898,987	$ 546,222	$ 488,070
Exchange rate of Euro to U.S. Dollar \| $ / €	1.144	1.198	1.052
Shurgard Europe [Member] \| Fire [Member]
Schedule of Equity Method Investments [Line Items]
Other items, net	$ 7,300
Shurgard Europe [Member] \| IPO [Member]
Schedule of Equity Method Investments [Line Items]
Other items, net	$ 5,500
Weighted Average [Member]
Schedule of Equity Method Investments [Line Items]
Exchange rate of Euro to U.S. Dollar \| $ / €	1.181	1.129	1.107
Weighted Average [Member] \| Shurgard Europe [Member]
Schedule of Equity Method Investments [Line Items]
Exchange rate of Euro to U.S. Dollar \| $ / €	1.181	1.129	1.107

Credit Facility (Narrative) (Details) - Credit Facility [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Feb. 27, 2019
Schedule Of Debt [Line Items]
Credit Facility borrowing capacity	$ 500,000,000
Expiration of Credit Facility	Mar. 31, 2020
Interest at period end spread (LIBOR)	0.85%
Frequency of commitment fee	quarterly
Commitment fee percentage	0.08%
Outstanding borrowings	$ 0
Reduction in borrowing capacity to amount of letters of credit	$ 16,200,000	$ 16,100,000
Minimum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	0.85%
Commitment fee percentage	0.08%
Maximum [Member]
Schedule Of Debt [Line Items]
Interest rate spread (LIBOR)	1.45%
Commitment fee percentage	0.25%
Subsequent Event [Member]
Schedule Of Debt [Line Items]
Outstanding borrowings			$ 0

Notes Payable (Narrative) (Details)				12 Months Ended
Notes Payable (Narrative) (Details)	Sep. 18, 2017 USD ($) item	Apr. 12, 2016 USD ($)	Nov. 03, 2015 USD ($)	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Apr. 12, 2016 EUR (€)	Nov. 03, 2015 EUR (€)
Debt Instrument [Line Items]
Proceeds from issuance of debt					$ 992,077,000	$ 113,620,000
Foreign currency exchange gain (loss)				$ 18,117,000	(50,045,000)	17,570,000
Cash paid for interest expense				36,300,000	16,800,000	9,400,000
Interest capitalized as real estate				$ 4,800,000	4,400,000	5,100,000
Mortgage Notes [Member]
Debt Instrument [Line Items]
Mortgage debt assumed						12,900,000
Interest rate				4.20%
Mortgage Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate				3.20%
Maturity date				Nov. 01, 2022
Mortgage Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate				7.10%
Maturity date				Sep. 30, 2028
Unsecured Debt [Member]
Debt Instrument [Line Items]
Foreign currency exchange gain (loss)				$ 18,100,000	$ (50,000,000)	$ 17,600,000
Unsecured Debt [Member] \| U.S. Dollar Notes [Member]
Debt Instrument [Line Items]
Issuance date				Sep. 18, 2017
Number of tranches \| item	2
Debt issuance amount	$ 500,000,000
Debt issuance costs	$ 7,900,000
Debt to Total Assets ratio				4.20%
Adjusted EBTIDA to interest Expense ratio				67.40
Unsecured Debt [Member] \| U.S. Dollar Notes [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Adjusted EBTIDA to interest Expense ratio				1.50
Unsecured Debt [Member] \| U.S. Dollar Notes [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt to Total Assets ratio				65.00%
Unsecured Debt [Member] \| Euro Notes [Member]
Debt Instrument [Line Items]
Number of tranches \| item				2
Unsecured Debt [Member] \| Notes Due November 2025 [Member]
Debt Instrument [Line Items]
Issuance date				Nov. 03, 2015
Debt issuance amount \| €								€ 242,000,000
Proceeds from issuance of debt			$ 264,300,000
Unsecured Debt [Member] \| Notes Due April 2024 [Member]
Debt Instrument [Line Items]
Issuance date				Apr. 12, 2016
Debt issuance amount \| €							€ 100,000,000
Proceeds from issuance of debt		$ 113,600,000

Notes Payable (Notes Payable) (Details)	12 Months Ended
Notes Payable (Notes Payable) (Details)	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)
Principal	$ 1,418,834,000
Unamortized Costs	(6,551,000)
Book Value	1,412,283,000	$ 1,431,322,000
Fair Value	1,380,727,000
U.S. Dollar Denominated Unsecured Debt [Member]
Principal	1,000,000,000
Unamortized Costs	(6,551,000)
Book Value	993,449,000	992,393,000
Fair Value	$ 951,072,000
U.S. Dollar Denominated Unsecured Debt [Member] \| Notes Due September 2022 [Member]
Coupon Rate	2.37%
Effective Rate	2.483%
Principal	$ 500,000,000
Unamortized Costs	(1,947,000)
Book Value	498,053,000	497,525,000
Fair Value	$ 482,017,000
U.S. Dollar Denominated Unsecured Debt [Member] \| Notes due, September 2027 [Member]
Coupon Rate	3.094%
Effective Rate	3.218%
Principal	$ 500,000,000
Unamortized Costs	(4,604,000)
Book Value	495,396,000	494,868,000
Fair Value	469,055,000
Euro Denominated Unsecured Debt [Member]
Principal	391,431,000
Book Value	391,431,000	409,716,000
Fair Value	$ 402,042,000
Euro Denominated Unsecured Debt [Member] \| Notes Due April 2024 [Member]
Coupon Rate	1.54%
Effective Rate	1.54%
Principal	$ 114,449,000
Book Value	114,449,000	119,795,000
Fair Value	$ 115,964,000
Euro Denominated Unsecured Debt [Member] \| Notes Due November 2025 [Member]
Coupon Rate	2.175%
Effective Rate	2.175%
Principal	$ 276,982,000
Book Value	276,982,000	289,921,000
Fair Value	$ 286,078,000
Mortgage Debt [Member]
Coupon Rate	4.09%
Effective Rate	4.045%
Principal	$ 27,403,000
Book Value	27,403,000	$ 29,213,000
Fair Value	27,613,000
Mortgage Debt [Member] \| Secured By Real Estate Facilities [Member]
Net book value of real estate facilities securing notes payable	$ 111,000,000
Real estate facilities securing debt \| item	30

Notes Payable (Maturities Of Notes Payable) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
2019	$ 1,867
2020	1,958
2021	1,836
2022	502,522
2023	19,161
Thereafter	891,490
Total debt	$ 1,418,834
Weighted average effective rate	2.60%
Unsecured Debt [Member]
Debt Instrument [Line Items]
2022	$ 500,000
Thereafter	891,431
Total debt	$ 1,391,431
Weighted average effective rate	2.60%
Mortgage Notes [Member]
Debt Instrument [Line Items]
2019	$ 1,867
2020	1,958
2021	1,836
2022	2,522
2023	19,161
Thereafter	59
Total debt	$ 27,403
Weighted average effective rate	4.00%

Noncontrolling Interests (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) item shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Noncontrolling Interest [Line Items]
Distributions paid	$ 7,022	$ 7,392	$ 7,586
Acquisition of noncontrolling interests		14,425
Contributions by noncontrolling interests	$ 1,720	2,484	3,470
Paid-In Capital [Member]
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests		7,701
Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities \| item	17
Permanent Noncontrolling Interest in Subsidiaries, number of self-storage facilities under construction \| item	5
Convertible partnership units \| shares	231,978
Income allocated to other Permanent Noncontrolling Interest in Subsidiaries	$ 6,200	6,200	6,900
Distributions paid	7,022	7,392	7,586
Acquisition of noncontrolling interests		6,724
Contributions by noncontrolling interests	$ 1,720	$ 2,484	$ 3,470

Shareholders' Equity (Preferred Shares) (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) item $ / shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends \| item	2
Preferred stock, amount of preferred dividends in arrears	$ 0
Preferred stock, redemption price per share \| $ / shares	$ 25.00
EITF D-42 allocations		$ 29,330	$ 26,873
Series S and T Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount		$ 922,500
Series F and G Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued \| shares		23.2
Preferred shares per depositary share		0.10%
Shares issued, price per share \| $ / shares		$ 25.00
Gross proceeds from issuance of preferred stock		$ 580,000
Original issuance costs on preferred shares redeemed during the period		$ 18,800
Series Q and R Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption amount			$ 862,500
Series B, Series C, Series D, and Series E Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued \| shares			47.0
Preferred shares per depositary share			0.10%
Shares issued, price per share \| $ / shares			$ 25.00
Gross proceeds from issuance of preferred stock			$ 1,175,000
Original issuance costs on preferred shares redeemed during the period			$ 38,800

Shareholders' Equity (Common Shares) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Shareholders’ Equity [Abstract]
Number of shares authorized for repurchase	35,000,000			35,000,000
Aggregate amount of shares repurchased pursuant to authorization	23,700,000
Shares repurchased pursuant to authorization		0	0	0
Common shares reserved in connection with share-based incentive plan	3,138,618	3,208,046		3,138,618
Common shares reserved for conversion of Convertable Partnership Units	231,978	231,978		231,978
Common shares and restricted shares, dividends	$ 1,396,364	$ 1,393,812	$ 1,267,544
Common shares and restricted shares, dividends per share	$ 8.00	$ 8.00	$ 7.30
Preferred shares, dividends	$ 216,316	$ 236,535	$ 238,214

Shareholders' Equity (Preferred Shares Outstanding) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Preferred stock, shares outstanding	161,000	161,000
Liquidation Preference	$ 4,025,000
Series U Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 15, 2017
Dividend Rate %	5.625%
Preferred stock, shares outstanding	11,500
Liquidation Preference	$ 287,500
Series V Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Sep. 20, 2017
Dividend Rate %	5.375%
Preferred stock, shares outstanding	19,800
Liquidation Preference	$ 495,000
Series W Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 16, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	20,000
Liquidation Preference	$ 500,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 13, 2018
Dividend Rate %	5.20%
Preferred stock, shares outstanding	9,000
Liquidation Preference	$ 225,000
Series Y Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Mar. 17, 2019
Dividend Rate %	6.375%
Preferred stock, shares outstanding	11,400
Liquidation Preference	$ 285,000
Series Z Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 04, 2019
Dividend Rate %	6.00%
Preferred stock, shares outstanding	11,500
Liquidation Preference	$ 287,500
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Dec. 02, 2019
Dividend Rate %	5.875%
Preferred stock, shares outstanding	7,600
Liquidation Preference	$ 190,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jan. 20, 2021
Dividend Rate %	5.40%
Preferred stock, shares outstanding	12,000
Liquidation Preference	$ 300,000
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	May 17, 2021
Dividend Rate %	5.125%
Preferred stock, shares outstanding	8,000
Liquidation Preference	$ 200,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jul. 20, 2021
Dividend Rate %	4.95%
Preferred stock, shares outstanding	13,000
Liquidation Preference	$ 325,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Oct. 14, 2021
Dividend Rate %	4.90%
Preferred stock, shares outstanding	14,000
Liquidation Preference	$ 350,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Jun. 02, 2022
Dividend Rate %	5.15%
Preferred stock, shares outstanding	11,200
Liquidation Preference	$ 280,000
Series G Preferred Stock [Member]
Class of Stock [Line Items]
Earliest Redemption Date	Aug. 09, 2022
Dividend Rate %	5.05%
Preferred stock, shares outstanding	12,000
Liquidation Preference	$ 300,000

Shareholders' Equity (Schedule Of Issuance And Repurchases Of Common Shares) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Shareholders’ Equity [Abstract]
Employee stock-based compensation and exercise of stock options (Note 10), Shares	277,511	564,583	367,546
Employee stock-based compensation and exercise of stock options (Note 10), Amount	$ 12,525	$ 42,500	$ 25,541

Shareholders' Equity (Schedule Of Distribution Classification) (Details)	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Shareholders’ Equity [Abstract]
Ordinary Income	93.17%	100.00%	100.00%	100.00%
Long-Term Capital Gain	6.83%	0.00%	0.00%	0.00%
Total	100.00%	100.00%	100.00%	100.00%

Related Party Transactions (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Related Party Transaction [Line Items]
Tenants reinsurance premiums earned by subsidiaries \| $	$ 1,300	$ 1,100	$ 848
Hughes Family [Member]
Related Party Transaction [Line Items]
Percentage ownership of common shares outstanding	14.50%
Canada [Member] \| Hughes Family [Member]
Related Party Transaction [Line Items]
Number of self-storage facilities \| item	62
Ownership interest	0.00%

Share-Based Compensation (Stock Options) (Narrative) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) employee $ / shares shares	Dec. 31, 2017 $ / shares shares	Dec. 31, 2016 $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cumulative effect of a change in accounting principle \| $				$ 789
Stock options outstanding \| shares	2,420,922	2,408,917	1,995,440	1,940,279
Average exercise price \| $ / shares	$ 201.31	$ 192.12	$ 150.83	$ 130.08
Stock options exercisable \| shares	1,147,122	848,250	1,105,433
Exercisable, average exercise price per share \| $ / shares	$ 178.31	$ 143.55	$ 108.84
Chief Executive Officer and Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives retiring \| employee	2
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding, aggregate intrinsic value \| $	$ 35,800
Average remaining contractual lives	6 years
Aggregate intrinsic value for stock options exercisable \| $	$ 31,300
Stock options exercisable \| shares	69,755
Expiration date	Jun. 30, 2020
Exercisable, average exercise price per share \| $ / shares	$ 71.55
Maximum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years
Minimum [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	3 years
Exercise Price Above $200 [Member] \| Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding \| shares	1,351,000
Range of exercise prices, upper \| $ / shares	$ 200

Share-Based Compensation (Restricted Share Units) (Narrative) (Details) - Restricted Share Units [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units outstanding	$ 145.3
Restricted stock, compensation expense not yet recognized	$ 91.1
Compensation recognition period	5 years 3 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	8 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, number of years	5 years

Share-Based Compensation (Share-Based Compensation Options Outstanding Rollforward) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-Based Compensation [Abstract]
Options outstanding January 1, Number of Options	2,408,917	1,995,440	1,940,279
Granted, Number of Options	200,000	1,096,000	310,000
Exercised, Number of Options	(179,995)	(482,523)	(254,839)
Cancelled, Number of Options	(8,000)	(200,000)
Options outstanding December 31, Number of Options	2,420,922	2,408,917	1,995,440
Options exercisable at December 31, Number of Options	1,147,122	848,250	1,105,433
Options outstanding January 1, Weighted Average Exercise Price Per Share	$ 192.12	$ 150.83	$ 130.08
Granted, Weighted Average Exercise Price Per Share	194.29	223.58	239.11
Exercised. Weighted Average Exercise Price Per Share	69.53	88.07	100.23
Cancelled, Weighted Average Exercise Price Per Share	223.50	203.64
Options outstanding December 31, Weighted Average Exercise Price Per Share	201.31	192.12	150.83
Options exercisable at December 31, Weighted Average Exercise Price Per Share	$ 178.31	$ 143.55	$ 108.84

Share-Based Compensation (Share-Based Compensation Valuation Assumptions) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense for the year	$ 17,162	$ 8,707	$ 5,180
Aggregate exercise date intrinsic value of options exercised during the year	$ 25,117	$ 61,334	$ 33,228
Expected life of options in years, based upon historical experience	5 years	5 years	5 years
Risk-free interest rate	2.70%	1.90%	1.20%
Expected volatility, based upon historical volatility	12.50%	17.90%	17.90%
Expected dividend yield	4.10%	3.60%	2.90%
Average estimated value of options granted during the year	$ 13.09	$ 23.49	$ 26.18
Acceleration	$ 8,100
Reduction in compensation expense resulting from forfeitures		$ 800

Share-Based Compensation (Share-Based Compensation Restricted Units) (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share units outstanding January 1, Number Of Restricted Share Units	799,129	696,641	737,388
Granted, Number Of Restricted Share Units	138,567	340,957	171,144
Vested, Number Of Restricted Share Units	(164,104)	(144,473)	(180,050)
Forfeited, Number Of Restricted Share Units	(55,896)	(93,996)	(31,841)
Restricted share units outstanding December 31, Number Of Restricted Share Units	717,696	799,129	696,641
Restricted share units outstanding January 1, Grant Date Aggregate Fair Value	$ 166,144	$ 136,905	$ 129,284
Granted, Grant Date Aggregate Fair Value	27,733	73,953	40,263
Vested, Grant Date Aggregate Fair Value	(30,717)	(25,305)	(26,689)
Forfeited, Grant Date Aggregate Fair Value	(11,948)	(19,409)	(5,953)
Restricted share units outstanding December 31, Grant Date Aggregate Fair Value	$ 151,212	$ 166,144	$ 136,905

Share-Based Compensation (Share-Based Compensation Shares Vesting During Year) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of vested shares on vesting date

$ 32,317

$ 31,962

$ 41,400

Cash paid for taxes upon vesting in lieu of issuing common shares

$ 12,347

$ 14,092

$ 15,357

Common shares issued upon vesting

97,516

82,060

112,707

Restricted share unit expense

^[1]

$ 53,869

$ 28,841

$ 32,303

Restricted Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Taxes incurred upon vesting of restricted share units

1,100

700

$ 1,400

Reduction in compensation expense resulting from forfeitures

$ 4,600

Chief Executive Officer and Chief Financial Officer [Member] | Restricted Share Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Acceleration

$ 22,600

[1]	Amounts for 2018, 2017 and 2016 include approximately $1.1 million, $0.7 million and $1.4 million, respectively, in employer taxes incurred upon vesting.

Segment Information (Narrative) (Details)	Dec. 31, 2018	Dec. 31, 2017
PSB [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage	42.00%	42.00%

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 692,460	$ 706,368	$ 685,528	$ 669,924	$ 672,308	$ 686,361	$ 664,312	$ 645,547	$ 2,754,280	$ 2,668,528	$ 2,560,549
Self-storage cost of operations									695,731	657,633	617,905
Ancillary cost of operations									43,991	50,345	51,178
Total cost of operations	160,374	195,544	190,977	192,827	151,879	190,619	182,578	182,902	739,722	707,978	669,083
Net Operating Income - Self-Storage Operations									1,901,876	1,854,800	1,787,923
Net Operating Income - Ancillary Operations									112,682	105,750	103,543
Total net operating income									2,014,558	1,960,550	1,891,466
Depreciation and amortization	(121,374)	(124,516)	(119,777)	(117,979)	(120,100)	(113,320)	(110,177)	(110,929)	(483,646)	(454,526)	(433,314)
General and administrative									(118,720)	(82,882)	(83,656)
Interest and other income									26,442	18,771	15,138
Interest expense									(32,542)	(12,690)	(4,210)
Equity in earnings of unconsolidated real estate entities									103,495	75,655	56,756
Foreign currency exchange gain (loss)									18,117	(50,045)	17,570
Casualty loss										(7,789)
Gain on sale of real estate									37,903	1,421	689
Gain due to Shurgard Europe public offering									151,616
Net income (loss)	$ 587,906	$ 379,589	$ 405,292	$ 344,436	$ 390,963	$ 358,274	$ 355,207	$ 344,021	1,717,223	1,448,465	1,460,439
Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues									2,597,607	2,512,433	2,405,828
Self-storage cost of operations									695,731	657,633	617,905
Total cost of operations									695,731	657,633	617,905
Net Operating Income - Self-Storage Operations									1,901,876	1,854,800	1,787,923
Total net operating income									1,901,876	1,854,800	1,787,923
Depreciation and amortization									(483,646)	(454,526)	(433,314)
Net income (loss)									1,418,230	1,400,274	1,354,609
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues									156,673	156,095	154,721
Ancillary cost of operations									43,991	50,345	51,178
Total cost of operations									43,991	50,345	51,178
Net Operating Income - Ancillary Operations									112,682	105,750	103,543
Total net operating income									112,682	105,750	103,543
Net income (loss)									112,682	105,750	103,543
Invesment in PSB [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									89,362	46,544	31,707
Net income (loss)									89,362	46,544	31,707
Investment In Shurgard Europe [Member]
Segment Reporting Information [Line Items]
Equity in earnings of unconsolidated real estate entities									14,133	25,948	22,324
Gain due to Shurgard Europe public offering									151,616
Net income (loss)									165,749	25,948	22,324
Other Items Not Allocated To Segments [Member]
Segment Reporting Information [Line Items]
General and administrative									(118,720)	(82,882)	(83,656)
Interest and other income									26,442	18,771	15,138
Interest expense									(32,542)	(12,690)	(4,210)
Equity in earnings of unconsolidated real estate entities										3,163	2,725
Foreign currency exchange gain (loss)									18,117	(50,045)	17,570
Casualty loss										(7,789)
Gain on sale of real estate									37,903	1,421	689
Net income (loss)									(68,800)	(130,051)	(51,744)
Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues									2,597,607	2,512,433	2,405,828
Self-Storage Facilities [Member] \| Self-Storage Facilities [Member]
Segment Reporting Information [Line Items]
Total revenues									2,597,607	2,512,433	2,405,828
Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues									156,673	156,095	154,721
Ancillary Operations [Member] \| Ancillary Operations [Member]
Segment Reporting Information [Line Items]
Total revenues									$ 156,673	$ 156,095	$ 154,721

Commitments And Contingencies (Narrative) (Details)	12 Months Ended
Commitments And Contingencies (Narrative) (Details)	Dec. 31, 2018 USD ($) item
Commitments And Contingencies [Abstract]
Deductible for general liability	$ 2,000,000
Deductible for property	25,000,000
Aggregate maximum losses for property	35,000,000
Aggregate per occurance property coverage	5,000,000
Reduced deductible for property	5,000,000
Aggregate limit for property coverage	75,000,000
Aggregate limit for general liability coverage	102,000,000
Tenant insurance program against claims, maximum amount	5,000
Third-party insurance coverage for claims paid exceeding amount for individual event	15,000,000
Third-party limit for insurance coverage claims paid for individual event	$ 5,000,000
Tenant certificate holders participating in insurance program, approximate \| item	914,000
Aggregate coverage of tenants participating in insurance program	$ 2,900,000,000
Construction commitments	138,500,000
Construction commitments 2019	126,300,000
Construction commitments 2020	$ 12,200,000

Supplementary Quarterly Financial Data (Supplementary Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplementary Quarterly Financial Data [Abstract]
Self-storage and ancillary revenues	$ 692,460	$ 706,368	$ 685,528	$ 669,924	$ 672,308	$ 686,361	$ 664,312	$ 645,547	$ 2,754,280	$ 2,668,528	$ 2,560,549
Self storage and ancillary cost of operations	160,374	195,544	190,977	192,827	151,879	190,619	182,578	182,902	739,722	707,978	669,083
Depreciation and amortization	121,374	124,516	119,777	117,979	120,100	113,320	110,177	110,929	483,646	454,526	433,314
Net income	$ 587,906	$ 379,589	$ 405,292	$ 344,436	$ 390,963	$ 358,274	$ 355,207	$ 344,021	$ 1,717,223	$ 1,448,465	$ 1,460,439
Net income - Basic	$ 3.05	$ 1.85	$ 2.00	$ 1.66	$ 1.92	$ 1.61	$ 1.59	$ 1.62	$ 8.56	$ 6.75	$ 6.84
Net income - Diluted	$ 3.04	$ 1.85	$ 2.00	$ 1.65	$ 1.92	$ 1.61	$ 1.59	$ 1.62	$ 8.54	$ 6.73	$ 6.81

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Subsequent Events (Narrative) (Details) $ in Thousands	2 Months Ended	3 Months Ended	12 Months Ended
Subsequent Events (Narrative) (Details) $ in Thousands	Feb. 26, 2019 USD ($) ft² item	Mar. 31, 2019 USD ($)	Dec. 31, 2018 ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Mar. 28, 2019 USD ($)
Subsequent Event [Line Items]
Net rentable square feet \| ft²			162,047
Income reclassified from common to preferred \| $				$ 29,330	$ 26,873
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	14
Net rentable square feet \| ft²	935,000
Total cost of acquisition \| $	$ 102,400
Virginia [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	9
Colorado [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	1
Florida [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	1
Georgia [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	1
Kentucky [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	1
Michigan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Number of self-storage facilities acquired or under contract to be acquired	1
Series Y Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend Rate %			6.375%
Series Y Preferred Stock [Member] \| Forecasted [Member]
Subsequent Event [Line Items]
Preferred stock, redemption amount \| $						$ 285,000
Income reclassified from common to preferred \| $		$ 8,500

Schedule III - Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) ft² item
Real Estate and Accumulated Depreciation [Line Items]
No. of Facilities \| item	2,429
Net Rentable Square Feet \| ft²	162,047
2018 Encumbrances	$ 27,403
Initial Cost, Land	3,987,212
Initial Cost, Buildings & Improvements	8,842,668
Costs Subsequent to Acquisition	2,466,964
Gross Carrying Amount, Land	4,047,982
Gross Carrying Amount, Buildings	11,248,862
Gross Carrying Amount, Total	15,296,844
Accumulated Depreciation	$ 6,140,072
Commercial and Non-Operating Real Estate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	real estate
Initial Cost, Land	$ 9,615
Initial Cost, Buildings & Improvements	22,472
Costs Subsequent to Acquisition	24,155
Gross Carrying Amount, Land	10,651
Gross Carrying Amount, Buildings	45,591
Gross Carrying Amount, Total	56,242
Accumulated Depreciation	$ 39,095
Los Angeles [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Los Angeles
No. of Facilities \| item	224
Net Rentable Square Feet \| ft²	16,086
2018 Encumbrances	$ 538
Initial Cost, Land	510,249
Initial Cost, Buildings & Improvements	924,346
Costs Subsequent to Acquisition	296,987
Gross Carrying Amount, Land	507,862
Gross Carrying Amount, Buildings	1,223,720
Gross Carrying Amount, Total	1,731,582
Accumulated Depreciation	$ 686,584
Houston [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Houston
No. of Facilities \| item	123
Net Rentable Square Feet \| ft²	9,093
Initial Cost, Land	$ 177,951
Initial Cost, Buildings & Improvements	443,126
Costs Subsequent to Acquisition	142,048
Gross Carrying Amount, Land	177,412
Gross Carrying Amount, Buildings	585,713
Gross Carrying Amount, Total	763,125
Accumulated Depreciation	$ 261,800
San Francisco [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Francisco
No. of Facilities \| item	138
Net Rentable Square Feet \| ft²	8,952
Initial Cost, Land	$ 241,791
Initial Cost, Buildings & Improvements	527,127
Costs Subsequent to Acquisition	190,078
Gross Carrying Amount, Land	254,541
Gross Carrying Amount, Buildings	704,455
Gross Carrying Amount, Total	958,996
Accumulated Depreciation	$ 426,169
Dallas/Ft. Worth [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dallas/Ft. Worth
No. of Facilities \| item	122
Net Rentable Square Feet \| ft²	8,760
Initial Cost, Land	$ 173,223
Initial Cost, Buildings & Improvements	414,707
Costs Subsequent to Acquisition	118,863
Gross Carrying Amount, Land	174,821
Gross Carrying Amount, Buildings	531,972
Gross Carrying Amount, Total	706,793
Accumulated Depreciation	$ 257,203
Chicago [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chicago
No. of Facilities \| item	130
Net Rentable Square Feet \| ft²	8,172
Initial Cost, Land	$ 137,165
Initial Cost, Buildings & Improvements	352,595
Costs Subsequent to Acquisition	122,609
Gross Carrying Amount, Land	140,002
Gross Carrying Amount, Buildings	472,367
Gross Carrying Amount, Total	612,369
Accumulated Depreciation	$ 340,765
New York [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New York
No. of Facilities \| item	94
Net Rentable Square Feet \| ft²	6,940
Initial Cost, Land	$ 250,900
Initial Cost, Buildings & Improvements	548,541
Costs Subsequent to Acquisition	166,300
Gross Carrying Amount, Land	257,237
Gross Carrying Amount, Buildings	708,504
Gross Carrying Amount, Total	965,741
Accumulated Depreciation	$ 386,344
Atlanta [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Atlanta
No. of Facilities \| item	103
Net Rentable Square Feet \| ft²	6,749
Initial Cost, Land	$ 129,671
Initial Cost, Buildings & Improvements	341,153
Costs Subsequent to Acquisition	67,847
Gross Carrying Amount, Land	129,468
Gross Carrying Amount, Buildings	409,203
Gross Carrying Amount, Total	538,671
Accumulated Depreciation	$ 243,122
Seattle/Tacoma [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Seattle/Tacoma
No. of Facilities \| item	93
Net Rentable Square Feet \| ft²	6,424
Initial Cost, Land	$ 183,213
Initial Cost, Buildings & Improvements	466,998
Costs Subsequent to Acquisition	95,459
Gross Carrying Amount, Land	182,225
Gross Carrying Amount, Buildings	563,445
Gross Carrying Amount, Total	745,670
Accumulated Depreciation	$ 301,030
Miami [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Miami
No. of Facilities \| item	90
Net Rentable Square Feet \| ft²	6,416
Initial Cost, Land	$ 215,278
Initial Cost, Buildings & Improvements	461,099
Costs Subsequent to Acquisition	87,470
Gross Carrying Amount, Land	217,170
Gross Carrying Amount, Buildings	546,677
Gross Carrying Amount, Total	763,847
Accumulated Depreciation	$ 284,258
Washington DC [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Washington DC
No. of Facilities \| item	91
Net Rentable Square Feet \| ft²	5,648
Initial Cost, Land	$ 233,905
Initial Cost, Buildings & Improvements	406,769
Costs Subsequent to Acquisition	112,017
Gross Carrying Amount, Land	239,100
Gross Carrying Amount, Buildings	513,591
Gross Carrying Amount, Total	752,691
Accumulated Depreciation	$ 285,899
Orlando/Daytona [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Orlando/Daytona
No. of Facilities \| item	72
Net Rentable Square Feet \| ft²	4,550
2018 Encumbrances	$ 12,174
Initial Cost, Land	140,411
Initial Cost, Buildings & Improvements	253,375
Costs Subsequent to Acquisition	55,715
Gross Carrying Amount, Land	145,892
Gross Carrying Amount, Buildings	303,609
Gross Carrying Amount, Total	449,501
Accumulated Depreciation	$ 141,198
Denver [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Denver
No. of Facilities \| item	61
Net Rentable Square Feet \| ft²	4,295
2018 Encumbrances	$ 9,661
Initial Cost, Land	95,009
Initial Cost, Buildings & Improvements	226,499
Costs Subsequent to Acquisition	65,256
Gross Carrying Amount, Land	95,738
Gross Carrying Amount, Buildings	291,026
Gross Carrying Amount, Total	386,764
Accumulated Depreciation	$ 131,592
Charlotte [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charlotte
No. of Facilities \| item	54
Net Rentable Square Feet \| ft²	4,056
Initial Cost, Land	$ 77,016
Initial Cost, Buildings & Improvements	194,846
Costs Subsequent to Acquisition	54,628
Gross Carrying Amount, Land	84,879
Gross Carrying Amount, Buildings	241,611
Gross Carrying Amount, Total	326,490
Accumulated Depreciation	$ 107,397
Minneapolis/St. Paul [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Minneapolis/St. Paul
No. of Facilities \| item	54
Net Rentable Square Feet \| ft²	3,690
2018 Encumbrances	$ 3,931
Initial Cost, Land	107,071
Initial Cost, Buildings & Improvements	211,200
Costs Subsequent to Acquisition	25,259
Gross Carrying Amount, Land	107,236
Gross Carrying Amount, Buildings	236,294
Gross Carrying Amount, Total	343,530
Accumulated Depreciation	$ 106,371
Tampa [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tampa
No. of Facilities \| item	53
Net Rentable Square Feet \| ft²	3,613
Initial Cost, Land	$ 87,165
Initial Cost, Buildings & Improvements	174,499
Costs Subsequent to Acquisition	46,672
Gross Carrying Amount, Land	89,927
Gross Carrying Amount, Buildings	218,409
Gross Carrying Amount, Total	308,336
Accumulated Depreciation	$ 113,117
Philadelphia [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Philadelphia
No. of Facilities \| item	57
Net Rentable Square Feet \| ft²	3,582
Initial Cost, Land	$ 51,682
Initial Cost, Buildings & Improvements	152,406
Costs Subsequent to Acquisition	55,037
Gross Carrying Amount, Land	50,703
Gross Carrying Amount, Buildings	208,422
Gross Carrying Amount, Total	259,125
Accumulated Depreciation	$ 152,874
West Palm Beach [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	West Palm Beach
No. of Facilities \| item	45
Net Rentable Square Feet \| ft²	3,398
Initial Cost, Land	$ 153,414
Initial Cost, Buildings & Improvements	216,913
Costs Subsequent to Acquisition	48,466
Gross Carrying Amount, Land	154,122
Gross Carrying Amount, Buildings	264,671
Gross Carrying Amount, Total	418,793
Accumulated Depreciation	$ 109,277
Detroit [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Detroit
No. of Facilities \| item	41
Net Rentable Square Feet \| ft²	2,795
Initial Cost, Land	$ 62,990
Initial Cost, Buildings & Improvements	159,461
Costs Subsequent to Acquisition	28,972
Gross Carrying Amount, Land	63,840
Gross Carrying Amount, Buildings	187,583
Gross Carrying Amount, Total	251,423
Accumulated Depreciation	$ 103,405
Phoenix [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Phoenix
No. of Facilities \| item	38
Net Rentable Square Feet \| ft²	2,536
Initial Cost, Land	$ 60,974
Initial Cost, Buildings & Improvements	169,042
Costs Subsequent to Acquisition	25,757
Gross Carrying Amount, Land	60,965
Gross Carrying Amount, Buildings	194,808
Gross Carrying Amount, Total	255,773
Accumulated Depreciation	$ 94,513
Austin [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Austin
No. of Facilities \| item	31
Net Rentable Square Feet \| ft²	2,343
Initial Cost, Land	$ 51,150
Initial Cost, Buildings & Improvements	115,641
Costs Subsequent to Acquisition	39,486
Gross Carrying Amount, Land	53,172
Gross Carrying Amount, Buildings	153,105
Gross Carrying Amount, Total	206,277
Accumulated Depreciation	$ 76,208
Portland [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Portland
No. of Facilities \| item	43
Net Rentable Square Feet \| ft²	2,256
Initial Cost, Land	$ 51,182
Initial Cost, Buildings & Improvements	126,464
Costs Subsequent to Acquisition	26,792
Gross Carrying Amount, Land	51,840
Gross Carrying Amount, Buildings	152,598
Gross Carrying Amount, Total	204,438
Accumulated Depreciation	$ 95,235
Sacramento [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Sacramento
No. of Facilities \| item	34
Net Rentable Square Feet \| ft²	1,959
Initial Cost, Land	$ 25,141
Initial Cost, Buildings & Improvements	69,409
Costs Subsequent to Acquisition	27,711
Gross Carrying Amount, Land	25,646
Gross Carrying Amount, Buildings	96,615
Gross Carrying Amount, Total	122,261
Accumulated Depreciation	$ 72,863
Raleigh [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Raleigh
No. of Facilities \| item	28
Net Rentable Square Feet \| ft²	1,882
Initial Cost, Land	$ 50,348
Initial Cost, Buildings & Improvements	99,583
Costs Subsequent to Acquisition	28,318
Gross Carrying Amount, Land	51,479
Gross Carrying Amount, Buildings	126,770
Gross Carrying Amount, Total	178,249
Accumulated Depreciation	$ 54,523
San Diego [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Diego
No. of Facilities \| item	20
Net Rentable Square Feet \| ft²	1,815
Initial Cost, Land	$ 47,884
Initial Cost, Buildings & Improvements	108,911
Costs Subsequent to Acquisition	39,142
Gross Carrying Amount, Land	50,394
Gross Carrying Amount, Buildings	145,543
Gross Carrying Amount, Total	195,937
Accumulated Depreciation	$ 80,945
San Antonio [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	San Antonio
No. of Facilities \| item	28
Net Rentable Square Feet \| ft²	1,791
Initial Cost, Land	$ 27,566
Initial Cost, Buildings & Improvements	76,028
Costs Subsequent to Acquisition	26,691
Gross Carrying Amount, Land	27,524
Gross Carrying Amount, Buildings	102,761
Gross Carrying Amount, Total	130,285
Accumulated Depreciation	$ 62,052
Norfolk [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Norfolk
No. of Facilities \| item	29
Net Rentable Square Feet \| ft²	1,727
Initial Cost, Land	$ 35,608
Initial Cost, Buildings & Improvements	92,053
Costs Subsequent to Acquisition	17,323
Gross Carrying Amount, Land	35,047
Gross Carrying Amount, Buildings	109,937
Gross Carrying Amount, Total	144,984
Accumulated Depreciation	$ 57,997
Boston [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Boston
No. of Facilities \| item	25
Net Rentable Square Feet \| ft²	1,679
Initial Cost, Land	$ 61,583
Initial Cost, Buildings & Improvements	158,870
Costs Subsequent to Acquisition	21,353
Gross Carrying Amount, Land	62,149
Gross Carrying Amount, Buildings	179,657
Gross Carrying Amount, Total	241,806
Accumulated Depreciation	$ 83,539
Columbus [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbus
No. of Facilities \| item	22
Net Rentable Square Feet \| ft²	1,629
Initial Cost, Land	$ 25,341
Initial Cost, Buildings & Improvements	64,746
Costs Subsequent to Acquisition	26,791
Gross Carrying Amount, Land	25,448
Gross Carrying Amount, Buildings	91,430
Gross Carrying Amount, Total	116,878
Accumulated Depreciation	$ 41,711
Oaklahoma City [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Oklahoma City
No. of Facilities \| item	22
Net Rentable Square Feet \| ft²	1,533
Initial Cost, Land	$ 35,704
Initial Cost, Buildings & Improvements	68,360
Costs Subsequent to Acquisition	12,840
Gross Carrying Amount, Land	35,704
Gross Carrying Amount, Buildings	81,200
Gross Carrying Amount, Total	116,904
Accumulated Depreciation	$ 19,843
Baltimore [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Baltimore
No. of Facilities \| item	23
Net Rentable Square Feet \| ft²	1,472
Initial Cost, Land	$ 25,176
Initial Cost, Buildings & Improvements	79,734
Costs Subsequent to Acquisition	18,139
Gross Carrying Amount, Land	25,300
Gross Carrying Amount, Buildings	97,749
Gross Carrying Amount, Total	123,049
Accumulated Depreciation	$ 66,565
Indianapolis [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Indianapolis
No. of Facilities \| item	23
Net Rentable Square Feet \| ft²	1,472
Initial Cost, Land	$ 21,945
Initial Cost, Buildings & Improvements	60,353
Costs Subsequent to Acquisition	12,874
Gross Carrying Amount, Land	22,945
Gross Carrying Amount, Buildings	72,227
Gross Carrying Amount, Total	95,172
Accumulated Depreciation	$ 42,326
St. Louis [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	St. Louis
No. of Facilities \| item	26
Net Rentable Square Feet \| ft²	1,464
Initial Cost, Land	$ 20,037
Initial Cost, Buildings & Improvements	56,237
Costs Subsequent to Acquisition	21,401
Gross Carrying Amount, Land	20,680
Gross Carrying Amount, Buildings	76,995
Gross Carrying Amount, Total	97,675
Accumulated Depreciation	$ 60,081
Kansas City [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Kansas City
No. of Facilities \| item	24
Net Rentable Square Feet \| ft²	1,461
Initial Cost, Land	$ 14,225
Initial Cost, Buildings & Improvements	43,732
Costs Subsequent to Acquisition	27,046
Gross Carrying Amount, Land	14,425
Gross Carrying Amount, Buildings	70,578
Gross Carrying Amount, Total	85,003
Accumulated Depreciation	$ 57,162
Columbia [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Columbia
No. of Facilities \| item	23
Net Rentable Square Feet \| ft²	1,331
Initial Cost, Land	$ 20,169
Initial Cost, Buildings & Improvements	57,131
Costs Subsequent to Acquisition	19,062
Gross Carrying Amount, Land	20,928
Gross Carrying Amount, Buildings	75,434
Gross Carrying Amount, Total	96,362
Accumulated Depreciation	$ 31,667
Las Vegas [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Las Vegas
No. of Facilities \| item	20
Net Rentable Square Feet \| ft²	1,259
Initial Cost, Land	$ 23,168
Initial Cost, Buildings & Improvements	52,723
Costs Subsequent to Acquisition	10,024
Gross Carrying Amount, Land	22,417
Gross Carrying Amount, Buildings	63,498
Gross Carrying Amount, Total	85,915
Accumulated Depreciation	$ 46,030
Milwaukee [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Milwaukee
No. of Facilities \| item	15
Net Rentable Square Feet \| ft²	964
2018 Encumbrances	$ 1,099
Initial Cost, Land	13,189
Initial Cost, Buildings & Improvements	32,071
Costs Subsequent to Acquisition	9,958
Gross Carrying Amount, Land	13,158
Gross Carrying Amount, Buildings	42,060
Gross Carrying Amount, Total	55,218
Accumulated Depreciation	$ 31,402
Cincinnati [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cincinnati
No. of Facilities \| item	17
Net Rentable Square Feet \| ft²	947
Initial Cost, Land	$ 15,023
Initial Cost, Buildings & Improvements	32,351
Costs Subsequent to Acquisition	22,398
Gross Carrying Amount, Land	14,941
Gross Carrying Amount, Buildings	54,831
Gross Carrying Amount, Total	69,772
Accumulated Depreciation	$ 27,878
Louisville [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Louisville
No. of Facilities \| item	14
Net Rentable Square Feet \| ft²	875
Initial Cost, Land	$ 22,813
Initial Cost, Buildings & Improvements	43,250
Costs Subsequent to Acquisition	6,390
Gross Carrying Amount, Land	22,812
Gross Carrying Amount, Buildings	49,641
Gross Carrying Amount, Total	72,453
Accumulated Depreciation	$ 11,155
Jacksonville [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Jacksonville
No. of Facilities \| item	14
Net Rentable Square Feet \| ft²	841
Initial Cost, Land	$ 11,252
Initial Cost, Buildings & Improvements	27,714
Costs Subsequent to Acquisition	11,197
Gross Carrying Amount, Land	11,301
Gross Carrying Amount, Buildings	38,862
Gross Carrying Amount, Total	50,163
Accumulated Depreciation	$ 30,515
Nashville/Bowling Green [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Nashville/Bowling Green
No. of Facilities \| item	16
Net Rentable Square Feet \| ft²	835
Initial Cost, Land	$ 12,744
Initial Cost, Buildings & Improvements	29,420
Costs Subsequent to Acquisition	10,330
Gross Carrying Amount, Land	12,742
Gross Carrying Amount, Buildings	39,752
Gross Carrying Amount, Total	52,494
Accumulated Depreciation	$ 26,255
Honolulu [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Honolulu
No. of Facilities \| item	11
Net Rentable Square Feet \| ft²	807
Initial Cost, Land	$ 54,184
Initial Cost, Buildings & Improvements	106,299
Costs Subsequent to Acquisition	11,378
Gross Carrying Amount, Land	55,101
Gross Carrying Amount, Buildings	116,760
Gross Carrying Amount, Total	171,861
Accumulated Depreciation	$ 58,488
Greensboro [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensboro
No. of Facilities \| item	13
Net Rentable Square Feet \| ft²	787
Initial Cost, Land	$ 12,737
Initial Cost, Buildings & Improvements	29,811
Costs Subsequent to Acquisition	13,032
Gross Carrying Amount, Land	14,826
Gross Carrying Amount, Buildings	40,754
Gross Carrying Amount, Total	55,580
Accumulated Depreciation	$ 24,203
Colorado Springs [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Colorado Springs
No. of Facilities \| item	12
Net Rentable Square Feet \| ft²	706
Initial Cost, Land	$ 8,229
Initial Cost, Buildings & Improvements	19,659
Costs Subsequent to Acquisition	12,877
Gross Carrying Amount, Land	8,225
Gross Carrying Amount, Buildings	32,540
Gross Carrying Amount, Total	40,765
Accumulated Depreciation	$ 26,212
Chattanooga [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Chattanooga
No. of Facilities \| item	10
Net Rentable Square Feet \| ft²	706
Initial Cost, Land	$ 6,569
Initial Cost, Buildings & Improvements	26,045
Costs Subsequent to Acquisition	6,682
Gross Carrying Amount, Land	6,371
Gross Carrying Amount, Buildings	32,925
Gross Carrying Amount, Total	39,296
Accumulated Depreciation	$ 13,385
Hartford/New Haven [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Hartford/New Haven
No. of Facilities \| item	11
Net Rentable Square Feet \| ft²	693
Initial Cost, Land	$ 6,778
Initial Cost, Buildings & Improvements	19,959
Costs Subsequent to Acquisition	21,307
Gross Carrying Amount, Land	8,443
Gross Carrying Amount, Buildings	39,601
Gross Carrying Amount, Total	48,044
Accumulated Depreciation	$ 30,275
Savannah [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Savannah
No. of Facilities \| item	12
Net Rentable Square Feet \| ft²	690
Initial Cost, Land	$ 33,094
Initial Cost, Buildings & Improvements	42,465
Costs Subsequent to Acquisition	2,267
Gross Carrying Amount, Land	31,766
Gross Carrying Amount, Buildings	46,060
Gross Carrying Amount, Total	77,826
Accumulated Depreciation	$ 13,779
Charleston [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Charleston
No. of Facilities \| item	11
Net Rentable Square Feet \| ft²	681
Initial Cost, Land	$ 12,415
Initial Cost, Buildings & Improvements	34,114
Costs Subsequent to Acquisition	16,528
Gross Carrying Amount, Land	13,391
Gross Carrying Amount, Buildings	49,666
Gross Carrying Amount, Total	63,057
Accumulated Depreciation	$ 21,688
Fort Myers/Naples [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Myers/Naples
No. of Facilities \| item	9
Net Rentable Square Feet \| ft²	670
Initial Cost, Land	$ 15,373
Initial Cost, Buildings & Improvements	35,353
Costs Subsequent to Acquisition	4,945
Gross Carrying Amount, Land	15,608
Gross Carrying Amount, Buildings	40,063
Gross Carrying Amount, Total	55,671
Accumulated Depreciation	$ 15,558
New Orleans [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	New Orleans
No. of Facilities \| item	9
Net Rentable Square Feet \| ft²	627
Initial Cost, Land	$ 9,205
Initial Cost, Buildings & Improvements	30,832
Costs Subsequent to Acquisition	5,871
Gross Carrying Amount, Land	9,373
Gross Carrying Amount, Buildings	36,535
Gross Carrying Amount, Total	45,908
Accumulated Depreciation	$ 23,480
Greensville/Spartanburg/Asheville [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Greensville/Spartanburg/Asheville
No. of Facilities \| item	11
Net Rentable Square Feet \| ft²	623
Initial Cost, Land	$ 9,036
Initial Cost, Buildings & Improvements	20,767
Costs Subsequent to Acquisition	9,349
Gross Carrying Amount, Land	9,965
Gross Carrying Amount, Buildings	29,187
Gross Carrying Amount, Total	39,152
Accumulated Depreciation	$ 18,918
Reno [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Reno
No. of Facilities \| item	7
Net Rentable Square Feet \| ft²	559
Initial Cost, Land	$ 5,487
Initial Cost, Buildings & Improvements	18,704
Costs Subsequent to Acquisition	3,987
Gross Carrying Amount, Land	5,487
Gross Carrying Amount, Buildings	22,691
Gross Carrying Amount, Total	28,178
Accumulated Depreciation	$ 11,189
Birmingham [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Birmingham
No. of Facilities \| item	14
Net Rentable Square Feet \| ft²	538
Initial Cost, Land	$ 5,229
Initial Cost, Buildings & Improvements	17,835
Costs Subsequent to Acquisition	13,238
Gross Carrying Amount, Land	5,117
Gross Carrying Amount, Buildings	31,185
Gross Carrying Amount, Total	36,302
Accumulated Depreciation	$ 26,512
Salt Lake City [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Salt Lake City
No. of Facilities \| item	8
Net Rentable Square Feet \| ft²	517
Initial Cost, Land	$ 7,846
Initial Cost, Buildings & Improvements	15,947
Costs Subsequent to Acquisition	4,625
Gross Carrying Amount, Land	7,495
Gross Carrying Amount, Buildings	20,923
Gross Carrying Amount, Total	28,418
Accumulated Depreciation	$ 13,744
Memphis [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Memphis
No. of Facilities \| item	9
Net Rentable Square Feet \| ft²	510
Initial Cost, Land	$ 7,962
Initial Cost, Buildings & Improvements	21,981
Costs Subsequent to Acquisition	8,784
Gross Carrying Amount, Land	9,315
Gross Carrying Amount, Buildings	29,412
Gross Carrying Amount, Total	38,727
Accumulated Depreciation	$ 19,019
Buffalo/Rochester [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Buffalo/Rochester
No. of Facilities \| item	9
Net Rentable Square Feet \| ft²	462
Initial Cost, Land	$ 6,785
Initial Cost, Buildings & Improvements	17,954
Costs Subsequent to Acquisition	3,617
Gross Carrying Amount, Land	6,783
Gross Carrying Amount, Buildings	21,573
Gross Carrying Amount, Total	28,356
Accumulated Depreciation	$ 12,638
Richmond [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Richmond
No. of Facilities \| item	10
Net Rentable Square Feet \| ft²	460
Initial Cost, Land	$ 13,248
Initial Cost, Buildings & Improvements	23,253
Costs Subsequent to Acquisition	4,248
Gross Carrying Amount, Land	13,053
Gross Carrying Amount, Buildings	27,696
Gross Carrying Amount, Total	40,749
Accumulated Depreciation	$ 16,460
Tucson [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Tucson
No. of Facilities \| item	7
Net Rentable Square Feet \| ft²	439
Initial Cost, Land	$ 9,403
Initial Cost, Buildings & Improvements	25,491
Costs Subsequent to Acquisition	5,475
Gross Carrying Amount, Land	9,884
Gross Carrying Amount, Buildings	30,485
Gross Carrying Amount, Total	40,369
Accumulated Depreciation	$ 17,863
Cleveland/Akron [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Cleveland/Akron
No. of Facilities \| item	7
Net Rentable Square Feet \| ft²	437
Initial Cost, Land	$ 4,070
Initial Cost, Buildings & Improvements	16,139
Costs Subsequent to Acquisition	5,344
Gross Carrying Amount, Land	4,463
Gross Carrying Amount, Buildings	21,090
Gross Carrying Amount, Total	25,553
Accumulated Depreciation	$ 10,952
Wichita [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Wichita
No. of Facilities \| item	7
Net Rentable Square Feet \| ft²	433
Initial Cost, Land	$ 2,017
Initial Cost, Buildings & Improvements	6,691
Costs Subsequent to Acquisition	7,078
Gross Carrying Amount, Land	2,130
Gross Carrying Amount, Buildings	13,656
Gross Carrying Amount, Total	15,786
Accumulated Depreciation	$ 11,416
Mobile [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Mobile
No. of Facilities \| item	9
Net Rentable Square Feet \| ft²	394
Initial Cost, Land	$ 4,257
Initial Cost, Buildings & Improvements	17,441
Costs Subsequent to Acquisition	4,532
Gross Carrying Amount, Land	4,084
Gross Carrying Amount, Buildings	22,146
Gross Carrying Amount, Total	26,230
Accumulated Depreciation	$ 11,804
Omaha [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Omaha
No. of Facilities \| item	4
Net Rentable Square Feet \| ft²	377
Initial Cost, Land	$ 7,491
Initial Cost, Buildings & Improvements	20,930
Costs Subsequent to Acquisition	1,800
Gross Carrying Amount, Land	7,491
Gross Carrying Amount, Buildings	22,730
Gross Carrying Amount, Total	30,221
Accumulated Depreciation	$ 2,165
Monterey/Salinas [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Monterey/Salinas
No. of Facilities \| item	7
Net Rentable Square Feet \| ft²	329
Initial Cost, Land	$ 8,465
Initial Cost, Buildings & Improvements	24,151
Costs Subsequent to Acquisition	4,045
Gross Carrying Amount, Land	8,455
Gross Carrying Amount, Buildings	28,206
Gross Carrying Amount, Total	36,661
Accumulated Depreciation	$ 19,811
Palm Springs [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Palm Springs
No. of Facilities \| item	3
Net Rentable Square Feet \| ft²	242
Initial Cost, Land	$ 8,309
Initial Cost, Buildings & Improvements	18,065
Costs Subsequent to Acquisition	1,240
Gross Carrying Amount, Land	8,309
Gross Carrying Amount, Buildings	19,305
Gross Carrying Amount, Total	27,614
Accumulated Depreciation	$ 9,531
Evansville [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Evansville
No. of Facilities \| item	4
Net Rentable Square Feet \| ft²	232
Initial Cost, Land	$ 1,826
Initial Cost, Buildings & Improvements	8,445
Costs Subsequent to Acquisition	1,169
Gross Carrying Amount, Land	1,798
Gross Carrying Amount, Buildings	9,642
Gross Carrying Amount, Total	11,440
Accumulated Depreciation	$ 3,132
Dayton [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Dayton
No. of Facilities \| item	5
Net Rentable Square Feet \| ft²	230
Initial Cost, Land	$ 1,074
Initial Cost, Buildings & Improvements	8,975
Costs Subsequent to Acquisition	4,752
Gross Carrying Amount, Land	1,073
Gross Carrying Amount, Buildings	13,728
Gross Carrying Amount, Total	14,801
Accumulated Depreciation	$ 6,593
Augusta [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Augusta
No. of Facilities \| item	4
Net Rentable Square Feet \| ft²	202
Initial Cost, Land	$ 1,793
Initial Cost, Buildings & Improvements	5,990
Costs Subsequent to Acquisition	2,328
Gross Carrying Amount, Land	1,793
Gross Carrying Amount, Buildings	8,318
Gross Carrying Amount, Total	10,111
Accumulated Depreciation	$ 5,497
Fort Wayne [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Fort Wayne
No. of Facilities \| item	3
Net Rentable Square Feet \| ft²	168
Initial Cost, Land	$ 349
Initial Cost, Buildings & Improvements	3,594
Costs Subsequent to Acquisition	3,095
Gross Carrying Amount, Land	349
Gross Carrying Amount, Buildings	6,689
Gross Carrying Amount, Total	7,038
Accumulated Depreciation	$ 5,718
Providence [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Providence
No. of Facilities \| item	3
Net Rentable Square Feet \| ft²	155
Initial Cost, Land	$ 995
Initial Cost, Buildings & Improvements	11,206
Costs Subsequent to Acquisition	2,847
Gross Carrying Amount, Land	995
Gross Carrying Amount, Buildings	14,053
Gross Carrying Amount, Total	15,048
Accumulated Depreciation	$ 5,716
Huntsville/Decatur [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Huntsville/Decatur
No. of Facilities \| item	3
Net Rentable Square Feet \| ft²	153
Initial Cost, Land	$ 1,024
Initial Cost, Buildings & Improvements	3,321
Costs Subsequent to Acquisition	2,989
Gross Carrying Amount, Land	971
Gross Carrying Amount, Buildings	6,363
Gross Carrying Amount, Total	7,334
Accumulated Depreciation	$ 5,820
Shreveport [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Shreveport
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	150
Initial Cost, Land	$ 817
Initial Cost, Buildings & Improvements	3,030
Costs Subsequent to Acquisition	2,252
Gross Carrying Amount, Land	741
Gross Carrying Amount, Buildings	5,358
Gross Carrying Amount, Total	6,099
Accumulated Depreciation	$ 4,498
Springfield/Holyoke [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Springfield/Holyoke
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	144
Initial Cost, Land	$ 1,428
Initial Cost, Buildings & Improvements	3,380
Costs Subsequent to Acquisition	1,781
Gross Carrying Amount, Land	1,427
Gross Carrying Amount, Buildings	5,162
Gross Carrying Amount, Total	6,589
Accumulated Depreciation	$ 4,401
Rochester [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Rochester
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	99
Initial Cost, Land	$ 1,047
Initial Cost, Buildings & Improvements	2,246
Costs Subsequent to Acquisition	1,963
Gross Carrying Amount, Land	980
Gross Carrying Amount, Buildings	4,276
Gross Carrying Amount, Total	5,256
Accumulated Depreciation	$ 3,710
Santa Barbara [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Santa Barbara
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	98
Initial Cost, Land	$ 5,733
Initial Cost, Buildings & Improvements	9,106
Costs Subsequent to Acquisition	385
Gross Carrying Amount, Land	5,733
Gross Carrying Amount, Buildings	9,491
Gross Carrying Amount, Total	15,224
Accumulated Depreciation	$ 5,043
Topeka [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Topeka
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	94
Initial Cost, Land	$ 225
Initial Cost, Buildings & Improvements	1,419
Costs Subsequent to Acquisition	1,983
Gross Carrying Amount, Land	225
Gross Carrying Amount, Buildings	3,402
Gross Carrying Amount, Total	3,627
Accumulated Depreciation	$ 2,852
Lansing [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Lansing
No. of Facilities \| item	2
Net Rentable Square Feet \| ft²	88
Initial Cost, Land	$ 556
Initial Cost, Buildings & Improvements	2,882
Costs Subsequent to Acquisition	821
Gross Carrying Amount, Land	556
Gross Carrying Amount, Buildings	3,703
Gross Carrying Amount, Total	4,259
Accumulated Depreciation	$ 2,058
Roanoke [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Roanoke
No. of Facilities \| item	1
Net Rentable Square Feet \| ft²	57
Initial Cost, Land	$ 819
Initial Cost, Buildings & Improvements	1,776
Costs Subsequent to Acquisition	580
Gross Carrying Amount, Land	819
Gross Carrying Amount, Buildings	2,356
Gross Carrying Amount, Total	3,175
Accumulated Depreciation	$ 2,132
Flint [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Flint
No. of Facilities \| item	1
Net Rentable Square Feet \| ft²	56
Initial Cost, Land	$ 543
Initial Cost, Buildings & Improvements	3,068
Costs Subsequent to Acquisition	217
Gross Carrying Amount, Land	542
Gross Carrying Amount, Buildings	3,286
Gross Carrying Amount, Total	3,828
Accumulated Depreciation	$ 1,687
Joplin [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Joplin
No. of Facilities \| item	1
Net Rentable Square Feet \| ft²	56
Initial Cost, Land	$ 264
Initial Cost, Buildings & Improvements	904
Costs Subsequent to Acquisition	952
Gross Carrying Amount, Land	264
Gross Carrying Amount, Buildings	1,856
Gross Carrying Amount, Total	2,120
Accumulated Depreciation	$ 1,538
Syracuse [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Syracuse
No. of Facilities \| item	1
Net Rentable Square Feet \| ft²	55
Initial Cost, Land	$ 545
Initial Cost, Buildings & Improvements	1,279
Costs Subsequent to Acquisition	777
Gross Carrying Amount, Land	545
Gross Carrying Amount, Buildings	2,056
Gross Carrying Amount, Total	2,601
Accumulated Depreciation	$ 1,897
Modesto/Fresno/Stockton [Member] \| Self-Storage Facilities [Member]
Real Estate and Accumulated Depreciation [Line Items]
Description	Modesto/Fresno/Stockton
No. of Facilities \| item	1
Net Rentable Square Feet \| ft²	33
Initial Cost, Land	$ 44
Initial Cost, Buildings & Improvements	206
Costs Subsequent to Acquisition	963
Gross Carrying Amount, Land	193
Gross Carrying Amount, Buildings	1,020
Gross Carrying Amount, Total	1,213
Accumulated Depreciation	$ 725